SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

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

          For the quarterly period ended:   September 30, 1998

          OR

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

          For the transition period from______________ to_______________.

                        Commission file number: 0-17304

                              CNH Holdings Company
                              --------------------
        (Exact name of small business issuer as specified in its charter)

             Nevada                                             11-2867201
             ------                                             ----------
(State or other jurisdiction of                              (I.R.S. employer
 incorporation or organization)                           identification number)

                       P.O. Box 832, Kilgore, Texas 75663
                       ----------------------------------
               (Address of principal executive offices) (Zip Code)

Issuer's telephone number, including area code: (903) 984-6425

Indicate by check mark whether the issuer (1) has filed all reports  required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes  X    No

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest  practicable date: As of December 17, 1998, there
were approximately 7,194,210 shares outstanding.


<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS


                                                    September 30,    March 31, 
                                                        1998           1998
                                                        ----           ----
                                                     (Unaudited)     (Audited)
                                     ASSETS

Current Assets
   Cash on deposit                                   $    51,048    $         0
   Accounts receivable-trade                              59,978              0
   Stock subscriptions receivable                         28,083        100,000
   Employee advances                                      45,550              0
   Note receivable                                        34,500              0
     Total Current Assets                            $   219,159    $   100,000

Property, Plant and Equipment
   Land                                              $    70,000    $         0
   Oil and gas leasehold costs                           144,146              0
   Other equipment                                       263,490              0
                                                     $   477,636    $         0
   Less accumulated depreciation and depletion            20,383              0

Net Property, Plant and Equipment                    $   457,253    $         0

Other Assets
   Organizational costs, net of accumulated
    amortization in the amount of $283               $     1,717    $         0
   Utility deposits                                        3,350              0

     Total Other Assets                              $     5,067    $         0

     TOTAL ASSETS                                    $   681,479    $   100,000

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
   Accounts Payable                                  $   172,808    $         0
   Accrued expenses                                        8,775              0
   Note payable-shareholder                               10,000              0
   Current portion long term debt                          6,609              0

     Total Current Liabilities                       $   198,192              0

Long Term Debt
   Mortgage note payable                             $    70,000    $         0
   Other notes payable                                   145,404              0

     Total Long Term Debt                            $   215,404    $         0

       TOTAL LIABILITIES                             $   413,596    $         0

STOCKHOLDERS' EQUITY
  10% Class A preferred stock;
      Authorized 1,000,000
      shares, $.01 par value,
      200,000 shares issued
      and outstanding at
      September 30                                   $     2,000    $         0
  Common stock, 10,000,000
      shares $.001 par value
      authorized; issued and
      outstanding 7,194,210 at
      September 30 and 950,000
      at March 31                                          7,194            950
  Additional paid in capital                           5,228,945      4,941,034
  Retained earnings (deficit)                         (4,970,256)    (4,841,984)

     TOTAL STOCKHOLDERS' EQUITY                      $   267,883    $   100,000

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY                                 $   681,479    $   100,000


                                        2

<PAGE>

                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS AND SIX MONTHS ENDED SEPTEMBER 30, 1998

                                                        THREE            SIX
                                                        MONTHS          MONTHS
                                                        ------          ------
REVENUES

   Oil and gas revenues                               $  21,848       $  21,848
   Overhead income                                        7,801           7,801
   Service income                                       217,565         217,565
   Equipment rental income                                3,986           3,986
   Other                                                 11,265          11,265

     Total revenues                                   $ 262,465       $ 262,465

COSTS AND EXPENSES

   Direct costs                                       $ 242,353       $ 242,353
   Depreciation and amortization                         10,447          10,447
   Selling, general and administrative                  118,698         118,698

     Total costs and expenses                         $ 371,498       $ 371,498

     Net income (loss) from operations                $(109,033)      $(109,033)

OTHER INCOME (EXPENSES)

   Interest income                                    $     167       $     167
   Interest expense                                     (19,406)        (19,406)

     Total other income (expenses)                    $ (19,239)      $ (19,239)

     Net income (loss)                                $(128,272)      $(128,272)


                                        3

<PAGE>

                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
          FOR THE THREE MONTHS AND SIX MONTHS ENDED SEPTEMBER 30, 1998

                                                           THREE         SIX
                                                           MONTHS       MONTHS
                                                           ------       ------
OPERATING ACTIVITIES

