<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 Quarter Ended December 31, 1997            Commission File number 1-5341
                  -----------------                                   ------

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

           DELAWARE                                             75-1217920
-------------------------------                             -------------------
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

            14643 DALLAS PARKWAY
SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS                     75240-8871
--------------------------------------------                     ----------
(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, including area code             (972) 851-0500
                                                               --------------

     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 X . No   .
                                             ---    ---

     As of close of business on February 2, 1998, Registrant had outstanding
13,232,590 shares of Common Stock, Par Value $1 per Share.


<PAGE>   2

PART I.  FINANCIAL INFORMATION

ITEM 1.  Financial Statements

                                ELCOR CORPORATION
                           CONSOLIDATED BALANCE SHEET
                           (Unaudited, $ in thousands)

<TABLE>
<CAPTION>
ASSETS                                                                   12-31-97       6-30-97
                                                                        ---------      ---------

<S>                                                                     <C>            <C>      
CURRENT ASSETS
Cash and cash equivalents                                               $   4,450      $   3,601
Trade receivables, less allowance of $730 and $545                         34,757         43,178
Inventories -
         Finished goods                                                    21,338         26,400
         Work-in-process                                                      416            441
         Raw materials                                                      7,665          6,586
                                                                        ---------      ---------
             Total inventories                                             29,419         33,427
                                                                        ---------      ---------

Prepaid expenses and other                                                  3,173          3,572
Deferred income taxes                                                       2,342          2,508
                                                                        ---------      ---------
             Total current assets                                          74,141         86,286
                                                                        ---------      ---------

PROPERTY, PLANT AND EQUIPMENT, AT COST                                    185,841        180,115
         Less - accumulated depreciation                                  (67,981)       (62,648)
                                                                        ---------      ---------
             Property, plant and equipment, net                           117,860        117,467
                                                                        ---------      ---------

OTHER ASSETS                                                                3,221          3,490
                                                                        ---------      ---------
                                                                        $ 195,222      $ 207,243
                                                                        =========      =========

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable                                                        $  10,469      $  15,899
Accrued liabilities                                                        12,992         12,386
                                                                        ---------      ---------
                  Total current liabilities                                23,461         28,285
                                                                        ---------      ---------

LONG-TERM DEBT                                                             37,700         52,600
DEFERRED INCOME TAXES                                                      14,508         13,578

SHAREHOLDERS' EQUITY -
         Common stock                                                      13,238          8,814
         Paid-in-capital                                                   66,644         71,350
         Retained earnings                                                 39,794         33,039
                                                                        ---------      ---------
                                                                          119,676        113,203
         Less - Treasury stock, at cost, 5,000 and 17,500 shares at
                 December 31, 1997 and June 30, 1997, respectively           (123)          (423)
                                                                        ---------      ---------
                 Total shareholders' equity                               119,553        112,780
                                                                        ---------      ---------
                                                                        $ 195,222      $ 207,243
                                                                        =========      =========
</TABLE>

See accompanying notes to consolidated financial statements.


                                       2
<PAGE>   3



                                ELCOR CORPORATION
                      CONSOLIDATED STATEMENT OF OPERATIONS
                           (Unaudited, $ in thousands
                             except per share data)

<TABLE>
<CAPTION>
                                                 Three Months Ended          Six Months Ended
                                                ---------------------     ---------------------
                                                12-31-97     12-31-96     12-31-97     12-31-96
                                                --------     --------     --------     --------

<S>                                             <C>          <C>          <C>          <C>     
SALES                                           $ 60,965     $ 50,636     $134,481     $115,172
                                                --------     --------     --------     --------

COST AND EXPENSES
        Cost of sales                             47,301       39,242      102,702       89,766
        Selling, general and administrative        8,384        7,680       17,189       15,577
                                                --------     --------     --------     --------
INCOME FROM OPERATIONS                             5,280        3,714       14,590        9,829
                                                --------     --------     --------     --------

OTHER EXPENSE
        Interest expense, net                        614           52        1,373          213
                                                --------     --------     --------     --------

INCOME BEFORE INCOME TAXES                         4,666        3,662       13,217        9,616
        Provision for income taxes                 1,718        1,353        4,875        3,539
                                                --------     --------     --------     --------
NET INCOME                                      $  2,948     $  2,309     $  8,342     $  6,077
                                                ========     ========     ========     ========

INCOME PER COMMON SHARE
                   - BASIC                      $    .22     $    .18     $    .63     $    .46
                                                ========     ========     ========     ========
                   - DILUTED                    $    .22     $    .17     $    .62     $    .46
                                                ========     ========     ========     ========

DIVIDENDS PER COMMON SHARE                      $    .06     $    .05     $    .12     $    .09
                                                ========     ========     ========     ========
AVERAGE COMMON SHARES
OUTSTANDING        - BASIC                        13,231       13,170       13,217       13,154
                                                ========     ========     ========     ========
                   - DILUTED                      13,523       13,265       13,484       13,227
                                                ========     ========     ========     ========
</TABLE>

See accompanying notes to consolidated financial statements.



