UNITED STATES
                       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
    EXCHANGE ACT OF 1934

    For the quarter ended June 30, 2001

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

    For the transition period from _____________ to ____________

                         Commission File Number: 0-16075


                     CENTURY PACIFIC FINANCIAL CORPORATION
               (Exact name of Registrant as specified in charter)


          Delaware                                              86-0449546
(State or other jurisdiction of                       (I.R.S. Employer I.D. No.)
incorporation or organization)

1422 N. 44th Street, Suite 211, Phoenix, AZ                        85008
(Address of principal executive offices)                        (Zip Code)

         Issuer's telephone number, including area code: (602) 267-7007

Check  whether  the Issuer  (1) has filed all  reports  required  to be filed by
section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days.
Yes [X]  No [ ]

State the number of shares outstanding of each of the Issuer's classes of common
equity  as of the  latest  practicable  date:  At June 30, 2001,  there  were
51,471,843 shares of the registrant's Common Stock outstanding.

TABLE OF CONTENTS Page ---- PART I. FINANCIAL INFORMATION Item 1 - Financial Statements 3 Item 2 - Management's Discussion and Analysis or Plan of Operation 8 PART II. OTHER INFORMATION Item 3. Legal Proceedings 9 Item 4. Changes in Securities and Use of Proceeds 9 Item 5. Default Upon Senior Securities 9 Item 6. Submission of Matters to a Vote of Security Holders 9 Item 7. Other Information 9 Item 8. Exhibits and Reports On Form 8-K 9 SIGNATURES 10 2

PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Century Pacific Financial Corporation Condensed Consolidated Balance Sheets June 30, 2001 June 30, 2000 ------------- ------------- CURRENT ASSETS Cash $ (6,435) $ (11,764) Accounts Receivable 177,874 223,799 Notes Receivable 30,500 7,000 Inventory 270,992 163,014 Tax Benefit Current 64,000 4,668 Investments 35,800 -- ----------- ----------- FIXED ASSETS Office Equipment 10,396 10,152 ----------- ----------- OTHER ASSETS Notes Receivable Non-Current 47,167 47,167 Tax Benefit Long Term 811,697 875,697 ----------- ----------- TOTAL ASSETS $ 1,441,191 $ 1,319,734 =========== =========== CURRENT LIABILITIES Accrued Liabilities $ 23,353 $ 30,668 ----------- ----------- TOTAL LIABILITIES 23,353 30,668 CAPITAL Common Stock 2,058,874 2,058,874 Capital (Paid in) 2,006,271 2,006,271 Retained Earnings (2,646,507) (2,776,079) ----------- ----------- TOTAL STOCKHOLDERS EQUITY $ 1,418,638 $ 1,289,066 ----------- ----------- TOTAL LIABILITY & STOCKHOLDERS EQUITY $ 1,441,191 $ 1,319,734 =========== =========== 3

Century Pacific Financial Corporation Condensed Consolidated Income Statement For 3 Months Ended For 9 Months Ended ---------------------- --------------------- 6/30/01 6/30/00 6/30/01 6/30/00 ------- ------- ------- ------- REVENUES Financial Services $ 8,485 $ 9,129 $ 29,006 $ 29,710 Sales & Service 316,228 137,860 638,355 566,363 --------- --------- -------- -------- TOTAL REVENUE 324,713 146,989 667,361 596,073 COST OF SALES 198,670 86,543 368,631 258,464 --------- --------- -------- -------- GROSS PROFIT $ 126,043 $ 60,446 $298,728 $337,609 ========= ========= ======== ======== EXPENSES Advertising $ 517 $ 503 $ 1,219 $ 1,628 Auto 4,164 3,056 10,419 9,322 Bank Charges (10) 398 2,205 1,848 Contributions 2,260 100 3,260 2,964 Commissions 1,910 2,793 3,718 14,199 Dues and Subscriptions 150 514 Freight 4,763 1,678 22,262 14,568 Insurance 262 3,910 3,341 12,581 Laundry 400 Legal & Professional 4,100 327 6,724 1,163 Licenses 1,620 1,565 Payroll Tax (137) 340 2,344 1,839 Office Expense 3,925 2,643 5,486 10,529 Other Taxes 3,145 16,582 8,889 Rent/Lease 15,224 14,772 39,814 42,239 Salaries 7,449 18,982 44,766 59,468 Supplies 1,021 2,055 Telephone 11,751 6,082 24,345 13,779 Travel 12,341 14,956 36,392 36,877 Other Expenses 2,284 498 3,713 1,931 TOTAL EXPENSES $ 70,803 $ 75,204 $228,360 $238,358 --------- --------- -------- -------- NET INCOME $ 55,238 $ (14,758) $ 70,368 $ 99,251 ========= ========= ======== ======== 4