Net income (loss)                                        $(128,272)   $(128,272)
  Adjustments to reconcile net income (loss) to net cash
     provided by operating activities:
        Depreciation and amortization                       10,446       10,446
        Decrease in stock subscriptions receivable          71,917       71,917
        Increase in accounts receivable-trade              (59,978)     (59,978)
        Increase in employee advances                      (45,550)     (45,550)
        Increase in note receivable                        (34,500)      34,500)
        Increase in accounts payable                       172,808      172,808
        Increase in accrued expenses                         8,775        8,775
        Increase in current portion long term debt           6,609            0
        Increase in note payable shareholder                10,000       10,000

NET CASH PROVIDED BY OPERATING ACTIVITIES                $  12,255    $   5,646

INVESTING ACTIVITIES

  Purchase of oil and gas properties                     $       0    $(144,146)
  Purchased of land                                        (70,000)     (70,000)
  Purchase of other equipment                              (38,783)     (38,783)
  Increase in organizational costs                            (767)      (1,767)
  Increase in utility deposits                              (3,350)      (3,350)
  Purchase of net book value of other equipment
      due to acquisition                                  (214,720)    (214,720)
  Increase in investment in NORM Services Group, LLC       (40,520)
  Decrease in investment in NORM Services Group, LLC        40,520       40,520

NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES         $(287,100)   $(472,766)

FINANCING ACTIVITIES

  Proceeds from mortgage note payable                    $  70,000    $  70,000
  Proceeds from other long term borrowings                 163,733      163,733
  Repayment of long term debt                              (18,329)     (11,720)
  Proceeds from sale of preferred stock                      2,000
  Proceeds from sale of common stock                       110,489      294,155

NET CASH PROVIDED BY FINANCING ACTIVITIES                $ 325,893    $ 518,168

INCREASE IN CASH                                         $  51,048    $  51,048

Cash at beginning of period                                      0            0

CASH AT END OF PERIOD                                    $  51,048    $  51,048


                                        4

<PAGE>
<TABLE>
<CAPTION>

                                          CNH HOLDINGS COMPANY AND SUBSIDIARIES
                                CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                                       FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1998

                                                                                    ADDITIONAL      RETAINED
                                                    PREFERRED         COMMON         PAID IN        EARNINGS
                                                      STOCK           STOCK          CAPITAL        (DEFICIT)        TOTAL
                                                      -----           -----          -------        ---------        -----

<S>                                                <C>             <C>             <C>            <C>             <C>        
Balance as of March 31, 1998                       $         0     $       950     $ 4,941,034    $(4,841,984)    $   100,000

Issuance of 200,000 shares of
  10% Class A preferred stock and
  6,000,000 shares of common stock for
  the acquisition of Southport Environmental
  and Development, Inc. and a one-third
  interest in NORM Services Group, LLC                   2,000           6,000         177,666                        185,666

Balance as of June 30, 1998                        $     2,000     $     6,950     $ 5,118,700    $(4,841,984)    $   285,666

Issuance of 244,210 shares of
    common stock for the acquisition
    of the remaining two-thirds interest
    in NORM Services Group, Inc.                                           244         110,245                        110,489

Net income (loss) for the three
    months ended September 30                                                                        (128,272)       (128,272)

Balance as of September 30, 1998                   $     2,000     $     7,194     $ 5,228,945    $(4,970,256)    $   267,883

</TABLE>


                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
            CONDENSED FOOTNOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1998

1.   Organization  The  financial   statements   include  the  Company  and  its
wholly-owned  subsidiaries,  Southport Environment and Development,  Inc. (SEDI)
and NORM Services Group, Inc. (NORM) All significant inter-company  transactions
have been eliminated.

SEDI was  incorporated  on June 1, 1998, and is involved in the  exploration for
and  development of oil and gas  properties.  It acquired oil and gas properties
with a remaining cost basis of $144,146 from two individuals,  Messrs.  Tate and
Pybas,  in an IRC Section 351 transfer.  In return,  the  shareholders  received
40,000 shares of SEDI common stock. These individuals were the sole shareholders
of SEDI  prior to June  15,  1998.  On June 15,  1998,  Messrs.  Tate and  Pybas
exchanged their 40,000 shares of SEDI and approximately 1/3rd of the outstanding
interest of NORM which they held for 200,000 shares of the Class A: 10% Dividend
Bearing Preferred Stock and 6,000,000 common shares of the Company. The exchange
was made on a tax free basis  pursuant  to IRC  Section  368(b).  SEDI  became a
wholly-owned  subsidiary  of the  Company and  Messrs.  Tate and Pybas  acquired
control of the Company.

