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 September 30, 2002
                               -------------------------------------------------

[ ]  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)
--------------------------------------------------------------------------------


          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 October 31, 2002
----------------------------------

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

                                                                    Page 1 of 17
<PAGE>



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

                                    I N D E X
                                    ---------
                                                                        Page No.
                                                                        --------
Part I.           Financial Information (Unaudited)
                  ---------------------

                  Condensed Balance Sheet - September 30, 2002                 4

                  Condensed Statements of Income
                           Three Months Ended September 30, 2002
                           and 2001 and Nine Months Ended
                           September 30, 2002 and 2001                         5

                  Condensed Statements of Cash Flows
                           Nine Months Ended September 30, 2002
                           and 2001                                            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                                        13-14

                  Other Information                                           14

                  Exhibits and Reports on Form 8-K                         14-15

                  Signature                                                   15

                  Certifications                                           16-17


                                                                    Page 2 of 17
<PAGE>



                               AVOCA, INCORPORATED

                         PART I - FINANCIAL INFORMATION

                           Item 1 Financial Statements








                                                                    Page 3 of 17
<PAGE>
<TABLE>
<CAPTION>
                               Avoca, Incorporated

                       Condensed Balance Sheet (Unaudited)

                               September 30, 2002



Assets
Current assets:
<S>                                                                                                     <C>
     Cash and cash equivalents                                                                          $   48,016
     Short-term investments                                                                              2,774,855
     Accounts receivable                                                                                   130,054
     Accrued interest receivable                                                                            26,254
     Prepaid expenses                                                                                       23,000
                                                                                                        ----------
Total current assets                                                                                     3,002,179

Property and equipment, less accumulated depreciation and depletion                                         87,385

Other assets:
     Long-term investments                                                                               1,270,000
     Avoca Drainage Bonds, $415,000, in default -- at nominal amount                                             1
                                                                                                        ----------
                                                                                                        $4,359,565
                                                                                                        ==========



Liabilities and shareholders' equity
Current liabilities:
     Accounts payable and accrued expenses                                                              $   19,809
     Income taxes payable                                                                                   86,014
                                                                                                        ----------
Total current liabilities                                                                                  105,823

Deferred income taxes                                                                                       10,987

Shareholders' equity:
     Common stock, no par value -- authorized, issued and outstanding
          830,500 shares                                                                                    94,483
     Retained earnings                                                                                   4,148,272
                                                                                                        ----------
Total shareholders' equity                                                                               4,242,755
                                                                                                        ----------
                                                                                                        $4,359,565
                                                                                                        ==========


See accompanying notes
</TABLE>

                                                                    Page 4 of 17

<PAGE>
<TABLE>
<CAPTION>
                               Avoca, Incorporated

                   Condensed Statements of Income (Unaudited)


                                                            Three months ended                   Nine months ended
                                                               September 30                         September 30
                                                         2002               2001              2002               2001
                                                         ----               ----              ----               ----
Revenue:
<S>                                                    <C>               <C>               <C>                <C>
   Royalties                                           $ 446,690         $  878,130        $1,695,912         $3,785,048
   Less severance taxes                                   15,451             48,798            63,568            114,129
                                                       ---------         ----------        ----------         ----------
                                                         431,239            829,332         1,632,344          3,670,919

   Lease option payments                                       -                  -                 -            200,000
   Lease bonuses and delay rentals                       450,326            328,510           540,038            328,510
   Interest income                                        27,898             42,757            75,628            138,402
   Rental and miscellaneous income                         9,253              4,145            53,013             29,940
                                                       ---------         ----------        ----------         ----------
                                                         918,716          1,204,744         2,301,023          4,367,771

Expenses:
   Legal and accounting services                          32,418             12,637            57,115             41,415
   Consultant fees                                        13,000             12,375            58,600             52,887
   Geological and engineering fees                         2,220              6,354             9,876             23,281
   Insurance                                              11,025              7,082            30,728             20,763
   Miscellaneous expenses                                  5,597             10,792            49,187             51,137
                                                       ---------         ----------        ----------         ----------
                                                          64,260             49,240           205,506            189,483
                                                       ---------         ----------        ----------         ----------

