<PAGE>   1
         U.S. Securities and Exchange Commission, Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended October 31, 1997

          [ ] 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 2-87778A

                      THE FLIGHT INTERNATIONAL GROUP, INC.
        (Exact name of small business issuer as specified in its charter)

              Georgia                                 58-1476225
          (State or other jurisdiction               (I.R.S. Employer
          of incorporation or organization)          Identification No.)

     Newport News/Williamsburg International Airport, Newport News, VA 23602
                    (Address of principal executive offices)

                                 (757) 886-5500
                            Issuer's telephone number


   (Former name, former address and former fiscal year, if changed since last
                                    report)

        Check whether the issuer (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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
 .

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

        Check whether the issuer has filed all documents and reports required to
be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution
of securities under a plan confirmed by a court. Yes No X

                      APPLICABLE ONLY TO CORPORATE ISSUERS

        State the number of shares outstanding of each of the issuer's class of
common equity, as of the latest practicable date: As of October 31, 1997, there
were 1,013,976 shares of the issuer's New Common Stock, par value $.01 per
share, issued and outstanding.

Transitional Small Business Disclosure Format [check one]:Yes No X


<PAGE>   2



                                     PART 1
                              FINANCIAL INFORMATION

                     ITEM 1. CONDENSED FINANCIAL STATEMENTS


        The Flight International Group, Inc. (the "Company") files herewith
condensed consolidated balance sheets of the Company and its subsidiaries as of
October 31, 1997 (unaudited) and April 30, 1997 (the Company's most recent
fiscal year), unaudited condensed consolidated statements of operations for the
three months and six months ended October 31, 1997 and 1996, and unaudited
condensed consolidated statements of cash flows for the six months ended October
31, 1997 and 1996, together with unaudited condensed notes thereto. In the
opinion of management of the Company, the financial statements reflect all
adjustments, all of which are normal recurring adjustments, necessary to fairly
present the financial condition of the Company for the interim periods
presented. Operating results for any quarter are not necessarily indicative of
results for any future period. The financial statements included in this report
on Form 10-QSB should be read in conjunction with the audited financial
statements of the Company and the notes thereto included in the annual report of
the Company on Form 10-KSB for the year ended April 30, 1997.


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<PAGE>   3



THE FLIGHT INTERNATIONAL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS


<TABLE>
<CAPTION>
                                          October 31, 1997   April 30, 1997
                                             (Unaudited)
                                          ----------------   --------------
<S>                                       <C>                <C>        
CURRENT ASSETS
  Cash                                       $   182,983       $   231,111
  Accounts Receivable, net                     3,601,479         2,230,370
  Inventories                                  1,889,004         1,790,890
  Prepaid expenses, deposits and other         1,796,342         1,416,076
                                             -----------       -----------

Total current assets                           7,469,808         5,668,447

PROPERTY AND EQUIPMENT, NET                    4,151,521         4,266,598

OTHER ASSETS                                      27,293            28,323
                                             -----------       -----------


                                             $11,648,622       $ 9,963,368
                                             ===========       ===========
</TABLE>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.


<PAGE>   4


THE FLIGHT INTERNATIONAL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>
                                                        October 31, 1997     April 30, 1997
                                                          (Unaudited)
                                                        ----------------     --------------
<S>                                                     <C>                  <C>         
CURRENT LIABILITIES
  Accounts payable                                        $    651,913        $    326,406
  Deferred revenue                                             929,384             769,547
  Accrued expenses and other liabilities                     1,737,896           1,775,972
  Notes Payable                                                847,890                  --
  Long-term debt due currently                                 663,850             640,351
                                                          ------------        ------------

Total current liabilities                                    4,830,933           3,512,276

OTHER NON-CURRENT LIABILITIES                                  606,869             400,543
DEFERRED REVENUE                                               957,911           1,090,191
LONG-TERM DEBT, LESS CURRENT MATURITIES                      2,923,213           3,282,068
                                                          ------------        ------------

