UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

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

                For the Quarterly Period ended December 31, 1999

                         Commission File Number 0-17304

                              CNH HOLDINGS COMPANY
                         (FORMERLY CORAL COMPANIES INC.)
               (Exact name of registrant as specified in charter)

                                     Nevada
                                   11-2867201
                (State or other jurisdiction of (I.R.S. Employer
               incorporation or organization) Identification No.)

                   7457 Harwin Drive, Suite 304 Houston, Texas
                                     77036
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code                (713) 780-3178
                                                                  --------------

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: As of December 31, 1999, the Company
had outstanding 7,811,774 shares of its common stock, par value $0.001.

<PAGE>

ITEM 1. FINANCIAL STATEMENTS

                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

<TABLE>

                                        Unaudited                  Audited
                                       December 31,                March 31,
                                          1999                       1999
ASSETS                                    ----                       ----
<S>                                    <C>                         <C>
Current Assets:
  Cash on deposit                      $   292,426                  $   9,309
  Cash (restricted)                             --                     19,794
                                       -----------                -----------
      Total cash                           292,426                     29,103
                                       -----------                -----------
Receivables:
 Trade                                     135,788                     80,736
 Stock subscription                          3,500                        535
   receivable
 Employee advances                             400                         --
 Note receivable                                --                     34,500
                                       -----------                -----------
                                           139,688                    115,771
Less allowance for doubtful accounts        11,763                     59,673
                                       -----------                -----------
Total Receivables                          127,925                     56,098
                                       -----------                -----------
Total current assets                       420,351                     85,201
                                       -----------                -----------
Property, Plant and Equipment
Land                                        70,000                     70,000
Oil and gas leasehold costs                199,697                    154,937
Other equipment                            297,056                    372,019
                                       -----------                -----------
Less accumulated depreciation
  and depletion                             84,450                     54,350
                                       -----------                -----------
 Net property, plant and equipment         482,303                    542,606
                                       -----------                -----------

Other assets:
Organization costs,
  net of accumulated amortization            2,870                      1,517
Deposits                                     3,445                      3,650
                                       -----------                -----------
Total Other Assets                      $    6,315                  $   5,167
Total Assets                            $  908,969                  $ 632,974
                                        ==========                  =========
</TABLE>

<PAGE>


                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Continued)

<TABLE>

                                        Unaudited                  Audited
                                       December 31,                March 31,
                                          1999                       1999
LIABILITIES AND STOCKHOLDERS' EQUITY      ----                       ----
<S>                                    <C>                         <C>

Current liabilities:

Accounts payable                        $  557,231                $  296,149
Other payables                              18,750                    15,815
Accrued expenses                               825                    20,826
Notes-Banks                                323,954                   237,576
Note to Texas Capital Advisors             250,000                        --
Note-other                                  10,000                    10,000
Note-shareholder                            20,000                   118,600
Current portion
 Long-term debt                             48,500                    42,000
                                       -----------               -----------
Total current liabilities                1,229,260                   740,966
                                       -----------               -----------
Long term debt:
Notes payable, bank                         60,732                   105,076
Note payable-other                           8,624                        --
Less current portion                        48,500                    42,000
                                       -----------               -----------
Total long term debt
                                            20,856                    63,076
                                       -----------               -----------

Stockholders' Equity (Deficit)
Preferred Stock, $.01 par value,
  1,000,000 authorized,
  200,000 issued and outstanding             2,000                     2,000
Common Stock, $.001 par value,
  10,000,000 authorized,
  7,811,774 issued and outstanding           7,812                     7,259

Additional paid-in capital               1,133,307                   581,495
Deficit                                 (1,484,265)                 (761,822)
                                       -----------               -----------

Total Liabilities and
  Stockholders' Equity                  $  908,969               $   632,974
                                       ===========               ===========
</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  financial
statements.

