<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


    For Quarterly Period Ended March 31, 1997 Commission File Number 0-21068
                               --------------                        -------
         
                           SIGHT RESOURCE CORPORATION

--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

            Delaware                                      04-3181524
--------------------------------------------------------------------------------
  (State or other jurisdiction of                       (I.R.S. Employer 
  incorporation or organization)                        Identification No.)

                             67 South Bedford Street
                              Burlington, MA 01803
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                  617-229-1100
   --------------------------------------------------------------------------
                           (Issuer's telephone number)

                                       N/A
--------------------------------------------------------------------------------
         (Former name, former address and former fiscal year, if changed
                             since the last report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter period that the issuer 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:
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

On April 28, 1997, 8,618,704 shares of common stock, par value $0.01 per share,
were outstanding.

                                             TOTAL PAGES                   13
                                             EXHIBIT INDEX AT PAGE         12



<PAGE>   2





<TABLE>
                           SIGHT RESOURCE CORPORATION
                                      INDEX

<CAPTION>


PART I. FINANCIAL INFORMATION                                                    PAGE
                                                                                 ----
<S>         <C>                                                                  <C> 
   Item 1   Financial Statements

            Consolidated Balance Sheets as of March 31, 1997 and
            December 31, 1996                                                     3

            Consolidated Statements of Operations for the Three
            Months Ended March 31, 1997 and 1996                                  4

            Consolidated Statements of Cash Flows for the Three
            Months Ended March 31, 1997 and 1996                                  5

            Notes to Consolidated Financial Statements                            6


   Item 2   Management's Discussion and Analysis of Financial Condition and
             Results of Operations                                                9

<CAPTION>
PART II. OTHER  INFORMATION

   Item 6   Exhibits and Reports on Form 8-K                                     12

            Signatures                                                           13
</TABLE>


                                       2
<PAGE>   3


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements


<TABLE>
                                         SIGHT RESOURCE CORPORATION
                                         Consolidated Balance Sheets
                              (In thousands, except share and per share data)

<CAPTION>
                                                                      March 31,         December 31,
                                                                        1997                1996
                                                                      --------          ------------
<S>                                                                   <C>                <C>     
ASSETS
Current assets:
   Cash and cash equivalents                                          $  8,252           $  9,924
   Accounts receivable, net of allowance
     of $381 and $353, respectively                                      1,875              1,405
   Inventories                                                           2,395              2,489
   Prepaid expenses and other current assets                               967                286
   Assets held for sale                                                    360                458
                                                                      --------           --------
      Total current assets                                              13,849             14,562
                                                                      --------           --------

Property and equipment                                                   6,470              6,030
Less accumulated depreciation                                           (1,414)            (1,095)
                                                                      --------           --------

      Net property and equipment                                         5,056              4,935
                                                                      --------           --------

Other assets:
   Intangible assets, net                                               11,604             11,768
   Other assets                                                            847                165
                                                                      --------           --------
     Total other assets                                                 12,451             11,933
                                                                      --------           --------
                                                                      $ 31,356           $ 31,430
                                                                      ========           ========

LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
   Revolving note payable                                             $  1,475           $    475
   Current portion of long term debt                                     1,400                800
   Accounts payable                                                      1,384              1,843
   Accrued expenses                                                      4,395              3,670
                                                                      --------           --------
      Total current liabilities                                          8,654              6,788
                                                                      --------           --------

Non-current liabilities:
   Long term debt, less current maturities                                 ---              1,600
   Other liabilities                                                       280                276
                                                                      --------           --------
     Non-current liabilities                                               280              1,876
                                                                      --------           --------

Stockholders' equity:
   Preferred Stock, $.01 par value.  Authorized 5,000,000
     shares; no shares issued and outstanding                              ---                ---
   Common Stock, $.01 par value.  Authorized 20,000,000
     shares; issued 8,648,768 at March 31, 1997
     and December 31, 1996.                                                 86                 86
   Additional paid-in capital                                           37,690             37,510
   Common stock issuable, 71,181 shares at March 31,
      1997 and December 31, 1996                                           432                432
   Treasury stock at cost
         (shares at March 31, 1997: 30,600)                               (137)               ---
   Accumulated deficit                                                 (15,649)           (15,262)
                                                                      --------           --------
      Total stockholders' equity                                        22,422             22,766
                                                                      --------           --------
                                                                      $ 31,356           $ 31,430
                                                                      ========           ========
</TABLE>
See accompanying notes to consolidated financial statements.