Total liabilities                                            9,318,926           8,285,078
                                                          ------------        ------------

STOCKHOLDERS' EQUITY
  Common stock, $.01 par value, 10,000,000 shares
      authorized,  1,013,976 issued and outstanding             10,140              10,140
  Additional paid in capital                                 1,009,386           1,009,386
  Treasury stock                                                (1,769)             (1,769)
  Retained Earnings                                          1,311,939             660,533
                                                          ------------        ------------

Total stockholders' equity                                   2,329,696           1,678,290


                                                          $ 11,648,622        $  9,963,368
                                                          ============        ============
</TABLE>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.


<PAGE>   5


THE FLIGHT INTERNATIONAL GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



<TABLE>
<CAPTION>
                                                 For the Three Months Ended                For the Six Months Ended
                                            October 31, 1997    October 31, 1996    October 31, 1997    October 31, 1996
                                            ------------------------------------    ------------------------------------
<S>                                         <C>                 <C>                 <C>                 <C>         
REVENUES                                      $  5,501,299        $  4,321,631        $ 11,680,151        $  9,066,457

OPERATING COSTS AND EXPENSES
  Costs of services                              4,593,121           3,408,174           9,504,722           6,894,441
  Gain on disposal of assets                       (18,167)            (18,167)            (36,334)            (36,334)
  Depreciation and amortization                    138,541             155,410             278,422             300,784
  General, corporate and administrative            556,287             486,261           1,090,695             980,699
                                              --------------------------------        --------------------------------

Total operating costs and expenses               5,269,782           4,031,678          10,837,505           8,139,590

INCOME BEFORE OTHER                                231,517             289,953             842,646             926,867
    EXPENSES

OTHER EXPENSES
  Interest expense                                  81,208              98,838             176,315             194,787
  Income tax                                         3,148                 267              14,925                 267
                                              --------------------------------        --------------------------------

Total other expenses                                84,356              99,105             191,240             195,054

NET INCOME                                    $    147,161        $    190,848        $    651,406        $    731,813
                                              ================================        ================================


NET INCOME PER COMMON SHARE                   $       0.15        $       0.19        $       0.64        $       0.73
                                              ================================        ================================

WEIGHTED AVERAGE NUMBER OF SHARES                1,013,976             998,976           1,013,976             998,976
                                              ================================        ================================
</TABLE>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.


<PAGE>   6


THE FLIGHT INTERNATIONAL GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



<TABLE>
<CAPTION>
                                                             For the Six Months Ended
                                                       October 31, 1997    October 31, 1996
                                                       ------------------------------------
<S>                                                    <C>                 <C>        
OPERATING ACTIVITIES
  Net income                                              $   651,406        $   731,813
  Adjustments to reconcile net income
   to net cash provided by (used in) operating
   activities
    Depreciation and amortization                             278,422            300,784
    Engine reserve                                            206,326             93,763
    Changes in operating assets and liabilities
      Accounts receivable                                  (1,371,109)        (1,718,090)
      Inventories                                             (98,114)          (280,605)
      Prepaid expenses                                       (380,266)          (294,279)
      Accounts payable                                        325,507            504,397
      Accrued expenses and other liabilities                 (244,402)           277,970
      Other non-current liabilities                           206,326                  0
      Deferred revenue                                         27,557           (142,722)
                                                          ------------------------------

Net cash provided by (used in) operating activities          (398,347)          (526,969)

INVESTING ACTIVITIES
  Sale (Purchase) of property and equipment                  (163,345)          (232,403)
  Net (increase) decrease in other assets                       1,030             (5,850)
                                                          ------------------------------

Net cash provided by (used in) investing activities          (162,315)          (238,253)

FINANCING ACTIVITIES
  Short Term Borrowing                                        847,890            261,849
  Issue of Common Stock                                             0                  0
  Repayment of long-term debt                                (335,356)          (355,765)
                                                          ------------------------------

Net cash provided by (used in) financing activities           512,534            (93,916)

NET (DECREASE) INCREASE IN CASH AND                           (48,128)          (859,138)
  CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                231,111          1,178,779

CASH AND CASH EQUIVALENTS, END OF PERIOD                  $   182,983        $   319,641
                                                          ==============================

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
                   Interest paid                              155,266            191,723
                   Income taxes paid                            3,148                267
</TABLE>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.


