<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                    FORM 10-Q


                                QUARTERLY REPORT


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


                       FOR THE QUARTER ENDED APRIL 4, 1998



                                Hayes Corporation
                             A Delaware Corporation
                   IRS Employer Identification No. 52-1987873
                 5854 Peachtree Corners East, Norcross, GA 30092
                           Telephone - (770) 840-9200


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 and (2) has been subject to such filing requirements for
                               the past 90 days.


                                Yes  X         No
                                    ---           ---

                     Common Stock, par value $.01 per share
 The Company had 19,984,904 shares of its Common Stock outstanding on April 4,
                                     1998.



<PAGE>   2


                          PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>
<CAPTION>

                       HAYES CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except share data)

                                                                    April 4,      January 3,                                 
                                                                      1998           1998                                  
                                                                   ---------      ---------                                  
                                                                  (unaudited)                                
 ASSETS                                                                                            
 <S>                                                              <C>             <C>                                        
 CURRENT ASSETS                                                                                    
   Cash and cash equivalents                                       $   4,075      $  15,240                                  
   Restricted cash                                                        50            530                                  
   Accounts receivable, less allowance for doubtful                                                
    accounts and product returns of $5,999 and $4,241                 37,094         36,706                                  
   Receivables from related parties                                    1,948          2,705                                  
   Inventories, net                                                   38,080         32,250                                  
   Prepaid expenses and other current assets                           2,964          1,890                                  
                                                                   ---------      ---------                                  
      Total current assets                                            84,211         89,321                                  
   Property and equipment, net                                         9,049          9,436                                  
   Computer software costs, net                                          958            623                                  
   Intangibles and other long-term assets, net                        14,637         15,948                                  
                                                                   ---------      ---------                                  
      TOTAL ASSETS                                                 $ 108,855      $ 115,328                                  
                                                                   =========      =========                                  
                                                                                                   
 LIABILITIES AND STOCKHOLDERS' DEFICIT                                                             
                                                                                                   
 CURRENT LIABILITIES                                                                               
   Current debt                                                    $  13,121      $  11,363                                  
   Accounts payable                                                   18,764         23,462                                  
   Amounts due to related parties                                     11,626         15,029                                  
   Accrued liabilities                                                27,134         30,561                                  
   Income taxes payable                                                  321            295                                  
                                                                   ---------      ---------                                  
      Total current liabilities                                       70,966         80,710                                  
 Long-term debt, less current                                          7,736            580                                  
                                                                   ---------      ---------                                  
       TOTAL LIABILITIES                                              78,702         81,290                                  
                                                                                                   
 Redeemable preferred stock, series A, no par value,                                               
  authorized, issued and outstanding 1,217,931 shares                  5,455          5,455                              
 6% cumulative preferred stock                                        44,444         47,459                                  
                                                                                                   
 STOCKHOLDERS' DEFICIT                                                                             
    Common Stock, $.01 par value; authorized 100,000,000                                           
     shares; issued and outstanding 19,984,904 and                                                 
     19,497,882 shares                                                   198            193                                  
    Paid-in capital                                                   94,727         92,279                                  
    Accumulated deficit                                             (114,779)      (111,401)                                 
    Accumulated other comprehensive income                               108             53                                  
                                                                   ---------      ---------                                  
       TOTAL STOCKHOLDERS' DEFICIT                                   (19,746)       (18,876)                                 
                                                                   ---------      ---------                                  
 TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                       $ 108,855      $ 115,328                                  
                                                                   =========      =========                                  
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                        2


<PAGE>   3



                       HAYES CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   UNAUDITED
                     (in thousands, except per share data)

<TABLE>
<CAPTION>

                                                                   Three months ended
                                                                 April 4,        March 31,
                                                                ---------        ---------
                                                                   1998             1997
                                                                ---------        ---------
 <S>                                                            <C>              <C>      
 Net sales                                                      $  44,172        $  39,176
 Cost of sales                                                     33,043           29,219
                                                                ---------        ---------
  Gross profit                                                     11,129            9,957
                                                                ---------        ---------
 Operating expenses:
  Sales and marketing                                               7,255            7,859
  General and administrative                                        3,183            4,332
  Research and development                                          3,558            2,922
                                                                ---------        ---------
 Total operating expense                                           13,996           15,113
                                                                ---------        ---------
 Operating loss                                                    (2,867)          (5,156)
 Interest expense, net                                                459            1,023
 Other income (expense), net                                          (26)             832
                                                                ---------        ---------
  Loss before income tax expense                                   (3,352)          (5,347)
 Income tax expense                                                    26               12
                                                                ---------        ---------
  Net loss                                                      $  (3,378)       $  (5,359)
                                                                ---------        ---------

 Preferred stock dividend                                             638               --
                                                                ---------        ---------
 Loss applicable to common shareholders                         $  (4,016)       $  (5,359)
 Basic and diluted loss per common share                        $    (.20)       $    (.69)
                                                                =========        =========
 Weighted average number of common shares outstanding              19,743            7,701
                                                                =========        =========
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                       3



<PAGE>   4



                       HAYES CORPORATION AND SUBSIDIARIES
                CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   UNAUDITED
                                 (in thousands)