NORM was originally  formed as a Texas limited liability company on February 26,
1997, and commenced operations in May, 1997. NORM is involved in the remediation
of naturally  occurring  radioactive and waste materials along the gulf coast of
Texas and Louisiana. NORM became a corporation on July 21, 1998.

On August 7, 1998, NORM acquired all of the  partnership  assets and liabilities
of NSG Rentals,  a Texas general  partnership in exchange for common stock.  The
operations  of NSG  Rentals are now a division  of NORM.  NSG Rentals  commenced
operations on March 4, 1998,  renting and servicing oil field equipment.  Two of
the three equal partners in NSG Rentals were Messrs. Tate and Pybas.

                                        5
<PAGE>

Also on August 7, 1998, the Company acquired the remaining outstanding interests
of NORM  which  it did not then own in a tax free  exchange  under  IRC  Section
368(b), issuing 450,000 shares of common stock in exchange.

2.  Supplementary Oil and Gas Information.

Changes in present value of estimated future net cash
   flows from proved oil and gas reserves:

   Present value at beginning of the period                   $ 2,044,232
   Additions and revisions, net of future estimated
       development and production costs and net of
       properties sold                                                  0
   Sales of oil and gas, net of lifting costs                       2,523

   Present value at end of period                               2,041,709

   Changes in proved oil and gas reserves:
                                                                Oil (Bbls)
   Proved reserves
      Balance at beginning of period                              349,946
      Properties sold                                                   0
      Additions and revisions to previous estimates                     0
      Production                                                   (1,581)

      Balance at September 30, 1998                               348,365

Future net cash flow from proved oil and gas reserves:
--------------------------------------------------------------------------------

                                          Future net cash flows
                                          at September 31, 1998
                                          ---------------------
                         Total Proved        Proved Developed
September 30               Reserves               Reserve
------------               --------               -------

        1999              $   53,191            $   53,191
        2000                 169,384               169,384
        2001                 181,848               181,848
     Remainder             1,866,943             1,866,943

                           2,271,367             2,271,367

Present value of future net cash flows discounted at 10%:
--------------------------------------------------------------------------------

                                               Proved
September 30              Proved              Developed
------------              ------              ---------

        1998            $   47,872            $   47,872
        1999               152,450               152,450
        2000               163,660               163,660
     Thereafter          1,680,250             1,680,250

                         2,044,232             2,044,232


                                        6

<PAGE>



The  following  accounting  policies  have been used in  preparing  the  Reserve
Recognition Accounting (RRA) presentation.  The summary of oil and gas producing
activities on the basis of RRA was prepared based on the rules of the Securities
and Exchange Commission (SEC).

Under RRA,  earnings are  recognized  as proved  reserves are found based on the
estimated  present  value  of  such  reserves,   computed  as  described  below.
Subsequent  revisions to the RRA  valuation  of proven  reserves are included in
earnings as they occur.  Proved  reserves  are those  quantities  of oil and gas
which can be expected,  with little doubt,  to be  recoverable  commercially  at
current prices and costs under existing operating methods.

The proved  reserves  and  related  valuations  were  computed by the Company in
accordance  with the  rules of the  SEC.  Estimated  future  net  revenues  were
computed by applying  current prices received by the Company to estimated future
production of reserves,  less estimated future  development and production costs
and windfall  profit taxes based on current costs. A discount  factor of 10% was
applied to the estimated future revenues to compute the estimated  present value
of proved oil and gas reserves.  This valuation  procedure does not  necessarily
result in an  estimate  of the fair market  value of the  Company's  oil and gas
properties.

Totals of proven reserves are inherently imprecise estimates and are continually
subject  to  revision  based  on  production  history,   results  of  additional
exploration and development, price changes and other factors.

"Additions to reserves" are the result of current  acquisitions  and development
activities.  Increases in prices are the approximate effect on the RRA valuation
of proven  reserves due to price  changes.  Other  revisions  represent  the net
effect of all revisions to estimated quantities of proven reserves. Accretion of
discount was computed by  multiplying  10% times the present value of future net
revenues  as of  the  beginning  of  the  year,  adjusted  to  reflect  downward
revisions.

