FORM 4

__ Check this box if no longer
     subject to Section 16. Form 4
     or Form 5 obligations may
     continue. See Instruction 1(b).

(Print or Type Responses)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Davis, H. Ted	2. Issuer Name and Tickler or Trading Symbol BMC Industries, Inc. BMM		6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ~~_X_~~X Director ___ 10% Owner _ Officer (give title below) ___Other (specify below) __________________________________
(Last) (First) (Middle) 1822 Mt. Curve	3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)	4. Statement for Month/Day/Year ~~October 10, 2002~~1/16/03
(Street) Minneapolis, MN 55403		5. If Amendment, Date of Original (Month/Day/Year)	7. Individual or Joint/Group Filing (Check Applicable Line) ~~_X_~~X Form filed by One Reporting Person ~~___~~ Form filed by More than One Reporting Person

(City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)

2. Transaction Date (Month/ Day/Year)

2A. Deemed Execution Date, if any (Month/ Day/Year)

3. Transaction Code (Instr. 8)

~~3. Transaction Code (Instr. 8)~~

4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

~~4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)~~

5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)

6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

57. ~~Amount~~Nature of ~~Securities~~Indirect ~~Beneficially~~Beneficial ~~Owned~~Ownership ~~Following Reported Transaction~~(~~s) (~~Instr. ~~3 and~~ 4)

~~6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)~~

~~7. Nature of Indirect Beneficial Ownership (Instr. 4)~~

Code

~~Code~~V

VAmount

(A) or (D)

~~Amount~~Price

~~(A) or (D)~~

~~Price~~

Common Stock

101/1016/0203

1,481.877

$1~~,785~~.68705

A21,120.59

~~$1.05~~D

~~18,905.713~~

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1.Title of
   Derivative
   Security
   (Instr.3)

2.Conver-

sion or Exercise

Price of Deriv- ative Security

3.Trans-

action

Date
(Month/

Day/Year)

3A. Deemed Execution Date, if any

(Month/

Day/Year)

4.Trans-

action

Code
(Instr. 8)

5.Number of

Deriv-

ative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

6.Date Exer-

ciseable and Expiration

Date
(Month/

Day/Year)

7. Title and Amount

of Underlying Securities
(Instr. 3 and 4)

8.Price of

Derivative
Security
(Instr. 5)

9.Number

of Derivative Securities Beneficially
Owned at
End of Month
(Instr. 4)

10.Ownership

Form of Derivative Securities Beneficially
Owned at
End of Month
(Instr. 4)

11.Nature

of Indirect Beneficial Ownership

(Instr. 4)

Code

(A)

(D)

Date Exer-

cisable

Expira-tion

Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

26,000

Explanation of Responses: * Acquired under the Company's Employee Stock Purchase Plan.
Explanation of Responses: * Acquired under the Company's Employee Stock Purchase Plan in payment of one-half of the Director's quarterly retainer fee pursuant to the Company's Director Stock Ownership Policy.
		/s/H. Ted. Davis **Signature of Reporting Person	101/1120/0203 Date
Reminder:	Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, on of which must be manually signed. If space is insufficient, see Instruction 6 for procedure

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