Income before income taxes                               854,456          1,155,504         2,095,517          4,178,288

Income taxes                                             288,676            381,797           676,686          1,328,902
                                                       ---------         ----------        ----------         ----------

Net income                                             $ 565,780         $  773,707        $1,418,831         $2,849,386
                                                       =========         ==========        ==========         ==========

Earnings per share                                     $    0.68         $     0.93        $     1.71         $     3.43
                                                       =========         ==========        ==========         ==========
    (basic and diluted)





See accompanying notes
</TABLE>

                                                                    Page 5 of 17
<PAGE>
<TABLE>
<CAPTION>
                               Avoca, Incorporated

                 Condensed Statements of Cash Flows (Unaudited)


                                                                                                Nine months ending
                                                                                                   September 30
                                                                                        2002                 2001
                                                                                ------------------------------------------
Operating activities
<S>                                                                                      <C>                  <C>
Net income                                                                               $ 1,418,831          $ 2,849,386
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
     Depreciation expense                                                                      3,291                3,291
     Deferred taxes                                                                             (380)                (380)
     Changes in operating assets and liabilities:
         Operating assets                                                                    129,072             (200,958)
         Operating liabilities                                                                88,153              (17,236)
                                                                                         ------------          -----------
Net cash provided by operating activities                                                  1,638,967            2,634,103

Investing activities
     Purchase of investments                                                              (4,376,680)          (5,144,045)
     Maturity of investments                                                               4,035,475            4,304,613
     Purchase of equipment                                                                   (26,122)                   -
                                                                                         ------------          -----------
Net cash used in investing activities                                                       (367,327)            (839,432)

Financing activities
Dividends paid                                                                            (2,325,400)          (2,283,875)
                                                                                         ------------          -----------
Net cash used in financing activities                                                     (2,325,400)          (2,283,875)

Decrease in cash and cash equivalents                                                     (1,053,760)            (489,204)

Cash and cash equivalents at beginning of period                                           1,101,776              526,590
                                                                                         ------------          -----------

Cash and cash equivalents at end of period                                               $    48,016             $ 37,386
                                                                                         ============          ===========






See accompanying notes
</TABLE>

                                                                    Page 6 of 17

<PAGE>
                               Avoca, Incorporated

               Notes to Condensed Financial Statements (Unaudited)

                      Nine months ended September 30, 2002



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 nine-month period ended September 30, 2002
are not necessarily  indicative of the results that may be expected for the year
ended  December  31,  2002.  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, 2001.

         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 17

<PAGE>

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

         Avoca  Incorporated  is a passive company which owns lands in Louisiana
under  which  hydrocarbons  are  located.  The  hydrocarbons  are  developed  in
accordance  with  the  custom  of the  trade  in the  oil and  gas  industry  in
Louisiana,  which development is conducted with risks and uncertainties  usually
associated with the production and marketing of hydrocarbons.

         The unaudited  condensed  statements of income show that net income for
the third quarter of 2002 as compared  with the third quarter of 2001  decreased
from $773,707 to $565,780, or approximately 27%, mostly because of a substantial
decrease in royalty income.

         Revenues from  royalties net of severance  taxes declined from $829,332
to  $431,239  because of a 6%  decrease  in the  average  sales price of gas and
declining  production from four of the five principal wells in which the Company
has a royalty interest.

         As  compared  with  the  third  quarter  of 2001,  production  from The
Meridian Resources & Exploration L.L.C. Avoca No. 47-1 well, which has accounted
for  approximately  60% of  the  Company's  royalty  income  since  it  went  on
production  December 4, 2000,  decreased by approximately 87%. The well went off
production June 27, 2002,  returned to production  August 20 until August 28 and
was off production for the rest of the month of August. On September 4, the well
was  again  placed  on  production,  producing  a  minimal  amount  of gas and a
substantial  amount of water. The Company has received a pre-application  notice
dated  September 9, 2002 advising that Meridian plans to apply to the Commission
of  Conservation  to create the Operc C RA SUA Unit for the Avoca No. 47-1 well.
The Operc C sand is closer to the surface than the sand from which the Avoca No.
47-1 well has been producing.The proposed unit has the same configuration as the



                                                                    Page 8 of 17
<PAGE>
existing  unit  and,  if  approved,  would result in the same 12.41% net revenue
interest to the Company.

