<PAGE>
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

  [X]   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
        Exchange Act of 1934 for the quarterly period ended September 30, 2002.

  [ ]   Transition Report Pursuant to Section 13 or 15(d) of the Securities
        Exchange Act of 1934 for the quarterly period from          to         .
                                                           --------    --------

                         Commission file number 0-22580

              JPE, Inc. (d/b/a ASCET and ASC Exterior Technologies)
             (Exact name of registrant as specified in its charter)


                                    Michigan
         (State or other jurisdiction of incorporation or organization)


                                   38-2958730
                      (I.R.S. Employer Identification No.)


   1030 Doris Road, Auburn Hills, Michigan                 48326-2613
   (Address of principal executive offices)                (Zip Code)


                                 (248) 232-1161
              (Registrant's telephone number, including area code)


                                 Not Applicable
        (Former name, former address and formal fiscal year, if changed,
                               since last report)


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 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
                       ---              ---

As of November 12, 2002, there were 14,043,600 shares of the registrant's common
stock outstanding. This Quarterly Report on Form 10-Q contains 24 pages, of
which this is page 1.



                                       1

<PAGE>

               JPE, INC. (D/B/A ASCET, ASC EXTERIOR TECHNOLOGIES)

                                      INDEX


                                                                            Page

PART I.    Financial Information

           ITEM 1.    Financial Statements.................................  3

           ITEM 2.    Management's Discussion and Analysis of Financial
                        Condition and Results of Operations................ 14

           ITEM 3.    Quantitative and Qualitative Disclosures about
                      Market Risk.......................................... 19

           ITEM 4.    Controls and Procedures.............................. 19

PART II.   Other Information............................................... 20

           ITEM 6.    Exhibits and Reports................................. 24

                      Signatures........................................... 21

                      Certification of CEO................................. 22

                      Certification of CFO................................. 23

                      Exhibit 99.1......................................... 24


                                       2
<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

              JPE, INC. (D/B/A ASCET AND ASC EXTERIOR TECHNOLOGIES)
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                            ($ amounts in thousands)

<TABLE>
<CAPTION>

                                                                            AT                    AT
                                                                       DECEMBER 31,           SEPTEMBER 30,
                                                                           2001              2002 UNAUDITED
                                                                           ----              --------------
<S>                                                                    <C>                   <C>
                                                  ASSETS
Current assets:
     Cash and cash equivalents                                           $  2,794               $    716
     Available for sale securities                                            571                     --
     Accounts receivable trade, net                                        12,707                 13,528
     Inventory                                                             17,788                 16,143
     Other current assets                                                   1,056                  1,454
                                                                         --------               --------
         Total current assets                                              34,916                 31,841

     Property, plant and equipment, net                                    20,675                 18,941
     Goodwill, net                                                          1,626                     --
     Other assets                                                           1,155                    389
                                                                         --------               --------
         Total assets                                                    $ 58,372               $ 51,171
                                                                         ========               ========


                                   LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
     Current portion of long-term debt                                   $    543               $    494
     Accounts payable                                                      11,101                 12,142
     Accrued liabilities                                                    2,606                  3,420
     Income Taxes                                                              47                     --
                                                                         --------               --------
         Total current liabilities                                         14,297                 16,056

     Long-term debt                                                        42,507                 35,519
                                                                         --------               --------

         Total liabilities                                                 56,804                 51,575
                                                                         --------               --------

Shareholders' equity:
     First Series Preferred Shares, no par value, 50 votes per
         share, 3,000,000 authorized, 1,973,002 shares issued
         and outstanding                                                   16,590                    206
     Common stock, no par value, 15,000,000 authorized,
         14,043,600 shares issued and outstanding                           2,672                    125
     Accumulated other comprehensive income                                    76                     --
     Accumulated deficit                                                  (17,770)                  (735)
                                                                         --------               --------
         Total shareholders' equity                                         1,568                   (404)
                                                                         --------               --------

         Total liabilities and shareholders' equity                      $ 58,372               $ 51,171
                                                                         ========               ========

</TABLE>


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


                                       3

<PAGE>

              JPE, INC. (D/B/A ASCET AND ASC EXTERIOR TECHNOLOGIES)
                 CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
                          AND COMPREHENSIVE OPERATIONS
             For the Three Months Ended September 30, 2002 and 2001
                                   (Unaudited)
                 ($ amounts in thousands, except per share data)

<TABLE>
<CAPTION>
                                                                  PREDECESSOR           SUCCESSOR
                                                                    COMPANY              COMPANY
                                                                  THREE MONTHS        THREE MONTHS
                                                                      ENDED               ENDED
                                                                  SEPTEMBER 30,       SEPTEMBER 30,
                                                                       2001               2002
                                                                       ----               ----
<S>                                                            <C>                  <C>
Net sales                                                           $  28,753           $ 27,861
Cost of goods sold                                                     26,280             24,268
                                                                    ---------           --------
Gross profit                                                            2,473              3,593
Selling, general and administrative expenses                            4,266              3,820
Other expense                                                              60                 45
Interest expense, net                                                     635                328
                                                                    ---------           --------

Income (loss) before income taxes                                      (2,488)              (600)
Income tax expense                                                         32                 93
                                                                    ---------           --------

Net income (loss)                                                   $  (2,520)          $   (693)
                                                                    =========           ========
Basic earnings (loss) per share:
         Common Shares                                              $   (0.02)          $  (0.01)
         First Series Preferred Shares                              $   (1.12)          $  (0.31)
Earnings (loss) per share assuming dilution:
         Common Shares                                              $   (0.02)          $  (0.01)
         First Series Preferred Shares                              $   (1.12)          $  (0.31)


</Table>

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



                                       4
<PAGE>

              JPE, INC. (D/B/A ASCET AND ASC EXTERIOR TECHNOLOGIES)
                 CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
                          AND COMPREHENSIVE OPERATIONS
              For the Nine Months Ended September 30, 2002 and 2001
                                   (Unaudited)
                 ($ amounts in thousands, except per share data)

<TABLE>
<CAPTION>
                                                                                                       SUCCESSOR
                                                                          PREDECESSOR COMPANY           COMPANY
                                                                  --------------------------------   -------------
                                                                                     PERIOD FROM      PERIOD FROM
                                                                  NINE MONTHS         JANUARY 1,     JUNE 1, 2002
                                                                     ENDED          2002 THROUGH        THROUGH
                                                                  SEPTEMBER 30,         MAY 31,       SEPTEMBER 30,
                                                                      2001               2002             2002
                                                                      ----               ----             ----
<S>                                                               <C>              <C>                <C>
Net sales                                                           $ 93,638           $ 52,126         $ 37,395
Cost of goods sold                                                    83,038             43,636           32,426
                                                                    --------           --------         --------

