SECURITIES  AND  EXCHANGE  COMMISSION
                         Washington, D.C. 20549

                             FORM 10-Q
(Mark One)
  [ X ]     QUARTERLY REPORT  PURSUANT  TO  SECTION  13  OR  15(d)  OF  THE
            SECURITIES EXCHANGE ACT OF 1934.

For  the  quarterly  period ended November 30, 2000 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     0-18352
                             -------

               INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.
               --------------------------------------------

           Delaware                         59-2223025
   ----------------------------------     ----------------------------
   (State  or  other  jurisdiction of     (IRS Employer Identification No.)
    incorporation  or  organization)

1954  Airport  Road,  Suite  200,  Atlanta,  GA                  30341
- -----------------------------------------------                  -----
(Address  of principal executive offices)                 (Zip Code)

Registrant's telephone  number, including area code:     (770) 455-7575
                                                         --------------

    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 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
      ---            ---

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate  the  number  of  shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.     The number of shares of the
Company's  common  stock  outstanding  as  of  January  10,  2001 was 2,190,198.



INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARYINDEX

                                                                  Page No.
                                                                  --------
Part  I     FINANCIAL  INFORMATION

            Item  1.   Financial  Statements

           Condensed Consolidated  Balance Sheets as of
             May 31, 2000 and November 30, 2000                       3

           Condensed  Consolidated  Statements  of  Earnings
             for  the Three  Months  and  Six  Months
              Ended  November  30,  1999  and  2000                   4

           Condensed  Consolidated  Statements  of Cash Flows
             for the Six Months Ended  November  30, 1999 and 2000    5

           Notes  to  Condensed Consolidated  Financial
             Statements                                               6

          Item  2.   Management's  Discussion  and  Analysis
             of  Results  of Operations and Financial Condition      10

Part II     OTHER INFORMATION

            Item 1.   Legal  Proceedings                             14

            Item 4.   Submission of Matters to a
              Vote of Security Holders                               14

            Item 6.   Exhibits  and  Reports  on  Form  8-K          15


                                - 2 -


            INTERNATIONAL AIRLINE SUPPORT GROUP, INC. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS

                                      ASSETS



                                                                   May  31,                    November  30
                                                                     2000*                        2000
                                                                -------------                 -----------
                                                                                              (unaudited)
                                                                                      
Current  assets
     Cash  and  cash  equivalents                               $     721,111               $     701,296
     Accounts  receivable,  net  of  allowance  for  doubtful
      accounts of  approximately  $172,722  at  May  31,  2000
      and  $261,163  at November  30, 2000                          2,647,215                   2,272,661
     Inventories                                                   12,807,512                   6,999,589
     Deferred  tax  benefit  -  current                             1,053,888                   1,053,888
     Other  current  assets                                           583,626                     435,396
                                                                      -------                     -------
                    Total current assets                           17,813,352                  11,462,830

Property  and  equipment
     Aircraft  in  operations                                       1,114,919                      -
     Aircraft and engines held for lease                           12,832,298                  18,339,506
     Leasehold  improvements                                          176,594                     166,991
     Machinery  and  equipment                                      1,074,576                   1,082,604
                                                                    ---------                   ---------
                                                                   15,198,387                  19,589,101
     Accumulated  depreciation                                      2,263,110                   2,530,613
                                                                    ---------                   ---------
          Property  and  equipment,  net                           12,935,277                  17,058,488

Other  assets
     Investment  in  joint  ventures                                3,860,136                   5,020,494
     Notes  receivable  affiliate                                       -                         848,540
     Deferred  debt  costs,  net                                      228,066                     151,367
     Deferred  tax  benefit                                           345,883                     195,961
                                                                      -------                     -------
          Total  other  assets                                      4,434,085                   6,216,362
                                                                    ---------                   ---------
                                                             $     35,182,714            $     34,737,680
                                                             =     ==========            =     ==========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current  liabilities
     Current  maturities  of  long-term  obligations         $      1,748,642            $      2,340,115
     Accounts  payable                                              1,359,998                   2,014,239
     Deferred  rent                                                     -                         366,667
     Accrued  expenses                                              1,261,147                     983,419
                                                                    ---------                     -------
                    Total  current  liabilities                     4,369,787                   5,704,440

Long-term  obligations,  less  current  maturities                 18,345,079                  16,378,732

Commitments  and  contingencies

Stockholders'  equity
     Preferred stock  -  $.001 par value; authorized
      2,000,000 shares; 0  shares  outstanding at May 31, 2000
      and November 30, 2000.                                           -                           -
     Common  stock  -  $.001  par  value;  authorized
      20,000,000  shares; issued  and  outstanding  2,661,723
      shares  at  May  31,  2000  and 2,661,723  shares
      at  November  30,  2000.                                          2,661                       2,661
     Additional  paid-in  capital                                  13,902,909                  13,902,909
     Retained  earnings                                               527,769                     714,429
     Common stock held in treasury, at  cost - 471,525
      shares  at May  31,  2000  and  November  30,  2000          (1,965,491)                 (1,965,491)
                                                                    ---------                   ---------
                    Total  stockholders'  equity                   12,467,848                  12,654,508
                                                                   ----------                  ----------
                                                             $     35,182,714            $     34,737,680
                                                             =     ==========            =     ==========