<PAGE>   7

                      THE FLIGHT INTERNATIONAL GROUP, INC.
                    NOTES TO UNAUDITED CONDENSED CONSOLIDATED
                              FINANCIAL STATEMENTS


1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        The Flight International Group, Inc. (the "Company") is an aviation
services company that performs military training services using specially
modified commercial aircraft, principally under contracts with the United States
Department of Defense, other government agencies and foreign countries. In
addition, the Company has established a market for training and testing in the
aerospace industry. The Company also operates a fixed base operation ("FBO") and
FAA licensed repair station at the Newport News/Williamsburg International
Airport.

        The consolidated financial statements include the accounts of the
Company and its wholly owned subsidiaries. All significant intercompany
transactions and balances have been eliminated.

        Net income/loss per common share is computed by dividing the income/loss
by the weighted average number of shares of common stock outstanding during the
period.

2.      NOTES PAYABLE

        On October 16, 1996, the Company entered into a Factoring Agreement (the
"Agreement") with Heller Small Business Finance, a division of Heller Financial,
Inc. ("Heller"). The Agreement granted Heller an assignment of the CAS-MOS
contract (see Item 2) accounts receivable and proceeds thereon as collateral for
a line of credit which is expected not to exceed $2,000,000. The term of the
Agreement is two years, with an option for the Company to terminate the
Agreement after one year, if the Company is able to obtain traditional bank
financing. Heller charges a discount fee of .8% of the invoice amount purchased
and an interest rate of prime plus 1% until the invoice is paid. The Heller
Agreement includes a minimum fee to Heller, inclusive of all interest charges,
of $60,000 per annum. The October 31, 1997 balance due Heller of $847,890 is
shown on the balance sheet as a Notes Payable under Current Liabilities.

        On August 28, 1997, Heller exited the small business factoring market
and sold, transferred and assigned the Agreement to Metro Factors, Inc.
("Metro"). All terms and conditions under the Agreement remained the same until
October 1, 1997, when Metro and the Company agreed to amend the terms. The
discount fee was lowered to .4% for funding periods of 1-30 days, with an
additional .1% for each 15 day period thereafter. The minimum fee is reduced to
$12,000 per annum. The term of the Agreement remains the same and the Company
still has a right to exit early, if it is able to obtain traditional bank
financing.

  3.    INCOME TAXES

        The Company has substantial net operating loss carry forwards available
to offset against current income. However, the Company shall be responsible for
certain taxes payable as a result of


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<PAGE>   8



the alternative minimum tax, and has made provisions for such taxes.

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

BACKGROUND AND GENERAL INFORMATION

        The Company is an aviation services company that performs military
training services using modified commercial aircraft, principally under contract
with the United States Department of Defense and other government agencies and
foreign countries. In addition, with the use of these aircraft, the Company has
established a market for training and testing in the aerospace industry. The
Company also operates a fixed base operation ("FBO") and FAA licensed repair
station at the Newport News/Williamsburg International Airport.

        The Company and several of its affiliates emerged from bankruptcy
protection in December 1994. In its first two full fiscal years since emerging
from bankruptcy, and in the period subsequent thereto, the Company has increased
revenue, obtained a major long-term contract described in the next paragraph,
and has generated positive net income (after extraordinary item in 1996) for the
years ended April 30, 1997 and 1996 and for the six months ended October 31,
1997.