Gross profit                                                          10,600              8,490            4,969
Selling, general and administrative expenses                          13,366              6,794            5,118
Other (income) expense                                                    76               (152)              56
Interest expense, net                                                  2,358                694              437
                                                                    --------           --------         --------

Income (loss) before income taxes                                     (5,200)             1,154             (642)
Income tax expense                                                       146                 42               93
                                                                    --------           --------         --------

Net income (loss)                                                   $ (5,346)          $  1,112         $   (735)
                                                                    ========           ========         ========
Basic earnings (loss) per share:
         Common Shares                                              $  (0.05)          $   0.01         $  (0.01)
         First Series Preferred Shares                              $  (2.37)          $   0.49         $  (0.33)
Earnings (loss) per share assuming dilution:
         Common Shares                                              $  (0.05)          $   0.01         $  (0.01)
         First Series Preferred Shares                              $  (2.37)          $   0.49         $  (0.33)

</TABLE>


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



                                       5
<PAGE>




              JPE, INC. (D/B/A ASCET AND ASC EXTERIOR TECHNOLOGIES)
            CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
                  For the Nine Months Ended September 30, 2002
                                   (Unaudited)
                            ($ amounts in thousands)

<TABLE>
<CAPTION>

                                                                       PREDECESSOR COMPANY
                                           -------------------------------------------------------------------------
                                                             NET INCOME FOR
                                                               THE PERIOD
                                                                  FROM                 SALE OF
                                            BALANCES AT        JANUARY 1,           AVAILABLE FOR        BALANCES AT
                                             DECEMBER         2002 THROUGH               SALE              MAY 31,
                                             31, 2001         MAY 31, 2002            SECURITIES            2002
                                            ------------     ---------------       ---------------       -----------
<S>                                         <C>              <C>                   <C>                   <C>
First Series Preferred Shares:
Shares Outstanding                             1,973,002                                                   1,973,002
Amount                                      $     16,590                                                 $    16,590

Common Stock:
Shares Outstanding                            14,043,600                                                  14,043,600
Amount                                      $      2,672                                                 $     2,672

Accumulated Other Comprehensive Income      $         76                               $ (76)                     --

Accumulated (Deficit)                       $    (17,770)        $ 1,112               $                     (16,658)
                                            ------------         -------               -----             -----------

Total Shareholders' Equity                  $      1,568         $ 1,112               $ (76)            $     2,604
                                            ============         =======               =====             ===========

<CAPTION>

                                                                   SUCCESSOR COMPANY
                                  ------------------------------------------------------------------------------------
                                                                                       NET LOSS FOR
                                                                                        THE PERIOD
                                                                                       FROM JUNE 1,
                                  BALANCES AT       INVESTMENT        PREDECESSOR      2002 THROUGH       BALANCES AT
                                    MAY 31,             NEW           SHAREHOLDER      SEPTEMBER 30,     SEPTEMBER 30,
                                     2002           SHAREHOLDERS      BASIS CHANGE         2002              2002
                                  ------------      ------------      ------------     -------------     -------------
<S>                               <C>               <C>               <C>              <C>               <C>
First Series Preferred Shares:
Shares Outstanding                   1,973,002                                                               1,973,002
Amount                            $     16,590          $ 182          $  (16,566)                        $        206

Common Stock:
Shares Outstanding                  14,043,600                                                              14,043,600
Amount                            $      2,672          $  18          $   (2,565)                        $        125

Accumulated (Deficit)             $    (16,658)                        $   16,658         $ (735)         $       (735)
                                  ------------          -----          ----------         ------          ------------

Total Shareholders' Equity        $      2,604          $ 200          $   (2,473)        $ (735)         $       (404)
                                  ============          =====          ==========         ======          ============

</TABLE>



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


                                       6
<PAGE>

              JPE, INC. (D/B/A ASCET AND ASC EXTERIOR TECHNOLOGIES)
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                     For the Nine Months ended September 30
                                   (Unaudited)
                            ($ amounts in thousands)

<TABLE>
<CAPTION>
                                                                                                                       SUCCESSOR
                                                                                         PREDECESSOR COMPANY            COMPANY
                                                                                    ---------------------------       -------------
                                                                                                  PERIOD FROM          PERIOD FROM
                                                                                                 JANUARY 1, 2002       JUNE 1, 2002
                                                                                                    THROUGH             THROUGH
                                                                                                     MAY 31,          SEPTEMBER 30,
                                                                                      2001            2002                2002
                                                                                      ----            ----                ----
<S>                                                                                 <C>           <C>                 <C>
Cash flows from operating activities:
     Net income (loss)                                                              $ (5,346)       $  1,112             $  (735)
     Adjustments to reconcile net income (loss) to net cash provided by (used
     for) operating activities:
         Depreciation and amortization                                                 2,952           1,595               1,267
         Other                                                                           338             (76)                 --
     Changes in operating assets and liabilities:
              Available for sale securities                                               --             571                  --
              Accounts receivable                                                       (114)         (2,829)              2,008
              Inventory                                                                2,949           1,809                (164)
              Other current assets                                                       (98)           (535)                137
              Accounts payable                                                         2,568             727                 314
              Accrued liabilities and income taxes                                    (1,085)            290                (425)
                                                                                    --------        --------             -------
     Net cash provided by (used for) operating activities                              2,164           2,664               2,402

Cash flows from investing activities:
     Purchase of property and equipment                                                 (829)            (76)                (31)
     Proceeds from sale of assets                                                        191              --                  --
     Other                                                                               (17)             --                  --
                                                                                    --------        --------             -------
         Net cash used for investing activities                                         (655)            (76)                (31)

Cash flows from financing activities:
     Net payments under demand notes                                                  (1,400)         (5,202)             (1,786)
     Net repayments of revolving credit facility                                          --              --                  --
     Net borrowing under subordinated debt                                                --              --                  --
     Repayments of other debt                                                            (41)            (48)                 (1)
                                                                                    --------        --------             -------
         Net cash provided by (used for) financing activities                         (1,441)         (5,250)             (1,787)

Cash and cash equivalents:
     Net increase in cash                                                                 68          (2,662)                584
     Cash, beginning of period                                                           196           2,794                 132
                                                                                    --------        --------             -------
     Cash, end of period                                                            $    264        $    132             $   716
                                                                                    ========        ========             =======
</TABLE>



