8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    Form 8-K


                Current Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934



       Date of Report (Date of earliest event reported): February 7, 2003

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                                 FIRSTMARK CORP.
             (Exact name of registrant as specified in its charter)



              Maine                      000-20806              01-0389195
 (State or other jurisdiction of        (Commission           (I.R.S. Employer
 incorporation or organization)         File Number)         Identification No.)

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                          1801 Libbie Avenue, Suite 201
                            Richmond, Virginia 23226
          (Address of principal executive offices, including zip code)

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       Registrant's telephone number, including area code: (804) 240-8297





Item 5. Other Events and Regulation FD Disclosure.

       On February 7, 2003, Firstmark Corp issued a news release with respect to
a restructuring of the company and other recent events. A copy of the news
release is attached hereto as Exhibit 99.1, and is incorporated into this Item 5
by this reference.

Item 7. Financial Statements and Exhibits.

         (a)  Financial statements of businesses acquired.

              Not applicable.

         (b)  Pro forma financial information.

              Not applicable.

         (c)  Exhibits.

              Exhibit 99.1   News release dated February 7, 2003.






                                   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.

                                     FIRSTMARK CORP.

                                     By:   /s/  H. William Coogan, Jr.
                                         ---------------------------------------
                                           H. William Coogan, Jr.
                                           President and Chief Executive Officer



February 7, 2003

EX-99.1

                                                                   Exhibit 99.1


Firstmark Corp Announces Major Restructuring as a Result of Ordering and
Industry Slowdown


News Release
February 7, 2003


RICHMOND, Va. - Firstmark Corp (OTC Bulletin Board: FIRM) announced on Friday
that orders for the products of Firstmark Aerospace Corp. ("FAC"), the Company's
aerospace manufacturing and repair subsidiary, pending on December 31, 2002
amounted to approximately $6 million which is 50% lower than orders pending on
December 31, 2001 of $12 million. Additionally, the Company expects that
revenues for 2003 will be approximately 40% lower than 2002 revenues of
approximately $20 million.

"The commercial aerospace industry continues to be adversely affected by the
dramatic and prolonged downturn in business that has followed the tragic events
of September 11, 2001," stated H. William Coogan, Jr., Firstmark's Chairman. "In
particular, significant cutbacks by first-tier commercial aerospace suppliers
have resulted in the reduction and/or stretch-outs in the production
requirements for certain of our aerospace subsidiary's products. In addition,
Firstmark Aerospace's major customer has reduced its 2003 order forecast by more
than 50% of 2002 orders as the major airlines continue to park airplanes and
experience grave financial problems, as evidenced by the bankruptcy of US Air
and United Airlines. These events have had a significant negative impact on
aerospace component suppliers like FAC."

Firstmark Corp. is unable to predict or quantify with certainty the effect that
these events will have on the future financial results of the Company. However,
industry analysts do not expect any significant improvements until 2004.

In an effort to respond to these significant and adverse developments, on
January 6, 2003, FAC implemented a major reorganization and downsizing plan. The
plan included a reduction in force from 106 full-time employees to 60 full-time
employees, after giving full effect to the downsizing that is a part of its
reorganization plan. The reorganization also involved significant management
changes, as well as redirection of sales and marketing efforts.

While the savings expected from the reorganization should be significant,
preliminary forecasts indicate that additional cost reductions will be required
if FAC is to achieve its objectives for fiscal 2003. Management is reviewing all
available alternatives to increase profit and cash, which include asset sales,
elimination of preferred dividends, and deregistering as a public company.

The Company also announced that effective February 6, 2003, the board of
directors of FAC terminated the employment of Alireza Ezami as President of FAC
for "cause," as defined in Mr. Ezami's employment and confidentiality agreement.
H. William Coogan, Jr., Chairman and



CEO of Firstmark Corp. has assumed day-to-day operating responsibility at FAC.
As of February 7, 2003, Mr. Ezami continues to be a director of Firstmark Corp.
and FAC.

Further, the Company anticipates having to make significant cash contributions
to the Durham Pension Plan, which the Company assumed as part of the acquisition
of the TES assets on July 9, 2002. The contributions, expected to total
approximately $500,000, are required as a result of the continued decline in the
stock market. None of the plan assets are invested in the stock of the Company
or its predecessor.

                                     * * * *

                           Forward-Looking Statements

This news release contains statements of a forward-looking nature relating to
the future events or the future financial results of Firstmark Corp. Investors
are cautioned that such statements are only predictions and that actual events
or results may differ materially. In evaluating such statements, investors
should specifically and carefully consider a number of factors, which could
cause actual events or results to differ materially from those indicated from
such forward-looking statements. Considerations should include the airline
industry in general, national and international events concerning the war on
terrorism and the Company's ability to achieve the efficiencies contemplated
from its restructuring plan.



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Contact:
H. William Coogan, Jr. (919) 956-4200