                                       3
<PAGE>   4




                           SIGHT RESOURCE CORPORATION
<TABLE>
                      Consolidated Statements of Operations
                      (In thousands, except per share data)

<CAPTION>


                                                          Three Months Ended
                                                      March 31,         March 31,
                                                        1997               1996
                                                      ---------------------------


<S>                                                   <C>               <C>     
Net revenue                                           $10,440           $ 5,660

Cost of revenue                                         3,849             2,262
                                                      -------           -------

   Gross profit                                         6,591             3,398

Selling, general and administrative expenses            7,000             4,082
                                                      -------           -------

Loss from operations                                     (409)             (684)
                                                      -------           -------

Other income (expense)
   Interest income                                        102                94
   Interest expense                                       (80)              (58)
                                                      -------           -------
     Total other income (expense)                          22                36
                                                      -------           -------

Net loss                                                ($387)            ($648)
                                                      =======           =======



Net loss per common share                              ($0.04)           ($0.10)
                                                      =======           =======

Weighted average number of common
  shares outstanding                                    8,638             6,347
                                                      =======           =======
</TABLE>


See accompanying notes to consolidated financial statements.

                                       4
<PAGE>   5



<TABLE>

                                            SIGHT RESOURCE CORPORATION
                                       Consolidated Statements of Cash Flows
                                                  (In thousands)
        
<CAPTION>
                                                                       Three Months Ended
                                                              March 31, 1997        March 31, 1996
                                                            -------------------   -------------------

<S>                                                                 <C>                  <C>   
Operating activities:
   Net loss                                                         ($387)               ($648)
   Adjustments to reconcile net loss to net cash                              
         used in operating activities:                                        
      Depreciation and amortization                                   483                  435
      Changes in operating assets and liabilities:                            
         Accounts receivable                                         (470)                (378)
         Inventories                                                   94                 (114)
         Prepaid  expenses and other current assets                  (681)                (373)
         Accounts payable and accrued expenses                        266                 (399)
                                                                  -------              -------
             Net cash used in operating activities                   (695)              (1,477)
                                                                  -------              -------
                                                                              
Investing activities:                                                         
   Purchases of property and equipment                               (440)                (229)
   Proceeds from sale of assets                                        98                  376
   Other assets                                                      (502)                 (37)
                                                                  -------              -------
         Net cash provided by(used in) investing activities          (844)                 110
                                                                  -------              -------
                                                                              
Financing activities:                                                         
   Principal payments on long term debt                               ---                 (100)
   Other liabilities                                                    4                   10
   Net proceeds from exercise of  warrants                            ---                    1
   Purchase of common stock for treasury                             (137)                 ---
                                                                  -------              -------
            Net cash used in  financing activities                   (133)                 (89)
                                                                  -------              -------
                                                                              
Net (decrease) in cash and cash equivalents                        (1,672)              (1,456)
                                                                              
Cash and cash equivalents, beginning of period                      9,924                8,035
                                                                  -------              -------
                                                                              
Cash and cash equivalents, end of period                          $ 8,252                6,579
                                                                  =======              =======
Supplemental Disclosure:                                                      
   Interest paid                                                  $   102              $    44
                                                                  =======              =======
   Equity issued associated with                                              
      credit agreement                                            $   180                  ---
                                                                  =======              =======
                                                                           
</TABLE>


See accompanying notes to consolidated financial statements.


                                       5
<PAGE>   6






                           SIGHT RESOURCE CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(1)  THE COMPANY
     (a)  Nature of Business 
          The business of Sight Resource Corporation is to participate in the
          delivery of a complete range of eye care products and services through
          integrated networks of opticians, optometrists and ophthalmologists.

     (b)  US Acquisitions
          During 1995, the Company acquired two primary eye care chains,
          effective January 1, 1995 and July 1, 1995, respectively. The
          aggregate purchase price paid in connection with the acquisitions
          consisted of (i) $2,660 in cash, (ii) 555,525 shares of common stock,
          (iii) the assumption of approximately $1,600 of net liabilities, and
          (iv) $660 payable over a 3 year period and $250 payable over 18
          months, contingent upon the occurrence of certain future events. The
          transactions were accounted for using the purchase method of
          accounting.

          Effective July 1, 1996, the Company purchased certain assets and
          assumed certain liabilities of The E.B. Brown Optical Company and
          Brown Optical Laboratories, Inc. as well as entered into a merger with
          E.B. Brown Opticians, Inc. (together "EB Brown") for approximately
          $4,000 in cash, 521,997 shares of common stock issued, 71,181 shares
          of common stock to be issued and $1,400 in notes payable over an
          eighteen month period. EB Brown operates forty-two eye care centers
          located throughout Ohio and western Pennsylvania which provide
          optometric and audiology goods and services to persons with vision and
          hearing disorders. The transaction was accounted for using the
          purchase method of accounting.