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


                                       7

<PAGE>

           JPE, INC. (D/B/A ASCET INC AND ASC EXTERIOR TECHNOLOGIES)
         NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)
                    (amounts in thousands, except share data)


A.       BASIS OF PRESENTATION:

         The accompanying unaudited condensed consolidated financial statements
         of JPE, Inc. (d/b/a ASCET INC and ASC Exterior Technologies (together
         with its subsidiaries, the "Company")) have been prepared in accordance
         with generally accepted accounting principles for interim financial
         information and with the instructions to Form 10-Q and Article 10 of
         Regulation S-X. Accordingly, they do not include all of the information
         and footnotes required by accounting principles generally accepted in
         the United States for complete financial statements. In the opinion of
         management, all adjustments (consisting of normal recurring accruals)
         considered necessary for a fair presentation have been included.
         Operating results for the periods presented are not necessarily
         indicative of the results that may be expected for the year ending
         December 31, 2002. These financial statements should be read in
         conjunction with the Company's consolidated financial statements and
         footnotes for the year ended December 31, 2001.

         The balance sheet at December 31, 2001 has been derived from the
         audited financial statements at that date but does not include all of
         the information and footnotes required by generally accepted accounting
         principles for complete financial statements.

         For further information, refer to the consolidated financial statements
         and footnotes thereto included in the Company's and Subsidiaries'
         annual report on Form 10-K for the year ended December 31, 2001.

         In accordance with the terms of a purchase agreement dated May 7, 2002,
         with ASC Holdings, LLC (the Predecessor company's 95% beneficial
         owner), QP Acquisition #2, Inc. ("QP") acquired 9,441,420 Common Shares
         and 1,952,352 Preferred Shares of the Company, effective May 31, 2002,
         for aggregate consideration of $200. The effect of this transaction
         transferred 95% of the voting securities of the Company from ASC
         Holdings, LLC to QP.

         In accounting for these transactions, the Company has applied purchase
         accounting as prescribed by Financial Accounting Standards Board
         Statement of Accounting Standards 141, Business Combinations and
         Accounting Principles Board Opinion 16 and Securities and Exchange
         Commission Staff Accounting Bulletin 54. Under this accounting method,
         the purchase price has been pushed down into the accompanying financial
         statements, with the difference between the purchase price and the sum
         of the fair value of tangible and identifiable assets acquired less
         liabilities assumed resulting in negative goodwill, which reduced the
         fair market value of property, plant and equipment recorded at June 1,
         2002, by $1,735.

         The purchase price allocation has not been finalized at September 30,
         2002, and the fair market value of property, plant and equipment and
         certain other employee benefit plan liabilities are based upon
         preliminary estimates. The company is in the process of obtaining third
         party valuations. Thus, the purchase price allocation is subject to
         refinement.

         The following table summarizes the estimated fair values of the assets
         acquired and liabilities assumed (based on the 95% proportional change
         in ownership):

<TABLE>

<S>                                                         <C>
                 ASSETS
                      Current assets                        $     33,238
                      PPE                                         20,063
                      Non-Compete                                    503
                                                            ------------
                                   Total Assets Acquired    $     53,804

                 LIABILITIES
                      Current Liabilities                   $     15,673
                      Long-term debt                              37,800
                      Predecessor Shareholder's basis                131
                                                            ------------
                               Total Liabilities Assumed    $     53,604

                                  New Shareholders Basis    $        200
                                                            ============
</TABLE>


                                       8
<PAGE>

           JPE, INC. (D/B/A ASCET INC AND ASC EXTERIOR TECHNOLOGIES)
         NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)
                    (amounts in thousands, except share data)



B.       ADOPTION OF ACCOUNTING PRINCIPLES:

         Effective January 1, 2002, the Predecessor Company adopted Financial
         Accounting Standards Board Statement of Accounting Standards (SFAS)
         141, "Business Combinations", SFAS 142, "Goodwill and Intangible
         Assets" and SFAS 144, "Accounting for the Impairment or Disposal of
         Long-lived Assets." SFAS 141 requires that acquisitions entered into
         after June 30, 2001 be accounted for using the purchase method and
         establishes criteria to be used in determining whether acquired
         intangible assets are to be separated from goodwill. The adoption of
         SFAS 141 did not have a material effect on the Predecessor Company's
         financial statements.

         SFAS 142 sets forth the accounting for goodwill and intangible assets
         already recorded. Commencing January 1, 2002, goodwill is no longer
         being amortized and amounts in 2001 have not been restated in
         accordance with the statement. Further, goodwill should be tested at
         least annually, or more frequently if indicators arise, for impairment
         by comparing the asset's fair value to its carrying value. Finally,
         separable intangible assets that have finite lives will continue to be
         amortized over their useful lives. Reported income and earnings per
         share adjusted to exclude goodwill amortization for the Predecessor
         Company is as follows:

<TABLE>
<CAPTION>

                                                                           PERIOD FROM            PERIOD FROM
                                                                          JANUARY 1, 2001        JANUARY 1, 2002
                                                                              THROUGH                THROUGH
                                                                        SEPTEMBER 30, 2001        MAY 31, 2002
                                                                        ------------------       ---------------

<S>                                                                     <C>                      <C>
        Reported income (loss)                                              $     (5,346)         $       1,112
        Add back:  Goodwill amortization                                             202                     --
        Adjusted income (loss)                                                    (5,144)                 1,112

        Basic and diluted earnings per common share:
             Income (loss)                                                  $      (0.05)         $        0.01
             Goodwill amortization                                                     --                    --
             Adjusted income (loss)                                                (0.05)                  0.01

        Basic and diluted earnings per First Series Preferred Share:
             Income (loss)                                                  $      (2.37)         $        0.49
             Goodwill amortization                                                   .09                     --
             Adjusted income (loss)                                                (2.28)                  0.49

</TABLE>

         The Successor Company has non-compete agreements, which expire in 2004.
         Estimated annual amortization expense for these agreements are $338,
         $238, and $69 for 2002, 2003 and 2004, respectively.

         SFAS 144 addresses the accounting and reporting for the impairment or
         disposal of long-lived assets. The statement provides a consistent
         method to value long-lived assets to be disposed of and broadens the
         presentation of discontinued operations to include more disposal
         transactions. The adoption of SFAS 144 did not have a material effect
         on the Predecessor Company's financial statements.



