SECURITIES AND EXCHANGE COMMISSION
		Washington, D.C. 20549

		FORM 10-Q
(Mark One)
/X/ Quarterly report pursuant to Section 13 or 15(d) of the
Securities Act of 1934

For the quarterly period ended September 30, 2000 or

/ / Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934

For the transition period from               to

Commission file number 0-17330

		DAINE INDUSTRIES, INC.

	(Exact Name of Registrant as Specified in its Charter)

Delaware							11-2881685

(State or other jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		  Identification Number)

		P.O. Box 940007, Belle Harbor, New York 11694

(Address of Principal Executive Office)			(Zip Code)

			(718)318-0994

	(Registrant's Telephone Number, Including Area Code)

	240 Clarkson Avenue, Brooklyn, New York 11226

		(Registrant's Former Address)

	Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities and Exchange Act of 1934 during the preceding twelve
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 ninety days.
Yes / X /  No /  /

	APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
	DURING THE PRECEDING FIVE YEARS

	Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes /  /   No /  /

	APPLICABLE ONLY TO CORPORATE ISSUERS

	Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.  1,242,374

			10Q-1





















	DAINE INDUSTRIES, INC.

	FINANCIAL STATEMENTS

	SEPTEMBER 30, 2000











	I N D E X





	Page


REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT	  1


BALANCE SHEETS	 					  2


STATEMENTS OF SHAREHOLDERS' EQUITY	  		  3


STATEMENTS OF OPERATIONS	  			  4


STATEMENTS OF CASH FLOWS				  5


NOTES TO THE FINANCIAL STATEMENTS			 6-8


















		ACCOUNTANTS' REVIEW REPORT


To the Board of Directors and Shareholders
DAINE INDUSTRIES, INC.
Belle Harbor, New York

We have reviewed the accompanying balance sheet of DAINE INDUSTRIES,
INC. as of September 30, 2000 and the related statements of operations,
shareholders' equity and cash flows for the three month periods ended
September 30, 2000 and 1999, in accordance with standards established by
the American Institute of Certified Public Accountants.  All information
included in these financial statements is the representation of
management of DAINE INDUSTRIES, INC.

A review of interim financial information consists principally of
obtaining an understanding of the system for the preparation of interim
financial information, applying analytical review procedures to
financial data, and making inquiries of persons responsible for
financial and accounting matters.  It is substantially less in scope
than an examination in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole.  Accordingly, we do
not express such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the financial statements for them to be in conformity
with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted
auditing standards, the balance sheet as of June 30, 2000, and the
related statements of operations, shareholders' equity and cash flows
for the year then ended (not presented herein); and in our report dated
July 27, 2000, we expressed an unqualified opinion on those financial
statements.  In our opinion, the information set forth in the
accompanying balance sheet as of June 30, 2000 is fairly stated in all
material respects in relation to the balance sheet from which it has
been derived.



GREENBERG & COMPANY LLC

Springfield, New Jersey
November 1, 2000


	Page 1 of 8


			DAINE INDUSTRIES, INC.
			  BALANCE SHEETS


						Sept. 30, 2000
		 				(Unaudited)  	June 30, 2000

	A S S E T S

CURRENT ASSETS
	Cash and Cash Equivalents		$   78,507	$   86,766
	Total Current Assets	   		    78,507	    86,766

FIXED ASSETS, At Cost
	Machinery and Equipment	    		    31,032	    31,032
	Less:  Accumulated Depreciation	   	   (31,032)	   (31,032)
		      				       -0-	       -0-


TOTAL ASSETS					$   78,507	$   86,766


	L I A B I L I T I E S  A N D  S H A R E H O L D E R S'  E Q U I T Y


CURRENT LIABILITIES
	Accounts Payable & Accrued Expenses 	$    4,500	$    6,000
  Total Current Liabilities	     		     4,500	     6,000

TOTAL LIABILITIES	     			     4,500	     6,000

SHAREHOLDERS' EQUITY
	Common Stock (Par Value
	  $.00001) 50,000,000 shares
	  authorized, 1,242,374
	  shares issued and outstanding	        	12	        12
	Paid-In Capital	 			 1,444,070	 1,444,070
	Retained Earnings (Deficit)		(1,370,075)	(1,363,316)

TOTAL SHAREHOLDERS' EQUITY	   		    74,007	    80,766


TOTAL LIABILITIES AND
	SHAREHOLDERS' EQUITY			$   78,507	$   86,766









See Accountants' Review Report and notes to the financial statements.


			Page 2 of 8


			DAINE INDUSTRIES, INC.
		STATEMENTS OF SHAREHOLDERS' EQUITY
	For The Period July 1, 1999 to September 30, 2000



 	    Common Stock
		Total
	 	Number     $.00001			Retained	Share-
	   	of	      Par	Paid-In		Earnings	holders'
	 	Shares       Value	Capital		(Deficit)	Equity


BALANCES AT
JULY 1, 1999	1,242,374	 $12	$1,444,070	$(1,330,794) 	$113,288

Net Income(Loss)
for the Year Ended
June 30, 2000	         	    	          	    (32,522)	 (32,522)

BALANCES AT
JUNE 30, 2000	1,242,374	  12	 1,444,070	 (1,363,316)	  80,766

Net Income(Loss)
for the three
months ended
Sept. 30, 2000	         	    	          	     (6,759)	  (6,759)


BALANCES AT
SEPT. 30, 2000
(Unaudited)	1,242,374	 $12	$1,444,070	$(1,370,075)	$ 74,007






















See Accountants' Review Report and notes to the financial statements.



					Page 3 of 8


	DAINE INDUSTRIES, INC.
	STATEMENTS OF OPERATIONS
	(Unaudited)


	                                    For The Three Months Ended
		      				   	Sept. 30,
		  				  2000    	  1999


Interest Income					$ 1,081		$ 1,059

General and Administrative Expenses	 	 (7,385)	 (6,703)

Depreciation and Amortization Expense	    	    -0- 	 (1,330)

Income (Loss) Before Income Taxes	 	 (6,304)	 (6,974)

Income Tax Expense	    			    455 	    501


NET INCOME (LOSS)				$(6,759)	$(7,475)


Earnings (Loss) Per Share	  		   (.01)	  (.01)

Weighted Average Number of
	Common Stock Outstanding	       1,242,374	 1,242,374

























See Accountants' Review Report and notes to the financial statements.


				 Page 4 of 8


	DAINE INDUSTRIES, INC.
	STATEMENTS OF CASH FLOWS
	(Unaudited)


	                                         	For The Three Months Ended
		     						Sept. 30,
		 					  2000  	   1999

CASH FLOWS FROM OPERATING ACTIVITIES
  Net Income (Loss)					$(6,759)	$ (7,475)
  Adjustment to Reconcile Net Income to
     Net Cash Provided By (Used In)
	Operating Activities:
	Depreciation and Amortization Expense	    	     -0-	   1,330
	Change in Assets and Liabilities:
	  Increase (Decrease) in Accounts Payable
		& Accrued Expenses			  (1,500)	     -0-

	Net Cash Provided By (Used In) Operating
		Activities				  (8,259)	  (6,145)

Cash and Cash Equivalents at
  Beginning of Period	 				  86,766	 111,126

CASH AND CASH EQUIVALENTS AT
END OF PERIOD						 $78,507	$104,981


Supplemental Disclosures of Cash Flow Information:

  Cash Paid During the Period for:
     Interest					         $   -0-	$    -0-
     Taxes					         $   455	$    501



















See Accountants' Review Report and notes to the financial statements.


						       Page 5 of 8


	DAINE INDUSTRIES, INC.
	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000
	(Unaudited)

NOTE 1:	ORGANIZATION AND NATURE OF OPERATIONS

	Daine Industries, Inc. (Daine) is a Delaware corporation.
Daine owned 100% of the stock of Lite King Corp. (LKC) a New
York corporation through November 19, 1998.  Daine's principal
purpose was to acquire and merge with an operating company.
LKC's principal business is the manufacture and assembly of
electrical wiring devices, cord sets and sockets.  LKC's
customers consist of manufacturers of lamps, chandeliers,
Christmas and Halloween illuminated decorations, novelties,
point of purchase displays, signs, and other electrical
specialties.  The customers are located throughout North
America.

	On November 19, 1998, Daine filed a Form 10-SB to spin-off Lite
King Corp.'s shares of common stock to its shareholders on a
pro rata basis.  The Registrant owned all of the 2,484,620
outstanding shares of Lite King which was distributed to its
shareholders as of November 30, 1998 on the basis of one share
of Lite King for each 100 shares of Daine held.  The
distribution of stock certificates of Lite King was made in May
1999.

NOTE 2:	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	CASH AND CASH EQUIVALENTS

	Cash equivalents consist of highly liquid, short-term
investments with maturities of 90 days or less.  The carrying
amount reported in the accompanying balance sheets approximates
fair value.

	PROPERTY AND EQUIPMENT, At Cost

	Depreciation is calculated using the straight line method over
the asset's estimated useful life, which generally approximates
10 years.


	ESTIMATES IN FINANCIAL STATEMENTS

	The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from
those estimates.



See Accountants' Review Report.
				Page 6 of 8


	DAINE INDUSTRIES, INC.
	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000
	(Unaudited)
	(Continued)

	INCOME TAXES

	The Company accounts for income taxes in accordance with
Statement of Financial Accounting Standards ("SFAS") No. 109,
"Accounting for Income Taxes."  SFAS 109 has as its basic
objective the recognition of current and deferred income tax
assets and liabilities based upon all events that have been
recognized in the financial statements as measured by the
provisions of the enacted tax laws.

	Valuation allowances are established when necessary to reduce
deferred tax assets to the estimated amount to be realized.
Income tax expense represents the tax payable for the current
period and the change during the period in the deferred tax
assets and liabilities.


NOTE 3:	INCOME TAXES

	Income taxes are accrued at the statutory U.S. and state income
tax rates.

	Current income tax expense for September 30, 2000 is
principally due to state and local income taxes based upon
capital.  Deferred tax liabilities relate to depreciation
timing differences.