          The results of operations of the three acquisitions have been included
          in the consolidated financial statements from their respective dates
          of acquisition. The excess of the purchase price and expenses
          associated with each acquisition over the estimated fair value of the
          net assets acquired has been recorded as goodwill.

(2)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
     (a)  Basis of Presentation
          The accompanying consolidated financial statements have been prepared
          by the Company without audit, pursuant to the rules and regulations of
          the Securities and Exchange Commission. In the opinion of the Company,
          these consolidated financial statements contain all adjustments
          (consisting of only normal, recurring adjustments) necessary to
          present fairly the financial position of Sight Resource Corporation as
          of March 31, 1997 and the results of its operations and cash flows for
          the three months ended March 31, 1997 and 1996.

          The accompanying consolidated financial statements and related notes
          should be read in conjunction with the audited consolidated financial
          statements which are contained in the Company's Annual Report on Form
          10-K for the year ended December 31, 1996.

     (b)  Principles of Consolidation
          The accompanying consolidated financial statements include the
          accounts of the Company, its wholly-owned subsidiaries and entities in
          which the Company's subsidiaries assume the financial risks and
          rewards of such entities through a management contract. The Company

                                       6

<PAGE>   7

                           SIGHT RESOURCE CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)



          has no direct equity ownership in the management service
          organizations. All significant intercompany balances and transactions
          have been eliminated.

          In preparation of these consolidated financial statements in
          conformity with generally accepted accounting principles, management
          of the Company has made estimates and assumptions that affect the
          reported amounts of assets and liabilities, such as accounts
          receivable, inventory impairment of property and equipment and
          intangibles. Actual results could differ from those estimates.

     (c)  Revenue Recognition
          Under existing revenue sharing arrangements for refractive surgery
          where the Company is not responsible for patient billing, the Company
          receives a specified payment from the hospital or center for each
          refractive surgical procedure performed. Accordingly, the Company
          recognizes revenue on a per procedure basis at the time procedures are
          performed. Under existing revenue-sharing arrangements for refractive
          surgery where the Company is responsible for the collection from the
          patient and payment to the ophthalmologist and other operating costs,
          the total patient charge is recorded as revenue with the corresponding
          expenses recorded in cost of revenue.

          Revenue and the related costs from the sale of eyewear are recognized
          at the time an order is placed. Revenue is reported net of contractual
          allowances.

     (d)  Inventories
          Inventories primarily consist of the costs of eyeglass frames, contact
          lenses, ophthalmic lenses, sunglasses and other optical products and
          are valued at the lower of cost (using the first-in, first-out method)
          or market.

     (e)  Property and Equipment
          Property and equipment is stated at cost. The Company provides for
          depreciation at the time the property and equipment is placed in
          service. The straight-line method is used over the estimated useful
          life of the assets.

     (f)  Intangible Assets
          Intangible assets resulting from business acquisitions consist of
          customer lists, trademarks, non-compete agreements and the excess cost
          of the acquisition over the fair value of the net assets acquired
          (goodwill). Certain values assigned are based upon independent
          appraisals and are amortized on a straight line basis over a period of
          five to twenty-five years. The Company assesses the recoverability of
          unamortized intangible assets on an ongoing basis by comparing
          anticipated operating profits and future, undiscounted cash flows to
          net book value.

     (g)  Deferred Revenue
          The Company recognizes revenue from the sales of its contact lens
          purchasing program over the life of the program.

                                       7
<PAGE>   8



                           SIGHT RESOURCE CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


     (h)  Net Loss Per Share
          Net loss per share of common stock is based on the weighted average
          number of common shares outstanding. Common stock equivalents are not
          included in the calculation because they are antidilutive.

(3)  DEBT
<TABLE>
     Debt is as follows:
<CAPTION>

                                                                        MARCH 31,      DECEMBER 31,
                                                                             1997              1996
                                                                             ----              ----
       <S>                                                               <C>                <C>
       Bank term loan secured by all assets of one of the Company's
       subsidiaries                                                      $    -             $1,000

       Unsecured notes payable, 7% interest rate, $400 due on
       September 18, 1997 and $1,000 due on March 18, 1998; due on 
       demand if the Company's cash balance is less than $2,800           1,400              1,400
                                                                         ------             ------
                                                                          1,400              2,400

       Less current maturities                                            1,400                800
                                                                         ------             ------
       Long term debt, less current maturities                              $ 0             $1,600
                                                                         ======             ======

</TABLE>

At December 31, 1996, the Company had available a revolving credit facility in
the amount of $500 based on eligible accounts receivable and inventory balances.
As of December 31, 1996, $25 was unused.