                                       9
<PAGE>

           JPE, INC. (D/B/A ASCET INC AND ASC EXTERIOR TECHNOLOGIES)
         NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)
                    (amounts in thousands, except share data)



C.       INVENTORY:

         Inventories by component are as follows:

<TABLE>
<CAPTION>

                                                   DECEMBER 31, 2001          SEPTEMBER 30, 2002
                                                   -----------------          ------------------
<S>                                                <C>                        <C>
         Raw materials                               $        4,957             $       4,255
         Work in process                                      1,356                     1,304
         Finished goods                                      10,119                     9,681
         Tooling                                              1,356                       903
                                                     --------------             -------------
                                                     $       17,788             $      16,143
                                                     ==============             =============
</Table>

D.       PROPERTY, PLANT AND EQUIPMENT:

         Property, plant and equipment by component is as follows:

<TABLE>
<CAPTION>

                                                   DECEMBER 31, 2001          SEPTEMBER 30, 2002
                                                   -----------------          ------------------
<S>                                                <C>                        <C>
         Land                                        $         706              $         750
         Buildings                                           5,513                      4,848
         Machinery and equipment                            21,154                     13,304
         Furniture and fixtures                              1,397                      1,192
                                                     --------------             -------------
                                                            28,770                     20,094
              Less accumulated depreciation                 (8,095)                    (1,153)
                                                     --------------             -------------
                                                     $      20,675              $      18,941
                                                     ==============             =============
</TABLE>

E.       ACCRUED LIABILITIES:

         Accrued liabilities consisted of the following:

<TABLE>
<CAPTION>

                                                   DECEMBER 31, 2001          SEPTEMBER 30, 2002
                                                   -----------------          ------------------
<S>                                                <C>                        <C>
         Accrued compensation                        $          285             $         440
         Accrued interest                                        94                        93
         Accrued employee benefits                            1,205                     1,846
         Accrued taxes                                          414                       372
         Other                                                  608                       669
                                                     --------------             -------------
                                                     $        2,606             $       3,420
                                                     ==============             =============
</TABLE>

F.       DEBT:

         Debt consisted of the following:

<TABLE>
<CAPTION>

                                                   DECEMBER 31, 2001          SEPTEMBER 30, 2002
                                                   -----------------          ------------------
<S>                                                <C>                        <C>
        Revolving Credit Facility-Comerica Bank      $       27,000             $      20,500
        Notes Payable                                           975                       488
        Capitalized lease obligations                            55                         3
        Subordinated demand note                             15,000                    15,000
        Other                                                    20                        22
                                                     --------------             -------------
                                                     $       43,050             $      36,013
        Less:  Current portion                                  543                       494
                                                     --------------             -------------
                                                     $       42,507             $      35,519
                                                     ==============             =============
</TABLE>


                                       10

<PAGE>


           JPE, INC. (D/B/A ASCET INC AND ASC EXTERIOR TECHNOLOGIES)
         NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)
                    (amounts in thousands, except share data)



         The Company has a $33,000 revolving credit facility with Comerica Bank
         (the "Comerica Facility") which matures February 1, 2003, and a $15,000
         subordinated demand loan from ASC Incorporated, an affiliate of the
         Company. As Management expects the Comerica Facility to be renewed in
         February, 2003, it has been classified as long-term debt.

         The Comerica Facility provides for borrowing options at a prime based
         rate or Eurodollar rate plus various interest rate margins dependent
         upon the Company's financial performance. Advances are subject to a
         borrowing base restriction equal to 85% of eligible OEM trade
         receivables, 80% of all other eligible trade receivables, 50% of
         eligible inventory (up to $9,000), plus an overformula amount of
         $10,000. The overformula amount decreases semiannually over a four-year
         period. All advances are fully secured by the Company's net assets.

         Required covenants under the Comerica Facility include submission of
         monthly and annual financial statements and annual financial
         projections during a prescribed period, as well as certain financial
         covenants, which exclude the effect of the $15,000 subordinated demand
         note from ASC Incorporated. In addition, the payment of dividends is
         prohibited by the terms of the Comerica Facility.

         As of September 30, 2001 and December 31, 2001, the Company was not in
         compliance with ratio covenants of the Comerica Facility. On April 16,
         2002, the Comerica Facility was amended, and the September 30, 2001 and
         December 31, 2001 defaults were waived. The Senior Debt to EBITDA ratio
         covenant was removed and the interest coverage ratio covenant was reset
         for 2002 year to date performance with June 30, 2002 as the first
         measurement date. Interest rates were reset based upon the interest
         coverage ratio using the Company's financial performance beginning
         January 1, 2002. The revolving credit commitment amount was decreased
         from $33,000 to $30,000 as the Company believes $30,000 is adequate for
         its liquidity requirements through the remaining term of the loan. In
         consideration of the amendments and waivers, the Company paid Comerica
         Bank a nonrefundable amendment and waiver fee of $187.5.

         The Company's $15,000 subordinated demand note to ASC Incorporated
         dated February 7, 2001 is subordinated as to creditor rights and
         security to the Comerica Facility. Interest was payable monthly
         commencing March 1, 2001 at ASC Incorporated's cost of borrowing. The
         April 16, 2002 amendment to the Comerica Facility prohibited the
         payment of interest on the note. ASC Incorporated has agreed not to
         call the note through at least October 1, 2003. Further, the Comerica
         Facility prohibits any payments to ASC Incorporated at non-arm's length
         amounts without prior consent. The Company also has a $3,000 Revolving
         Line of Credit Note with ASC Incorporated. This Note is subordinated to
         the Company's borrowings and advances under the Comerica Facility and
         bears interest at a rate equal to the cost of borrowing of ASC
         Incorporated. As of September 30, 2002, there were no advances made
         under this Note.

G.       INCOME TAXES:

         The Company's 0% effective tax rate for the three months ended
         September 30, 2002 is computed at regular tax rates, and reflects state
         and foreign income taxes related to the Company's profitable locations
         as well as an increase in the Company's valuation reserve.