			     	 		September 30,
					    2000 	 1999
	Current tax expense:
	  Income tax at statutory rates	    $455	$501

	Total Tax Expense		    $455	$501

	The tax effect of significant temporary differences, which
comprise the deferred tax assets and liabilities are as
follows:
						Sept 30	June 30
			  			2000 	  1999
	  Deferred tax asset:
	    Operating loss
	    carryback				$38,280	$36,000
		  Valuation allowance		(38,280)(36,000)
		Net deferred tax asset		$   -0-	$   -0-






See Accountants' Review Report.
					Page 7 of 8


	DAINE INDUSTRIES, INC.
	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000
	(Unaudited)
	(Continued)

	During the year ended June 30, 1999, Daine distributed the
stock of its subsidiary Lite King to Daine shareholders in a
tax free spinoff.  Daine has generated operating loss
carryforwards of approximately $90,000 which must be carried
forward for tax purposes until 2020.  The tax benefits
associated with these losses have been fully reserved in the
valuation allowance due to Daine's lack of operating
profitability.

NOTE 4:	POSTRETIREMENT EMPLOYEE BENEFITS

	The company does not have a policy to cover employees for any
health care or other welfare benefits that are incurred after
employment (postretirement).  Therefore, no provision is
required under SFAS's 106 or 112.

NOTE 5:	INTERIM FINANCIAL REPORTING

	The unaudited financial statements of the Company for the
period July 1, 2000 through September 30, 2000 have been
prepared by management from the books and records of the
Company, and reflect, in the opinion of management, all
adjustments necessary for a fair presentation of the financial
position and operations of the Company as of the period
indicated herein, and are of a normal recurring nature.

NOTE 6:  COMMON STOCK

	On July 24, 2000 the Company effected a one (1) for two hundred
(200) reverse split of the Company's common stock and reduced the number
of authorized shares from 350,000,000 to 50,000,000.  The effective
date of the reverse split is July 24, 2000 and all share and per
share amounts are retroactively restated to give effect for the
reverse split within these financial statements.























See Accountants' Review Report.
				       	Page 8 of 8


Part 1.  Financial Information


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

	Daine Industries, Inc. ("The Registrant") was incorporated on
September 24, 1987 and is currently seeking to acquire an operating
business.  From February 1990 until November 19, 1998 the Registrant
operated business of Lite King Corp. and currently is a public vehicle
to acquire an operating business.

	On February 26, 1990, the Registrant acquired substantially all of
the assets (with the exception of the cash) and the business of Lite
King Corporation ("Lite King"), a manufacturer and assembler of wiring
devices, cord sets and sockets.  On November 19, 1998, the Registrant
filed a Form 10-SB to spin-off Lite King Corp's shares of common stock
to its shareholders on a pro rata basis.  The Registrant owned all of
the 2,484,620 outstanding shares of Lite King which was distributed to
its shareholders as of November 30, 1998 on the basis of one share of
Lite King for each 100 shares of Daine held.  The distribution of stock
certificates of Lite King was made in May 1999.

	Management of the Registrant believe the two companies as separate
entities may create additional value for the shareholders.  There is no
assurance of any trading market developing.  Management will attempt to
use the Registrant as a "shell" vehicle to acquire an operating
business.

	During the three months ended September 30, 2000, the Registrant's
only revenues consisted of interest income which amounted to $1,081.
Total expenses amounted to $7,840, consisting of general and
administrative expenses (primarily legal and accounting fees) of $7,385,
depreciation and amortization expense of $-0- and income tax expense of
$455, resulting in a net loss of $6,759.

	For the three months ended September 30, 1999, the Registrant had a
net loss of $7,475.  The net loss of $7,475 was the result of interest
income of $1,059, general and administrative expenses (primarily legal
and accounting expenses) of $6,703, depreciation and amortization
expenses of $1,330, resulting in a loss of $7,475.

	At September 30, 2000, the Registrant had total assets of $78,507,
consisting of current assets of $78,507 (cash and cash equivalents), and
fixed assets of $-0-.  At June 30, 2000, the Registrant had total assets
of $86,766, consisting of cash and cash equivalents (current assets) of
$86,766 and fixed assets of $-0-.

	At September 30, 2000, the Registrant's total liabilities consisted
of accounts payable and accrued expenses of $4,500.  At June 30, 2000
total liabilities amounted to $6,000.  Shareholders equity at September
30, 2000 amounted to $74,007 as compared with $80,766 as of June 30,
2000.



	The Registrant is actively seeking candidates for either
acquisition or merger.  No assurance can be given that such acquisition
or merger will occur in the near future.

	PART II.  OTHER INFORMATION:


Item 1.	Legal Proceedings.  None.

Item 2.	Changes in Securities.  None.

Item 3.	Defaults upon Senior Securities.  None.

Item 4.	Submission of Matters To A Vote of Security Holders.  None.

Item 5.	Other Materially Important Events.  None.

Item 6.	Exhibits and Reports on Form 8-K.  None.



	SIGNATURES


	Pursuant to the requirements of Section 13 or 15(d) of the
Securities Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.


                   By:  Arthur Seidenfeld
	President
	Dated:  November 8, 2000