                                       3
<PAGE>   4

                                ELCOR CORPORATION
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                           (Unaudited, $ in thousands)

<TABLE>
<CAPTION>
                                                                 Six Months Ended
                                                                 ----------------
                                                              12-31-97       12-31-96
                                                              --------      --------

<S>                                                           <C>           <C>     
CASH FLOWS FROM OPERATING ACTIVITIES

      Net income                                              $  8,342      $  6,077
      Adjustments to reconcile net income
         to net cash from operating activities:

               Depreciation and amortization                     5,370         3,872
               Deferred income taxes                             1,096         1,760
               Changes in assets and liabilities:
                 Trade receivables                               8,421        13,275
                 Inventories                                     4,008         5,303
                 Prepaid expenses and other                        399          (527)
                 Accounts payable and accrued liabilities       (4,825)       (3,913)
                                                              --------      --------

      Net cash provided by operating activities                 22,811        25,847
                                                              --------      --------


CASH FLOWS FROM INVESTING ACTIVITIES

      Additions to property, plant and equipment                (5,748)      (11,794)
      Other                                                        254       (    57)
                                                              --------      --------

      Net cash used for investing activities                    (5,494)      (11,851)
                                                              --------      --------

CASH FLOWS FROM FINANCING ACTIVITIES

      Long-term borrowings, net                                (14,900)      (14,000)
      Dividends on common stock                                 (1,587)       (1,230)
      Treasury stock transactions and other, net                    19           407
                                                              --------      --------

      Net cash used for financing activities                   (16,468)      (14,823)
                                                              --------      --------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS               849       (   827)


CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                   3,601         3,744
                                                              --------      --------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                    $  4,450      $  2,917
                                                              ========      ========
</TABLE>


See accompanying notes to consolidated financial statements.



                                       4
<PAGE>   5

                                ELCOR CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1.   The attached condensed consolidated financial statements have been prepared
     pursuant to the rules and regulations of the Securities and Exchange
     Commission. As a result, certain information and footnote disclosures
     normally included in financial statements prepared in accordance with
     generally accepted accounting principles have been condensed or omitted.
     The company believes that the disclosures included herein are adequate to
     make the information presented not misleading. These condensed consolidated
     financial statements should be read in conjunction with the consolidated
     financial statements and related notes included in the company's 1997
     Annual Report on Form 10-K. The unaudited financial information contained
     herein has been prepared in conformity with generally accepted accounting
     principles on a consistent basis and does reflect all adjustments which
     are, in the opinion of management, necessary for a fair presentation of the
     results of operations for the three-month and six-month periods ended
     December 31, 1997 and 1996, but are, however, subject to year-end audit by
     the company's independent auditors. Because of seasonal, weather-related
     conditions in some of the company's market areas, sales can vary at times,
     and results of any one quarter or other interim reporting period should not
     necessarily be considered as indicative of results for a full fiscal year.

2.   Effective December 15, 1997, the company increased its unsecured revolving
     credit facility from $80 million to $100 million and the term was extended
     to December 15, 2002. There were no changes to the financial covenants or
     to the interest rate the company currently pays for either LIBOR based
     borrowings or prime rate based borrowings. However, the commitment fee for
     the average unused portion of the line was reduced from .25% to .175%.

3.   In September 1997, the Board of Directors declared a three-for-two stock
     split payable in the form of a stock dividend which was distributed on
     November 12, 1997. An amount equal to the par value of the common shares
     issued in connection with the split was transferred from paid-in capital to
     the common stock account. Appropriate references to number of shares and to
     per share information in the Consolidated Financial Statements have been
     adjusted to reflect the stock split on a retroactive basis.




                                       5
<PAGE>   6

4.   Basic earnings per share is computed based on the average number of common
     shares outstanding. Diluted earnings per share includes outstanding stock
     options.