<TABLE>
<CAPTION>

                                                        Three Months Ended
                                                      April 4,      March 31,
                                                      --------      --------
                                                        1998          1997
                                                      --------      --------
 <S>                                                  <C>           <C>      
 CASH FLOWS FROM OPERATING ACTIVITIES
 Net loss                                             $ (3,378)     $ (5,359)
 Adjustments to reconcile net loss to net cash
  used in operating activities:
     Depreciation and amortization                       2,388         1,964
     Other                                                 (92)          493
 Changes in assets and liabilities:
     Accounts receivable                                   296        (5,572)
     Inventories                                        (5,665)       (9,098)
     Prepaid expenses and other current assets          (1,969)          144
     Accounts payable                                   (4,698)        1,832
     Amounts due to related parties                     (3,403)        2,932
     Accrued liabilities                                (3,425)       (1,926)
     Income taxes payable                                   26         1,527
     Other long-term liabilities                            --        (1,463)
                                                      --------      --------
      Total adjustments                                (16,542)       (9,167)
                                                      --------      --------
     Net cash used in operating activities             (19,920)      (14,526)
                                                      --------      --------
 CASH FLOWS FROM INVESTING ACTIVITIES
 Capital expenditures                                     (638)       (1,285)
 Other                                                     564           337
                                                      --------      --------
     Net cash used in investing activities                 (74)         (948)
                                                      --------      --------
 CASH FLOWS FROM FINANCING ACTIVITIES
 Payments on debt                                       (4,745)         (397)
 Proceeds from debt                                     13,659         8,300
 Issuance of convertible notes                            --           4,000
 Other                                                    (140)          263
                                                      --------      --------
     Net cash provided by financing activities           8,774        12,166
                                                      --------      --------
 Effect of exchange rate changes on cash                    55          (383)
                                                      --------      --------
 Net decrease in cash and cash equivalents             (11,165)       (3,691)
 Cash and cash equivalents at beginning of period       15,240         5,687
                                                      --------      --------
 Cash and cash equivalents at end of period           $  4,075      $  1,996
                                                      ========      ========
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                       4


<PAGE>   5



                      HAYES CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             For the three months
                              ended April 4, 1998
                                  (unaudited)

1. General

         On December 30, 1997, Hayes Corporation (the "Company" or "Hayes"),
formerly known as Access Beyond, Inc. ("Access Beyond"), completed a reverse
triangular merger (the "Merger") with Hayes Microcomputer Products, Inc.("Hayes
Microcomputer"). In the Merger, the Company issued 15,261,763 shares of Common
Stock and 1,217,931 shares of Series A Preferred Stock, after giving effect to a
one for three reverse stock split effected February 25, 1998 (the "reverse stock
split"). The stock issued in the transaction represented 79% of the outstanding
stock immediately after the Merger excluding the effect of warrants, stock
options and the 6% Cumulative Convertible Preferred Stock. Immediately following
the Merger, the Company changed its name to Hayes Corporation. Since the Hayes
Microcomputer shareholders received a substantial majority of the shares of
stock of the Company, the transaction is treated as a reverse acquisition of the
Company by Hayes Microcomputer for accounting purposes. As a result, the
historical financial statements of the surviving company for the periods prior
to the Merger are those of Hayes Microcomputer rather than those of Access
Beyond.

       The accompanying condensed consolidated financial statements, should be
read in conjunction with Form 10-K of Hayes Corporation and its wholly-owned
subsidiaries for the year ended January 3, 1998. The accompanying condensed
consolidated financial statements reflect all adjustments which are in the
opinion of management, necessary for a fair presentation of the Company's
consolidated financial position as of April 4, 1998 and the results of
operations for the three months ended April 4, 1998 and March 31, 1997. The
results of operations for such periods, however, are not necessarily indicative
of the results to be expected for a full fiscal year.

       Certain reclassifications have been made to prior period consolidated
financial statements to conform to the April 4, 1998 presentation.

2. Inventories

          Inventories, net of reserves, consist of (in thousands):

<TABLE>
<CAPTION>

                                                 April 4,        January 3,
                                                   1998             1998
                                                ----------       ----------
                     <S>                        <C>              <C>       
                     Raw materials              $   12,940       $   12,047
                     Work in process                 4,176            5,205
                     Finished goods                 20,964           14,998
                                                ----------       ----------
                                                $   38,080       $   32,250
                                                ==========       ==========
</TABLE>

3. Acquisitions

(a) Cardinal Technologies, Inc.

          During April 1997, the Company acquired 100% of the outstanding common
stock of Cardinal, a private manufacturer of modems and ISDN adapters, for $2.5
million. The acquisition has been accounted for utilizing the purchase method of
accounting. The estimated fair values assigned to the assets and liabilities
acquired were as follows (in thousands):

<TABLE>


<S>                                                                    <C>     
Total consideration paid (including acquisition costs of $595)         $  3,095
Fair value of tangible and identifiable assets acquired                 (15,350)
Fair value of liabilities assumed                                        17,055
                                                                       --------
Goodwill                                                               $  4,800
                                                                       ========
</TABLE>


                                       5

<PAGE>   6


         Pro forma results of operations of Cardinal from the beginning of the
period through the acquisition date are not presented as they are not
significant to the Company's consolidated results of operations.

(b) Access Beyond, Inc.