*Condensed from audited Financial Statements

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

                                         - 3 -



                                                                       FORM 10-Q

            INTERNATIONAL AIRLINE SUPPORT GROUP, INC. AND SUBSIDIARY

                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                                   (UNAUDITED)



                                                                    Three Months Ended                  Six Months Ended
                                                                       November  30,                       November  30,

                                                                   1999              2000            1999                2000
                                                                -----------      -----------       ----------          ----------
                                                                                                      
Revenues
     Net sales                                              $     5,249,175   $    3,648,533    $   13,578,257   $      9,828,730
     Aircraft  operations                                             -                -                -                 171,579
     Lease  and  service  revenue                                   958,258        1,026,302         1,627,687          1,444,696
                                                                 ----------        ---------        ----------         ----------
                    Total  revenues                               6,207,433        4,674,835        15,205,944         11,445,005

Cost  of  sales                                                   3,843,089        2,660,639         9,961,421          7,672,877
Selling,  general  and  administrative  expenses                  1,354,107        1,449,083         3,060,978          2,886,053
Depreciation and amortization                                       313,187          295,444           590,954            515,751
                                                                 ----------        ---------        ----------         ----------
                    Total  operating costs                        5,510,384        4,405,166        13,613,353         11,074,681
Equity  in  net  earnings  of
  unconsolidated subsidiaries                                       420,737          457,720           821,802            928,235
                                                                 ----------        ---------        ----------         ----------

                    Earnings from operations                      1,117,786          727,389         2,414,393          1,298,559

Interest  expense                                                   390,574          481,999           719,740          1,013,659
Interest  income  and  other (income) expenses                      (23,887)          26,499           (27,829)           (51,682)
                                                                 ----------        ---------        ----------         ----------
                    Earnings  before  income  taxes                 751,099          218,891         1,722,782            336,582

Provision  for  income  taxes                                       297,532          101,915           671,720            149,922
                                                                 ----------        ---------        ----------         ----------
                    Net  earnings                             $     453,567    $     116,976     $   1,050,762      $     186,660
                                                                 ==========        =========        ==========         ==========


Per  share  data:
     Earnings  per  share  available  for
       common  stockholders - basic                           $        0.21    $        0.05     $        0.48      $        0.09

     Weighted  average  number  of  common
       stock  outstanding  -  basic                               2,187,198        2,190,198         2,187,762          2,190,198
                                                                 ==========        =========        ==========         ==========
     Earnings  per  share  available  for
       common  stockholders  -  diluted                       $        0.20    $        0.05     $        0.45      $        0.09

     Weighted  average  number  of  common
       stock  outstanding  -  diluted                             2,324,796        2,190,645         2,326,034          2,190,795
                                                                 ==========        =========        ==========         ==========


The  accompanying  notes  are  an  integral  part  of  these condensed financial
statements
                                         - 4 -



                                                                       FORM 10-Q

            INTERNATIONAL AIRLINE SUPPORT GROUP, INC. AND SUBSIDIARY

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)



                                                                                  Six  Months  ended
                                                                                     November  30,
                                                                               1999                2000
                                                                            ----------          ----------
                                                                                       
Cash  flows  from  operating  activities:
     Net  earnings                                                     $     1,050,762       $     186,660
     Adjustments  to  reconcile  net  earnings  to  net  cash
       (used  in)  provided  by  operating  activities:
          Depreciation  and  amortization                                      590,954             515,751
          Loss  on  sale  of  investment                                             -                   -
          Undistributed  equity  in  earnings of subsidiaries                 (821,802)           (928,235)
          Provision  for  income  taxes  -  deferred                           671,720             149,922
          Changes  in  assets  and  liabilities                             (1,312,291)          2,176,010
                                                                            ----------           ---------


                    Total  adjustments                                        (871,419)          1,913,448

                    Net  cash  provided by operating activities                179,343           2,100,108

Cash  flows  from  investing  activities:
     Capital  equipment  additions                                             (66,841)            (15,858)
     Investment  in  unconsolidated joint ventures                                   -            (287,649)
     Proceeds  from  sale  of  investment                                            -                   -
     Distributions  received  from  joint  venture,  net                       153,155             180,000
     Additions  to aircraft and engines held for lease, net                 (6,375,000)         (2,871,428)
                                                                            ----------           ---------
                    Net  cash  used in investing activities                 (6,288,686)         (2,994,935)

Cash  flows  from  financing  activities:
     Net  increase  in  debt  obligations                                    6,004,056             875,012
     Proceeds from exercise of employee stock options                           10,707                   -
                                                                            ----------           ---------