          Because of the decline in production from the Avoca No. 47-1 well, the
Meridian C.M.  Thibodaux No. 1 and No. 3 wells and the Meridian  State Lease No.
16049  well,  hereinafter  discussed,  are  currently  the source of most of the
Company's  royalty  income.  As  compared  with the  comparable  period of 2001,
production from the two Thibodaux wells decreased  approximately  11% during the
third quarter of 2002, a level of decline that is approximately the same as that
experienced  during the first and second quarters of the year. The Company's net
revenue interest in at each of the three wells is 2.71%.

         The importance of the Delta Operating  Corporation  (formerly  Alliance
Operating  Company)  Avoca No. 1 well has  diminished in recent  years.  Royalty
income from the well, in which the Company has a net revenue interest of 19.46%,
was $12,322  for the third  quarter of 2002 as compared to $25,404 for the third
quarter of 2001 and $ 47,027 for the third quarter of 2000. The well's  operator
has advised the Company that the well has stabilized  after the recent injection
of scale  dissolver  into the well's  formation  to treat  scale  buildup in the
tubing.

         The  decline in royalty income would have been greater but for $155,888
in royalties  received from the  above-mentioned  Meridian State Lease No. 16049
well,  which went on production  February 8, 2002. The well produces from a sand
seen in the C. M.  Thibodaux  No. 1 well and already  unitized as the Operc 5 RA
SUA Unit.  Like the C. M. Thibodaux No. 1 and No. 3 wells and the Avoca No. 47-1
well, the new well is located in the Ramos Field,  across Bayou Chene just north
of the eastern end of Avoca Island. Production from the four Meridian wells (the
Avoca No.  47-1  well,  C.M.  Thibodaux  No. 1 and No. 3 wells and the new State
Lease No. 16049 well) was  responsible  for 97% of the Company's  royalty income
for the third quarter of 2002.


                                                                    Page 9 of 17
<PAGE>
          Lease  bonuses  and delay  rentals for the third  quarter  increased $
121,816 as compared to the third quarter of 2001 because CNG  Producing  Company
(now known as Dominion  Exploration  and Producing  Inc.)  extended its 1,637.55
acre oil gas and mineral lease dated August 19, 1999 for an additional  two year
period with a higher per acre rental.

         Interest  income  on  U.S.   Government  and  U.S.   Government  agency
securities  declined $14,860 or approximately 3% because of lower interest rates
and a decrease in funds available for investment.

         As compared with the third quarter of 2001,  total  expenses  increased
$15,020 or approximately 31%. Legal and accounting expenses increased because of
new disclosure and  certification  requirements  imposed on public  companies by
Congress and the Securities and Exchange Commission.  The increase was partially
offset by a reduced need for geological and  engineering  services and a decline
in miscellaneous  expenses.  Insurance  expense  increased  primarily because of
changes in the Company's insurance coverage and an increase in premium costs.

         The change in income tax expense for the three months  ended  September
30, 2002 resulted from a decrease in taxable  income for the quarter as compared
to the third quarter of 2001.

         Total revenue for the nine months ended  September  30, 2002  decreased
$2,066,748 or approximately 47%, primarily because of a substantial  decrease in
royalty income and the absence of income from lease option payments.

         For the nine-month period, royalties net of severance  taxes   declined
to $1,632,344,  approximately 56% lower than the  corresponding  period of 2001.
The decline was  attributable  not only to a 47%  decrease in the average  sales
price of gas,  but also to reduced  production  from four of the five  principal
wells in which the Company has a royalty interest. Production from the Avoca

                                                                   Page 10 of 17
<PAGE>
No.  47-1 well,  the C. M.  Thibodaux  No. 1 and No. 3 wells and the Avoca No. 1
well  declined 42%, 14% and 52%  respectively  for the  nine-month  period ended
September  30, 2002,  as compared  with the  corresponding  period of 2001.  The
decline in royalty  income would have been greater but for $362,452 in royalties
received from a new Meridian well, the State Lease No. 16049.