         The estimated fair values assigned to assets and liabilities acquired
in the Merger were as follows (in thousands):

<TABLE>
<CAPTION>


         <S>                                                                    <C>      
         Fair value of stock issued                                             $  62,255
         Other acquisition costs                                                    1,550
         Fair value of liabilities assumed                                         14,808
         Fair value of tangible and identifiable assets acquired                  (13,622)
         Acquired product line technology                                          (4,772)
         Acquired in-process research and development                             (54,990)
                                                                                ---------
         Goodwill                                                               $   5,229
                                                                                =========
</TABLE>

         Approximately $55.0 million of the total purchase price represented the
value of in-process research and development based on an appraisal of the
product line technology that had not yet reached technological feasibility and
had no alternative future use. The amount was determined using the income
forecast method and was charged to the Company's operations in the fourth
quarter of 1997.

         The following pro forma results of operations have been prepared as
though the Merger had occurred as of the beginning of the period presented. The
pro forma information does not purport to be indicative of the results of
operations that would have been attained had the Merger been in effect on the
date indicated, nor of future results of operations of the Company.

<TABLE>
<CAPTION>

                                                         Three months ended
                                                              March 31,
                                                                1997
                                                             ---------
           <S>                                           <C>      
           (In thousands, except per share data)
           Statement of operations data:
           Net revenues                                      $  43,262
           Net loss                                             (7,401)
           Loss per share                                        (0.96)
</TABLE>


4. Proposed Restructuring Terms With 6% Preferred Shareholders

         The Company announced on April 17, 1998 that it had reached an
agreement with its 6% Convertible Preferred Shareholders on a proposed
restructuring of the terms of the 6% Convertible Preferred Stock. Under the
proposed revised terms, the outstanding 6% Convertible Preferred Stock would
immediately convert into a new preferred convertible instrument, featuring a
fixed conversion price of $9.00 and a dividend rate of 8%, payable in cash or as
a PIK. At the end of 1998, to the extent that a preferred balance remained, the
instrument would convert into a subordinated convertible debenture with an
interest rate of 14%, maturing on January 2, 2000. At any time during the term
of the convertible preferred or the convertible debenture, the Company would
have the right, upon prior notice, to redeem at face value plus any accrued
interest, any or all of the outstanding principal in either instrument.

         The Company has also agreed to expand its Board of Directors to include
two additional outside Directors and to allow the shareholders of the 6%
Convertible Preferred Stock to propose the candidates for such positions. Such
candidates must be independent of the shareholders. The Company will have the
right to reasonably approve all such candidates before their election to the
Board of Directors.

         As a result of the step-up in principal value, the Company expects to
recognize a dividend of approximately $8 million upon the completion of the
restructuring of the outstanding 6% Convertible Preferred Stock.

                                        6

<PAGE>   7

         During the period of final negotiation, the Company has voluntarily
agreed to suspend action in a lawsuit that it filed against the Preferred
Shareholders without prejudicing the parties' rights. If a final resolution is
not achieved, the Company will aggressively seek to enforce its rights through
the lawsuit.

         While all parties have agreed to the proposed restructuring, there can
be no assurance that the modifications to the terms of the 6% Convertible
Preferred Stock will be successfully concluded.

5. Net Loss Per Common Share

         In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, "Earnings Per Share" ("FAS 128"). This statement establishes
standards for computing and presenting earnings per share ("EPS"). Basic EPS
excludes dilution and is computed by dividing income available to common
stockholders by the weighted-average number of common shares outstanding for the
period. Diluted EPS reflects the potential dilution that could occur if
securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that then shared
in the earnings of the entity. FAS 128 requires restatement of all prior-period
EPS data presented.

         Potential common stock equivalents such as stock options and warrants
have an anti-dillutive effect on net loss per common share calculations for the
three months ended April 4, 1998 and March 31, 1997.

6. Comprehensive Income

         During the first quarter of 1998, the Company adopted the provisions of
FAS No. 130, "Reporting Comprehensive Income." The standard requires that
entities include within their financial statements information on comprehensive
income, which is defined as all activity impacting equity from nonowner sources.
For the Company, comprehensive income is comprised exclusively of changes in
cumulative exchange rate adjustments. Other comprehensive gain for the three
months ended April 4, 1998 is $0.1 million and other comprehensive loss for the
three months ended March 31, 1997 is $0.4 million.


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

FORWARD LOOKING STATEMENTS

         Portions of this Form 10-Q report contain "forward looking" statements
that involve risks and uncertainties. The Company's actual results may differ
significantly from the results discussed in the forward looking statements.
Although the Company believes that the assumptions underlying the forward
looking statements contained herein are reasonable, any of the assumptions could
prove inaccurate, and therefore, there can be no assurance that the forward
looking statements included herein will prove to be accurate. Factors that might
cause such a difference include, but are not limited to, market acceptance of
the Company's'products and services.

BUSINESS UNITS

         Hayes is comprised of three business units: the Modem Products
business, the Access Systems business and the Broadband Products business. The
Modem Products business designs, manufactures and markets analog and ISDN modem
products. The Modem Products business distributes its products under the Optima,
Accura, Practical Peripherals and Cardinal brands. The Access Systems business
designs and markets modem pool and remote access server products. These products
are distributed under the Century brand. The Broadband Products business designs
and markets ADSL and cable modem products and was formed in June 1997. The
Broadband Products business markets its products under the Ultra brand.

                                        7
<PAGE>   8


LIQUIDITY AND CAPITAL RESOURCES

         General. Hayes' primary capital requirements are for working capital,
acquisitions and other capital expenditures. Hayes has historically met its
capital requirements through a combination of equity transactions, cash flow
from operations, bank lines of credit and credit terms from suppliers.