                    Net cash provided by financing activities                6,014,763             875,012
                                                                            ----------           ---------

Net  (decrease)  in  cash                                                      (94,580)            (19,815)
Cash  and  cash  equivalents  at  beginning  of  period                        892,283             721,111
                                                                            ----------           ---------

Cash  and  cash equivalents at end of period                             $     797,703       $     701,296
                                                                         =     =======       =     =======





                                      - 5 -


INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY

NOTES  TO  CONDENSED  CONSOLIDATED  FINANCIAL  STATEMENTS
                     (Unaudited)


1.     In  the  opinion  of  management,  the  accompanying  unaudited condensed
consolidated financial statements contain adjustments (consisting only of normal
and  recurring  adjustments)  necessary  to present fairly International Airline
Support  Group,  Inc. and its Subsidiary's condensed consolidated balance sheets
as  of May 31, 2000 and November 30, 2000, the condensed consolidated statements
of  earnings  for the three and six months ended November 30, 1999 and 2000, and
the  condensed  consolidated  statements  of cash flows for the six months ended
November  30,  1999  and  2000.

     The  accounting  policies  followed by the Company are described in the May
31,  2000  financial  statements.

     The  results  of operations for the three and six months ended November 30,
2000  are  not necessarily indicative of the results to be expected for the full
year.


2.     Inventories  consisted  of  the  following:

                            May  31,  2000       November  30,  2000
                            --------------      --------------------

     Aircraft  parts          $  7,382,143            $  6,999,589
     Aircraft  and  Engines
        available  for  sale     5,425,369                      -
                                 ---------            -----------
                              $ 12,807,512            $  6,999,589
                              ============            ============
3.     Earnings  Per  Share

          The  Company's basic earnings per share are calculated by dividing net
earnings  by  the  weighted  average  shares outstanding during the period.  The
computation  of  diluted  earnings  per share includes all dilutive common stock
equivalents  in  the  weighted  average  shares  outstanding.

          Financial  Accounting  Standards  Board (FASB) Statement 128 "Earnings
Per  Share"  was adopted by the Company on January 1, 1998 and requires the dual
presentation  of  basic  and  diluted  earnings  per  share  on  the face of the
statement  of  earnings.  The  reconciliation  between  the  computation  is  as
follows:

Three  Months
Ended             Net          Basic       Basic  Diluted     Diluted
November  30,    Earnings      Shares      EPS    Shares      EPS
- -------------    --------      ------      ---    ------      ---
1999             $  435,567    2,187,198   $0.21  2,324,796   $0.20
2000             $  116,976    2,190,198   $0.05  2,191,092   $0.05

                                - 6 -


INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY

NOTES  TO  CONDENSED  CONSOLIDATED  FINANCIAL  STATEMENTS
                     (Unaudited)

Six  Months
Ended             Net           Basic        Basic    Diluted       Diluted
November  30,     Earnings      Shares       EPS      Shares        EPS
- -------------     --------      ------       ---      ------        ---
   1999          $1,050,762     2,187,279    $0.48    2,326,034     $0.45
   2000          $  186,660     2,190,198    $0.09    2,190,795     $0.09


     Included  in  diluted shares are common stock equivalents relating to stock
options  of  137,598  and  894  for the three months ended November 30, 1999 and
2000,  respectively,  and  138,755 and 597 for the six months ended November 30,
1999  and  2000,  respectively.

     Options  to  purchase  529,947  shares  of  common stock at exercise prices
ranging  from  $2.75  to  $3.44 per share, which were outstanding during the six
months  ended November 30, 2000, were not included in the computation of Diluted
EPS  as  of  November 30, 2000 because the options' exercise prices were greater
than  the  average  market  price  of  the  common  stock  during  the  period.


4.     Credit  Facility

     The  Credit  Agreement originally entered into by the Company in October of
1996  provided  for  a  $3  million term loan and up to an $11 million revolving
credit.  The  Credit  Agreement  has been amended eleven times to create several
new  term  loan  facilities  and to increase the revolving credit to $14 million
(collectively  referred  to  as  the  "Credit  Facility").  In  the  most recent
amendment,  which occurred subsequent to the end of the quarter, the maturity of
the  revolving credit facility and the term loan were extended to December 2005,
as  well  as  providing  an increase in availability as a result of the new term
loan.  The  interest rate that the Company is assessed is subject to fluctuation
and  may change based upon certain financial covenants.  As of January 10, 2001,
the  interest  rate  under  the Credit Facility was the lender's base rate minus
0.25%  (8.75%).  The  Credit  Facility  is  secured  by substantially all of the
assets  of  the  Company and availability of amounts for borrowing is subject to
certain  limitations  and  restrictions.  Such  limitations and restrictions are
discussed  in the Company's Proxy Statement/Prospectus filed with the Securities
and  Exchange  Commission on August 29, 1996 and in the Amendments to the Credit
Facility  filed on various dates as listed below in Item 6. Exhibits and Reports
on  Form  8-K.