<PAGE>

                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
                                                      Unaudited
                                                  Three Months Ended
                                          December 31,            December 31,
                                             1999                    1998
                                             ----                    ----
<S>                                       <C>                     <C>
REVENUES:
Oil and gas revenues                      $   95,613              $   62,022
Overhead income                               18,993                  24,726
Service income                                    --                 112,716
Equipment rental income                       12,000                  13,674
Other                                          1,634                      --
                                         -----------             -----------
Total Revenues                               128,240                 213,138
                                        ------------             -----------
COSTS AND EXPENSES:
Direct Costs                                 195,512                 246,328
Depreciation, depletion
  and amortization                            16,509                   9,591
Selling, general and administrative           77,129                  95,785

Total operating costs                        289,150                 351,704
                                         -----------              ----------
Net loss from operations                    (160,910)               (138,566)

OTHER INCOME (EXPENSES):
Interest income                                   11                      77
Sale of assets                               (18,201)                     --
Interest expense                             (15,607)                (13,991)
                                         -----------              ----------
Total other income
(Expenses)                                   (33,797)                (13,914)
                                         -----------              ----------
Net income (loss)                        $  (194,707)            $  (152,480)
                                         ===========             ===========
</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  financial
statements

<PAGE>

                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
                                                 Unaudited
                                             Nine Months Ended
                                     December 31,             December 31,
                                        1999                     1998
                                        ----                     ----
<S>                                  <C>                     <C>
REVENUES:
Oil and gas revenues                 $  256,995               $   83,870
Overhead income                          54,671                   32,527
Service income                          522,669                  330,281
Equipment rental income                  20,000                   17,660
Other                                     2,638                   11,265
                                    -----------              -----------
Total Revenues                          856,973                  475,603
                                   ------------              -----------
COSTS AND EXPENSES:
Direct Costs                          1,141,836                  488,681
Depreciation, depletion and
  amortization                           52,136                   20,038
Selling, general and
  administrative                        377,292                  214,483

Total operating costs                 1,571,264                  723,202
                                    -----------              -----------
Net loss from operations               (714,291)                (247,599)

OTHER INCOME (EXPENSES):
Interest income                             290                      244
Sale of assets                           26,407                       --
Interest expense                        (34,850)                 (33,397)
                                    -----------               ----------
Total other income
(Expenses)                              ( 8,153)                 (33,153)
                                    -----------               ----------
Net income (loss)
                                    $  (722,444)              $ (280,752)
                                    ===========               ==========
</TABLE>
The  accompanying  notes are an integral  part of these  consolidated  financial
statements

<PAGE>

                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
                                                Unaudited
                                            Nine Months Ended
                                     December 31,          December 31,
                                         1999                 1998
                                         ----                 ----
<S>                                  <C>                   <C>
OPERATING ACTIVITIES:
 Net (loss)                          $  (722,444)          $  (280,752)
Adjustments to reconcile
  net income (loss) to net
  cash provided by operating
  activities:
Depreciation, depletion
  and amortization                        52,136                20,037
Gain on sale of assets                   (26,407)
(Increase)Decrease in accounts
  receivable-trade, net                  (68,489)              (88,060)
(Increase)Decrease in stock
  subscriptions receivable                (3,250)               83,250
(Increase) decrease in employee
  advances                                  (115)             (102,519)
(Increase) decrease in notes
  receivable                                  28               (34,500)
Increase (decrease) in accounts
  payable                                256,213               308,496
Increase (decrease) in other
  payables                                 3,250                    --
Increase (decrease) in accrued
  expenses                               (15,446)                6,937
Increase (decrease) in notes
  payable - banks                       (237,356)                   --
Increase (decrease) in notes
  payable - other                        (10,000)                   --
Increase (decrease) in notes
  payable - shareholders                (108,600)               58,600
Increase (decrease) in current
  portion long-term debt                 (42,220)                   --
                                     -----------           -----------
Net cash provided(used) by
  operating activities                  (922,700)              (28,511)
                                     -----------           -----------
INVESTING ACTIVITIES:
Proceeds from sale of assets             110,186                    --
Purchase of oil and gas properties       (53,129)             (144,146)
Net increase of other equipment          (23,837)              (40,198)
(Increase) decrease in utility
  deposits                                   205                (3,650)
Purchase of land                                               (70,000)
Increase in organizational costs                                (1,767)
Purchase of net book value of
  other equipment due to
  acquisition                                                 (214,720)
                                      ----------          ------------
NET CASH PROVIDED (USED) IN
  INVESTING ACTIVITIES                    33,425              (474,481)
                                      ----------          ------------
FINANCING  ACTIVITIES
Proceeds from other long
  term borrowings                        583,639               163,733
Reduction  of long term debt            (233,405)              (12,776)
Proceeds  from Texas  Capital
  Advisors                               250,000                    --
Proceeds from sale of common
  stock                                  552,364               294,155
Proceeds from mortgage note
  payable                                                       70,000
Proceeds from sale of preferred
  stock                                                          2,000
                                       ---------          ------------