     The following table sets forth the computation of basic and diluted
earnings per share:

<TABLE>
<CAPTION>
                                                                                                  (In thousands)
                                                                                    Three Months Ended      Six Months Ended
                                                                                  12-31-97    12-31-96    12-31-97    12-31-96
                                                                                   -------     -------     -------     -------

<S>                                                                                <C>         <C>         <C>         <C>    
Net Income                                                                         $ 2,948     $ 2,309     $ 8,342     $ 6,077
                                                                                   =======     =======     =======     =======

Denominator for basic earnings
    per share - weighted average                                                    13,231      13,170      13,217      13,154
    shares outstanding
Effect of dilutive securities:
    Employee stock options                                                             292          95         267          73
                                                                                   -------     -------     -------     -------

Denominator for dilutive earnings per share - adjusted weighted 
average shares and assumed issuance of shares purchased under                      -------     -------     -------     -------
incentive stock option plan using the treasury stock method                         13,523      13,265      13,484      13,227
                                                                                   =======     =======     =======     =======

Basic earnings per share                                                           $   .22     $   .18     $   .63     $   .46
                                                                                   =======     =======     =======     =======

Diluted earnings per share                                                         $   .22     $   .17     $   .62     $   .46
                                                                                   =======     =======     =======     =======
</TABLE>




                                       6
<PAGE>   7

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

RESULTS OF OPERATIONS

CHANGES IN THE THREE MONTH PERIOD ENDED DECEMBER 31, 1997 COMPARED TO THE THREE
MONTH PERIOD ENDED DECEMBER 31, 1996.

During the three month period ended December 31, 1997, net income increased 28%
to $2,948,000 from $2,309,000 in the same quarter last year. Sales increased 20%
compared to the prior year quarter. The increase in sales was primarily the
result of increased shipments of the company's patented Enhanced High
Definition(R) and Raised Profile(TM) Prestique(R) premium laminated fiberglass
asphalt shingles, increased shipments of nonwoven fiberglass roofing mats, and
much higher sales by the Industrial Products Group. The increase in net income
is primarily the result of significantly higher income contribution by the
Industrial Products Group.

The Roofing Products Group achieved higher sales but slightly lower operating
profit for the three months ended December 31, 1997 compared to the same prior
year period. Elk Corporation's shipments were aided by El Nino's effect on
increased demand in the western United States, which is supplied by Elk's
Shafter, California plant. However, contributions from higher shipments of
premium laminated shingles were offset by slightly lower average selling prices
and higher depreciation and amortization costs during the quarter. Elk's Ennis,
Texas nonwoven fiberglass roofing mat operations also achieved higher sales and
improved operating profit during the quarter ended December 31, 1997 and are
positioned to supply high quality roofing mats to satisfy the growing demand for
its products.

The Industrial Products Group achieved significantly higher sales and operating
profit during the three months ended December 31, 1997 as compared to the same
period in the prior year. Chromium Corporation continued to benefit from strong
demand for its Compushield(R) conductive coatings used in the telecommunications
and electronic equipment industries. Chromium also experienced higher demand for
remanufactured large diesel engine components used in the transportation
industry. In addition, increased use of Ortloff's technology licensing and
consulting services for the natural gas processing industry also contributed to
improved results in the current year period.

On an overall basis, gross margin on sales was 22.4% for the quarter ended
December 31, 1997 compared to 22.5% in the prior year quarter. Lower margins
received by the Roofing Products Group for its products as a result of slightly
lower average selling prices and higher depreciation and amortization costs were
offset by higher margins in the Industrial Products Group. Selling, general and
administrative costs were 13.8% of sales in the current year quarter, down from
15.2% of sales in the prior year quarter. Interest expense was significantly
higher in the second quarter of fiscal 1998 compared to the same quarter in the
prior fiscal year. During the previous year, most interest cost was capitalized
in connection with the company's major facilities expansion program, which was
completed in March 1997.



                                       7
<PAGE>   8

CHANGES IN THE SIX MONTH PERIOD ENDED DECEMBER 31, 1997, AS COMPARED TO THE SIX
MONTH PERIOD ENDED DECEMBER 31, 1996.

During the six month period ended December 31, 1997, net income increased 37% to
$8,342,000 from $6,077,000 in the same period last year. Sales increased 17%
compared to the comparable prior year period. The increases in sales and net
income were primarily attributable to increased shipments of premium laminated
fiberglass shingles, together with much higher sales and income contribution by
the Industrial Products Group during the six month period ended December 31,
1997.