                             - 7 -


INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY

NOTES  TO  CONDENSED  CONSOLIDATED  FINANCIAL  STATEMENTS
                     (Unaudited)


5.     Supplemental  Cash  Flow  Disclosures:

     Cash  payments  for  interest were $550,127 and $851,059 for the six months
ended  November  30,  1999  and  November 30, 2000, respectively.  Cash and cash
equivalents include $335,519 and $117,498 of restricted cash at May 31, 2000 and
November  30,  2000,  respectively.  Restricted  cash includes customer receipts
deposited  into  the  Company's  lockbox  account,  which  are  applied the next
business day against the outstanding amount of the Credit Facility, and customer
deposits  on  aircraft  and  engines  leases.


6.     Related  Party  Transactions:

     The  Company  had  a notes receivables affiliate in the principal amount of
$848,540  as  of  November  30,  2000  relating to loans provided to North-South
Airways,  which  are secured by aircraft operated by the airline.  The loans are
priced  at  market  rates,  ranging  from 8.75% to 9.50%, with monthly principal
payments  extending  through  August  2004.  For  more information, see Note 7 -
Joint  Venture/Airline  Subsidairy.

As  of November 30, 2000, the Company leased one EMB-120 aircraft to North-South
Airways.  The lease originated in September 2000 and has a three-year term.  The
lease  contains  similar  terms  and conditions to other EMB-120 aircraft leases
completed  by  the  Company.  The  Company  anticipates leasing a second EMB-120
aircraft to North-South Airways, under the same terms and conditions, during the
third  quarter  of  Fiscal  2001.


7.     Unconsolidated  Subsidiaries

     On  September  16, 1998, the Company entered into a joint venture (the "Air
41 Joint Venture") for the acquisition of 20 DC-9-41H aircraft from Scandinavian
Airlines  System  ("SAS").  The  aircraft were leased back to SAS and the leases
had  an average term of 39 months.  The Company's original investment in the Air
41  Joint  Venture  was  approximately $1.5 million.  The Company's Air 41 Joint
Venture  partner  is AirCorp, Inc., a privately held company.  The aircraft were
financed through the joint venture, utilizing non-recourse debt to the partners.
The Air 41 Joint Venture is accounted for under the equity method and the leases
are  treated  as  operating  leases.


                               - 8 -




INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY

NOTES  TO  CONDENSED  CONSOLIDATED  FINANCIAL  STATEMENTS
                     (Unaudited)


7.     Unconsolidated  Subsidiaries  (cont.)

     Equity  in  Net  Earnings of Unconsolidated Joint Venture for the first six
months  of  fiscal  2001  was $980,000.  Without the Company's share of Air 41's
earnings  the  Company  would have had a pretax loss for the first six months of
fiscal  2001.  It  should  also be noted that substantially all of Air 41's cash
flow  is  pledged to service Air 41's indebtedness.  Although Air 41 was able to
re-lease the first aircraft returned off-lease from SAS, two additional aircraft
have  been  returned  to  Air  41 subsequent to the end of the quarter and other
aircraft are scheduled to be returned in the near term.  Air 41 is in discussion
with  a  number  of carriers for the re-lease of these aircraft and has signed a
Letter of Intent for one of the aircraft, however there can be no assurance that
any  of these aircraft will be able to be re-leased on as favorable terms, if at
all.  Should  Air 41 be unable to re-lease or sell these aircraft, the Company's
stated  operating  income  would  be  significantly  impacted.

     The  Company  is  exploring opportunities for the aircraft after the end of
the  term  of  the  leases  with SAS.  Such opportunities include re-leasing the
aircraft  with  SAS,  leasing  the  aircraft  to  one or more different lessees,
selling the aircraft, parting out the aircraft, or directly placing the aircraft
into either passenger or cargo service, whereby the Company may have a principal
interest  in  an airline.  At this time, other than as previously mentioned, the
Company  has  no  firm  commitment for the aircraft after the SAS leases expire.

     During  the  quarter,  the  Company's  regional  airline  subsidiary, doing
business  as  North-South  Airways,  sold  additional  shares  of  stock raising
approximately  $1,000,000.  This  sale  of stock reduced the Company's ownership
interest  commencing  September  1,  2000  in  North-South  Airways from 100% to
approximately  35%.  Accordingly, the Company is accounting for their investment
in  North-South  Airways  under  the  equity  method.

                                - 9 -


INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY


ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS
  OF  RESULTS  OF  OPERATIONS  AND  FINANCIAL  CONDITION


     The  following  is  management's  discussion  and  analysis  of  certain
significant  factors  which  have  affected  the Company's operating results and
financial  position  during  the  periods included in the accompanying condensed
consolidated  financial  statements.