On February 20, 1997, the Company entered into a Credit Agreement (the
"Agreement") with a bank pursuant to which the Company can borrow $5,000 on a
term loan basis and $5,000 on a revolving credit basis, subject to certain
performance criteria. These loans are secured by all assets of the Company and
its wholly owned subsidiaries. As of March 31, 1997, the entire term loan was
unused and $1,475 is outstanding on the revolving note. The revolving note bears
interest at the bank's prime rate plus 1.25% (9.75% at March 31, 1997). As part
of the Agreement, the Company issued to the bank warrants to purchase 150,000
shares of the common stock at a purchase price of $4.625 per share. The warrants
expire December 31, 2003.



                                       8

<PAGE>   9



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


"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
     Statements contained in this document which are not historical fact are
forward-looking statements based upon management's current expectations that are
subject to risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking statements.
These risks are described in the Company's Form 10K for the fiscal year ended
December 31, 1996 filed with the Securities and Exchange Commission.

OVERVIEW

The Company provides a complete range of eye care products and services through
integrated networks of opticians, optometrists and ophthalmologists. The
Company's services are provided primarily to persons with common vision
disorders, as well as to persons with sight-threatening conditions. The
Company's operations currently consist of 72 eye care centers, a centralized
optical laboratory and distribution center, two management service organizations
("MSOs") and ten laser vision correction ("LVC") centers which the Company has
established in association with leading hospitals, ambulatory surgery centers
and ophthalmologists.

The Company's objective is to become the leading integrated provider of eye care
products and services in select, regional markets. To develop significant
regional integrated networks, the Company's business strategy focuses on (i)
acquiring and integrating the assets of regional multi-site eye care centers and
the practices of eye care professionals (optometrists and ophthalmologists),
(ii) employing or entering into management services contracts with these
professionals, (iii) continuing to market comprehensive and competitively priced
eye care programs to leading HMOs, insurance companies and other third party
payors in the Company's regional markets, (iv) expanding strategic affiliations,
for pathology co-management opportunities, with select hospitals, ambulatory
surgery centers and eye care professionals and (v) continuing to market and
provide access to LVC services through the Company's eye care centers.

The Company believes that its integrated approach to eye care provides
significant advantages, benefits and opportunities to patients, providers and
payors. Patients benefit from the convenience of eye care products and services
delivered at a single location. Eye care professionals benefit from the
supplemental management and administrative services and resources provided by
the Company, permitting them to continue to dedicate their time and effort to
their patients and professional practices. Payors benefit from the Company's
ability to conveniently provide a complete range of eye care products and
services with the highest quality at the lowest cost.

                                       9
<PAGE>   10




RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 1997 AND 1996
NET REVENUE. The Company generated net revenue of approximately $10.4 million
during the three months ended March 31, 1997, from the operation of its 72 eye
care centers and ten laser vision correction centers as compared to net revenue
of approximately $5.7 million from its 29 eye care centers and six laser vision
correction centers for the same period in 1996. Of the $4.7 million, or 82.5%,
increase in net revenue, approximately $3.9 million relates to the additional
forty-two eye care centers acquired effective July 1, 1996. The remaining
increase is due to increases in laser vision correction services and revenue
generated in existing eye care centers.

COST OF REVENUE. Cost of revenue increased from approximately $2.3 million for
the three months ended March 31, 1996 to approximately $3.9 million for the
three months ended March 31, 1997. Cost of revenue as a percent of net revenue
decreased from 40.0% for the three months ended March 31, 1996 to 36.9% for the
three months ended March 31, 1997. The decrease as a percentage of net revenue
is attributable to reduced depreciation on ophthalmic equipment after the write
down due to the asset impairment recognized in the fourth quarter of 1996, as
well as manufacturing efficiencies realized at the Company's central lab. Cost
of revenue for the three months ended March 31, 1997 and 1996 principally
consisted of (i) the cost of manufacturing, purchasing and distributing optical
products to its customers and (ii) the cost of delivering laser vision
correction services, including depreciation and maintenance on excimer lasers.

SELLING, GENERAL AND ADMINISTRATION EXPENSES. Selling, general and
administration expenses were approximately $7.0 million for the three months
ended March 31, 1997 as compared to approximately $4.1 million for the three
months ended March 31, 1996. The increase primarily relates to payroll and
facility costs incurred in operating additional eye care centers in the first
quarter of fiscal 1997 as compared to the first quarter of fiscal 1996. Selling,
general and administrative expenses, as a percentage of net revenue, declined
from 72.1% in 1996 to 67.0% in 1997. This decrease is primarily a result of
operating efficiencies which the Company began to realize from the acquisition
and expansion of multi-site eye care centers.