H.       EARNINGS PER SHARE:

         The issuance of First Series Preferred Shares results in the Company
         having a participating security. In accordance with Statement of
         Financial Accounting Standards No. 128 -- Earnings per Share, the "two
         class" method is used for computing earnings per share. Under this
         method, an earnings allocation formula is used to determine the amount
         of earnings allocated to each class of stock. Based on the
         participating rights of the First Series Preferred Shares approximately
         87.5% of the earnings will be allocated to these shares and 12.5% of
         earnings to the common stock. Shares outstanding for the computation of
         basic earnings per share were 14,043,600 common shares as of September
         30, 2001, and September 30, 2002. The First Series Preferred Shares
         outstanding were 1,973,002 as of September 30, 2001 and September 30,
         2002. Earnings per share assuming dilution requires the Company to use
         the treasury method for stock


                                       11

<PAGE>


           JPE, INC. (D/B/A ASCET INC AND ASC EXTERIOR TECHNOLOGIES)
         NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)
                    (amounts in thousands, except share data)


         options  and warrants. The common stock options outstanding for the
         periods presented had exercise prices that were in excess of the market
         price and therefore had no effect on the computation assuming dilution.

I.       SEGMENT INFORMATION:

         The Company manages and reports its operating activities under two
         segments, Trim Products and Truck and Automotive Replacement Parts. The
         Trim Products segment consists of decorative and functional exterior
         trim sold to original equipment manufacturers ("OEM's"). The Truck and
         Automotive Replacement Parts segment consists of heavy-duty vehicle
         undercarriage parts and brake systems for the automotive industry.

         The accounting policies for the segments are the same as those used for
         the consolidated financial statements. There are no inter-segment sales
         and management does not allocate interest or corporate expenses to the
         segments. The Company evaluates the performance of its segments and
         allocates resources to them based on operating income. Segment profit
         is defined as sales minus cost of goods sold and selling, general and
         administrative expenses. Other charges relate to non-recurring expense
         and income items.

         Information by operating segment for the three months ended September
         30, 2002 and 2001 is summarized below:

<TABLE>
<CAPTION>

                                                                     For The Three Months Ended September 30,
                                                                    ------------------------------------------
                                                                      Trim          Replacement
                                                                    Products           Parts            Total
                                                                    --------        -----------         -----
<S>                                                                 <C>             <C>               <C>
         Sales to unaffiliated customers
              2002                                                  $ 14,068          $ 13,793        $ 27,861
              2001                                                    14,360            14,393          28,753

         Segment profit (loss)
              2002                                                  $   (379)         $  1,424        $  1,045
              2001                                                    (1,369)              849            (520)

         Other charges
              2002                                                  $     --          $     45        $     45
              2001                                                        --                60              60

         Depreciation and amortization
              2002                                                  $    640          $    220        $    860
              2001                                                       652               223             875

         Segment assets
              September 30, 2002                                    $ 26,063          $ 22,453        $ 48,516
              December 31, 2001                                       31,127            23,448          54,575

         Expenditures for segment assets
              2002                                                  $      6          $      8        $     14
              2001                                                        78                24             102

</TABLE>


                                       12
<PAGE>


           JPE, INC. (D/B/A ASCET INC AND ASC EXTERIOR TECHNOLOGIES)
         NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)
                    (amounts in thousands, except share data)



         Information by operating segment for the nine months ended September
         30, 2002 and 2001 is summarized below:

<TABLE>
<CAPTION>
                                                                      For The Nine Months Ended September 30,
                                                                    ------------------------------------------
                                                                      Trim          Replacement
                                                                    Products           Parts            Total
                                                                    --------        -----------         -----
<S>                                                                 <C>             <C>               <C>
         Sales to unaffiliated customers
              January 1 to May 31, 2002                             $ 29,638          $ 22,488        $ 52,126
              June 1 to September 30, 2002                            19,337            18,058          37,395
              2001                                                    50,900            42,738          93,638

         Segment profit (loss)
              January 1 to May 31, 2002                             $  2,358          $  1,360        $  3,718
              June 1 to September 30, 2002                              (185)            1,758           1,573
              2001                                                    (1,056)            2,513           1,457

         Other charges (income)
              January 1 to May 31, 2002                             $   (207)         $     55        $   (152)
              June 1 to September 30, 2002                                --                56              56
              2001                                                        --                76              76

         Depreciation and amortization
              January 1 to May 31, 2002                             $  1,078          $    352        $  1,430
              June 1 to September 30, 2002                               856               290           1,146
              2001                                                     1,961               669           2,630

         Expenditures for segment assets
              January 1 to May 31, 2002                             $     59          $     17        $     76
              June 1 to September 30, 2002                                23                 8              31
              2001                                                       710                70             780

</TABLE>

         A reconciliation of segment profit (loss) for reportable segments to
income (loss) before taxes is as follows:

<TABLE>
<CAPTION>

                                                      PREDECESSOR COMPANY                    SUCCESSOR COMPANY
                                         -------------------------------------------   -------------------------------
                                            Three Months     Nine Months  January 1,      June 1,       Three Months
                                                Ended           Ended       2002 to       2002 to           Ended
                                            September 30,   September 30,   May 31,    September 30,    September 30,
                                                2001            2001         2002           2002            2002
                                                ----            ----         ----           ----            ----
<S>                                         <C>             <C>           <C>          <C>              <C>
          Segment profit (loss)               $   (520)       $  1,457     $  3,718      $  1,573         $   1,045
          Other income (expense)                   (60)            (76)         152           (56)              (45)
          Corporate expense                     (1,273)          4,223       (2,022)       (1,722)           (1,272)
          Interest expense                        (635)         (2,358)        (694)         (437)             (328)
                                              --------        --------     --------      --------         ---------
          Income (loss) before taxes          $ (2,488)       $ (5,200)    $  1,154      $   (642)        $    (600)
                                              ========        ========     ========      ========         =========

</TABLE>

         A reconciliation of segment assets to consolidated assets is as
         follows:

<TABLE>
<CAPTION>

                                                                     December 31, 2001        September 30, 2002
                                                                     -----------------        ------------------

<S>                                                                  <C>                      <C>
          Segment assets                                               $       54,575          $       48,516
          Corporate assets                                                      3,797                   2,655
                                                                       --------------          --------------
                                                                       $       58,372          $       51,171
                                                                       ==============          ==============
</TABLE>

                                       13


<PAGE>




ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS
              OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated
financial statements and notes thereto filed with the Company's Annual Report on
Form 10-K to assist in understanding the Company's results of operations, its
financial position, cash flows, capital structure and other relevant financial
information.

RECENT INFORMATION
GENERAL AND RECENT INFORMATION

In accordance with the terms of a purchase agreement dated May 7, 2002, with ASC
Holdings, LLC (the Predecessor company's 95% beneficial owner), QP Acquisition
#2, Inc. ("QP") acquired 9,441,420 Common Shares and 1,952,352 Preferred Shares
of the Company, effective May 31, 2002, for aggregate consideration of $200. The
effect of this transaction transferred 95% of the voting securities of the
Company from ASC Holdings, LLC to QP.