In the Roofing Products Group, both sales and operating income were higher for
the six months ended December 31, 1997 as compared to the same period in the
prior fiscal year. The western United States, which is served by the Shafter,
California roofing plant, produced very strong demand for Elk Prestique premium
laminated shingles. This increased demand was aided by concerns that severe El
Nino conditions could cause rain damage from leaking roofs. Although Elk's other
roofing plants were also very profitable, sales and operating income were lower
at these plants in the first six months of fiscal 1998, as compared to the same
period in the prior fiscal year, due primarily to lower shipments from these
plants resulting from a realignment of markets served following performance
improvements at the Shafter, California plant. Sales and operating income from
Elk's mat operations were also higher in the first six months of fiscal 1998
compared to the same period in fiscal 1997.

The Industrial Products Group achieved sharply higher sales and operating income
in the six month period ending December 31, 1997 compared to the same prior year
period. Increased demand and improved results were achieved in each of the
Group's principal operations of (1) conductive coatings used in the
telecommunications and electronic equipment industries; (2) remanufactured
diesel engine components used in the transportation industry; and (3) technology
licensing and consulting services for the natural gas processing industry.

On an overall basis, for the first six months of fiscal 1998, gross margin on
sales was 23.6%, compared to 22.1% for the same period in the prior fiscal year.
This increase is primarily attributable to higher sales with better margins in
the Industrial Products Group. Higher selling, general and administrative costs
are primarily the result of increased business activity in the current year. As
a percentage of sales, such expenses were 12.8% of sales for the first six
months of fiscal 1998, down from 13.5% of sales for the same period in the prior
fiscal year. Higher interest expense in the current year is attributable to the
capitalization of most interest cost in the prior year in connection with the
company's major facilities expansion program.


FINANCIAL CONDITION

Total invested capital at December 31, 1997 was $157,253,000. Long-term debt of
$37,700,000 represented 24% of total capitalization. At December 31, 1997,
$60,710,000 was available under the company's unsecured revolving line of
credit, which was increased to $100 million on December 15, 1997 so as to
provide additional financial resources to support the company's growth
strategies.

Cash provided by operations for the six months ended December 31, 1997 was
$22,811,000. The current ratio was 3.2 to 1 at December 31, 1997. Working
capital decreased $7,321,000 from June 30, 1997, primarily related to a seasonal
reduction in trade receivables and inventories, partially offset by lower
accounts payable. Historically, working capital requirements fluctuate during
the year 


                                       8
<PAGE>   9

because of seasonality in some market areas. Generally, working capital
requirements and related borrowings are higher in the spring and summer months,
and lower in the fall and winter months. In addition, receivables may increase
during the late winter and early spring months due to extended payment terms to
certain customers during these months with payment generally due during the
summer months.

The company utilized $16,468,000 of cash for financing activities in the first
six months of fiscal 1998, primarily for repayment of long-term debt and payment
of dividends on common stock. The company used $5,494,000 for investing
activities in the first six months of fiscal 1998. Capital expenditures for
fiscal 1998 are expected to be in the range of $12,000,000 to $15,000,000. The
majority of planned capital expenditures are for productivity, capacity, and
cost improvement projects at the current roofing plants and for the development
of new computer systems. In addition, the company is expanding its capacity in
the Chromium Corporation Conductive Coatings Division to meet rapidly growing
demand for its Compushield process for conductive coatings applied to plastic
enclosures for telecommunications and electronic equipment.

In September 1997, the Board of Directors increased the regular quarterly cash
dividend to six cents per common share (after giving effect to a stock split)
and declared a three-for-two stock split payable in the form of a stock dividend
which was distributed on November 12, 1997 to shareholders of record at the
close of business on October 16, 1997.

In September 1994, the company's Board of Directors authorized the purchase of
up to $10 million of the company's common shares from time to time on the open
market to be used for general corporate purposes. As of December 31, 1997,
225,750 shares (after giving effect to the stock split) with a cumulative cost
of $2,804,000 had been repurchased under this program.

The company's operations are subject to extensive federal, state and local laws
and regulations relating to environmental matters. Although the company does not
believe it will be required to expend amounts which will have a material adverse
effect on the company's consolidated financial position or results of operations
by reason of environmental laws and regulations, such laws and regulations are
frequently changed and could result in significantly increased cost of
compliance.