Evaluated  acquisition,  exploration,  development and production  costs include
current and  estimated  future  costs  associated  with the current year reserve
additions.  Such  expenses  include  property  acquisitions,  well costs,  lease
rentals and abandonment.  The cost of acquiring unproven properties and drilling
exploratory wells are deferred until the properties are evaluated and determined
to be either  productive  or  nonproductive,  at which time they are  charged to
expense.  There were no deferred  acquisition and exploration costs at September
30, 1998.

The provision for income taxes is based on the  "liability"  method  computed by
applying the current  statutory  income tax rate to the  difference  between the
year end RRA  valuation of proven  reserves and the tax basis in the  properties
less estimated  investment tax credits and statutory  depletion  associated with
future development costs.

3.  Accounts Receivable

Various  accounts   receivable  of  NORM  have  been  factored  to  a  financial
institution.  As the accounts are factored,  it is the Company's  policy to show
that  account as having been paid.  The Company  pays a 3% fee to the  financial
institution  as the accounts are factored.  In addition,  a reserve  account has
been established  whereby 10% of the amount factored is deposited.  This reserve
account  was  established  in order to cover any  losses  which may arise due to
non-payment of the account by the customer to the financial institution.  At the
end of every month the financial  institution  evaluates the unpaid invoices and
the  balance  in  the  reserved  account  in  order  to  determine  the  reserve
requirements.  Any excess amounts in the reserve account are then transferred to
the Company's  general operating  account.  As of September 30, 1998, no account
has been repurchased from the financial institution.

As of September 30, 1998, the balance of the factored accounts was $194,960.

4.  Property Plant and Equipment

The Company  depreciates  it's property,  plant and equipment over the estimated
useful lives using the straight line depreciation method for financial statement
purposes and using the Modified  Accelerated  Cost  Recovery  System for federal
income tax purposes.

                                        7

<PAGE>


5.  Mortgage Payable.

The mortgage note is payable to Messrs. Tate and Pybas, and is secured by a deed
of trust  dated  January 2, 1998.  The deed of trust is for  approximately  47.6
acres  which  are  used  for the  disposal  of  non-hazardous  oil  field  waste
materials.  The note  provides for interest at ten percent per annum and is due,
principal  and interest,  on or before  January 2, 1999. is the intention of the
note  holders,  Messrs.  Tate and Pybas,  to renew the note at maturity  for one
year; therefore, no provision for current portion has been provided for.

6.  Other Notes Payable.

     A summary of the other notes payable follows:

Note payable to City National Bank, in the original amount  of
$120,000, payable on demand, but if no demand is made, then interest
only monthly and principal and accrued interest due April, 1999,
bearing interest at 9.50%, secured by equipment                         $113,000

Note payable to Citizens State Bank, in the original amount of $27,000,
payable on demand, but if no demand is made, then unpaid principal and
interest due December, 1998, secured by equipment                         27,000

Note payable to Guaranty Federal Bank, in the original
amount of $16,566, payable in monthly installments of
$625, including interest at 9.95%, secured by vehicle                     12,013

          Sub-Total                                                      152,013

          Less current portion                                             6,609

          Total                                                          145,404

No provision for current portion of long-term debt has been provided for the two
demand notes payable because  management intends to renew, and fully expects the
financial institutions to renew, at maturity.

7.  Commitments and Contingent Liabilities:

A. As of September  30, 1998,  NORM had entered  into  several  equipment  lease
agreements for the leasing of heavy-duty tractors and trailers.  The leases have
been classified as operating leases because,  according to their terms,  NORM is
required to return the equipment to the leasing  company at the end of the term;
however,  management has the option to purchase the leased  equipment at the end
of the term for the then current fair market value.  Management does not at this
time intend to exercise  this right.  The leases were  entered  into in January,
1998, and will expire January, 2002. The monthly lease amount is $4,304.

