SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 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 _________

Commission File Number 1-3410

AMERICAN BANKNOTE CORPORATION
(Exact name of Registrant as specified in its charter)

Delaware
(State or other jurisdiction of
Incorporation or organization)

560 Sylvan Avenue
Englewood Cliffs, New Jersey
(Address of principal executive offices)

13-0460520
(I.R.S. Employer
Identification No.)

07632-3119
(Zip Code)

(201) 568-4400
(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 for the past 90 days. X Yes No

Indicate by a check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. X Yes No

The number of shares outstanding of the issuer's Common Stock was 25,089,230 shares, par value $.01, outstanding as at October 31, 2002.

AMERICAN BANKNOTE CORPORATION

FORM 10-Q

I N D E X

PART I - FINANCIAL INFORMATION

PAGE
NO.

Item 1.

Financial Statements

Item 2.

Management's Discussion and Analysis of
Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Item 4.

Controls and Procedures

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

Item 2.

Changes in Securities

Item 5.

Other Events

Item 6.

Exhibits and Reports on Form 8-K

SIGNATURES

CERTIFICATIONS

45

46
&47

PART I Financial Information

Item 1. Financial Statements.

AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands, except per share data)


                                                               September 30,
                                                                     2002          December 31,
                                                                 (Unaudited)           2001
                                                               -----------------  --------------

     ASSETS
     Current assets
     Cash and cash equivalents                                   $ 12,105              $ 9,740
     Accounts receivable, net of allowance for doubtful
     accounts of $1,990 and $1,591                                 20,234               34,683
     Inventories                                                   15,870               18,262
     Prepaid expenses and other                                     5,095                4,935
     Deferred tax assets of subsidiaries                            1,443                1,779
                                                               -----------------    ---------------
               Total current assets                                54,747               69,399
                                                               -----------------    ---------------

     Property, plant and equipment
     Land                                                             946                1,321
     Buildings and improvements                                    11,348               15,972
     Machinery, equipment and fixtures                             61,889               81,408
     Construction in progress                                           -                  265
                                                               -----------------    ---------------
                                                                   74,183               98,966
     Accumulated depreciation and amortization                    (41,072)             (51,707)
                                                               -----------------    ---------------

                                                                   33,111               47,259

     Other assets                                                   4,376                5,495

     Investment in non-consolidated subsidiaries                    1,731                2,247

     Deferred taxes of subsidiaries                                 6,640                3,540

     Goodwill                                                       8,231               36,846
                                                               -----------------    ---------------

               Total assets                                     $ 108,836            $ 164,786
                                                               =================    ===============

AMERICAN BANKNOTE CORP 10-Q