<PAGE>


                                  May 12, 2000







Securities and Exchange Commission
450 Fifth St., N.W.
Judiciary Plaza
Washington, D.C.  20549-1004

Via Edgar Electronic Filing System

                                                      In Re:  File Number 0-9219
                                                              ------------------

Gentlemen:

                Pursuant  to   regulations   of  the   Securities  and  Exchange
Commission,   submitted  herewith for  filing on behalf  of  Avoca, Incorporated
(the "Company")  is the Company's  Report  on  Form  10-QSB for the period ended
March 31, 2000.

                This  filing is being  effected  by direct  transmission  to the
Commission's EDGAR System.

                                               Sincerely,


                                               /s/ Robert C. Baird, Jr.
                                               ---------------------------------
                                               Robert C. Baird, Jr.
                                               Executive Vice President &
                                               Principal Financial Officer
                                               (504) 599-3069

RCB/drm
<PAGE>
                     U.S. Securities and Exchange Commission

                             Washington, D.C. 20549

                                   FORM 10-QSB

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

For the quarterly period ended  March 31, 2000
                               ---------------

[ ]  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 0-9219
                       ---------------------------------------------------------

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

            Louisiana                                      72-0590868
-------------------------------                  -------------------------------
(State or other jurisdiction of                         (I.R.S. Employer
 incorporation or organization)                        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
                                                              -----   -----

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 May 1, 2000
                                             -----------------------------------

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

An exhibit index is located at page 14 of this report.

                                                                    Page 1 of 14
<PAGE>



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

                                    I N D E X
                                    ---------

                                                                        Page No.
                                                                        --------
Part I.           Financial Information (Unaudited)
                  ---------------------

                  Condensed Balance Sheet - March 31, 2000                     4

                  Condensed Statements of Income
                           Three Months Ended March 31, 2000
                           and 1999                                            5

                  Condensed Statements of Cash Flows
                           Three Months Ended March 31, 2000
                           and 1999                                            6

                  Notes to Condensed Financial Statements                      7

                  Management's Discussion and Analysis or

                  Plan of Operation                                         8-10

Part II.          Other Information
                  -----------------

                  Legal Proceedings                                           11

                  Submission of Matters to a Vote of
                  Security Holders                                         11-12

                  Exhibits and Reports on Form 8-K                            12

                  Signature                                                   13


                                                                    Page 2 of 14
<PAGE>



                               AVOCA, INCORPORATED

                         PART I - FINANCIAL INFORMATION

                           Item 1 Financial Statements










                                                                    Page 3 of 14
<PAGE>
<TABLE>
<CAPTION>
                               Avoca, Incorporated

                       Condensed Balance Sheet (Unaudited)

                                 March 31, 2000

Assets
Current assets:
<S>                                                                                                     <C>
     Cash and cash equivalents                                                                          $  168,549
     Short-term investments                                                                              1,087,577
     Accounts receivable                                                                                   107,234
     Accrued interest receivable                                                                            29,912
     Prepaid expenses                                                                                       12,502
                                                                                                        ----------
Total current assets                                                                                     1,405,774

Property and equipment, less accumulated depreciation and depletion                                         72,235

Other assets:
     Long-term investments                                                                               1,239,727
     Avoca Drainage Bonds, $415,000, in default -- at nominal amount                                             1
                                                                                                        ----------
                                                                                                        $2,717,737
                                                                                                        ==========

Liabilities and shareholders' equity
Current liabilities:
     Accounts payable and accrued expenses                                                              $   23,723
     Income taxes payable                                                                                   54,058
                                                                                                        ----------
Total current liabilities                                                                                   77,781

Deferred income taxes                                                                                       12,254

Shareholders' equity:
     Common stock, no par value -- authorized, issued and outstanding
          830,500 shares                                                                                    94,483
     Retained earnings                                                                                   2,533,219
                                                                                                        ----------
Total shareholders' equity                                                                               2,627,702
                                                                                                        ----------
                                                                                                        $2,717,737
                                                                                                        ==========
See accompanying notes

                                                                    Page 4 of 14
</TABLE>
<PAGE>
                               Avoca, Incorporated

                   Condensed Statements of Income (Unaudited)

                                                          Three months ended
                                                                March 31
                                                         2000               1999
                                                    ----------------------------
Revenue:
   Royalties                                        $ 316,599           $ 39,341
   Less severance taxes                                16,228              2,233
                                                    ---------           --------
                                                      300,371             37,108

   Interest income                                     34,707             31,808
   Rental income                                           10                  -
                                                    ---------           --------
                                                      335,088             68,916