NET CASH PROVIDED BY FINANCING
  ACTIVITIES                           1,152,598               517,112

INCREASE IN CASH                         263,323                14,120
Cash at beginning of period               29,103                    --
                                       ---------             ---------
CASH AT END OF PERIOD                 $  292,426             $  14,120
                                       =========             =========
</TABLE>
The  accompanying  notes are an integral  part of these  consolidated  financial
statements

<PAGE>

                      CNH HOLDINGS COMPANY AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 1999
                                   (Unaudited)

1.      GENERAL

The accompanying  unaudited consolidated financial statements have been prepared
in conformity  with the accounting  principles  stated in the audited  financial
statements for the year ended March 31, 1999 and reflect all  adjustments  which
are,  in the  opinion  of  management,  necessary  for a fair  statement  of the
financial position as of December 31, 1999 and the results of operations for the
periods  presented.  These  statements  have not been audited or reviewed by the
Company's  independent  certified public accountants.  The operating results for
the  interim  periods  are not  necessarily  indicative  of results for the full
fiscal year.

The notes to consolidated financial statements appearing in the Company's Annual
Report on form  10-KSB  for the year ended  March 31,  1999 and the notes to the
quarterly  10-QSB for the periods  ended June 30,1999 and  September  30,1999 as
filed with the Securities Exchange Commission should be read in conjunction with
this Quarterly Report on Form 10-QSB.  There have been no significant changes in
the information in those notes other than from normal business activities of the
Company.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
        OR PLAN OF OPERATION

The financial  information set forth in the following  discussion should be read
in conjunction with, and qualified in its entirety by, the financial  statements
of the Company included elsewhere herein

Introduction:  The following  discussion has been prepared  assuming the Company
will continue as a going  concern;  however,  the audit report for the financial
statements as of and for the periods ended March 31, 1999,  includes a caveat on
this point. In reading the following, one should first consult the audit report,
financial  statements  and  footnotes,  while  keeping  in mind the  significant
operating  losses  generated  by the  Company on a  consolidated  basis with its
subsidiaries.

BUSINESS

Business developments occurring during the quarter ended December 31, 1999:

CNH Holdings  Company,  Inc. (the "Company")  organized a new 100%  wholly-owned
subsidiary named Telenergy Communications, Inc. ("Telenergy").

Telenergy designs,  supplies, and services advanced communications solutions for
application  in the global energy and energy  services  industries.  Telenergy's
customized solutions incorporate various existing communication technologies and
platforms   and  are  designed  to  keep  its  customers  on  the  forefront  of
"connectivity."

Telenergy's mission is to be the leader in the specialized energy communications
market and to create a sustainable competitive advantage over its rivals. Market
leadership and sustainable advantage are achieved through Telenergy's commitment
to continually add the most value for its customers by designing, supplying, and
servicing  superior quality  communications  solutions at the lowest deliverable
costs.