JPE, Inc. (together with its subsidiaries, the "Company"), through its three
operating subsidiaries, Dayton Parts, Inc. (DPI), Starboard Industries, Inc.
(SBI) and Plastic Trim, Inc. (PTI) manufactures and distributes automotive and
truck components to original equipment manufacturers ("OEMs") and to the
aftermarket.

The Company had 2001 annual revenues of approximately $122,000 and total assets
of approximately $59,000. JPE, Inc. is now operating under the assumed names of
ASCET INC and ASC Exterior Technologies. PTI now operates under the assumed
names of ASC Exterior Technologies - Dayton and ASC Exterior Technologies -
Beavercreek. SBI now operates under the assumed name of ASC Exterior
Technologies - East Tawas.

RESULTS OF OPERATIONS

Management's discussion and analysis of the results of operations for the three
months ended September 30, 2002, compared to the three months ended September
30, 2001, is as follows:

THREE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THREE MONTHS ENDED
SEPTEMBER 30, 2001

Net sales for the quarter ended September 30, 2002 and 2001 were as follows (in
thousands):

<TABLE>
<CAPTION>
                                                  2001                       2002
                                                  ----                       ----
<S>                                           <C>                       <C>
Trim Products                                 $    14,360               $    14,068
Replacement Parts                                  14,393                    13,793
                                              -----------               -----------
         Total                                $    28,753               $    27,861
                                              ===========               ===========
</TABLE>

The sales decrease in the Trim Products segment is $292, or 2.0%. The decrease
is due to the completion of product programs for which the Company was not
awarded replacement business. The decrease in Replacement Parts sales of $600,
or 4.2% is attributable to a decrease in heavy duty truck repair orders
consistent with general market conditions in the overall heavy duty aftermarket
industry.

Gross profit was $3,593, or 12.9% of sales for the three months ended September
30, 2002 compared to $2,473, or 8.6% of sales, for the same quarter last year.

The gross profit (loss) by segment is as follows (in thousands):

<TABLE>
<CAPTION>

                                                 2001                      2002
                                                 ----                      ----
<S>                                           <C>                       <C>
Trim Products                                 $     (858)               $       35
Replacement Parts                                  3,331                     3,558
                                              ----------                ----------

Total                                         $    2,473                $    3,593
                                             ===========                ==========
</TABLE>


                                       14

<PAGE>




The gross profit percentage for the Trim Products segment was 0.2% and (6.0)%
for the quarters ended September 30, 2002 and 2001, respectively. The increase
in the gross profit percentage was primarily attributable to lower scrap rates,
reduced freight costs, lower third party quality inspection costs, and higher
labor efficiencies at the Dayton, Ohio operation.

The gross profit percentage of sales for the Replacement Parts segment was
25.8%, compared to 23.1% for the three months ended September 30, 2002 and 2001,
respectively. The increase in the gross profit percentage reflects sales of
higher margin products and improved manufacturing efficiencies.

Selling, general and administrative (SGA) expenses for the three months ended
September 30, 2002 were $3,820 or 13.7% of sales compared to $4,266 or 14.8% of
sales for the quarter ended September 30, 2001. Detail of SGA expenses for the
three months ended September 30, 2002 and 2001 are as follows (in thousands):

<TABLE>
<CAPTION>

                                     2001                      2002
                                     ----                      ----
<S>                           <C>                        <C>
Trim Products                 $           511            $          414
Replacement Parts                       2,482                     2,134
Corporate                               1,273                     1,272
                              ---------------            --------------
Total                         $         4,266            $        3,820
                              ===============            ==============
</TABLE>


SGA expenses for the Trim Products segment was $414 or 2.9% of sales for the
quarter ended September 30, 2002, compared to $511 or 3.6% of sales for the
quarter ended September 30, 2001. The decrease in SGA expenses is attributable
to reduced spending at the Dayton, Ohio operation.

The Replacement Parts segment's SGA expenses were $2,134 or 15.5% of sales and
$2,482 or 17.2% of sales for the three months ended September 30, 2002 and 2001,
respectively. The decrease in SGA expenses is due to reduced spending levels.

Corporate administrative costs for the three months ended September 30, 2002 and
2001 were $1,272 and $1,273, respectively.

Interest expense for the three months ended September 30, 2002 was $328,
compared to $635 for the quarter ended September 30, 2001. The reduction in
interest expense is primarily attributable to lower borrowing costs due to lower
general interest rates in the United States and Europe as well as a reduction in
total bank borrowing compared to the third quarter of 2001. Also, the April 16,
2002 amendment to the Comerica Facility prohibited the payment of interest on
the $15,000 note to ASC Incorporated.

The Company's effective tax rate of 0% for the three months ended September 30,
2002, reflects regular tax rates and state and foreign income taxes related to
the Company's profitable locations, as well as the effect from an increase in
the valuation reserve.

NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO NINE MONTHS ENDED
SEPTEMBER 30, 2001

Net sales for the nine months ended September 30, 2002 and 2001 were as follows
(in thousands):

<TABLE>
<CAPTION>

                                     2001                      2002
                                     ----                      ----
<S>                           <C>                        <C>
Trim Products                 $        50,900            $       48,975
Replacement Parts                      42,738                    40,546
                              ---------------            --------------
Total                         $        93,638            $       89,521
                              ===============            ==============

</TABLE>

The sales decrease in the Trim Products segment is $1,925, or 3.8%. The decrease
is due to the completion of product programs for which the Company was not
awarded replacement business. The decrease in Replacement Parts sales of $2,192,
or 5.1% is attributable to a decrease in heavy duty truck repair orders
consistent with general market conditions in the overall heavy duty aftermarket
industry.



                                       15
<PAGE>


Gross profit was $13,459 or 15.0% of sales for the nine months ended September
30, 2002 compared to $10,600, or 11.3% of sales, for the same period last year.

The gross profit by segment is as follows (in thousands):

<TABLE>
<CAPTION>

                                     2001                      2002
                                     ----                      ----
<S>                           <C>                        <C>
Trim Products                 $           529            $        3,462
Replacement Parts                      10,071                     9,997
                              ---------------            --------------
Total                         $        10,600            $       13,459
                              ===============            ==============

</TABLE>

The gross profit percentage for the Trim Products segment was 7.1% and 1.0% for
the nine months ended September 30, 2002 and 2001, respectively. The increase in
the gross profit percentage was primarily attributable to lower scrap rates,
reduced freight costs, lower third party quality inspection costs, and higher
labor efficiencies at the Dayton, Ohio operation.

