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 March 30, 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 April 19, 2002

Common stock, $1.00 par value		10,468,373

Special common stock, $1.00 par value		522,088

NORTEK, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

	March 30,			Dec. 31,
	2002			2001
	(Amounts in thousands)
	(Unaudited)

Assets
Current Assets:
Unrestricted
Cash and cash equivalents	$	68,601		$	159,529
Marketable securities available for sale		150,540			96,238
Restricted
Cash, investments and marketable securities at cost,
which approximates market		13,323			4,360
Accounts receivable, less allowances
of $11,941,000 and $10,492,000		242,697			216,622
Inventories
Raw materials		73,233			70,209
Work in process		18,417			20,127
Finished goods		104,096			89,365

		195,746			179,701


Prepaid expenses		11,502			9,911
Other current assets		11,772			13,003
Prepaid income taxes		45,444			45,465
Assets of discontinued operations		16,811			14,951

Total current assets		756,436			739,780


Property and Equipment, at Cost:
Land		14,260			14,244
Buildings and improvements		131,745			131,770
Machinery and equipment		352,233			348,687

		498,238			494,701
Less accumulated depreciation		223,689			214,436

Total property and equipment, net		274,549			280,265


Other Assets:
Goodwill, less accumulated amortization
of $89,207,000 and $89,246,000		557,681			557,949
Intangible assets, less accumulated amortization
of $28,841,000 and $27,373,000		112,817			114,442
Deferred debt expense		18,149			18,861
Restricted investments and marketable securities held
by pension trusts		74,284			73,595
Other		48,407			45,012

		811,338			809,859

	$	1,842,323		$	1,829,904


Liabilities and Stockholders’ Investment

Current Liabilities:
Notes payable and other short-term obligations	$	6,337		$	6,248
Current maturities of long-term debt		58,015			58,202
Accounts payable		146,076			127,348
Accrued expenses and taxes, net		149,978			163,513
Liabilities of discontinued operations		3,467			3,369

Total current liabilities		363,873			358,680


Other Liabilities
Deferred income taxes		49,797			49,727
Other		159,631			159,414

		209,428			209,141


Notes, Mortgage Notes and Obligations
Payable, Less Current Maturities		987,688			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; 18,845,121 and
18,829,199 shares issued		18,845			18,829
Special common stock, $1 par value;
authorized 5,000,000 shares; 812,694
and 813,783 shares issued		813			814
Additional paid-in capital		210,517			210,214
Retained earnings		203,466			192,866
Accumulated other comprehensive loss		(40,621	)		(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		281,334			271,313


	$	1,842,323		$	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
	March 30,			March 31,
	2002			2001
	(Unaudited)

Net Sales	$	429,091		$	395,233


Costs and Expenses:
Cost of products sold		310,106			294,708
Selling, general and administrative expense		79,532			71,146
Amortization of goodwill and intangible assets		1,505			5,649

		391,143			371,503


Operating earnings		37,948			23,730
Interest expense		(24,167	)		(25,338	)
Investment income		1,719			2,208

Earnings from continuing operations before provision
for income taxes		15,500			600
Income tax provision		6,000			300

Earnings from continuing operations		9,500			300
Earnings (loss) from discontinued operations		1,100			(2,700	)

Net earnings (loss)	$	10,600		$	(2,400	)


Earnings (Loss) Per Share of Common Stock:
Earnings from continuing operations:
Basic	$	.87		$	.03

Diluted	$	.84		$	.03

Earnings (loss) from discontinued operations:
Basic	$	.10		$	(.25	)

Diluted	$	.10		$	(.25	)

Net earnings (loss):
Basic	$	.97		$	(.22	)

Diluted	$	.94		$	(.22	)

Weighted Average Number of Shares:
Basic		10,979			10,916

Diluted		11,308			11,160

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
	Three Months Ended
	March 30,			March 31,
	2002			2001
	(Unaudited)

Cash Flows from operating activities:
Net earnings from continuing operations	$	9,500		$	300
Earnings (loss) from discontinued operations		1,100			(2,700	)

Net earnings (loss)		10,600			(2,400	)


Adjustments to reconcile net earnings (loss) to cash:
Depreciation and amortization expense		11,283			14,425
Non-cash interest expense		550			1,542
Changes in certain assets and liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable, net		(26,554	)		(20,981	)
Inventories		(16,311	)		(21,289	)
Prepaids and other current assets		(502	)		(4,338	)
Net assets of discontinued operations		(1,762	)		(2,595	)
Accounts payable		19,169			30,508
Accrued expenses and taxes		(12,891	)		(33,435	)
Long-term assets, liabilities and other, net		(3,381	)		(1,104	)

Total adjustments to net earnings (loss)		(30,399	)		(37,267	)

Net cash used in operating activities	$	(19,799	)	$	(39,667	)


Cash Flows from investing activities:
Capital expenditures	$	(4,342	)	$	(13,730	)
Purchase of investments and marketable securities		(130,094	)		(13,998	)
Proceeds from the sale of investments and marketable securities		75,792			8,119
Change in restricted cash and investments		(9,652	)		2,469
Other, net		32			(42	)

Net cash used in investing activities	$	(68,264	)	$	(17,182	)

Cash Flows from financing activities:
Change in borrowings, net		(3,182	)		5,828
Other, net		317			245

Net cash (used in) provided by financing activities		(2,865	)		6,073

Net decrease in unrestricted cash and cash equivalents		(90,928	)		(50,776	)
Unrestricted cash and cash equivalents at the beginning of the period		159,529			130,689

Unrestricted cash and cash equivalents at the end of the period	$	68,601		$	79,913


Supplemental disclosure of cash flow information:

Interest paid	$	33,987		$	44,496


Income taxes paid, net	$	2,353		$	1,683

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

NORTEK, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ INVESTMENT

FOR THE THREE MONTHS ENDED MARCH 31, 2001

(Dollar amounts in thousands)

					Addi-								Accumulated
			Special		tional								Other
	Common		Common		Paid in		Retained			Treasury			Comprehensive			Comprehensive
	Stock		Stock		Capital		Earnings			Stock			Loss			Loss
	(Unaudited)

Balance, December 31, 2000	$	18,753	$	828	$	208,813	$	184,866		$	(111,682	)	$	(19,367	)	$	--
Net loss		--		--		--		(2,400	)		--			--			(2,400	)
Other comprehensive loss:</