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, 2002
                               -------------------------------------------------

[ ]  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, 2002
                                           -------------------------------------

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



                                                                    Page 1 of 13
<PAGE>



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

                                    I N D E X
                                    ---------
                                                                        Page No.
                                                                        --------

Part I.           Financial Information (Unaudited)
                  ---------------------

                  Condensed Balance Sheet - March 31, 2002                     4

                  Condensed Statements of Income
                           Three Months Ended March 31, 2002
                           and 2001                                            5

                  Condensed Statements of Cash Flows
                           Three Months Ended March 31, 2002
                           and 2001                                            6

                  Notes to Condensed Financial Statements                      7

                  Management's Discussion and Analysis or
                  Plan of Operation                                         8-10

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

                  Legal Proceedings                                        10-11

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

                  Exhibits and Reports on Form 8-K                            12

                  Signature                                                   13


                                                                    Page 2 of 13
<PAGE>



                               AVOCA, INCORPORATED

                         PART I - FINANCIAL INFORMATION

                           Item 1 Financial Statements





                                                                    Page 3 of 13
<PAGE>
<TABLE>
<CAPTION>

                               Avoca, Incorporated

                       Condensed Balance Sheet (Unaudited)

                                 March 31, 2002

Assets
Current assets:
<S>                                                                                                     <C>
     Cash and cash equivalents                                                                          $  211,634
     Short-term investments                                                                              2,162,090
     Accounts receivable                                                                                   156,927
     Accrued interest receivable                                                                            23,981
     Prepaid expenses                                                                                       22,662
                                                                                                        ----------
Total current assets                                                                                     2,577,294

Property and equipment, less accumulated depreciation and depletion                                         63,457

Other assets:
     Long-term investments                                                                                 690,000
     Avoca Drainage Bonds, $415,000, in default -- at nominal amount                                             1
                                                                                                        ----------
                                                                                                        $3,330,752
                                                                                                        ==========

Liabilities and shareholders' equity
Current liabilities:
     Accounts payable and accrued expenses                                                              $    4,500
     Income taxes payable                                                                                  162,512
                                                                                                        ----------
Total current liabilities                                                                                  167,012

Deferred income taxes                                                                                       11,240

Shareholders' equity:
     Common stock, no par value -- authorized, issued and outstanding
          830,500 shares                                                                                    94,483
     Retained earnings                                                                                   3,058,017
                                                                                                        ----------
Total shareholders' equity                                                                               3,152,500
                                                                                                        ----------
                                                                                                        $3,330,752
                                                                                                        ==========
See accompanying notes
</TABLE>
                                                                    Page 4 of 13

<PAGE>
                               Avoca, Incorporated

                   Condensed Statements of Income (Unaudited)


                                                       Three months ended
                                                             March 31
                                                       2002              2001
                                                    ---------------------------
Revenue:
   Royalties                                        $ 600,022        $1,651,213
   Less severance taxes                                51,133            31,462
                                                    ---------        ----------
                                                      548,889         1,619,751

   Interest income                                     25,209            43,019
   Rental & other income                                4,745                 -
                                                    ---------        ----------
                                                      578,843         1,662,770

Expenses:
   Legal and accounting services                       10,866            16,118
   Consultant fees                                     32,850            27,963
   Geological and engineering fees                      3,294            15,477
   Insurance                                            9,425             6,840
   Miscellaneous expenses                              30,395            31,043
                                                    ---------        ----------
                                                       86,830            97,441
                                                    ---------        ----------

Income before income taxes                            492,013         1,565,329

Income taxes                                          163,437           483,043
                                                    ---------        ----------

Net income                                          $ 328,576        $1,082,286
                                                    =========        ==========


Net income per share                                   $ 0.40            $ 1.30
                                                    =========        ==========


See accompanying notes

                                                                    Page 5 of 13
<PAGE>

<TABLE>
<CAPTION>
                               Avoca, Incorporated

                 Condensed Statements of Cash Flows (Unaudited)


                                                                 Three months ending
                                                                       March 31
                                                               2002                 2001
                                                           ---------------------------------
Operating activities
<S>                                                        <C>                  <C>
Net income                                                 $  328,576           $ 1,082,286
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
     Depreciation expense                                       1,097                 1,097
     Deferred taxes                                              (127)                 (127)
     Changes in operating assets and liabilities:
         Operating assets                                     104,810              (303,771)
         Operating liabilities                                149,342               463,902
                                                           ----------           -----------
Net cash provided by operating activities                     583,698             1,243,387

Investing activities
     Purchase of investments                               (1,556,220)           (1,569,811)
     Maturity of investments                                2,407,780             1,402,123
                                                           ----------            ----------
Net cash provided by (used in) investing activities           851,560              (167,688)

Financing activities

Dividends paid                                             (2,325,400)           (1,287,275)
                                                           ----------            ----------
Net cash used in financing activities                      (2,325,400)           (1,287,275)

Decrease in cash and cash equivalents                        (890,142)             (211,576)

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

Cash and cash equivalents at end of period                 $  211,634           $   315,014
                                                           ==========           ===========


See accompanying notes
</TABLE>
                                                                    Page 6 of 13

<PAGE>
                               Avoca, Incorporated

               Notes to Condensed Financial Statements (Unaudited)

                        Three months ended March 31, 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 three-month period ended March 31, 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 13
<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 2002 as compared with the first quarter of 2001
decreased from $1,082,286 to $328,576, or approximately 70%, mostly because of a
substantial decrease in royalty income.

