<PAGE>


                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C.  20549

   
                                      FORM 10-Q/A
    


[X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
     For the quarterly period ended September 30, 1996

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
     For the transition period from ___________________ to ____________________


Commission File No. 333-10491


                                 GUITAR CENTER, INC.
--------------------------------------------------------------------------------
                (Exact Name of Registrant as Specified in its Charter)

       DELAWARE                                           95-4600862
--------------------------------------------------------------------------------
  (State or other jurisdiction of                     (I.R.S. Employer
  incorporation or organization)                    Identification Number)


           5155 CLARETON DRIVE
        AGOURA HILLS, CALIFORNIA                                    91301
--------------------------------------------------------------------------------
(Address of principal executive offices)                       (Zip Code)

                                    (818) 735-8800
--------------------------------------------------------------------------------
                  Registrant's telephone number, including area code



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                       Yes                 No     X
                                            ---------         ---------


As of November 11, 1996, 1,400,000 shares of the registrant's Common Stock, $.01
par value, were outstanding.

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GUITAR CENTER, INC.
BALANCE SHEET

 
<TABLE>
<CAPTION>
   
                                                                               SEPTEMBER 30    DECEMBER 31
                                                                                   1996           1995
                                                                                (UNAUDITED)     (AUDITED)
                                                                               ------------    -----------
                                                                                      (in thousands)
<S>                                                                            <C>             <C>
ASSETS
Current assets:
  Cash and cash equivalents                                                            52          1,338
  Accounts receivable, less allowance for doubtful accounts of $100
  (1996) and $200 (1995)                                                            3,228          2,203
  Inventories                                                                      48,465         31,282
  Prepaid expenses and other current assets                                         1,709            772
                                                                               ------------    -----------

Total current assets                                                               53,514         35,595
Property and equipment, net                                                        15,262         13,276
Goodwill, net of accumulated amortization of $163 (1996) and $152 (1995)              436            447
Other assets                                                                        4,333            300
                                                                               ------------    -----------
                                                                                  $73,545        $49,618
                                                                               ------------    -----------
                                                                               ------------    -----------

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
  Accounts payable                                                                  9,754         12,613
  Accrued expenses and other current liabilities                                   10,512         16,979
  Current portion of long-term debt                                                 9,930            -
                                                                               ------------    -----------

Total current liabilities                                                          30,196         29,592
Other long-term liabilities                                                           564            263
Long-term debt                                                                    100,000            -
Senior preferred stock, aggregate liquidating preference of $20,895;
  authorized 4,250,000 shares, issued and outstanding 800,000 shares               14,442            -
Stockholders' equity (deficit):
  Junior preferred stock                                                          138,600            -
  Warrants                                                                          6,500            -
  Common stock, no par value; authorized 2,500,000 shares issued and
    outstanding 1,400,000 at December 31, 1995; authorized 10,000,000 shares,
    issued and outstanding 1,400,000 at September 30, 1996                          1,400          4,987
Additional paid in capital                                                        (10,249)           -
Retained earnings (deficit)                                                      (207,908)        14,776
                                                                               ------------    -----------

Total stockholders' equity (deficit)                                              (71,657)        19,763
                                                                               ------------    -----------

                                                                                  $73,545        $49,618
                                                                               ------------    -----------
                                                                               ------------    -----------
    
</TABLE>


                                See accompanying notes

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                             PART II.  OTHER INFORMATION


Items 1 - 5.  Not Applicable


Item 6.       Exhibits and Reports on Form 8-K

                   (a)  Exhibits.

                        (1)  27.1  Financial Data Schedule

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


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                                 GUITAR CENTER, INC.

SIGNATURE

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.

                                  Guitar Center, Inc.


                                  /s/ Bruce L. Ross.

Date:  November 11, 1996          Bruce L. Ross, Vice President,
                                  Chief Financial Officer and Secretary

                                  (Duly Authorized Officer and Principal
                                  Financial and Accounting Officer)