RESULTS  OF  OPERATIONS:
- ------------------------


Revenues
- --------

     Total revenue for the three and six months ended November 30, 2000 was $4.7
million  and  $11.4  million,  respectively,  compared to $6.2 million and $15.2
million,  respectively, during the three and six months ended November 30, 1999.
Net sales for the three and six months ended November 30, 2000 were $3.6 million
and  $9.8  million,  respectively,  compared  to $5.2 million and $13.6 million,
respectively, during the three and six months ended November 30, 1999, primarily
relating  to a decrease in parts sales and aircraft and engine sales.  Net sales
have been negatively impacted due to increased pricing pressure arising from the
financial  difficulties  of  many airlines and other spare parts redistributers.
The airlines have been facing higher fuel prices and interest rates, while banks
are  electing  to  liquidate insolvent competitors as opposed to reorganization.
The  Company has attempted to offset and mitigate these negative sales trends by
expanding  its  product  lines, but no assurances can be made that sales revenue
will  increase  in  the short term.  Aircraft and engine sales are unpredictable
transactions  and  may  fluctuate significantly from year to year, dependent, in
part,  upon  the  Company's  ability  to  purchase  an  aircraft or engine at an
attractive price and resell it within a relatively brief period of time, as well
as  the  overall market for used aircraft or engines.  Lease and service revenue
increased  to  $1,026,000  for  the  three  months  ended November 30, 2000 from
$958,000  for  the  three  ended November 30, 1999, primarily due to more assets
being  under lease.  Lease and service revenue decreased to $1.4 million for the
six  months  ended  November 30, 2000 from $1.6 million for the six months ended
November  30,  1999,  primarily due to fewer assets under lease during the first
three  months  of  fiscal  2001  .  Under the equity method of accounting, lease
revenue  from the Air 41 Joint Venture is not included in the Company's revenue.



                            - 10 -




INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY

Cost  of  Sales
- ---------------

     Cost of sales decreased 29% from $3.8 million during the three months ended
November  30,  1999  to  $2.7 million during the three months ended November 30,
2000.  Cost  of  sales  decreased  23%  from $10.0 million during the six months
ended November 30, 1999 to $7.7 million during the six months ended November 30,
2000.  These  decreases  were  due  primarily  to  a  corresponding  decrease in
revenue.  As a percentage of total revenues, cost of sales for the three and six
months  ended  November  30, 1999 was 61.9% and 65.5%, respectively, compared to
56.9%  and  67.0%  during  the  three  and  six  months ended November 30, 2000,
respectively.  The  decrease  in costs of sales as a percentage of total revenue
for  the  three-month  period  is  due  to  improved margins on part sales.  The
increase  in  costs  of sales as a percentage of total revenue for the six-month
period is due to aircraft and engine sales, which typically carry a lower margin
than  part  sales, being a higher percentage of total sales during the six-month
period  in  2000  than  the  corresponding  period  in  1999.

Selling,  General  and  Administrative  Expenses
- ------------------------------------------------

     Selling,  general  and  administrative  expenses  increased  7%  from $1.35
million  during the three months ended November 30, 1999 to $1.45 million during
the  three  months  ended  November  30,  2000,  primarily due to an increase in
insurance  costs,  travel and entertainment expenses, professional fees, and the
provision  for  doubtful accounts.  Selling, general and administrative expenses
decreased  6% from $3.1 million during the six months ended November 30, 1999 to
$2.9  million  during  the  six months ended November 30, 2000, primarily due to
lower  professional  fees,  outside  commissions  and  temporary help, partially
offset  by  higher  insurance  costs.

Depreciation  and  Amortization
- -------------------------------

     Depreciation  and  amortization for the three and six months ended November
30,  2000  totaled $295,000 and $516,000, respectively, compared to $313,000 and
$591,000,  respectively,  for  the three and six months ended November 30, 1999,
respectively.  This decrease was due to an increase in assets with longer useful
lives  and  therefore  lower  monthly  depreciation  expenses  being  leased.

Interest  Expense
- -----------------

     Interest  expense  for the three and six months ended November 30, 1999 was
$391,000 and $720,000, respectively, compared to $482,000 and $1,014,000 for the
three  and  six  months ended November 30, 2000, respectively.  This increase in
interest  expense  was  due to a higher average of total debt outstanding during
this  period  and  an  increase  in  the  interest rate paid by the Company (see
Liquidity  and  Capital  Resources).


                                   - 11 -


     INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY

Net  Earnings
- -------------

     Earnings  per  share  -  diluted for the second quarter of fiscal 2000 were
$0.20,  based  on  2,324,796  weighted  average  shares outstanding, compared to
earnings  per  share  -  diluted for the second quarter of fiscal 2001 of $0.05,
based  on  2,191,092  weighted average shares outstanding.  Earnings per share -
diluted  for  the first six months of fiscal 2000 were $0.45, based on 2,326,034
weighted  average  shares  outstanding, compared to earnings per share - diluted
for  the  first six months of fiscal 2001 of $0.09 per share - diluted, based on
2,190,795  weighted  average  shares  outstanding.

