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 September 28, 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 November 01, 2002

Common stock, $1.00 par value		10,495,444

Special common stock, $1.00 par value		507,647

NORTEK, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

	September 28,			Dec. 31,
	2002			2001
	(Amounts in thousands)
	(Unaudited)

Assets
Current Assets:
Unrestricted
Cash and cash equivalents	$	165,628		$	159,529
Marketable securities available for sale		111,377			96,238
Restricted
Cash, investments and marketable securities at cost,
which approximates market		4,333			4,360
Accounts receivable, less allowances
of $12,731,000 and $10,492,000		273,506			216,622
Inventories
Raw materials		74,840			70,209
Work in process		19,052			20,127
Finished goods		85,359			89,365

		179,251			179,701


Prepaid expenses		14,881			9,911
Other current assets		9,163			13,003
Prepaid income taxes		45,500			45,465
Assets of discontinued operations		--			14,951

Total current assets		803,639			739,780


Property and Equipment, at Cost:
Land		14,243			14,244
Buildings and improvements		133,744			131,770
Machinery and equipment		365,594			348,687

		513,581			494,701
Less accumulated depreciation		243,969			214,436

Total property and equipment, net		269,612			280,265


Other Assets:
Goodwill, less accumulated amortization
of $89,434,000 and $89,246,000		556,465			557,949
Intangible assets, less accumulated amortization
of $32,163,000 and $27,373,000		111,221			114,442
Unamortized deferred debt expense		20,427			18,861
Restricted investments and marketable securities held
by pension trusts (including related party amounts)		75,869			73,595
Other		46,907			45,012

		810,889			809,859

	$	1,884,140		$	1,829,904


Liabilities and Stockholders’ Investment

Current Liabilities:
Notes payable and other short-term obligations	$	3,995		$	6,248
Current maturities of long-term debt		3,431			58,202
Accounts payable		143,993			127,348
Accrued expenses and taxes, net		210,232			163,513
Liabilities of discontinued operations		--			3,369

Total current liabilities		361,651			358,680


Other Liabilities:
Deferred income taxes		51,494			49,727
Other		156,232			159,414

		207,726			209,141


Notes, Mortgage Notes and Obligations
Payable, Less Current Maturities		984,061			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; 18,872,876 and
18,829,199 shares issued		18,873			18,829
Special common stock, $1 par value;
authorized 5,000,000 shares; 798,319
and 813,783 shares issued		799			814
Additional paid-in capital		211,538			210,214
Retained earnings		247,866			192,866
Accumulated other comprehensive loss		(36,688	)		(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		330,702			271,313

	$	1,884,140		$	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
	September 28,			September 29,
	2002			2001
	(Unaudited)

Net Sales	$	506,921		$	468,674


Costs and Expenses:
Cost of products sold		367,357			346,622
Selling, general and administrative expense		84,955			77,560
Amortization of goodwill and intangible assets		1,468			5,745

		453,780			429,927


Operating earnings		53,141			38,747
Interest expense		(23,993	)		(26,405	)
Investment income		1,852			4,058

Earnings from continuing operations before provision
for income taxes		31,000			16,400
Provision for income taxes		14,300			9,400

Earnings from continuing operations		16,700			7,000
Loss from discontinued operations		--			(20,200	)
Extraordinary loss from debt retirement		--			(3,600	)

Net earnings (loss)	$	16,700		$	(16,800	)


Earnings (Loss) Per Share of Common Stock:
Earnings from continuing operations:
Basic	$	1.52		$	.64

Diluted	$	1.43		$	.62

Loss from discontinued operations:
Basic	$	--		$	(1.85	)

Diluted	$	--		$	(1.80	)

Extraordinary loss from debt retirement:
Basic	$	--		$	(.33	)

Diluted	$	--		$	(.32	)

Net earnings (loss):
Basic	$	1.52		$	(1.54	)

Diluted	$	1.43		$	(1.50	)

Weighted Average Number of Shares:
Basic		11,003			10,941

Diluted		11,700			11,220

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
	Nine Months Ended
	September 28,			September 29,
	2002			2001
	(Unaudited)

Net Sales	$	1,458,218		$	1,358,901


Costs and Expenses:
Cost of products sold		1,049,383			1,009,210
Selling, general and administrative expense		251,800			216,002
Amortization of goodwill and intangible assets		4,460			17,011

		1,305,643			1,242,223


Operating earnings		152,575			116,678
Interest expense		(72,383	)		(77,437	)
Investment income		5,508			8,259

Earnings from continuing operations before provision
for income taxes		85,700			47,500
Provision for income taxes		36,000			23,100

Earnings from continuing operations		49,700			24,400
Earnings (loss) from discontinued operations		5,300			(20,300	)
Extraordinary loss from debt retirement		--			(3,600	)

Net earnings	$	55,000		$	500


Earnings (Loss) Per Share of Common Stock:
Earnings from continuing operations:
Basic	$	4.52		$	2.23

Diluted	$	4.30		$	2.18

Earnings (loss) from discontinued operations:
Basic	$	.48		$	(1.85	)

Diluted	$	.46		$	(1.82	)

Extraordinary loss from debt retirement:
Basic	$	--		$	(.33	)

Diluted	$	--		$	(.32	)

Net earnings:
Basic	$	5.00		$	.05

Diluted	$	4.76		$	.04

Weighted Average Number of Shares:
Basic		10,993			10,927

Diluted		11,555			11,195

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
	Nine Months Ended
	September 28,			September 29,
	2002			2001
	(Unaudited)

Cash Flows from operating activities:
Net earnings from continuing operations	$	49,700		$	24,400
Earnings (loss) from discontinued operations		5,300			(20,300	)
Extraordinary loss from debt retirement		--			(3,600	)

Net earnings		55,000			500


Adjustments to reconcile net earnings to cash:
Depreciation and amortization expense		33,131			43,311
Non-cash interest expense		1,864			4,571
(Gain) loss on the sale of discontinued operations		(5,400	)		34,000
Loss on debt retirement		--			5,500
Changes in certain assets and liabilities, net of effects from
acquisitions and dispositions: