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 December 31, 2000

[ ] 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 December  31,  2000,  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


                                          December 31, 2000    December 31, 1999
                                          -----------------    -----------------
CURRENT ASSETS
  Cash                                       $     2,345         $    (1,041)
  Accounts Receivable                            205,868              76,587
  Notes Receivable                                26,500               4,800
  Inventory                                      209,044             176,652
  Tax Benefit Current                             64,000               4,668

FIXED ASSETS
  Office Equipment                                 7,896              10,153

OTHER ASSETS
  Notes Receivable Non-Current                    47,168              47,168
  Tax Benefit Long Term                          811,697             875,697
                                             -----------         -----------

     TOTAL ASSETS                            $ 1,374,518         $ 1,194,683
                                             ===========         ===========
CURRENT LIABILITIES
  Accrued Liabilities                        $     9,388                  --
  Wages Payable                                   19,504         $    29,504
  Taxes Payable                                    1,078               1,040
  Suspense                                           858                  --
                                             -----------         -----------
     TOTAL LIABILITIES                       $    30,829         $    30,544
                                             -----------         -----------
CAPITAL
  Common Stock                                 2,058,874           2,058,874
  Capital (Paid in)                            2,006,271           2,006,271
  Retained Earnings                           (2,721,456)          2,901,006

     TOTAL STOCKHOLDERS EQUITY                 1,343,689           1,164,139
                                             -----------         -----------

     TOTAL LIABILITY & STOCKHOLDERS EQUITY   $ 1,374,518         $ 1,194,683
                                             ===========         ===========

                                       3

                      CENTURY PACIFIC FINANCIAL CORPORATION

                     CONDENSED CONSOLIDATED INCOME STATEMENT


                                                       For 3 Months Ended
                                               --------------------------------
                                                12/31/00               12/31/99
                                                --------               --------
REVENUES
  Financial Services                           $  11,787              $   9,000
  Sales & Service                                 79,150                145,398
                                               ---------              ---------
          TOTAL REVENUE                           90,937                154,398
                                               ---------              ---------
COST OF SALES                                     36,869                 91,415
                                               ---------              ---------

          GROSS  PROFIT                        $  54,068              $  62,983
                                               =========              =========
EXPENSES
  Advertising                                  $     110              $     551
  Auto                                             1,162                  3,161
  Bank Charges                                        76                    854
  Contributions                                       --                  1,704
  Commissions                                      1,000                  6,285
  Dues and Subscriptions                             150                    268
  Freight                                          8,781                  3,313
  Insurance                                          320                  4,291
  Laundry                                            400
  Legal & Professional                               673                    248
  Licenses                                           500                    445
  Miscellaneous                                    1,258                    470
  Office Expense                                     451                  5,450
  Other Taxes                                        466                  3,520
  Rent/Lease                                       4,663                 16,963
  Salaries                                        12,450                 23,248
  Supplies                                            --                  1,034
  Telephone                                        1,171                  2,951
  Travel                                           4,127                 12,464
  Utilities                                           --                  1,040
                                               ---------              ---------
        TOTAL EXPENSES                         $  37,358              $  88,660
                                               ---------              ---------

NET INCOME                                     $  16,710              $ (25,675)
                                               =========              =========

                                       4

                      CENTURY PACIFIC FINANCIAL CORPORATION

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                       For 3 Months Ended
                                               --------------------------------
                                                12/31/00               12/31/99
                                                --------               --------
Cash from Operations
          Net Income                             $ (4,580)             $(25,675)
                                                 --------              --------
Adjustments to Reconcile Net Income to Net
 Cash Provided by Operating Activities
   Employee Tax Payable                                38                   531
   Accounts Receivable                              3,192                52,728
   Inventory                                        2,598                (5,015)
   Notes Receivable Current                        (2,500)               (4,800)
   Sales Taxes Payable                               (116)
   401(k) Payable                                      --                  (200)
   Clearing A/C                                       858                    --
                                                 --------              --------
          Total                                     3,870                43,444
                                                 --------              --------
          Net Cash Provided by Operations        $    710              $ 17,769
                                                 --------              --------
          Net Increase/Decrease Cash             $    710              $ 17,769
                                                 --------              --------
Summary
  Cash Balance Beginning of Period               $ (3,055)             $ 18,809
                                                 --------              --------
  Cash Balance End of Period                       (2,345)               (1,040)
                                                 ========              ========
  Net Increase/Decrease in Cash                  $    710              $ 17,769
                                                 ========              ========

                                       5

                      CENTURY PACIFIC FINANCIAL CORPORATION

                        STATEMENT OF STOCKHOLDERS EQUITY
                    FOR THE PERIOD FROM 10/01/00 TO 12/31/00



Paid In Retained Stockholders Common Shares Stock Amount Capital Earnings Equity ------------- ------------ ------- -------- ------ Balance 10/01/00 51,471,847 $ 2,058,874 $ 2,006,271 $(2,721,456) $ 1,348,689 ----------- ----------- ----------- ----------- ----------- Balance 12/31/00 51,471,847 $ 2,058,874 $ 2,006,271 $(2,721,456) $ 1,348,689 =========== =========== =========== =========== ===========
6 CENTURY PACIFIC FINANCIAL CORPORATION 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 December 31, 2000, 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. RESULTS OF OPERATIONS. Comparison of three-month periods ended December 31, 2000 and 1999 are contained herein. Revenues for the first quarter of the fiscal year of $90,937.00 are substantially lower than of $154,398.00 of the prior year. Three month comparative figures reflect lower revenues due to the delayed start up of medical equipment sales deliveries 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 $37,358.00 were normal business expenses. Expenses for the 2000 period as compared with those of 1999 decreased substantially as the medical equipment subsidiary experienced lower local and export sales. 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. 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