Liquidity  and  Capital  Resources
- ----------------------------------

     The  Credit  Agreement originally entered into by the Company in October of
1996  provided  for  a  $3  million term loan and up to an $11 million revolving
credit.  The  Credit  Agreement  has been amended eleven times to create several
new  term  loan  facilities  and to increase the revolving credit to $14 million
(collectively  referred  to  as  the  "Credit  Facility").  In  the  most recent
amendment,  which occurred subsequent to the end of the quarter, the maturity of
the  revolving credit facility and the term loan were extended to December 2005,
as  well  as  providing  an increase in availability as a result of the new term
loan.  The  interest rate that the Company is assessed is subject to fluctuation
and  may change based upon certain financial covenants.  As of January 10, 2001,
the  interest  rate  under  the Credit Facility was the lender's base rate minus
0.25%  (8.75%).  The  Credit  Facility  is  secured  by substantially all of the
assets  of  the  Company and availability of amounts for borrowing is subject to
certain  limitations  and  restrictions.  Such  limitations and restrictions are
discussed  in the Company's Proxy Statement/Prospectus filed with the Securities
and  Exchange  Commission on August 29, 1996 and in the Amendments to the Credit
Facility  filed on various dates as listed below in Item 6. Exhibits and Reports
on  Form  8-K.

Net  cash provided by operating activities for the six months ended November 30,
2000 and November 30, 1999 were $2,100,000 and $179,000, respectively.  The cash
provided  by operating activities for six months ended November 30, 1999 was due
primarily  to  improved  collection  of  accounts receivables.  The cash used in
operating  activities  for  the  six  months  ended  November  30,  2000 was due
primarily  to a reduction in accounts receivables, a decrease in inventories and
an  increase  in  accounts  payable.

     Net  cash  used  for investing activities for the six months ended November
30,  1999 amounted to $6,289,000 compared to $2,995,000 for the six months ended
November  30,  2000.  The  net  cash  used  for investing activities for the six
months ended November 30, 1999 was primarily the result of the use of $6,375,000
to  purchase  aircraft  and engines.  The net cash used for investing activities
for  the  six  months  ended  November  30, 2000 was primarily the result of the
purchase  of  an  aircraft.


                                  - 12 -



     INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY

Liquidity  and  Capital  Resources  (cont.)
- -------------------------------------------

     Net cash provided by financing activities for the six months ended November
30,  1999  amounted  to $6,015,000 compared to $875,000 for the six months ended
November  30,  2000.  The  net cash provided by financing activities for the six
months  ended  November  30,  1999  was  the  result  of  a net increase in debt
obligations  of  $6 million due to the borrowing of funds for the acquisition of
aircraft and engines.  The net cash provided by financing activities for the six
months  ended  November  30,  2000  was primarily the result of the borrowing of
funds  to  purchase  an  aircraft.

     At  January  12,  2001,  the  Company  was  permitted  to  borrow  up to an
additional  $3.4  million  pursuant  to  the  revolving  credit  facility.  As
operations  are currently conducted, the Company believes that amounts available
to  be borrowed pursuant to the Credit Agreement and its working capital will be
sufficient  to  meet  the  requirements  of  the  Company's  business  for  the
foreseeable  future.  The  Company  had  no  material  commitments  for  capital
expenditures  as  of  November  30,  2000.

Recent  Accounting  Pronouncements
- ----------------------------------

          In  June  1998,  the  Financial  Accounting  Standards  Board  issued
Statement  of  Financial  Accounting  Standards  (FAS)  No. 133, "Accounting for
Derivative  Instruments and Hedging Activities."  FAS No. 133, as amended by FAS
138,  establishes  standards  for  accounting  and  reporting  for  derivative
instruments,  and  conforms the requirements for treatment of different types of
hedging  activities.  This statement is effective for all fiscal years beginning
after  June  15,  2000.  Management  does  not  expect  this  standard to have a
significant  impact  on  the  Company's  operations.

Forward  Looking  Statements
- ----------------------------

     This  Form  10-Q  contains  statements that may constitute "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended,  and  Section  21E  of the Securities Exchange Act of 1934, as amended.
Those  statements  include  statements regarding the capital spending and future
financing  plans  of  the  Company  and  reflect  the  intent, belief or current
expectations  of  the  Company  and members of its management team.  Prospective
investors  are  cautioned  that  any  such  forward-looking  statements  are not
guarantees  of  future performance and involve risks and uncertainties, and that
actual  results  may  differ  materially  from  those  contemplated  by  such
forward-looking  statements.  The  Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the occurrence
of  unanticipated  events  or  changes  to  future  operating results over time.

                                - 13 -



INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARY


PART  II  -  OTHER  INFORMATION


Item  1.  LEGAL  PROCEEDINGS

     The  Company  is  from time to time subject to legal proceedings and claims
that  arise in the ordinary course of its business.  On the date hereof, no such
proceedings  are  pending  and  no  such  claims  have  been  asserted.