         Cash Flows. Cash and cash equivalents decreased by approximately $11.1
million to $4.1 million at April 4, 1998 as compared to $15.2 million at January
3, 1998. The decrease in cash primarily resulted from the pay down of accounts
payable and increase in inventory.

         Cash used in operations was $19.9 million and $14.5 million for the
three months ended April 4, 1998 and March 31, 1997, respectively. The increase
in cash usage for the three months ended April 4, 1998 is due to the pay down of
accounts payable and other accrued liabilities partially offset by a smaller
increase in inventories and a lower net loss as compared to the three months
ended March 31, 1997.

         Cash used in investing activities was $0.1 million and $0.9 million for
the three months ended April 4, 1998 and March 31, 1997, respectively. The
decrease in cash usage is primarily attributable to decreased spending on
capital items.

         On February 20, 1998, the Company entered into a new credit facility
with the Commercial Funding Division of NationsCredit ("NationsCredit"). The
NationsCredit facility consists of two term loans and a revolving loan which
provide for maximum borrowing of $42.5 million. The revolving loan provides for
financing based upon eligible receivables and inventory. The term loans are
based upon appraised values of equipment and intangibles. The term loans and the
revolving loans bear interest at prime plus 0.75%. The NationsCredit facility
replaced a credit facility provided by The CIT Group/Credit Finance, Inc. (the
"CIT Facility").

         Cash provided by financing activities was $8.8 million and $12.2
million for the three months ended April 4, 1998 and March 31, 1997,
respectively. The cash provided by financing activities for the first quarter
1998 is primarily related to the new NationsCredit facility. The cash provided
by financing for the first quarter 1997 is primarily related to the CIT Facility
and issuance of convertible notes.

         Management believes that it will be required to reduce its investment
in working capital during the Company's second and third quarters and that the
cash effect of such reduction along with its cash and cash equivalents and
credit facilities will be sufficient to satisfy operating cash and capital
expenditure requirements for at least the next twelve months.


                                        8


<PAGE>   9


INFLATION

         Hayes believes that inflation has not had a material impact on its
operating results and does not expect inflation to have a material impact on its
operating results in the foreseeable future.

RESULTS OF OPERATIONS

      NET SALES

<TABLE>
<CAPTION>

                  April 4,      As a %         March 31,    As a %
                    1998      of revenue          1997     of revenue       Change
                  --------    ----------       ---------   ----------       ------
<S>               <C>         <C>              <C>         <C>              <C>   
Modem Products    $ 40,817          92.4%      $  37,688         96.2%      $3,129
Access Systems       3,343           7.5%          1,488          3.8%       1,855
Broadband               12           0.1%             --           --           12
                  --------    ----------       ---------   ----------       ------
                  $ 44,172         100.0%      $  39,176        100.0%      $4,996
                  ========    ==========       =========   ==========       ======
</TABLE>

         Net sales for the three months ended April 4, 1998 increased by $5.0
million, or 12.8%, from the same period in 1997. The quarter to quarter revenue
increase is attributed to expanding sales in new OEM channels and newly
available access systems products.

          GROSS PROFIT
<TABLE>
<CAPTION>

                  April 4,      As a %          March 31,     As a %
                    1998      of revenue          1997      of revenue      Change
                  --------    ----------        ---------   ----------      ------
<S>               <C>         <C>               <C>         <C>             <C>   
Gross profit       $11,129          25.2%       $   9,957         25.4%     $1,172
                  ========    ==========        =========   ==========      ======
</TABLE>

         Gross profit as a percentage of net revenues declined to 25.2% in the
first quarter of 1998 as compared to 25.4% in the first quarter of 1997
resulting from margin compression in the Asia Pacific region which more than
offset improved margins resulting from increased access systems sales.

          OPERATING EXPENSES

<TABLE>
<CAPTION>

                         April 4,       As a %        March 31,     As a %
                           1998       of revenue        1997      of revenue     Change
                         --------     ----------      ---------   ----------    --------
<S>                      <C>          <C>             <C>         <C>           <C>     
Sales and marketing      $  7,255                     $   7,859                 $  (604)
General & administrative    3,183                         4,332                  (1,149) 
Research & development      3,558                         2,922                     636
                         --------                     ---------                 -------
                         $ 13,996           31.7%     $  15,113         38.6%   $(1,117)
                         ========     ==========      =========   ==========    =======
</TABLE>

         Selling, general and administrative expenses decreased by $1.8 million
in the first quarter of 1998 from the comparable period in 1997. This decrease
is the result of the Company's ongoing strategy targeted at reducing operating
expenses and improving operating efficiencies.

         Research and development expenses increased by $0.6 million in the
first quarter of 1998 from the comparable period in 1997. This increase is due
to investments by the Company in product and business development for its access
systems and broadband businesses partially offset by lower spending in its modem
products business.

                                        9


<PAGE>   10


         OPERATING LOSS
<TABLE>
<CAPTION>

                      April 4,     As a %       March 31,     As a %
                       1998      of revenue       1997       of revenue     Change
                      -------    -----------    --------     -----------    ------
 <S>                  <C>        <C>            <C>          <C>            <C>   
 Operating loss       $(2,867)          (6.5)%  $ (5,156)          (13.2)%  $2,289

</TABLE>

         Operating loss for the quarter ended April 4, 1998 decreased by $2.3
million as compared to the quarter ended March 31, 1997. This decrease is due to
increased revenue and improved operating efficiencies.