Telenergy has developed a mobile voice and data communications  solution using a
Hughes  Network  Systems  ("HNS"),  a  unit  of  Hughes   Electronics   Company,
satellite-based  private  network  that will make oil and gas  exploration  more
efficient  and less costly.  Incorporating  HNS' very small  aperture  terminals
(VSATs),   the  Telenergy   "PES-8000(TM)"   provides   voice,   fax,  and  data
communications  between company data centers or headquarters and remote drilling
sites.

<PAGE>

Management anticipates that the PES-8000 can reduce costs significantly by using
satellite  technology to bypass terrestrial  communications  links to remote oil
and gas facilities. For no additional charges, remote facilities are enabled for
fax  transmissions  and  even  more  importantly,  the data  networking  that is
critical in their exploration, production, and development process. With secured
PES-8000 data networks in place,  each remote  facility  becomes an  independent
node within a specialized network. Drilling and geologic data can be transmitted
to corporate  headquarters  instantaneously,  enabling engineers to more quickly
make quality decisions based on raw unfiltered data from the field.

The PES-8000  allows  operators  to control  resources  and maximize  efficiency
during  the  drilling  phase  of  operations.   Direct  voice,   fax,  and  data
communications  allow drilling sites to access the resources  located at company
headquarters  facilities,  which  translates  into more  efficient  and informed
decisions at the well head.  Additional  benefits include  incorporating  remote
sites  into the  company's  wide area  network  and  allowing  remotely  located
employees e-mail and Internet access.

Telenergy  and HNS have  agreed to a  five-year  contract,  under which HNS will
supply its  Personal  Earth  Station(TM)  (PES) VSAT  product and  services  for
integration  with  Telenergy's  PES-8000  system.  A  self-contained  unit  that
requires minimal setup and  installation,  the PES-8000 is leased to Telenergy's
domestic and international customers.

Although the Company anticipates  substantial revenues to be generated from this
new subsidiary there can be no assurance that such sales will occur.

On December 15, 1999, the Company entered into an agreement with Rancho Santa Fe
Capital Partners to assist CNH in raising capital for its new telecommunications
company.  Management  is seeking up to  $5,000,000  of new  capital to be funded
within a 6 month  period.  These funds are  intended  to expand the  presence of
Telenergy in the marketplace. There can be no assurances given that this funding
will occur.

On December  24,  1999,  the Company  secured a $500,000  bridge loan from Texas
Capital Advisors, Inc. The purpose of the loan is to provide working capital for
the Company and its  subsidiaries.  The loan is to be funded in 2 equal payments
of $250,000 with the first payment being  received at the end of December  1999.
The basic terms of the loan  agreement  call for 15% interest per annum with the
lump sum repayment of the loan and accrued  interest on or before June 30, 2000.
The loan is  secured  by a lien on any and all  assets  of the  Company  and its
subsidiaries.  Additional  security is a stock pledge of 4,000,000 shares of the
Company's common stock.  Upon repayment of the entire loan and accrued interest,
Texas  Capital  Advisors  will  return  1,000,000  of the  common  shares to the
Company.  The 4,000,000 shares of common stock represent  approximately 43.5% of
the Company's  outstanding  shares and have full voting power which represents a
substantial  change in control of the Company.  The Company  filed a Form SC 13D
with the Securities and Exchange Commission in regards to this transaction and a
more detail  description  of this  transaction  may be found by  contacting  the
Commission.  Management  anticipates  repaying the entire loan and interest when
and if  funding is  received  under the  previously  mentioned  Rancho  Santa Fe
Capital agreement.  The Company anticipates taking a substantial non-cash charge
to earnings  during the fourth  quarter to reflect this  issuance of this stock.
The amount is not known at this time and again is non-cash in nature.