        In August 1996, the Company was awarded a major new contract. The
Commercial Air Services - Military Operations Support (CAS-MOS) contract is a
derivative of the original government contract won by the Company in 1980 and
operated until September 1993. The new contract began on October 1, 1996 and
runs for one base year with four option years. The Navy has exercised the first
option year of the contract (Oct. 1, 1997 - Sept. 30, 1998). Total revenue
recognized from the CAS-MOS contract for the quarter ended October 31, 1997 was
approximately $3.1 million.

RESULTS OF OPERATIONS

        Revenue

        Total revenues for the three months ended October 31, 1997 and 1996 were
$5,501,299 and $4,321,631, respectively. The 27% increase in revenue is
primarily due to an increase in flight operations from the new CAS-MOS contract,
with additional NATO flying. Maintenance and FBO revenues also increased by 9%
and 10%, respectively.

        Revenue increased 29% for the six months ended October 31, 1997, due
principally to the CAS-MOS contract and increased NATO flying. Maintenance
operations, which accounted for 8% of total Company revenues, dropped 52% from
the prior year due to customer aircraft modifications completed in the first
quarter of the fiscal year ended April 30, 1997. FBO revenue, which accounted
for 8% of total revenue, increased by 13% for the six month period.


                                        8

<PAGE>   9




        Cost of Services

        Cost of services for the three months ended October 31, 1997 and 1996
were $4,593,121 and $3,408,174, respectively. For the six months ended October
31, 1997 and 1996, the cost of services was $9,504,722 and $6,894,441,
respectively. The 35% increase for the three months and the 38% increase for the
six months are principally due to the increased revenue as mentioned above.

        General Corporate and Administrative

        General corporate and administrative expenses for the three months ended
October 31, 1997 and 1996 were $556,287 and $486,261, respectively. For the six
months ended October 31, 1997 and 1996, general corporate and administrative
expenses were $1,090,695 and $980,699, respectively. The 14% increase in the
three month and 11% increase in the six month periods are principally due to
increased staffing needed to handle the increased revenues. Marketing expenses
also increased by 46% as a result of increased activity in that area.

        Interest

        Interest expense for the three months ended October 31, 1997 and 1996
was $81,208 and $98,838, respectively. For the six months ended October 31, 1997
and 1996, interest expense was $176,315 and $194,787, respectively. The 18% and
10% decreases in interest expense for the three month and six month periods
ended October 31, 1997 over the comparable prior year periods is principally due
to the scheduled pay off of long term debt.

        Net Income

        As a result of the foregoing, the Company's income for the three months
ended October 31, 1997 was $147,161, or $.15 per share of the Company's common
stock, compared with net income of $190,848, or $.19 per share for the three
months ended October 31, 1996. For the six months ended October 1997, the
Company's net income was $651,406, or $.64 per share, compared to $731,813, or
$.73 per share for the six months ended October 31, 1996. The weighted average
number of shares used in computing per share earnings for all periods was
1,013,976 for the fiscal year ended April 30, 1998 and 998,976 for the fiscal
year ended April 30, 1997.

        Liquidity and Capital Resources

        The Company has funded its operations primarily through cash flows from
operations and short term borrowing from the factoring agreement discussed
below. The Company's operating activities, primarily affected by the increase in
accounts receivable, used cash of $398,347 for the six months ended October 31,
1997, while using $526,969 in the comparable prior year period. The increase in
accounts receivable is a result of the increased sales volume and timing of
certain flight contracts. Prepaid expenses also increased by $300,000 primarily
due to an increase in pre-paid insurance and advance fuel purchases.


                                        9

<PAGE>   10



        On October 16, 1996, the Company entered into a Factoring Agreement (the
"Agreement") with Heller Small Business Finance, a division of Heller Financial,
Inc. ("Heller"). The Agreement granted Heller an assignment of the CAS-MOS
contract accounts receivable and proceeds thereon as collateral for a line of
credit which is expected not to exceed $2,000,000. The term of the Agreement is
two years, with an option for the Company to terminate the Agreement after one
year, if the Company is able to obtain traditional bank financing. Heller
charges a discount fee of .8% of the invoice amount purchased and an interest
rate of prime plus 1% until the invoice is paid. The Agreement included a
minimum fee to Heller, inclusive of all interest charges, of $60,000 per annum.
The October 31, 1997 balance due Heller of $847,890 is shown on the balance
sheet as a Notes Payable under Current Liabilities.