          MISCELLANEOUS

<TABLE>
<CAPTION>

                          April 4      As a %       March 31,      As a %        
                            1998     of revenue       1997       of revenue     Change  
                          -------    -----------    --------     -----------    ------  
 <S>                      <C>        <C>            <C>          <C>            <C>     
 Interest expense, net    $   459            1.0%   $  1,023             2.6%   $ (564) 
 Other income (expense)       (26)          (0.1)%       832             2.1%     (858) 
 Income tax expense            26            0.1%         12             0.1%       14  
                          
</TABLE>

          Interest expense for the first quarter of 1998 decreased $0.6 million
compared to the first quarter of 1997. This is primarily due to the lower
interest rate on the Company's new credit facility with NationsCredit and lower
average borrowings.

          NET LOSS

<TABLE>
<CAPTION>

                      April 4,     As a %       March 31,      As a %
                        1998     of revenue        1997      of revenue     Change
                      -------    -----------    --------     -----------    ------
<S>                   <C>        <C>            <C>          <C>            <C>   
 Net loss             $(3,378)          (7.6)%  $ (5,359)          (13.7)%  $1,981
</TABLE>

         Net loss decreased by $2.0 million for the three months ended April 4,
1998 as compared to the three months ended March 31, 1997. This decrease is due
to increased sales and improved operating efficiencies.

         Hayes reported a net loss applicable to common shareholders of $4.0
million for the three month period ended April 4, 1998 as compared to $5.4
million for the similar period in 1997. The net loss applicable to common
shareholders includes a preferred stock dividend of $0.6 million for the first
quarter of 1998. On a per share basis the net loss was $(0.20) and $(0.69) for
the first quarter of 1998 and 1997, respectively.

Year 2000

         The Company has assessed the impact of the year 2000 issue and believes
that the costs to upgrade its information and operating systems to address this
issue are not material. In 1997, the Company commenced efforts to replace its
information systems with software from Oracle Corporation which is Year 2000
compliant. These efforts are expected to be completed in fiscal 1998.

                                       10


<PAGE>   11


  NEW DEVELOPMENTS

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

         Not Applicable.

                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

                  On April 3, 1998, the Company filed a Complaint for breach of
         implied covenant of good faith and fair dealing, breach of warranty,
         breach of fiduciary duty and tortious misappropriation of a corporate
         asset in the Supreme Court of the State of New York, County of New
         York, against the Company's 6% Cumulative Convertible Preferred
         Stockholders and their investment managers, which include Elliot
         Associates, L.P., Westgate International, L.P., Montrose Investments
         Ltd., Westover Investments, L.P., Stark International, Shepherd
         Investments International, Ltd., Ramius Fund, Ltd., GAM Arbitrage
         Investments, Inc., Leonardo, L.P., Raphael, L.P., AG Super Fund
         International Partners, L.P., Stonington Management Corporation, Staro
         Asset Management and Angelo, Gordon & Co., L.P. In the Complaint, the
         Company claims damages from the Defendants, jointly and severally, in
         an amount in the millions of dollars to be determined at trial, plus
         punitive damages. The litigation arises out of conduct by the
         Defendants following entry into a Preferred Stock Investment Agreement
         with certain of the Defendants pursuant to which such Defendants
         purchased the Company's 6% Cumulative Convertible Preferred Stock from
         the Company. Settlement negotiations are currently under way; however,
         there is no assurance that such negotiations will be successful.

Item 2.  Changes in Securities and Use of Proceeds.

         Not Applicable.

Item 3.  Defaults Upon Senior Securities.

         Not Applicable.

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

                  On February 25, 1998, the Company held a special meeting of
         its stockholders to approve an amendment to its Certificate of
         Incorporation to effect a one-for-three reverse split of the Company's
         common stock. The amendment was approved by the stockholders with
         13,686,644 shares voting to approve the amendment, 38,706 shares voting
         against the amendment and with 8,500 shares abstaining.

Item 5.  Other Information.

         Not Applicable.

Item 6.  Exhibits and Reports on Form 8-K

Exhibits

3.1*     Amended and Restated Certificate of Incorporation of the Company (filed
         as Exhibit 3.2 to the Company's Form 10-K for the year ended January 3,
         1998).

3.2*     Amended and Restated Bylaws of the Company (filed as Exhibit 3.3 to the
         Company's Form 10-K for the year ended January 3, 1998).

4.1*     Specimen Common Stock Certificate (filed as Exhibit 4.6.1 to the
         Company's registration statement on Form S-4, as amended (Commission
         File Number 333-37993)).
  
                                     11

<PAGE>   12
 4.2*    Specimen Series A Stock Certificate (filed as Exhibit 4.6.2 to the
         Company's registration statement on Form S-4, as amended (Commission
         File Number 333-37993)).

10.1*    Technology License Agreement, dated as of November 16, 1996 between
         Penril and the Company (filed as Exhibit 10.1 to the Company's
         registration statement on Form S-1, as amended (Commission File Number
         333-10741)).

10.2*    Development and License Agreement dated as of June 16, 1996 between Bay
         and Penril, on behalf of the Company (filed as Exhibit 10.2 to the
         Company's registration statement on Form S-1, as amended (Commission
         File Number 333-10741)).

10.3*    Indemnification Agreement dated as of November 16, 1996 between Penril
         and the Company (filed as Exhibit 10.3 to the Company's registration
         statement on Form S-1, as amended (Commission File Number 333-10741)).