         Also  contributing to the decrease in revenue for the nine-month period
was the absence of income from lease option  payments as compared  with $200,000
received from that source for the corresponding period of 2001. The decrease was
offset  by a  $211,528  increase  in lease  bonuses  and delay  rentals  for the
nine-month  period  resulting  from CNG  Producing  Company's  extension  of its
previously discussed lease and the execution of a new Meridian lease that covers
256.32  acres on the eastern end of Avoca  Island and  generated  an  additional
$89,712 in lease bonus income.

         Interest  income  on  U.S.   Government  and  U.S.   Government  agency
securities  decreased  $62,774 or  approximately  45% because of lower  interest
rates and a decrease in funds available for investment.

         Rental and miscellaneous  income increased $23,073 or approximately 77%
primarily  because of a new mooring lease and increased  income from the sale of
alligator hides and eggs.

         Total  expenses  for  the  nine-month   period  increased   $16,023  or
approximately  8%.  Increased  need  for  legal  and  accounting   services  was
substantially  offset  by  a  decreased  need  for  geological  and  engineering
services.  Consultant  fees  increased  because of added  compensation  paid the
Company's  general  manager.  As  previously  noted,  the  increase in insurance
expense was due to changes in coverage and increases in premium costs.

         The change in income tax expense for the nine  months  ended  September
30, 2002 resulted from a decrease in taxable income for the first nine months of
2002 as compared to the like period


                                                                   Page 11 of 17

<PAGE>
of 2001.

         The  Company's  continued  liquidity  is  evidenced  by the  fact  that
approximately  94% of its assets,  as measured by book value,  are cash 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.

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 17
<PAGE>
                           Part II - OTHER INFORMATION

Item 1 - Legal Proceedings

         As noted in the Company's  Form 10-QSB reports for the first and second
quarters of 2002,  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, LLC's 647.504 acre unit for the
C.M.  Thibodaux Nos. 1 and 3 wells and State Lease No. 16049 well and represents
approximately 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.  Mr.  Singleton  has left Avoca  Island.  The judgment of eviction was
affirmed on appeal 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.

                                                                   Page 13 of 17
<PAGE>
         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 has applied for a rehearing.  If, as is usual in such circumstances,
the rehearing is denied,  the litigation will be remanded to the trial court for
further  proceedings,  including  consideration  of the  Company's  Exception of
Prescription.

         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 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 counsel,  the
court addressed  certain of the conduct  complained of in the motion and granted
injunctive relief with respect thereto.

Item 5 - Other Information

         The Company has asserted a claim for damages  arising  from  blowout of
the C. M. Thibodaux No. 2 well  (precursor of the C. M. Thibodaux No. 3 well) in
June of 1999. The outcome of the claim is uncertain.

Item 6 - Exhibits and Reports on Form 8-K

         (a)      Exhibits required by Item 601 of Regulation S-B.
          None.

                                                                   Page 14 of 17
<PAGE>

        (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 August 13, 2002. 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

November 4, 2002                       /s/ Robert C. Baird, Jr.
        ---                            -----------------------------------------
                                       Robert C. Baird, Jr.
                                       President and Principal Financial Officer



                                                                   Page 15 of 17
<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 16 of 17

<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  November 4, 2002                           /s/ Robert C. Baird, Jr.
    ------------------------                     -------------------------------
                                                 Robert C. Baird, Jr.
                                                 Principal Executive Officer and
                                                 Principal Financial Officer


*Provide a separate  certification  for each  principal  executive  officer  and
principal financial officer of the registrant.  See Rules 13a-14 and 15d-14. The
required certification must be in the exact form set forth above.


                                                                   Page 17 of 17