                  Revenues  from   royalties  net of  severance  taxes  declined
from $1,619,751 to $548,889 as a result of decreased royalties received from the
Meridian  Resources & Exploration  Company on the C.M. Thibodaux No. 1 and No. 3
wells as well as the Avoca No. 47-1 well. The decline is primarily  attributable
to a 69% decrease in the average sales price of gas.

                  Also  contributing to the decline was a downturn in production
from the C. M. Thibodaux No. 1 and No. 3 wells,  which decreased 16% as compared
to the first quarter of 2001. On the other hand,  production  from the Avoca No.
47-1 well  increased by 25% as  contrasted  with the first three months of 2001.
The Company's net revenue  interest in the Avoca No. 47-1 well is  approximately
12.41%,  as compared to a net revenue  interest of 2.71% in the C. M.  Thibodaux
No. 1 and No. 3 wells.  The C. M.  Thibodaux  No. 1, C. M.  Thibodaux  No. 3 and
Avoca  No.  47-1  wells  produce  from the Operc 5,  Operc B and O-3 SUA  sands,
respectively.

                  The decline in royalty  income  would have  been greater   but
for  $25,632  in  royalties  received  from a new well that  went on  production
February 8, 2002. The well was drilled by Burlington Resources Oil & Gas Company
as the Avoca No. 36-1 and completed at a measured depth of 19,209 - 19.245 feet.
The Office of Conservation  has determined  that the well,  renamed the Meridian
State Lease No.  16049,  is  producing  from an existing  sand seen in the C. M.
Thibodaux No. 1 well and already  unitized as the Operc 5 RA SUA Unit.  Meridian
has taken over  operation  of the well,  in which the  Company has a net revenue
interest of approximately 2.71%. Like the C.

                                                                    Page 8 of 13
<PAGE>
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 was responsible for 99% of
the Company's royalty income for the first quarter of 2002.

                  Royalty income from the Delta Operating  Corporation (formerly
Alliance  Operating  Company) Avoca No. 1 well, also in the Ramos Field, for the
first quarter of 2002 was $8,145 as compared to $84,909 for the first quarter of
2001. The decrease results not only from the above mentioned drop in the average
sales price of gas,  but also from a 64% decline in gas  production  as compared
with the first three months of 2001. The well's operator has advised the Company
that it intends to inject a scale  dissolver into the well's  formation to treat
scale buildup in the tubing in an attempt to increase production.

                  On December 26, 2001, Burlington and Petro-Hunt L.L.C (partner
and operator)  spudded the Avoca No. 45-1 Rocky Raccoon  Prospect in Section 45,
T16S,  R13E in the middle of the island on their  1,873.0147-acre  oil,  gas and
mineral lease.  The well was drilled to a permitted depth of 16,200 feet to test
various sands including the lower Miocene Cam 1 and Cam 5 sands.  The sands were
found to be  non-productive  and the well was plugged and  abandoned on April 9,
2002.

                  Interest income on U.S.  Government and U.S. Government agency
securities decreased $17,810 or approximately 41% because of a decrease in funds
available for investment and lower interest rates.

                  As compared  with the first  quarter of 2001,  total  expenses
decreased  $10,611 or approximately  11%.  Reductions in the need for attorney's
services  (included  in  legal  and  accounting  services)  and in the  need for
geological and engineering  services more than offset the increase in consultant
fees  and  insurance  expense.   Consultant  fees  increased  because  of  added
compensation

                                                                    Page 9 of 13
<PAGE>
paid to the Company's general manager and insurance expense increased because of
changes made in the Company's insurance coverage.

                  The change in income tax  expense for the three  months  ended
March 31, 2002 resulted from a decrease in taxable  income for the first quarter
of 2002 as compared to the first quarter of 2001.

                  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 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.

                           Part II - OTHER INFORMATION

Item 3 - Legal Proceedings

         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.

         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

                                                                   Page 10 of 13

<PAGE>
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.

         On March 13,  2001,  the  court  issued  Reasons  for  Judgment,  which
includes seven pages of scholarly  reasons,  upholding  Avoca's exception of res
judicata and dismissing the  Singletons'  Reconventional  Demand and Petition in
Nullity at the reconvenors' cost.  Notwithstanding  the intervenors' claim, as a
practical  matter,  the judgment  rendered in accordance with the March 13, 2001
Reasons  For  Judgment  should  put  an end to the  claims  asserted  by  Ernest
Singleton, et al. Nevertheless, a notice of appeal has been filed.

         On  September  13,  2001,  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 4 - Submission of Matters to a Vote of Security Holders

         The  Company's  Annual  Meeting of  Shareholders  was held on March 19,
2002. Management's proposal to fix at five the number of directors to be elected
for the ensuing year was

                                                                   Page 11 of 13
<PAGE>
 approved by the following vote:

         For          Against          Abstain          Broker Nonvotes
         ---          -------          -------          ---------------
       670,965         3,500            1,892                  B

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

                                               Withhold
                                   For           Vote           Broker Nonvotes
                                   ---           ----           ---------------

   Robert C. Baird, Jr.          659,935        16,422                 B
   Bernard E. Boudreaux, Jr.     673,554         2,803                 B
   Guy C. Lyman, Jr.             673,554         2,803                 B
   M. Cleland Powell, III        662,925        16,432                 B
   J. Scott Tucker               659,935        16,422                 B


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

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


                                                                   Page 12 of 13
<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, 2001                            /s/Robert C. Baird, Jr.
                                       -----------------------------------------
                                       Robert C. Baird, Jr.
                                       President and Principal Financial Officer

/274387


                                                                   Page 13 of 13