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.

<PAGE>
                                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

<PAGE>

                         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

<PAGE>
                      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

<PAGE>
                      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

<PAGE>
                      Century Pacific Financial Corporation

                        Statement of Stockholders Equity
                     For the Period from 4/01/01 to 6/30/01



<TABLE>
<CAPTION>
                                                    Paid In        Retained     Stockholders
                    Common Shares   Stock Amount    Capital        Earnings        Equity
                    -------------   ------------    -------        --------        ------
<S>                 <C>           <C>            <C>            <C>             <C>
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
                     ===========    ===========    ===========    ===========     ==========
</TABLE>


                                       6

<PAGE>
                         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

<PAGE>

I
TEM 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

<PAGE>

 
                          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

<PAGE>

                                   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