The gross profit percentage of sales for the Replacement Parts segment was
24.7%, compared to 23.6% for the nine months ended September 30, 2002 and 2001,
respectively. The increase in the gross profit percentage reflects sales of
higher margin products and improved manufacturing efficiencies.

Selling, general and administrative (SGA) expenses for the nine months ended
September 30, 2002 were $11,912 or 13.3% of sales compared to $13,366 or 14.3%
of sales for the nine months ended September 30, 2001. Detail of SGA expenses
for the nine months ended September 30, 2002 and 2001 are as follows (in
thousands):

<TABLE>
<CAPTION>
                                     2001                      2002
                                     ----                      ----
<S>                           <C>                        <C>
Trim Products                 $         1,585            $        1,288
Replacement Parts                       7,558                     6.880
Corporate                               4,223                     3,744
                              ---------------            --------------
Total                         $        13,366            $       11,912
                              ===============            ==============

</TABLE>


SGA expenses for the Trim Products segment was $1,288 or 2.6% of sales for the
nine months ended September 30, 2002, compared to $1,585 or 3.1% of sales for
the nine months ended September 30, 2001. The decrease in SGA expenses is
attributable to reduced spending at the Dayton, Ohio operation.

The Replacement Parts segment's SGA expenses were $6,880 or 17.0% of sales and
$7,558 or 17.7% of sales for the nine months ended September 30, 2002 and 2001,
respectively. SGA for 2001 includes $214 of bad debt expense for the bankruptcy
filing of a distribution customer. Without this item, SGA would have been $7,344
or 17.2% of sales. The lower expense in 2002 is due to reduced spending levels.

Corporate administrative costs for the nine months ended September 30, 2002 and
2001 were $3,744 and $4,223, respectively. SGA for 2001 includes $338 for the
write off of a non-compete agreement for a former employee. Without this item,
SGA would have been $3,885. The remaining decrease in 2002 is attributable to
reduced spending levels.

Interest expense for the nine months ended September 30, 2002 was $1,131,
compared to $2,358 for the same period last year. The reduction in interest
expense is attributable to lower borrowing costs due to lower general interest
rates in the United States and Europe as well as a reduction in total bank
borrowing compared to the first nine months of 2001. Also, no interest expense
was incurred in 2002 on the $15,000 note to ASC Incorporated as the April 16,
2002 amendment to the Comerica Facility prohibits payment of interest. These
items offset the nonrefundable amendment and waiver fee paid to Comerica in
April, 2002 of $187.5.



                                       16
<PAGE>


The Company's effective tax rate of 26.3% for the nine months ended September
30, 2002, reflects regular tax rates and state and foreign income taxes related
to the Company's profitable locations, as well as the effect from an increase in
the valuation reserve.

LIQUIDITY AND CAPITAL RESOURCES

Operating activities provided $5,066 in cash for the nine months ended September
30, 2002, primarily due to cash generated from net income plus the addback of
depreciation and amortization and working capital management. Investing
activities used $107 in cash for capital expenditures. Financing activities used
$7,037 in cash, representing debt repayments.

Prior to February 7, 2001, the Company's principal source of liquidity was a
$56,300 demand loan from Comerica Bank which was available to fund daily working
capital needs in excess of internally generated funds. On February 7, 2001, the
Company entered into a new $33,000 revolving credit facility with Comerica Bank
(the "Comerica Facility") which matures February 1, 2003. The $56,300 demand
loan from Comerica Bank was terminated on February 7, 2001. Concurrent with the
execution of the Comerica Facility, the Company received a $15,000 subordinated
demand loan from ASC Incorporated, an affiliate of the Company, which repaid
$15,000 of the Company's $56,300 demand loan from Comerica Bank.

In connection with the Comerica Facility, the Company signed a promissory note
in the amount of $33,000, providing for borrowing options at a prime based rate
or Eurodollar rate plus various interest rate margins dependent upon the
Company's financial performance beginning January 1, 2002. For 2001 and through
March 31, 2002, the Company's margin on prime based loans and Eurodollar loans
was 1/4% and 2 1/4%, respectively. Eurodollar borrowings for 1 month to 6 months
are permitted at the option of the Company. Advances under the Comerica Facility
are subject to a borrowing base restriction equal to 85% of eligible OEM trade
receivables, 80% of all other eligible trade receivables, 50% of eligible
inventory (up to $9,000), plus an overformula amount of $10,000. The overformula
amount decreases semiannually over a four-year period. The initial reduction of
$1,000 occurred on September 1, 2001. The second and third reductions of $1,250
each occurred on March 1, 2002, and September 1, 2002. All advances are fully
secured by the Company's net assets.

Required covenants under the Comerica Facility include submission of monthly and
annual financial statements and annual financial projections during a prescribed
period. Quarterly financial covenants include an interest coverage ratio for
2001 to date performance commencing September 30, 2001, and a Senior Debt to
EBITDA ratio no greater than 5 to 1 as of December 31, 2001. Both covenants
exclude the effect of the $15,000 subordinated demand note from ASC
Incorporated. In addition, the payment of dividends is prohibited by the terms
of the Comerica Facility.

As of September 30, 2001 and December 31, 2001, the Company was not in
compliance with ratio covenants of the Comerica Facility. On April 16, 2002, the
Company's Comerica Facility was amended, and the September 30, 2001 and December
31, 2001 defaults were waived. The Senior Debt to EBITDA ratio covenant was
removed and the interest coverage ratio covenant was reset for 2002 year to date
performance with June 30, 2002 as the first measurement date. Interest rates
were reset based upon the interest coverage ratio using the Company's financial
performance beginning January 1, 2002. For the period from April through
September, 2002, the Company's margin on prime based loans and Eurodollar loans
was 1 3/4% and 3 3/4%, respectively. The revolving credit commitment amount was
decreased from $33,000 to $30,000 as the Company believes $30,000 is adequate
for its liquidity requirements through the remaining term of the loan. In
consideration of the amendments and waivers, the Company paid Comerica Bank a
nonrefundable amendment and waiver fee of $187.5.

The Company's $15,000 subordinated demand note to ASC Incorporated dated
February 7, 2001 is subordinated as to creditor rights and security to the
Comerica Facility. Interest is payable monthly commencing March 1, 2001 at ASC
Incorporated's cost of borrowing. ASC Incorporated has agreed not to call the
Note through at least October 1, 2003. Further, the Comerica Facilities prohibit
any payments to ASC Incorporated at non arm's length amounts, without prior
consent. The April 16, 2002 amendment to the Comerica Facility prohibits the
Company from paying interest to ASC Incorporated on the $15,000 note.



                                       17
<PAGE>


Borrowings at September 30, 2002 under the Company's $30,000 revolving credit
facility were $20,500, with unused borrowing capacity of $4,044 (based on the
borrowing base advance restrictions). As Management expects the Comerica
Facility to be renewed in February, 2003, it has been classified as long-term
debt.

On February 7, 2001, concurrent with the execution of the Comerica Facility, the
Company entered into a new $3,000 Revolving Line of Credit Note with ASC
Incorporated. This Note is subordinated to the Company's borrowings and advances
under the Comerica Facility and bears interest at a rate equal to the cost of
borrowing of ASC Incorporated. As of September 30, 2002, there were no advances
made under this Note.

Together with internally generated cash flow, the Company believes the Comerica
Facility and notes with ASC Incorporated are adequate to provide working capital
funding during the course of the year, except in the event of a sustained
cyclical downturn in the automotive industry.



                                       18
<PAGE>


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

MARKET RISK

The Company's sales volumes have remained steady during the last quarter of 2001
and throughout the first nine months of 2002. Although most underlying
fundamentals remain strong, the impact of the OEM vehicle manufacturers to
rebalance inventories, the continuance of rebates and reduced customer financing
rates and the trend of retail sales and other uncertainties may adversely impact
the Company's 2002 financial performance.

Furthermore, in the normal course of business the Company is subject to market
exposures from changes in interest rates. The Company's variable interest
expense is sensitive to changes in the general level of United States and
European interest rates. The Company's Comerica Facility provides for borrowing
options at a prime-based rate or Eurodollar rate plus various interest rate
margins dependent on the Company's financial performance. As such, future
borrowings under the Comerica Facility are sensitive to changes in interest
rates. At September 30, 2002, the weighted average interest rate of the $36.0
million debt was 3.2% and the fair value of the debt approximates its carrying
value.

The Company had interest expense of $1,131 for the nine months ended September
30, 2002. The potential increase in interest expense from a hypothetical 2%
adverse change, assuming the September 30, 2002 debt was outstanding for the
entire year, would be $410.

FORWARD LOOKING INFORMATION

This Quarterly Report on Form 10-Q contains, and from time to time the Company
expects to make, certain forward-looking statements regarding its business,
financial condition and results of operations. In connection with the "Safe
Harbor" provisions of the Private Securities Reform Act of 1995 (the "Reform
Act"), the Company intends to caution readers that there are several important
factors that could cause the Company's actual results to differ materially from
those projected in its forward-looking statements, whether written or oral, made
herein or that may be made from time to time by or on behalf of the Company.
Investors are cautioned that such forward-looking statements are only
predictions and that actual events or results may differ materially. The Company
undertakes no obligation to publicly release the results of any revisions to the
forward-looking statements to reflect events or circumstances or to reflect the
occurrence of unanticipated events.

The Company wishes to ensure that any forward-looking statements are accompanied
by meaningful cautionary statements in order to comply with the terms of the
safe harbor provided by the Reform Act. Accordingly, the Company has set forth a
list of important factors that could cause the Company's actual results to
differ materially from those expressed in forward-looking statements or
predictions made herein and from time to time by the Company. Specifically, the
Company's business, financial condition and results of operations could be
materially different from such forward-looking statements and predictions as a
result, among other things, of (i) customer pressures that could impact sales
levels and product mix, including customer sourcing decisions, customer
evaluation of market pricing on products produced by the Company and customer
cost-cutting programs; (ii) operational difficulties encountered during the
launch of major new original equipment manufacturer's ("OEM") programs; (iii)
cyclical consumer demand for new vehicles; (iv) competition in pricing and new
product development from larger companies with substantially greater resources;
(v) the concentration of a substantial percentage of the Company's sales with a
few major OEM customers; and (vi) labor relations at the Company and its
customers and suppliers.

ITEM 4.       CONTROLS AND PROCEDURES

As of September 30, 2002, an evaluation was performed under the supervision and
with the participation of the Company's management, including the CEO and CFO,
of the effectiveness of the design and operations of the Company's disclosure
controls and procedures. Based on that evaluation, the Company's management ,
including the CEO and CFO, concluded that the Company's disclosure controls and
procedures were effective as of September 30, 2002. There have been no
significant changes in the company's internal controls or in other factors that
could significantly affect internal controls subsequent to September 30, 2002.


                                       19
<PAGE>


                           PART II. OTHER INFORMATION

              JPE, INC. (D/B/A ASCET AND ASC EXTERIOR TECHNOLOGIES)


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

             A.   EXHIBITS:

                  99.1 Certification under Section 906 of Sarbanes-Oxley Act


             B.   REPORT ON FORM 8-K:

                  None.


                                       20
<PAGE>


            JPE, INC. (D/B/A ASCET INC AND ASC EXTERIOR TECHNOLOGIES)

                                    SIGNATURE


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.


                             JPE, Inc. d/b/a ASCET and ASC Exterior Technologies


                             By:      /s/ Robert A. Naglick
                                      --------------------------
                                      Robert A. Naglick
                                      Vice President and Chief Financial Officer
                                      (Principal Accounting Officer)



Date: November 14, 2002



                                       21

<PAGE>
                                 CERTIFICATION

I, David L. Treadwell, Chief Executive Officer of JPE, Inc., certify that:

1.       I have reviewed this quarterly report on Form 10-Q of JPE, Inc.

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

         (a)      designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         (b)      evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

         (c)      presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent functions):

         (a)      all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         (b)      any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.       The registrant's other certifying officers and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.




Date: November 14, 2002                     /s/ David L. Treadwell
                                            -------------------------------
                                            David L. Treadwell
                                            Chairman and Chief Executive Officer


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                                 CERTIFICATION

I, Robert A. Naglick, Vice President, Chief Financial Officer and Treasurer of
JPE, Inc., certify that:

1.       I have reviewed this quarterly report on Form 10-Q of JPE, Inc.

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

         (a)      designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         (b)      evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

         (c)      presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent functions):

         (a)      all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         (b)      any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.       The registrant's other certifying officers and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.




Date: November 14, 2002                  /s/ Robert A. Naglick
                                         -------------------------------
                                         Robert A. Naglick
                                         Vice President, Chief Financial Officer
                                         and Treasurer



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