B. NORM  leases  it's  offices in South  Texas.  This  two-year  lease calls for
monthly rentals of $2,500 through July 31, 1999, and $3,000 from August 1, 1999,
through July 31,  2000.  NORM has the option of  purchasing  the property at any
time prior to expiration  for $295,000.  Should NORM elect to purchase,  the sum
of$1,250  per month for the first year of the lease and $1,750 per month for the
second  will be credited  against  the  purchase  price.  At the  present  time,
management  does not  intent to  exercise  this  option;  therefore,  all rental
payments have been classified as a current period expense.

C. NORM has factored,  with recourse,  certain of it's accounts  receivable to a
financial  institution.  The financial institution notifies the customer of each
invoice factored, who is requested to remit payment directly to the institution.

                                        8
<PAGE>


The  agreement  stipulates  that should any of the invoices  remain unpaid after
ninety days NORM will repay the invoice.  As of September  30, 1998,  the amount
factored was $194,961, and all accounts factored were current.

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations

Results of Operations: The Company had no revenues, operating or otherwise, from
1991 through the period  covered by this report.  Correspondingly,  all expenses
during these  periods were  administrative  in nature and  immaterial in amount.
Further, the acquisition by the Company of Southport Environmental, Inc. (SEDI),
and 1/3rd of the outstanding interest of NORM Services Group, LLC, (subsequently
exchanged for 1/3rd of NORM Services Group,  Inc., in a tax-free  roll-up of the
LLC into a corporation)  did not occur until June 15, 1998, and the  acquisition
by the Company of the remaining  2/3rds interest in NORM Services  Group,  Inc.,
did not occur until  August 7, 1998,  substantially  after the  beginning of the
period covered by this report. SEDI and NORM did not have significant operations
during the corresponding period of the previous fiscal year; thus, no meaningful
comparison  can be made between the fiscal period covered by this report and the
corresponding period of the previous fiscal year.

SEDI and NORM both  continued to exert their efforts in the further  development
of their respective businesses during the period covered by this report.

Liquidity  and Capital  Resources:  The Company had no  liquidity  sources  from
fiscal 1990 through the calendar year ended 1997,  however, a stock subscription
by a consultant  provided a source of liquidity during the first three months of
fiscal 1999. All administrative matters through June 15, 1998, were provided for
by the  executive  officer of and attorney for the Company in exchange for those
shares  issued to them on May 3,  1996.  Cash  flows  from  operations  provided
liquidity to SEDI and NORM for the period covered by this report;  however, each
of these entities suffered a loss from operations.  NORM has factored various of
its accounts  receivable to a financial  institution.  NORM pays a 3% fee to the
financial  institution  on factoring and  established a reserve where 10% of the
amount factored is deposited so as to cover any collection failures. The reserve
account is balanced  out at the end of each month.  At September  30,  1998,  no
account had failed to pay.

Cash flows from  operations  amounted  to $12,255,  primarily  as a result in an
increase in accounts  payable of $172,808 and a decrease in stock  subscriptions
receivable  of  $71,917.   Investing  activities  decreased  cash  by  $287,100,
primarily  as a result of the  payment of $70,000 to Messrs.  Tate and Pybas for
the  purchase of certain  land from them which is used in the  business of NORM,
the purchase of equipment  ($38,783)  and the net book value of other  equipment
($214,720)  acquired  from SEDI and NORM on June 15,  1998,  and August 7, 1998.
Financing Activities provided $70,000 in borrowings from Messrs. Tate and Pybas,
$163,733 from long term borrowings and $110,489 from the sale of common stock of
the Company.  The result of the foregoing was an increase in cash of $51,048 for
the six months ended September 30, 1998.

                           PART II - OTHER INFORMATION

Item 1.  Litigation

This item is not applicable to the Company.

Item 2.  Change in Securities

This item is not applicable to the Company.

Item 3.  Defaults Upon Senior Securities

This item is not applicable to the Company.

Item 4.  Submission of Matters to a Vote of Security Holders

This item is not applicable to the Company.


                                        9
<PAGE>


Item 5.  Other Information

This item is not applicable to the Company.

Item 6.  Exhibits and Reports on Form 8-K

This item is not applicable to the Company.


                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) 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 this 17th day of December,
1998.

CNH Holdings Company (Registrant)


By: /s/ Larry V. Tate
   --------------------------------------
   Larry V. Tate, Chief Executive Officer

By: /s/ Helen Wallace
   --------------------------------------
   Helen Wallace, Chief Financial
   and Accounting Officer
   and Treasurer
                                  * * * * * * *


                                       10