Business  developments  occurring  subsequent to the quarter ended  December 31,
1999:

In January 2000, the Company purchased Bolton Energy Services, Inc. for $100,000
in cash and 300,000  shares of the Company's  common stock.  The cash portion is
payable in three payments over the next 12 months. Bolton Energy Services,  Inc.
is an oilfield  down hole tool rental  company with  exclusive  agencies for the
Teledrift line of deviation tool products in east Texas, west Texas, New Mexico,
the Gulf of Mexico,  and Africa (excluding Egypt).  Management  anticipates that
Bolton Energy will generate  significant revenues and profits in future periods.
There can be no assurances that such revenues and profits will occur.

On January 13, 2000, the Company sold its oil production  subsidiary,  Southport
Environmental  &  Development,  Inc.  to Larry V. Tate and Gerald W.  Pybas.  As
consideration  for  their  purchase,   Messrs.  Tate  and  Pybas  are  returning
approximately  3,000,000  shares of CNH common  stock and 184,000  shares of CNH
convertible preferred stock to CNH's treasury.

The sale of  Southport is part of a  reorganization  plan with which the Company
intends to focus its efforts and resources on growth  opportunities and projects
at its  other  subsidiaries.  Telenergy  Communications,  Inc.,  a  wholly-owned
subsidiary of CNH,  provides  satellite  communications  and related services to
customers  in the  energy  industry.  The NORM  Services  Group,  Inc.,  another
wholly-owned  subsidiary  of CNH, is an  environmental  company  involved in the
cleanup  and  remediation  of  non-hazardous  oil field  wastes.  Bolton  Energy
Services,  Inc.,  also a  wholly-owned  subsidiary  of CNH, is an oilfield  tool
rental company.

As part of the reorganization  plan, Mr. Tate has resigned his position as Chief
Executive Officer of CNH and Mr. Pybas has resigned as President. On January 15,
2000, Robert A. Baker,  former President of Texas United Chemical  Company,  was
appointed  Chief  Executive  Officer and President of CNH and President of CNH's
wholly-owned subsidiary, The NORM Services Group, Inc.

In conjunction  with the employment of Mr. Baker,  the Company began  relocating
its corporate offices to Houston,  Texas in January 2000. The Company is leasing
approximately  400 square  feet on a  month-to-month  basis  from Texas  Capital
Advisors (the company that provided the aforementioned bridge loan).  Management
anticipates that this move will be completed prior to March 19, 2000.

<PAGE>

FINANCIAL CONDITION AND CHANGES IN FINANCIAL CONDITION

The  following  analysis  of  historical  financial  condition  and  results  of
operations  are not  necessarily  reflective  of the on-going  operations of the
Company due to the  substantial  amount of changes that have occurred which were
discussed in the previous caption.

At December 31, 1999,  total current assets  increased $335 thousand since March
31, 1999 (the  Company's  fiscal year end).  The primary  increase  was in trade
receivables  and the $250  thousand of bridge loan funds  received at the end of
December 1999. All previously factored  receivables have been repaid. There were
not any  substantial  changes in any of the other assets of the  Company.  These
assets  include  only  $250,000  of the funding of the  aforementioned  $500,000
bridge loan.  Total assets  increased 44% for the nine months ended December 31,
1999.

Total  liabilities  increased  $446  thousand or 56% for the nine  months  ended
December 31, 1999  primarily as a result of increased  borrowings  and increased
accounts  payable in order to fund the  operations  pending  the  funding of the
anticipated  raising of additional  capital.  There are no assurances  that such
funding will occur.

The primary activity affecting the financial condition of the Company during the
quarter was the decline in activity with the NORM Services  Group.  In part this
was  due to  the  reduction  of  personnel  in  the  quarter  and  the  complete
involvement of other personnel in the completion of a single large project. As a
consequence no new work was undertaken in this entity.

