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 June 29, 2002

OR

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

For the transition period from ___________ to __________

1-6112
(Commission File Number)
__________

NORTEK, INC.
(Exact name of registrant as specified in its charter)
__________


Delaware		05-0314991
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

50 Kennedy Plaza, Providence, RI		02903-2360
(Address of principal executive offices)		(Zip Code)

(401) 751-1600
(Registrant’s telephone number, including area code)
__________

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 [_]

The total number of shares of the registrant’s Common Stock:

Class		Shares Outstanding July 26, 2002

Common stock, $1.00 par value		10,493,143

Special common stock, $1.00 par value		509,948

NORTEK, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

	June 29,			Dec. 31,
	2002			2001
	(Amounts in thousands)
	(Unaudited)

Assets
Current Assets:
Unrestricted
Cash and cash equivalents	$	112,759		$	159,529
Marketable securities available for sale		142,763			96,238
Restricted
Cash, investments and marketable securities at cost,
which approximates market		23,684			4,360
Accounts receivable, less allowances
of $12,364,000 and $10,492,000		271,407			216,622
Inventories
Raw materials		80,803			70,209
Work in process		19,399			20,127
Finished goods		100,058			89,365

		200,260			179,701


Prepaid expenses		13,048			9,911
Other current assets		14,460			13,003
Prepaid income taxes		45,600			45,465
Assets of discontinued operations		--			14,951

Total current assets		823,981			739,780


Property and Equipment, at Cost:
Land		14,378			14,244
Buildings and improvements		133,512			131,770
Machinery and equipment		361,733			348,687

		509,623			494,701
Less accumulated depreciation		235,414			214,436

Total property and equipment, net		274,209			280,265


Other Assets:
Goodwill, less accumulated amortization
of $89,653,000 and $89,246,000		557,024			557,949
Intangible assets, less accumulated amortization
of $30,691,000 and $27,373,000		111,922			114,442
Unamortized deferred debt expense		17,438			18,861
Restricted investments and marketable securities held
by pension trusts		74,923			73,595
Other		47,066			45,012

		808,373			809,859

	$	1,906,563		$	1,829,904


Liabilities and Stockholders’ Investment

Current Liabilities:
Notes payable and other short-term obligations	$	8,296		$	6,248
Current maturities of long-term debt		47,775			58,202
Accounts payable		152,771			127,348
Accrued expenses and taxes, net		191,965			163,513
Liabilities of discontinued operations		--			3,369

Total current liabilities		400,807			358,680


Other Liabilities
Deferred income taxes		48,851			49,727
Other		153,665			159,414

		202,516			209,141


Notes, Mortgage Notes and Obligations
Payable, Less Current Maturities		987,459			990,770


Stockholders’ Investment:
Preference stock, $1 par value; authorized
7,000,000 shares, none issued		--			--
Common stock, $1 par value; authorized
40,000,000 shares; 18,869,617 and
18,829,199 shares issued		18,870			18,829
Special common stock, $1 par value;
authorized 5,000,000 shares; 801,578
and 813,783 shares issued		802			814
Additional paid-in capital		210,804			210,214
Retained earnings		231,166			192,866
Accumulated other comprehensive loss		(34,175	)		(39,725	)
Less -- treasury common stock at cost,
8,377,935 and 8,377,935 shares		(109,616	)		(109,616	)
-- treasury special common stock
at cost, 290,169 and 290,136 shares		(2,070	)		(2,069	)

Total stockholders’ investment		315,781			271,313


	$	1,906,563		$	1,829,904

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

NORTEK, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands except per share amounts)

	For The
	Three Months Ended
	June 29,			June 30,
	2002			2001
	(Unaudited)

Net Sales	$	522,206		$	494,994


Costs and Expenses:
Cost of products sold		362,791			361,442
Selling, general and administrative expense		96,442			73,734
Amortization of goodwill and intangible assets		1,487			5,617

		460,720			440,793


Operating earnings		61,486			54,201
Interest expense		(24,223	)		(25,694	)
Investment income		1,937			1,993

Earnings from continuing operations before provision
for income taxes		39,200			30,500
Provision for income taxes		15,700			13,400

Earnings from continuing operations		23,500			17,100
Earnings from discontinued operations		4,200			2,600

Net earnings	$	27,700		$	19,700


Earnings Per Share of Common Stock:
Earnings from continuing operations:
Basic	$	2.14		$	1.56

Diluted	$	2.02		$	1.53

Earnings from discontinued operations:
Basic	$	.38		$	.24

Diluted	$	.36		$	.23

Net earnings:
Basic	$	2.52		$	1.80

Diluted	$	2.38		$	1.76

Weighted Average Number of Shares:
Basic		10,997			10,925

Diluted		11,656			11,204

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

NORTEK, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands except per share amounts)

	For The
	Six Months Ended
	June 29,			June 30,
	2002			2001
	(Unaudited)

Net Sales	$	951,297		$	890,227


Costs and Expenses:
Cost of products sold		672,897			656,150
Selling, general and administrative expense		175,974			144,880
Amortization of goodwill and intangible assets		2,992			11,266

		851,863			812,296


Operating earnings		99,434			77,931
Interest expense		(48,390	)		(51,032	)
Investment income		3,656			4,201

Earnings from continuing operations before provision
for income taxes		54,700			31,100
Provision for income taxes		21,700			13,700

Earnings from continuing operations		33,000			17,400
Earnings (loss) from discontinued operations		5,300			(100	)

Net earnings	$	38,300		$	17,300

Earnings (Loss) Per Share of Common Stock:
Earnings from continuing operations:
Basic	$	3.00		$	1.59

Diluted	$	2.87		$	1.56

Earnings (loss) from discontinued operations:
Basic	$	.48		$	(.01	)

Diluted	$	.47		$	(.01	)

Net earnings:
Basic	$	3.48		$	1.58

Diluted	$	3.34		$	1.55

Weighted Average Number of Shares:
Basic		10,988			10,920

Diluted		11,482			11,182

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

NORTEK, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Amounts in thousands)

	For The
	Six Months Ended
	June 29,			June 30,
	2002			2001
	(Unaudited)

Cash Flows from operating activities:
Net earnings from continuing operations	$	33,000		$	17,400
Earnings (loss) from discontinued operations		5,300			(100	)

Net earnings		38,300			17,300


Adjustments to reconcile net earnings to cash:
Depreciation and amortization expense		22,324			28,917
Non-cash interest expense		1,191			2,117
Gain on the sale of a discontinued business		(5,400	)		--
Changes in certain assets and liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable, net		(50,948	)		(50,150	)
Inventories		(18,506	)		(29,672	)
Prepaids and other current assets		(983	)		(10,780	)
Net assets of discontinued operations		(1,761	)		(2,453	)
Accounts payable		21,888			39,835
Accrued expenses and taxes		16,917			18,936
Long-term assets, liabilities and other, net		(669	)		(1,636	)

Total adjustments to net earnings		(15,947	)		(4,886	)

Net cash provided by operating activities