Expenses:

   Legal and accounting services                       24,806             10,212
   Consultant fees                                     22,825             19,400
   Geological and engineering fees                      9,931              1,933
   Insurance                                            6,510              6,285
   Miscellaneous expenses                              29,853             24,869
                                                    ---------           --------
                                                       93,925             62,699
                                                    ---------           --------

Income before income taxes                            241,163              6,217

Income taxes                                           73,604              1,824
                                                    ---------           --------

Net income                                          $ 167,559            $ 4,393
                                                    =========           ========



Net income per share                                $    0.20            $  0.01
                                                    =========           ========

See accompanying notes

                                                                    Page 5 of 14
<PAGE>

<TABLE>
<CAPTION>
                               Avoca, Incorporated

                 Condensed Statements of Cash Flows (Unaudited)

                                                                                                 Three months ending
                                                                                                        March 31
                                                                                                2000                 1999
                                                                                ------------------------------------------

Operating activities

<S>                                                                                        <C>                  <C>
Net income                                                                                 $ 167,559            $   4,393
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
     Depreciation expense                                                                      1,097                  940
     Deferred taxes                                                                             (127)                (127)
     Changes in operating assets and liabilities:
         Operating assets                                                                      8,506               (7,082)
         Operating liabilities                                                                60,866               (2,883)
                                                                                           ---------               -------
Net cash provided by (used in) operating activities                                          237,901               (4,759)

Investing activities

     Purchase of investments                                                                (125,000)            (165,000)
     Maturity of investments                                                                       -              160,498
     Purchase of equipment                                                                         -                 (625)
                                                                                           ---------
Net cash used in investing activities                                                       (125,000)              (5,127)

Financing activities

Dividends paid                                                                              (705,925)            (265,760)
                                                                                           ---------            ---------
Net cash used in financing activities                                                       (705,925)            (265,760)

Decrease in cash and cash equivalents                                                       (593,024)            (275,646)

Cash and cash equivalents at beginning of period                                             761,573              315,376
                                                                                           ---------             -------

Cash and cash equivalents at end of period                                                $ 168,549             $ 39,730
                                                                                          ==========            ========

See accompanying notes

                                                                    Page 6 of 14
</TABLE>

<PAGE>
                               Avoca, Incorporated

               Notes to Condensed Financial Statements (Unaudited)

                        Three months ended March 31, 2000

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 three-month period ended March 31, 2000 are
not  necessarily  indicative  of the results  that may be expected  for the year
ended  December  31,  2000.  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, 1999.

         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 14
<PAGE>
Item 2 -          Management's Discussion and
                  Analysis or Plan of Operation

         The unaudited  condensed  statements of income show that net income for
the first quarter of 2000 as compared  with the first quarter of 1999  increased
from $4,393 to $167,559.

         Total revenues, net of severance taxes,  rose from  $68,916 to $335,088
because  of  increased   royalties   received  from  The  Meridian  Resources  &
Exploration  Company  on the C.M.  Thibodaux  No.  1 & No. 3 wells in the  Ramos
Field, across Bayou Chene just north of the eastern end of Avoca Island. The No.
1 well was placed on  production  June 15, 1999 from the Operc 5 sand,  went off
production  June 25 due to the  blowout  of the  C.M.  Thibodaux  No. 2 well and
returned  to  production  August 24 after the  successful  plugging of the No. 2
well. The No. 3 well (a replacement  for the No. 2 well) went on production from
the Operc B sand in early November  1999. The Company's net revenue  interest in
both wells,  which were  responsible  for 89% of the Company's  first quarter of
fiscal 2000 royalty income,  is  approximately  2.87%.  The No. 1 well currently
produces  at the rate of 5,000 to 8,000  Mcf of gas per day,  approximately  100
barrels of  condensate  per day and 100  gallons of natural gas liquids per day.
The No. 3 well currently produces  approximately three times the rate of the No.
1 well.  Meridian  Resources has advised the Company that, in the second quarter
of this year, it plans to spud a well that will bottom hole in Section 47 on the
northeast end of Avoca Island.  Meridian Resources further advises that it plans
to spud a well in the third  quarter in Section 5 on the  southwest  part of the
island.

         Burlington  Resources  Oil &  Gas  Company  has  completed  the  Conrad
Industries No. 1 well in the Wyandotte Field opposite the northern part of Avoca
Island.  The well was tested at five million  cubic feet of gas per day and very
low  volumes  of  condensate.  At  present,  this  well is  being

                                                                    Page 8 of 14
<PAGE>

prepared for production and,  according to the operator,  Avoca's  participation
in the unit will be approximately 25%.

         From the second  quarter of 1997 until the fourth  quarter of 1999, the
Delta Operating  Corporation  (formerly  Alliance Operating Company) Avoca No. 1
well,  also  in the  Ramos  Field,  was  responsible  for  virtually  all of the
Company's  royalty income.  As compared with the first quarter of 1999,  royalty
income  net of  severance  taxes from the Avoca No. 1 well  decreased  $2,718 or
approximately  7% as a result of a 26%  decline in  production.  The  production
decline was  partially  offset by a 20%  increase in the average  sales price of
gas,  from $2.02 per Mcf for the three months ending March 31, 1999 to $2.54 per
Mcf for the three months ended March 31, 2000. According to the well's operator,
an acid  treatment  to the well's  producing  formation is scheduled in the next
sixty days in an effort to improve production.

         Interest  income  on  U.S.   Government  and  U.S.   Government  agency
securities  increased  slightly due to the  availability  of increased funds for
investment.

         As compared with the first quarter of 1999,  total  expenses  increased
$31,226 or  approximately  50%. Of the $14,594  increase in legal and accounting
services, $9,236 was attributable to legal fees thus far expended in the lawsuit
described  under  Part  II,  Item  1 of  this  report,  incorporated  herein  by
reference.  Additional legal expenses were incurred in the first quarter of 2000
relative to a unitization  proceeding on the Burlington  Conrad Industries No. 1
well  previously  discussed.  Consultant  fees  increased  primarily  because of
additional  compensation earned by the company's manager. The $7,998 increase in
geological and engineering fees was  attributable to increased  mineral activity
requiring additional services of our geologists.

         The change in income tax expense for the three  months  ended March 31,
2000 resulted  from an increase in taxable  income for the first quarter of 2000
as compared to the first quarter of 1999.

                                                                    Page 9 of 14
<PAGE>

         The  Company's  continued  liquidity  is  evidenced  by the  fact  that
approximately  92% of its assets,  as measured by book value,  are cash and U.S.
Government and U.S. Government agency securities.

         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.

                                                                   Page 10 of 14
<PAGE>



                           Part II - OTHER INFORMATION

Item 3 - Legal Proceedings

         As noted in the Company's 10-KSB report for 199, 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.

         The  defendant,  individually  and on behalf of numerous other heirs of
John  Singleton,  has filed a  Reconventional  Demand  and  Petition  in Nullity
asserting  ownership  of the parcel (and other lands not claimed by the Company)
on the ground that a 1970 court judgment which recognized the Company's title to
the disputed area is a nullity.

         The Company has responded with  peremptory  exceptions of  prescription
and res  judicata,  which are pending  before the court.  Item 4 - Submission of
Matters to a Vote of Security Holders

         The  Company's  Annual  Meeting of  Shareholders  was held on March 16,
1999. Management's proposal to fix at five the number of directors to be elected
for the ensuing year was approved by the following vote:

                        For        Against         Abstain      Broker Nonvotes
                      -------      -------         -------      ---------------
                      704,324         12             595               -0-

                                                                   Page 11 of 14
<PAGE>

         Messrs. Baird, Fox, Lyman, Powell and Tucker were elected directors for
the ensuing year by the following vote:

                                             Withhold
                                  For          Vote     Broker Nonvotes
                                 -------     --------   ---------------
      Robert C. Baird, Jr.       704,574       357           -0-
      Richard W. Fox             704,764       167           -0-
      Guy C. Lyman, Jr.          704,564       367           -0-
      M. Cleland Powell, III     704,564       367           -0-
      J. Scott Tucker            704,774       157           -0-


Item 6 - Exhibits and Reports on Form 8-K

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

                  Exhibit 27 - Financial Data Schedule.

                  (b)      Reports on Form 8-K

                  Reports  on Form 8-K:  No reports  have been filed  during the
                  quarter for which this report is filed.



                                                                   Page 12 of 14
<PAGE>



                                   SIGNATURES
                                   ----------

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

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


May 2, 2000                            /s/Robert C. Baird, Jr.
                                       -----------------------------------------
                                       Robert C. Baird, Jr.
                                       President and Principal Financial Officer



                                                                   Page 13 of 14

<PAGE>

                                  EXHIBIT INDEX

                                                                    Sequentially
 Exhibit                                                              Numbered
 Number             Description                                         Page

     27             Financial Data Schedule

                                                                   Page 14 of 14