        On August 28, 1997, Heller exited the small business factoring market
and sold, transferred and assigned the Agreement to Metro Factors, Inc.
("Metro"). All terms and conditions under the Agreement remained the same until
October 1, 1997, when Metro and the Company agreed to amend the terms. The
discount fee was lowered to .4% for funding periods of 1-30 days, with an
additional .1% for each 15 day period thereafter. The minimum fee was reduced to
$12,000 per annum. The term of the Agreement remains the same and the Company
still has a right to terminate the Agreement prior to its expiration, if it is
able to obtain traditional bank financing.

        The Company operates in a capital intensive industry. Typically major
expenses are incurred in connection with the initiation of a new contract. These
costs can be reduced through leasing arrangements and advance payments from
customers, if these are obtainable. The Company believes that it will be able to
arrange through available means the financing of these initial contract costs
when necessary, although no assurance can be given.


                                       10

<PAGE>   11



                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings. To the best knowledge of the officers and directors,
        neither the Company nor any of its officers and directors are party to
        any legal proceeding or litigation. The officers and directors know of
        no such litigation being threatened or contemplated.


Item 2. Changes in Securities.  None.


Item 3. Defaults Upon Senior Securities.  None.


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

             (a) The Annual Shareholders Meeting of the Company was held on
October 21, 1997.

             (b) The following directors were elected or their term of office as
a director continued after the meeting:

                        David E. Sandlin, Wayne M. Richmon, John R. Bone, C.
                        Lofton Fouts, James N. Lingan and Vice Admiral Richard
                        M. Dunleavy

             (c) The following is a brief description of matters voted upon by
shareholders at the Annual Meeting and the results of the vote:

                      (i) Ratification of BDO Seidman as the Company's
             Independent Auditors for the Fiscal Year Ended April 30, 1998:
             Approved by majority vote of those shareholders present at the
             meeting in person or by proxy.

                      (ii) Election of Directors: Approved by a majority vote of
             those shareholders present at the meeting in person or by proxy.

Item 5. Other Information.  None.


Item 6. (a) Exhibits.

             Exhibit Number and Description

             10.1 Amended Pages to CAS-MOS Contract (as listed in Exhibit 10(l)
to the Company's Annual Report on Form 10-KSB for the year ended April 30, 1997.
Certain information on these pages was excluded from previous filings because of
its acceptance by the Securities and Exchange Commission for confidential
treatment. Such information is no longer subject to such confidential
treatment.)

             27.1 Financial Data Schedule

        (b) Reports on Form 8-K.  None.


                                       11

<PAGE>   12



                                   SIGNATURES

        In accordance with the requirements of the Exchange Act, the registrant
has caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


Dated: December 11, 1997                         THE FLIGHT INTERNATIONAL GROUP,
                                                 INC.

                                                 By: /s/ David E. Sandlin
                                                     ---------------------------
                                                     David E. Sandlin
                                                     Principal Executive Officer

                                                 By: /s/ Wayne M. Richmon
                                                     ---------------------------
                                                     Wayne M. Richmon
                                                     Principal Financial Officer


                                       12

<PAGE>   13



                                  EXHIBIT INDEX

10.1 Amended Pages to CAS-MOS Contract (as listed in Exhibit 10(l) to the
Company's Annual Report on Form 10-KSB for the year ended April 30, 1997.
Certain information on these pages was excluded from previous filings because of
its acceptance by the Securities and Exchange Commission for confidential
treatment. Such information is no longer subject to such confidential
treatment.)

27.1 Financial Data Schedule


                                       13