10.4*    Transitional Services Agreement dated as of November 16, 1996 between
         the Company and Penril (filed as Exhibit 10.7 to the Company's
         registration statement on Form S-1, as amended (Commission File Number
         333-10741)).

10.5.1*  Lease Agreement between Penril and Real Estate Income Partners dated as
         of March 31, 1989, as amended on May 14, 1990 and November 15, 1996
         (filed as Exhibit 10.8.1 to the Company's Form 10-K filed October 16,
         1997).

10.5.2*  Assignment and Assumption of Lease between Penril and the Company dated
         as of November 18, 1996 (filed as Exhibit 10.8.2 to the Company's Form
         10-K filed October 16, 1997).

10.6*    The Company's Amended and Restated 1996 Long-Term Incentive Plan (filed
         as Exhibit 10.9 to the Company's Form 10-K filed October 16, 1997).

10.7*    Form of Option Agreement for Amended and Restated 1996 Long-Term
         Incentive Plan (filed as Exhibit 10.10 to the Company's Form 10-K filed
         October 16, 1997).

10.8*    The Company's Amended and Restated 1996 Non-Employee Directors' Stock
         Option Plan (filed as Exhibit 10.11 to the Company's Form 10-K filed
         October 16, 1997).

10.9*    Form of Option Agreement for the Amended and Restated 1996 Non-Employee
         Directors' Stock Option Plan (filed as Exhibit 10.12 to the Company's
         Form 10-K filed October 16, 1997).

10.10*   2290 Remote Access Gateway ("Hawk") Technology Transfer Agreement dated
         as of May 2, 1997 between the Company and Paradyne Corporation (filed
         as Exhibit 10.13 to the Company's Form 10-K filed October 16, 1997).

10.11*   Stock Purchase Agreement dated as of May 2, 1997 between the Company
         and Paradyne Corporation, and First Amendment thereto dated September,
         1997 (filed as Exhibit 10.14 to the Company's Form 10-K filed October
         16, 1997).

10.12*   Employment Agreement dated as of November 18, 1996 between the Company
         and Ronald Howard (filed as Exhibit 10.15 to the Company's Form 10-K
         filed October 16, 1997).

10.13*   Manufacturing Agreement dated as of March 1, 1997 between the Company
         and Hibbing Electronics Corporation (filed as Exhibit 10.16 to the
         Company's Form 10-K filed October 16, 1997).

10.14*   Form of Employment Agreement between the Company and Ronald Howard
         (filed as Exhibit 10.14 to the Company's registration statement on Form
         S-4, as amended, (Commission File Number 333-37993)).

10.15*   Form of Employment Agreement between the Company and Dennis Hayes
         (filed as

                                       12
<PAGE>   13

         Exhibit 10.15 to the Company's registration statement on Form S-4, as
         amended, (Commission File Number 333-37993)).

10.16*   Employment Agreement between the Company and P.K. Chan dated October 7,
         1996, as amended (filed as Exhibit 10.16 to the Company's Form 10-K for
         the year ended January 3, 1998).

10.17*   Employment Agreement between the Company and Keith Mintzer dated
         December 20, 1996 (filed as Exhibit 10.17 to the Company's Form 10-K
         for the year ended January 3, 1998).

10.18*   Employment Agreement between the Company and James A. Jones dated
         October 31, 1997 (filed as Exhibit 10.18 to the Company's Form 10-K for
         the year ended January 3, 1998).

10.19*   Agreement between the Company and EMI Holding Corp., dated November 13,
         1996, as amended on January 6, 1997, February 26, 1997 and April 17,
         1997 (filed as Exhibit 10.17 to the Company's Form 10-K filed October
         16, 1997).

10.20*   Hayes Stock Option Plan (filed as Exhibit 10.17 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.21*   First Amendment to Hayes Stock Option Plan (filed as Exhibit 10.18 to
         the Company's registration statement on Form S-4, as amended
         (Commission File Number 333-37993)).

10.22*   Declaration of Amendment to Hayes Stock Option Plan (filed as Exhibit
         10.22 to the Company's Form 10-K for the year ended January 3, 1998).

10.23*   Forms of Hayes Stock Option Agreements, as amended (filed as Exhibit
         10.19 to the Company's registration statement on Form S-4, as amended
         (Commission File Number 333-37993)).

10.24*   Loan and Security Agreement between the Company and Foothill Capital
         Corp. dated October 2, 1997 (filed as Exhibit 10.20 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.25*   Shareholders' Agreement dated July 29, 1997, by and among Dennis C.
         Hayes, Ronald A. Howard, Access Beyond, Inc. and Hayes Microcomputer
         Products, Inc. (filed as Exhibit 10.25 to the Company's Form 10-K for
         the year ended January 3, 1998).

10.26*   Warrant Plan dated April 11, 1996 (filed as Exhibit 10.37 to the
         Company's Form 10-K for the year ended January 3, 1998).

10.27*   Warrant dated April 16, 1996 for Chiang Lam (filed as Exhibit 10.38 to
         the Company's Form 10-K for the year ended January 3, 1998).

10.28*   Warrant dated April 16, 1996 for Mina Hayes (filed as Exhibit 10.39 to
         the Company's Form 10-K for the year ended January 3, 1998).