OTHER INCOME AND EXPENSES. Interest income totaled $102,000 for the three months
ended March 31, 1997 as compared to $94,000 for the three months ended March 31,
1996. This increase resulted from the investment of a higher average cash
balance during the first quarter of 1997 as compared to the same period in 1996.
Interest expense totaled $80,000 for the three months ended March 31, 1997 as
compared to $58,000 for the three months ended March 31, 1996. The increase is
associated with a higher average balance of debt outstanding in the first
quarter of 1997 as compared to the same period in prior year.

NET LOSS. The Company realized a net loss of $387,000 ($0.04 per share) for the
three months ended March 31, 1997, as compared to $648,000 ($0.10 per share) for
the three months ended March 31, 1996.


                                       10
<PAGE>   11



LIQUIDITY AND CAPITAL RESOURCES

At March 31, 1997, the Company had approximately $8.3 million in cash and cash
equivalents and working capital of approximately $5.2 million in comparison to
approximately $9.9 million in cash and cash equivalents and working capital of
approximately $7.8 million as of December 31, 1996. The decrease in working
capital is mainly due to debt becoming current as of March 31, 1997.

<TABLE>

As of March 31, 1997, the Company had securities outstanding which provide it
with potential sources of financing as outlined below:
<CAPTION>

Securities                                                                                Potential 
                                                                                           proceeds
--------------------------------------------------------------                          -----------
<S>                                                 <C>                                 <C>        
Warrants                                            2,472,100                           $14,800,000
Class A Warrants                                       85,000                               500,000
Unit Purchase Options                                 215,000                             3,700,000
IPO Representative Warrants                            85,000                             1,300,000
Creditanstalt Warrants                                150,000                               694,000
Representative Warrants                               170,000                             1,400,000
                                                                                        -----------
                                                                                        $22,394,000
                                                                                        ===========
</TABLE>

There can be no assurance that the Company will obtain any such proceeds from
the exercise of the above securities.

On February 20, 1997, the Company entered into a Credit Agreement (the
"Agreement") with a bank pursuant to which the Company can borrow $5 million on
a term loan basis and $5 million on a revolving credit basis, subject to certain
performance criteria. These loans are secured by all assets of the Company and
its wholly owned subsidiaries. Amounts borrowed under the Agreement will be used
to finance future acquisitions, provide ongoing working capital and for other
general corporate purposes. In addition, the Company refinanced existing bank
debt using the revolving credit facility. As part of the Agreement, the Company
issued to the bank warrants to purchase 150,000 shares of the common stock at a
purchase price of $4.625 per share. The warrants expire December 31, 2003.

The Company anticipates that its working capital and sources of capital, such as
the new credit facility, will be adequate to fund the Company's currently
proposed activities for at least the next twelve months. The Company anticipates
using financing vehicles such as bank debt and other sources of funding, such as
additional equity offerings, to achieve its business plan, including the
acquisition of multi-site eye care centers. By acquiring multi-site eye care
centers, the Company gain a critical mass of locations ensuring that potential
patients and third party payors will have convenient access to a wider variety
of eye care services. It also allows the Company to deliver these services at
considerable savings by using existing corporate and operational infrastructure,
which includes store operations, MIS, manufacturing, purchasing, distribution
and training. The Company is currently evaluating potential acquisition
candidates. Without additional funding, the Company's rate of acquisition and
size of acquisition could be limited.


                                       11
<PAGE>   12



PART II.  OTHER INFORMATION


 Item 6   EXHIBITS AND REPORTS ON FORM 8-K
          
          a. Exhibits furnished as Exhibits hereto:
          10.1 Amendment No. 1 to Employment Agreement dated January 2, 1997,
               among Cambridge Eye Associates, Inc., Sight Resource Corporation
               and Elliot S. Weinstock, O.D.


          b. On March 7, 1997, the Company filed a Form 8-K related to the
          Credit Agreement, dated February 20, 1997, between the Company and
          Creditanstalt Corporate Finance Corporation, Inc.



                                       12
<PAGE>   13




SIGNATURES

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

                                    Sight Resource Corporation




Date: May 5, 1997                   /S/  WILLIAM G. MCLENDON
      -----------                   ------------------------
                                    William G. McLendon
                                    Chief Executive Officer and President
                                    (principal executive officer)




Date: May 5, 1997                   /S/  ALAN MACDONALD
      -----------                   ------------------------
                                    Alan MacDonald
                                    Vice President, Finance and Administration
                                    (principal financial and accounting
                                    officer)


                                       13