The  on-going  operations  of the  Company,  and  the  NORM  Services  Group  in
particular,  have been substantially  impacted by the large cost overruns by the
NORM Services Group over the past year and a half of operations. While there has
been no defaults on bank notes,  virtually all of the NORM Services Group,  Inc.
trade  payables are  seriously  past due as of December 31, 1999. As part of the
restructuring  occurring within the Company,  Management is currently evaluating
the  operations  of  the  NORM  Services  Group  and  its  ability  to  continue
operations.

Overall Operating Results

Three months ended December 31, 1999 compared to three months ended December 31,
1998:

Net loss for the 3 months  ended  December  31,  1999  was  $(160)  thousand  as
compared  to a loss of $(139) for the  comparable  previous  year  quarter.  The
primary source of revenue has been oil and gas revenues  which  increased to $96
thousand for the current quarter as compared to $62 thousand for the prior year.
The primary  difference in revenue was the lack of any service income during the
current  quarter.  The reason for no service  revenue was that The NORM Services
Group had no billable  activity  during the quarter.  Prior year quarter service
revenue was $113  thousand.  Direct  operating  cost decreased $51 thousand as a
result of the lack of activity  in The NORM  Services  Group  during the current
quarter. Total expenses (including direct cost,  depreciation,  amortization and
depletion and operating expenses) decreased 18% during the current quarter.  The
newly formed  Telenergy did not generate any revenue  during the quarter and had
$14  thousand  in  expenses.  Management  anticipates  that this  entity and the
purchase of Bolton Energy Services will generate  substantial revenues in future
periods. There can be no assurances that these anticipated revenues will arise.

Nine months ended  December 31, 1999 compared to nine months ended  December 31,
1998:

Net loss for the current year nine-month  period was $(714) thousand as compared
to $(248) thousand for the prior year. Total revenues increased $381 thousand to
$857 thousand or a 80% increase over the comparable period for 1998. The primary
increases were in oil and gas and service revenues.  Management anticipates that
these  revenues  will  decrease  in the  future  due to the  sale  of  Southport
Environmental & Development, Inc. Future revenue prospects include the expansion
of the Telenergy and Bolton  subsidiaries.  Even though  revenues  showed strong
increases  for the  current  year to date  the  associated  costs  and  expenses
increased at even a faster rate. Total cost and expenses  increased 117% to $1.6
million over the prior year. Please refer to the "BUSINESS"  section above for a
discussion of the  restructuring  and financing that has occurred  subsequent to
December 31, 1999.

LIQUIDITY AND CAPITAL RESOURCES

The Company  secured a $500  thousand  bridge loan (of which $250  thousand  was
funded  prior to  December  31,1999)  at the end of the quarter in order to fund
future  operations  and is seeking up to $5 million in new capital.  The Company
has  sustained  substantial  losses since its  inception  and as such received a
going concern  qualification in its audit report as of March 31, 1999. There can
be no  assurance  that to sustain the  continued  growth of the Company will not
require additional debt or equity offerings at some point in the future.

<PAGE>

NEW ACCOUNTING PRONOUNCEMENTS

The Company has adopted FASB  Statement 128. It is not expected that the Company
will be impacted by other recently issued standards. FASB Statement 128 presents
new  standards  for  computing  and  presenting  earnings per share  (EPS).  The
Statement  is effective  for  financial  statements  for both interim and annual
periods ending after December 15, 1997.

FASB  Statement  131 presents  news  standards  for  disclosures  about  segment
reporting. The Company does not believe that this accounting standard applies to
the  Company as all  operations  of the  Company are  integrated  for  financial
reporting and decision-making purposes.

YEAR 2000 PREPAREDNESS

The  Company  recognizes  that  computer  systems  and all  forms of  electronic
technologies,  information technologies and non-information technologies,  could
be  adversely  affected by the year 2000 date.  This is because many systems and
technology  components  use a  two-digit  field to  represent  the year in dates
(e.g.,  "98"  rather  than  "1998").  With the advent of year 2000,  systems and
programs  may fail or  produce  incorrect  data  believing  it is the year 1900,
causing  not  just  information   technology  problems  but  also  business  and
operations problems.