10.29*   Lease Agreement dated July 27, 1990, between Hayes Microcomputer
         Products, Inc. and Peachtree Crossings Business Park Associates
         regarding property located at 5923 Peachtree Industrial Boulevard,
         Norcross, Georgia 30092, as amended (filed as Exhibit 10.40 to the
         Company's Form 10-K for the year ended January 3, 1998).

10.30*   Lease Agreement dated July 27, 1990, between Hayes Microcomputer
         Products, Inc. and Peachtree Crossings Business Park Associates
         regarding property located at 5953 Peachtree Industrial Boulevard,
         Norcross, Georgia 30092, as amended (filed as Exhibit 10.41 to the
         Company's Form 10-K for the year ended January 3, 1998).

10.31*   Lease Agreement dated July 27, 1990, between Hayes Microcomputer
         Products, Inc. and Peachtree Crossings Business Park Associates
         regarding property located at

                                       13
    
<PAGE>   14

         5804 Peachtree Corners East, Norcross, Georgia 30092, as amended (filed
         as Exhibit 10.42 to the Company's Form 10-K for the year ended January
         3, 1998).

10.32*   Lease Agreement dated August 13, 1993, between Hayes Microcomputer
         Products, Inc. and Peachtree Crossings Business Park Associates
         regarding property located at 5854 Peachtree Corners East, Norcross,
         Georgia 30092, as amended (filed as Exhibit 10.43 to the Company's Form
         10-K for the year ended January 3, 1998).

10.33*   Form of Distribution Agreement between the Company and Penril DataComm
         Networks, Inc. (filed as Exhibit 2.1 to the Company's registration
         statement on Form S-1, as amended (Commission File Number 333-10741).

10.34*   Plan and Agreement of Merger dated as of June 16, 1996, as amended
         August 5, 1996, among Penril, Bay Networks, Inc. ("Bay") and Beta
         Acquisition Corp. (filed as Exhibit 2.2 to the Company's registration
         statement on Form S-1, as amended (Commission File Number 333-10741).

10.35*   Agreement and Plan of Reorganization between the Company and Hayes
         Microcomputer Products, Inc. dated July 29, 1997 (filed as Exhibit 10.1
         to the Company's Form 8-K filed August 7, 1997).

10.36*   First Amendment to the Agreement and Plan of Reorganization, dated as
         of November 7, 1997 (filed as Exhibit 2.3.2 to the Company's
         registration statement on Form S-4 (Commission File Number 333-37993)).

10.37*   Second Amendment to the Agreement and Plan of Reorganization, dated as
         of November 21, 1997 (filed as Exhibit 2.3.3 to the Company's
         registration statement on Form S-4 (Commission File Number 333-37993)).

10.38*   Voting Agreement dated July 29, 1997 between the Company and Chestnut
         Capital Limited Partnership (filed as Exhibit 4.1.1 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.39*   Voting Agreement dated July 29, 1997 between the Company and Rinzai
         Limited (filed as Exhibit 4.1.2 to the Company's registration statement
         on Form S-4, as amended (Commission File Number 333-37993)).

10.40*   Voting Agreement dated July 29, 1997 between the Company and Vulcan
         Ventures Incorporated (filed as Exhibit 4.1.3 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.41*   Affiliate Agreement dated July 29, 1997 between the Company and Kaifa
         Technology (H.K.) Limited (filed as Exhibit 4.2.1 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.42*   Affiliate Agreement dated July 29, 1997 between the Company and Rinzai
         Limited (filed as Exhibit 4.2.2 to the Company's registration statement
         on Form S-4, as amended (Commission File Number 333-37993)).

10.43*   Affiliate Agreement dated July 29, 1997 between the Company and
         Chestnut Limited Partnership (filed as Exhibit 4.2.3 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.44*   Affiliate Agreement dated July 29, 1997 between the Company and S. P.
         Quek Investments Pte Ltd. (filed as Exhibit 4.2.4 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.45*   Affiliate Agreement dated July 29, 1997 between the Company and Dennis
         Hayes (filed as Exhibit 4.2.5 to the Company's registration statement
         on Form S-4, as amended (Commission File Number 333-37993)).

10.46*   Market Standoff Agreement dated July 29, 1997 between the Company and
         Kaifa

                                       14

<PAGE>   15

         Technology (H.K.) Limited (filed as Exhibit 4.3.1 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.47*   Market Standoff Agreement dated July 29, 1997 between the Company and
         Rinzai Limited (filed as Exhibit 4.3.2 to the Company's registration
         statement on Form S-4, as amended (Commission File Number 333-37993)).

10.48*   Market Standoff Agreement dated July 29, 1997 between the Company and
         S.P. Quek Investments Pte Ltd. (filed as Exhibit 4.3.3 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.49*   Market Standoff Agreement dated July 29, 1997 between the Company and
         Rolling Profits Holdings Limited (filed as Exhibit 4.3.4 to the
         Company's registration statement on Form S-4, as amended (Commission
         File Number 333-37993)).

10.50*   Market Standoff Agreement dated July 29, 1997 between the Company and
         Saliendra Pte Ltd. (filed as Exhibit 4.3.5 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.51*   Market Standoff Agreement dated July 29, 1997 between the Company and
         Lao Hotel (H.K.) Limited (filed as Exhibit 4.3.6 to the Company's
         registration statement on Form S-4, as amended (Commission File Number
         333-37993)).

10.52*   Market Standoff Agreement dated July 29, 1997 between the Company and
         Dennis Hayes (filed as Exhibit 4.3.7 to the Company's registration
         statement on Form S-4, as amended (Commission File Number 333-37993)).