Item  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

     The  Registrant  conducted an annual meeting of its stockholders on October
4,  2000.  The Registrant solicited proxies pursuant to Regulation 14A under the
Securities  Exchange  Act  of  1934,  as  amended.  There was no solicitation in
opposition  to  management's  solicitation  and  all  persons  nominated  by the
Registrant  for election to its Board of Directors at the annual meeting were so
elected.  The  following  sets  forth  a  brief description of each other matter
acted  upon  during the Annual Meeting, indicating the number of votes cast for,
against  and  withheld,  and  the  number of broker non-votes as to each matter.


1.     The  election  of  two Class II directors to hold office until the annual
stockholders  meeting  in  2003,  or until their successors are duly elected and
qualified.

     The following table sets forth certain information regarding the votes cast
by  the  holders  of  the Company's Common Stock with respect to the election of
directors.

     Director                    Votes  For          Abstentions
     --------                    ----------          -----------

     Alexius  A.  Dyer  III          1,546,565          104,751
     George  Murnane  III            1,546,565          104,751


2.     The  approval  of  amendments  to  the  Registrant's Restated and Amended
Certificate  of  Incorporation to provide for a one-for-four reverse stock split
with  respect  to  the  Company's  Common  Stock.

     For:   1,516,865          Against:       483,688
    Abstain:  181,540          Broker  Non-Vote:  0


3.     The  approval  of  an amendment to the Company's 1996 Long Term Incentive
and  Share  Award  Program  to  increase by 109,000 (27,250 if the reverse stock
split  is  completed)  the  number of shares available for grant under the Plan.

     For:   1,464,492          Against:       529,660
    Abstain:  187,941          Broker  Non-Vote:  0

                                           - 14 -


Item  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS  (cont.)


4.     To  ratify  the  appointment  of  Grant  Thornton  LLP  as  the Company's
independent  auditors  for  the  fiscal  year  ending  May  31,  2001.

     For:   1,929,677          Against:        70,556
    Abstain:  181,860          Broker  Non-Vote:  0


Item  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K




(a)     Exhibits
        --------

 EXHIBIT
 NUMBER  DESCRIPTION                PAGE NUMBER OR METHOD OF FILING
                              

 2.4     Credit                    Incorporated by reference to Exhibit 2.4 to
         Agreement                 Amendment   No.  2  to  the  Company's  Registration
         between BNY               Statement on Form S-4 filed on August 29, 1996 (File
         Financial                 No. 333-08065).
         Corporation
         and       the
         Registrant
         (the  "Credit
         Agreement").

 2.5     First
         Amendment,                Incorporated by Reference.
         Waiver and Agreement,
         dated as of March 24,
         1997, between BNY Financial
         Corporation and the
         Registrant and related
         to the Credit Agreement.

 2.6     Second                    Incorporated by Reference.
         Amendment and Agreement,
         dated as of September  9,
         1997, between BNY Financial
         Corporation and the Registrant
         and related to the Credit
         Agreement.

 2.7     Third
         Amendment and              Incorporated by Reference.
         Agreement, dated as of
         October 15, 1997, between
         BNY Financial Corporation
         and the Registrant
         and related to the Credit
         Agreement.

 2.8     Fourth
         Amendment and              Incorporated by Reference.
         Agreement, dated as of
         February 2, 1998, between
         BNY Financial Corporation
         and the Registrant and
         related to the Credit
         Agreement.

 2.9     Fifth
         Amendment,                  Incorporated by Reference.
         dated as of July 16, 1998,
         between BNY Financial
         Corporation and the
         Registrant and related
         to the Credit Agreement.

 2.10    Sixth
         Amendment,                  Incorporated by Reference
         dated  as  of May 30, 1998,
         between   BNY Financial
         Corporation and the
         Registrant and related
         to the Credit Agreement.

 2.11    Seventh
         Amendment,                   Incorporated by Reference.
         dated  as of October   28,
         1998, between BNY Financial
         Corporation and the Registrant
         and   related to the Credit
         Agreement.

                        - 15 -


 EXHIBIT
 NUMBER  DESCRIPTION                PAGE NUMBER OR METHOD OF FILING

 2.12    Eight
         Amendment and Agreement      Incorporated by Reference.
         dated  as of December   8,
         1998, by and among BNY
         Financial Corporation and
         the Registrant and related
         to the Credit Agreement.

 2.13    Ninth
         Amendment and Agreement      Incorporated by Reference.
         dated  as of July 1,
         1999, by and between the
         Registered and BNY Factoring
         LLC, as successor in interest
         to BNY Financial Corporation and
         related to the Credit Agreement.

 2.14    Tenth
         Amendment and Agreement      Incorporated by Reference.
         dated  as of November 17,
         1999, by and between the
         Registered and GMAC Commercial
         Credit LLC, as successor in interest
         By merger to BNY Financial Corporation
         And related to the Credit Agreement.