The Company continues to evaluate its information technology  infrastructure for
Year 2000 compliance. The Company currently does not expect that the cost of its
Year 2000  compliance  program  will be material to its  financial  condition or
results of  operations  or that its business  will be adversely  affected by the
Year 2000  issue in any  material  respect.  Nevertheless,  achieving  Year 2000
compliance is dependent on many factors, some of which are not completely within
the  Company's  control.  Should either the  Company's  internal  systems or the
internal systems of one or more significant vendors or suppliers fail to achieve
Year 2000 compliance, the Company's business and its results of operations could
be adversely affected.

The Company has not been  materially  affected with Y2K problems  since December
31, 1999 to the date of this filing.

INFLATION

The  Company's  results of  operations  have not been  affected by inflation and
management  does  not  expect  inflation  to have a  significant  effect  on its
operations in the future.

FORWARD-LOOKING INFORMATION

From time to time,  the  Company  or its  representatives  have made or may make
forward-looking   statements,   orally  or  in  writing.   Such  forward-looking
statements  may be  included  in,  but not  limited  to,  press  releases,  oral
statements  made with the  approval  of an  authorized  executive  officer or in
various filings made by the Company with the Securities and Exchange Commission.
Words or phrases "will likely result",  "are expected to", "will continue",  "is
anticipated",  "estimate",  "project or projected",  or similar  expressions are
intended  to  identify  "forward-looking  statements"  within the meaning of the
Private Securities Litigation Reform Act of 1995 (the "Reform Act"). The Company
wishes to ensure that such statements are  accompanied by meaningful  cautionary
statements,  so as to maximize to the fullest extent possible the protections of
the safe harbor established in the Reform Act. Accordingly,  such statements are
qualified in their entirety by reference to and are accompanied by the following
discussion  of certain  important  factors  that could cause  actual  results to
differ materially from such forward-looking statements.

Management  is currently  unaware of any trends or  conditions  other than those
previously  mentioned in this  management's  discussion  and analysis that could
have a material adverse effect on the Company's consolidated financial position,
future results of operations,  or liquidity.  However,  investors should also be
aware of factors that could have a negative  impact on the  Company's  prospects
and the consistency of progress in the areas of revenue  generation,  liquidity,
and generation of capital resources.  These include: (i) variations in the price
of  energy,  (ii)  possible  inability  to  attract  investors  for  its  equity
securities or otherwise  raise adequate funds from any source should the Company
seek  to  do  so,  (iii)  increased  governmental  regulation,   (iv)  increased
competition,  (v) unfavorable outcomes to litigation involving the Company or to
which the Company may become a party in the future and, (vi) a very  competitive
and rapidly changing operating environment.  Furthermore, reference is also made
to other  sections of this  report that  include  factors  that could  adversely
impact the Company's business and financial performance.

The risks  identified  here are not all inclusive.  New risk factors emerge from
time to time and it is not possible for  Management  to predict all of such risk
factors,  nor can it assess the impact of all such risk factors on the Company's
business or the extent to which any factor or  combination  of factors may cause
actual results to differ materially from those contained in any  forward-looking
statements. Accordingly, forward-looking statements should not be relied upon as
a prediction of actual results.

<PAGE>

                            PART II OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

b.  Reports on Form 8-K

      None

<PAGE>


                                   Signatures

In  accordance  with  Section 13 or 15(d) of the Exchange  Act,  the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                        (Registrant) CNH Holdings Company
                              By     Robert A. Baker
                                     Chief Executive Officer and President

                            Date     February 21, 2000

In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.

                     By     Helen Wallace
                            Chief Financial and Accounting Officer and Treasurer

                            Date   February 21, 2000