10.53*   Preferred Stock Investment Agreement dated as of November 10, 1997
         between the Company and certain investors (filed as Exhibit 4.1 to the
         Company's Form 8-K filed November 17, 1997).

10.54*   Registration Rights Agreement dated as of November 10, 1997 between the
         Company and certain investors (filed as Exhibit 4.2 to the Company's
         Form 8-K filed November 17, 1997).

10.55*   Second Amendment to Loan and Security Agreement between the Company and
         CIT dated October 15, 1996 (filed as Exhibit 10.69 to the Company's
         Form 10-K for the year ended January 3, 1998).

10.56*   Third Amendment to Loan and Security Agreement between the Company and
         CIT dated January 1, 1997 (filed as Exhibit 10.70 to the Company's Form
         10-K for the year ended January 3, 1998).

10.57*   Fourth Amendment to Loan and Security Agreement between the Company and
         CIT dated December 29, 1997 (filed as Exhibit 10.71 to the Company's
         Form 10-K for the year ended January 3, 1998).

10.58*   Guaranty of Hayes Corporation dated January 2, 1998 (filed as Exhibit
         10.72 to the Company's Form 10-K for the year ended January 3, 1998).

10.59*   Security Agreement of Hayes Corporation dated January 2, 1998 (filed as
         Exhibit 10.73 to the Company's Form 10-K for the year ended January 3,
         1998).

10.60*   Agreement and Plan of Merger between Hayes Microcomputer Products, Inc.
         and Cardinal Technologies, Inc., Vulcan Ventures Incorporated and Hayes
         Merger Sub., Inc. dated April 11, 1997 (filed as Exhibit 10.74 to the
         Company's Form 10-K for the year ended January 3, 1998).

10.61*   Preferred Stock Purchase Agreement dated April 11, 1997 between the
         Hayes Microcomputer Products, Inc. and Vulcan Ventures Incorporated
         (filed as Exhibit 10.75 to the Company's Form 10-K for the year ended
         January 3, 1998).


                                       15
<PAGE>   16

10.62*   Loan and Security Agreement dated February 20, 1998 by and between
         NationsCredit Commercial Corporation and the Company (filed as Exhibit
         99.1 to the Company's Form 8-K dated February 20, 1998).

10.63*   Corporate Guaranty dated February 20, 1998 by and between NationsCredit
         Commercial Corporation and the Company (filed as Exhibit 99.2 to the
         Company's Form 8-K dated February 20, 1998).

10.64*   Patent, Trademark and License Mortgage dated February 20, 1998 by and
         between NationsCredit Commercial Corporation and the Company (filed as
         Exhibit 99.3 to the Company's Form 8-K dated February 20, 1998).

10.65*   Loan and Security Agreement dated February 20, 1998 by and between
         NationsCredit Commercial Corporation and Hayes Microcomputer Products,
         Inc. (filed as Exhibit 99.4 to the Company's Form 8-K dated February
         20, 1998).

10.66*   Corporate Guaranty dated February 20, 1998 by and between NationsCredit
         Commercial Corporation and Hayes Microcomputer Products, Inc. (filed as
         Exhibit 99.5 to the Company's Form 8-K dated February 20, 1998).

10.67*   Patent, Trademark and License Mortgage dated February 20, 1998 by and
         between NationsCredit Commercial Corporation and Hayes Microcomputer
         Products, Inc. (filed as Exhibit 99.6 to the Company's Form 8-K dated
         February 20, 1998).

10.68    1998 Stock Incentive Plan of Hayes Corporation and Form of Option
         Agreements.

10.69    Hayes Corporation Employee Stock Purchase Plan.

27       Financial Data Schedule (for Sec use only).
-------------------
*Incorporated by reference.


Reports on Form 8-K

         The Company filed four reports on Form 8-K during the fiscal quarter
covered by this report, as follows:

(i)      Report on Form 8-K filed on January 9, 1998, reporting under items 2
         and 7 the Company had completed the Merger and pursuant thereto, Hayes
         Microcomputer became a subsidiary of the Company and the Company
         changed its name to Hayes Corporation.
(ii)     Report on Form 8-K filed on January 23, 1998, reporting under item 5
         the Board of Directors authorization of a one-for-three reverse split
         of its common stock, subject to stockholder approval.
(iii)    Report on Form 8-K filed on January 23, 1998, reporting under item 4
         the recommendation and approval of the Company's Audit Committee to
         retain Coopers & Lybrand LLP and to dismiss Deloitte & Touche LLP
         effective January 19, 1998, as the certifying accountant for the
         Company's consolidated financial statements.
(iv)     Report on Form 8-K filed on April 24, 1998, reporting under item 5 the
         Company's new Loan and Security Agreements with NationsCredit
         Commercial Corporation through its NationsCredit Commercial Funding
         Division.




                                       16


<PAGE>   17



                                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.




                                  Hayes Corporation
                                       (Registrant)




DATE: May 15, 1998               BY: /s/ Ronald A. Howard
                                     ----------------------------------
                                     Ronald A. Howard
                                     Chief Executive Officer and
                                     Vice Chairman of the Board of Directors
                                     (Principal Executive Officer)







DATE: May 15, 1998               BY: /s/ James A. Jones
                                     ----------------------------------
                                     James A. Jones
                                     Senior Vice President and
                                     Chief Financial Officer
                                    (Principal Financial and Accounting Officer)



                                       17