2.15     Eleventh
         Amendment, Waiver and        Incorporated by Reference.
         Agreement dated as of
         January 5, 2001, by and between the
         Registered and GMAC Commercial
         Credit LLC, as successor in interest
         By merger to BNY Financial Corporation
         And related to the Credit Agreement.

 3.1     Amended   and                Incorporated  by  reference  to  Exhibit  3.1 to the
         Restated                     Company's  Annual Report on Form 10-K for the fiscal
         Certificate                  year ended May 31, 1996 (the "1996 Form 10-K").
         of
         Incorporation
         of        the
         Registrant.

 3.2     Restated  and                Incorporated by reference to Exhibit 3.2 to the 1996
         Amended                      Form 10-K.
         Bylaws of the
         Registrant.

 4.1     Specimen                     Incorporated by reference to Exhibit 4.1 to the 1996
         Common  Stock                Form 10-K.
         Certificate.

 10.1.1  Employment                   Incorporated  by  reference to Exhibit 10.1.1 to the
         Agreement,                   1996 Form 10-K
         dated  as  of
         December   1,
         1995, between
         the
         Registrant
         and   Alexius
         A. Dyer  III,
         as amended on
         October    3,
         1996.

 10.1.2  Employment                  Incorporated  by  reference to Exhibit 10.1.2 to the
         Agreement                   Company's  Quarterly  Report  for  the quarter ended
         dated  as  of               February 28, 1997.
         October    3,
         1996, between
         the
         Registrant
         and    George
         Murnane III.

 10.2.1  1996    Long-               Incorporated by reference to Appendix B to the Proxy
         Term                        Statement/Prospectus   included   in  the  Company's
         Incentive and               Registration    Statement    on   Form   S-4   (File
         Share   Award No.           333-08065), filed on July 12, 1996.
         Plan.

                                 - 16 -

 EXHIBIT
 NUMBER  DESCRIPTION                PAGE NUMBER OR METHOD OF FILING

 10.2.2  401(k) Plan.                Incorporated  by  reference  to  Exhibit 10-H to the
                                     Company's Annual Report on Form 10-K  for the fiscal
                                     year ended May 31, 1992 (the "1992 Form 10-K").

 10.2.3  Bonus Plan.                 Incorporated  by  reference to Exhibit 10.2.4 to the
                                     1992 Form 10-K.

 10.2.4  Cafeteria                   Incorporated  by  reference to Exhibit 10.2.5 of the
         Plan.                       Company's  Annual Report on Form 10-K for the fiscal
                                     year ended May 31, 1993.

 10.2.5  Form                        of Incorporated  by  reference to Exhibit 10.2.5 to the
         Option                      1996 Form 10-K.
         Certificate
         (Employee
         Non-Qualified
         Stock
         Option).

 10.2.6  Form of                     Incorporated  by  reference to Exhibit 10.2.6 to the
         Option                      1996 Form 10-K.
         Certificate
         (Director
         Non-Qualified
         Stock
         Option).

 10.2.7  Form of                     Incorporated  by  reference to Exhibit 10.2.7 to the
         Option                      1996 Form 10-K.
         Certificate
         (Incentive
         Stock
         Option).

 10.14   Commission                  Incorporated  by  reference  to Exhibit 10.14 to the
         Agreement                   1996 Form 10-K.
         Dated
         December 1,
         1995  between
         the
         Registrant
         and      J.M.
         Associates,
         Inc.

 10.15   Operating                   Incorporated  by  reference  to Exhibit 10.14 to the
         Air41    LLC,               Exhibit 10.15 to the 1999 Form 10-K
         dated as of
         September 9,
         1998,  by and
         between
         AirCorp, Inc.
         and the
         Company

 10.16   Office  Lease                Incorporated  by  reference  to Exhibit 10.17 to the
         Agreement                    1997 Form 10-K.
         dated January
         31,      1997
         between   the
         Registrant
         and     Globe
         Corporate
         Center,    as
         amended.

 10.17   Lease                        Incorporated  by  reference  to Exhibit 10.18 to the
         Agreement                    1997 Form 10-K.
         dated   March
         31,      1997
         between   the
         Registrant
         and  Port 95-
         4, Ltd.

 10.18   Securities Purchase           Filed herewith
         Agreement, dated September,
         18, 2000, among Diamond
         Aviation, Inc., the Registrant
         And the purchasers named therein.

 10.19   Stockholders Agreement, dated
         September 18, 2000, among
         Diamond Aviation, Inc., and
         The stockholders therof.

 27      Financial                    Filed herewith.
         Data
         Schedule.



                       - 17 -


          (b)     Reports  on  Form  8-K
                  ----------------------

     None


                        - 18 -


INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.  AND  SUBSIDIARIES

                                   SIGNATURES


Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.


INTERNATIONAL  AIRLINE  SUPPORT  GROUP,  INC.
- --------------------------------------------
            (Registrant)



/s/James  M.  Isaacson                   January  16,  2001
- ----------------------                   ------------------
James  M.  Isaacson                            Date
Chief  Financial  Officer

                              - 19 -