Century Pacific Financial Corporation Consolidated Statements of Cash Flows For 3 Months Ended ------------------------- 6/30/01 6/30/00 ------- ------- Cash from Operations Net Income $ 71,711 $ 99,251 -------- -------- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Accounts Receivable 1,187 Inventory (59,349) (94,484) Investments (5,800) 8,622 Notes Receivable (6,500) (7,000) Taxes Payable 423 655 Wages Payable (19,564) -- 401(k) Payable (9,588) -- Other Current Liabilities 21,400 -- Suspense 858 -- -------- -------- Total Adjustments $(76,873) $ 92,206 -------- -------- Net Cash Provided by Operations $ (5,163) $ 7,045 -------- -------- Cash Flows from Investing (2,500) -- -------- -------- Net Increase/Decrease Cash (7,663) 7,045 -------- -------- Cash Balance Beginning of Period (22,019) 18,808 -------- -------- Cash Balance End of Period $ (5,414) $(11,765) ======== ======== Net Increase/Decrease in Cash $ (7,663) $ 7,045 ======== ======== 5

Century Pacific Financial Corporation Statement of Stockholders Equity For the Period from 4/01/01 to 6/30/01 Paid In Retained Stockholders Common Shares Stock Amount Capital Earnings Equity ------------- ------------ ------- -------- ------ Balance 4/01/01 51,471,847 $ 2,058,874 $ 2,006,271 $(2,646,507) $4,418638 ----------- ----------- ----------- ----------- ---------- Balance 6/30/01 51,471,847 $ 2,058,874 $ 2,006,271 $(2,646,507) $4,418638 =========== =========== =========== =========== ========== 6

Century Pacific Financial Corp. Notes to Condensed Consolidated Financial Statements The financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's most recent report on Form 10-K. Basis of Presentation. The consolidated financial statements include the accounts of Century Pacific Financial Corporation and its subsidiaries. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain financial statement items from the prior year may have been reclassified to be consistent with the current year financial statement presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related disclosures contained in the Company's Annual Report of Form 10-K for the year ended September 30, 2000, filed with the Securities and Exchange Commission. The results of operations for the three months ended June 30, 2001, are not necessarily indicative of the results to be expected for the full fiscal year. 1. Condensed Financial Statements. The unaudited condensed consolidated financial information contained in this report reflects all adjustments (consisting of normal recurring accruals) considered necessary, in the opinion of management, for a fair presentation of results for the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. 2. Stock Option Plans. None outstanding. 3. Preferred Stock. The Company has one class of preferred stock. 5,000,000 shares of .05000 par value preferred stock remaining authorized but unissued. 4. Warrants. None 7

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following selected data of the Company is qualified by reference to and should be read in conjunction with the consolidated financial statements, including any notes thereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this report. This Form 10-Q includes "forward looking statements" concerning the future operations of the Company. It is management's intent to take advantage of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. This statement is for the express purpose of availing the Company of the protections of such safe harbor with respect to all "forward looking statements" contained in this Form 10-Q. We have used "forward looking statements" to discuss future plans and strategies of the Company. Management's ability to predict results or the effect of future plans is inherently uncertain. Factors that could effect results include, without limitation, competitive factors, general economic conditions, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, seasonality, distribution networks, product introductions, acceptance, technological change, changes in industry practices and one-time events. These factors should be considered when evaluating the "forward looking statements" and undue reliance should not be placed on such statements. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Results of Operations. Comparison of three-month periods ended June 30, 2001 and 2000 are contained herein. Revenues for the third quarter of the fiscal year of $324,713.00 are substantially in excess of $146,989.00 of the prior year. Three month comparative figures reflect increased revenues due to the start up of medical equipment sales both domestically and internationally. Release from the Chapter 11 Bankruptcy proceedings has allowed the Company to seek new sources of revenue and acquisitions that are expected to build the capital base, revenues, and profits. The operating expenses of $70,803.00 were normal business expenses. Expenses for the 2001 period as compared with those of 2000 increased substantially as the medical equipment subsidiary increased local and export sales. LIQUIDITY AND CAPITAL RESOURCES. The Corporation has remained current in its payable accounts during this period and the event of profitable operations in the medical equipment has allowed a modest build-up of cash and inventory. 8

PART II. OTHER INFORMATION ITEM 3. LEGAL PROCEEDINGS The Company is not a party to any litigation and to its knowledge, no action, suit or proceedings against it has been threatened by any person or entity. ITEM 4. CHANGES IN SECURITIES AND USE OF PROCEEDS None ITEM 5. DEFAULT UPON SENIOR SECURITIES None ITEM 6. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 7. OTHER INFORMATION None ITEM 8. EXHIBITS AND REPORTS ON FORM 8-K None 9

SIGNATURES Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTURY PACIFIC FINANCIAL CORPORATION Dated: November 28, 2001 By /s/ Carlton V. Phillips ---------------------------------------- Carlton V. Phillips Chairman of the Board, and Co-Chief Executive Officer By /s/ David Hadley ---------------------------------------- David Hadley President and Co-Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated. Signature and Title Date ------------------- ---- /s/ Carlton V. Phillips November 28, 2001 - ---------------------------------------- Carlton V. Phillips Treasurer and Director /s/ David Hadley November 28, 2001 - ---------------------------------------- David Hadley President and Director 10