Further, certain of the company's industrial products operations utilize
hazardous materials in their production process. As a result, the company incurs
costs for remediation activities off-site and at its facilities from time to
time. The company establishes and maintains reserves for such remediation
activities, when appropriate, in accordance with Statement of Financial
Accounting Standard No. 5, "Accounting for Contingencies." Current reserves
established for known or probable remediation activities are not material to the
company's financial position or results of operations.

Management believes that cash and cash equivalents, cash flows from operations
and its revolving credit facility should be sufficient during fiscal 1998 and
beyond to fund its currently projected capital expenditure requirements, working
capital needs, dividends, stock repurchases and other cash requirements.



                                        9
<PAGE>   10

PENDING ACCOUNTING PRONOUNCEMENT

The Accounting Standards Executive Committee (AcSEC) of the American Institute
of Certified Public Accountants has issued an exposure draft on "Reporting on
the Costs of Start-Up Activities." If the exposure draft were to be finalized in
its proposed form, it would require companies to expense on a current basis
previously capitalized start-up costs. At December 31, 1997, the company had
$7,827,000,000 of unamortized capitalized start-up costs. While the company does
not agree with the accounting treatment proposed in the AcSEC exposure draft and
believes that capitalizing costs incurred in constructing major new facilities
provides a better matching of revenues and expenses, the company will adopt this
statement of position if and when it is finalized.


YEAR 2000 ISSUE

The company is currently developing a new information system for its critical
financial, distribution and manufacturing applications. This system is scheduled
for completion and full implementation in the summer of 1999 at an estimated
total cost of $6 - $8 million. While the primary purpose of this new information
system is to modernize and improve the Company's operations, it is also expected
to resolve Year 2000 issues in these critical computer systems.

The company also has teams of employees and consultants who are reviewing other
computer applications and systems not included in the scope of the new
information system, and its electronic interaction with its suppliers, customers
and other business partners for Year 2000 readiness. The company is in process
of taking relevant inventory, assessing risk, assigning priorities to various
tasks and performing limited internal tests. It expects to have fully developed
action and contingency plans by the end of calender 1998 and for integrated
testing and any remediation to be complete before January 1, 2000. At this time,
other than the cost of developing and implementing its new information system,
the company does not believe that the costs of addressing the Year 2000 issue
will be material, nor will this issue result in uncertainty that is reasonably
likely to affect future financial results or operating performance. Furthermore,
the company believes its Year 2000 readiness project is on schedule for timely
completion.


FORWARD-LOOKING STATEMENTS

This Form 10-Q contains "forward-looking statements" about the company's
prospects for the future. Such statements are subject to certain risks and
uncertainties which could cause actual results to differ materially from those
projected. Such risks and uncertainties include, but are not limited to, the
following:

     1.   The company's roofing products business is somewhat cyclical and is
          affected by weather and some of the same economic factors that affect
          the housing and home improvement industries generally, including
          interest rates, the availability of financing and general economic
          conditions. In addition, the asphalt roofing products manufacturing
          business is highly competitive.



                                       10
<PAGE>   11

          Actions of competitors, including changes in pricing, or slowing
          demand for asphalt roofing products due to general or industry
          economic conditions or the amount of inclement weather could result in
          decreased demand for the Company's products, lower prices received or
          reduced utilization of plant facilities.

     2.   In the asphalt roofing products business, the significant raw
          materials are ceramic coated granules, asphalt, glass fibers, resins
          and mineral filler. Increased costs of raw materials can result in
          reduced margins, as can higher trucking and rail costs. Historically,
          the company has been able to pass some of the higher raw material and
          transportation costs through to the customer. Should the company be
          unable to recover higher raw material and transportation costs from
          price increases of its products, operating results could be lower than
          projected.

     3.   During fiscal 1997, the company completed construction of a new plant
          at the company's Ennis, Texas facility to manufacture nonwoven
          fiberglass roofing mats and other mats for a variety of industrial
          uses. As a new facility, its progress in achieving anticipated
          operating efficiencies and financial results is difficult to predict.
          If such progress is slower than anticipated, or if demand for products
          produced at this new plant does not meet expectations, operating
          results could be adversely affected.

     4.   Certain facilities of the company's industrial products subsidiaries
          must utilize hazardous materials in their production process. As a
          result, the company could incur costs for remediation activities at
          its facilities or off-site, and other related exposures from time to
          time in excess of established reserves for such activities.

     5.   The company's litigation, including its patent infringement suits
          against GAF Building Materials Corporation and certain affiliates, is
          subject to inherent and case-specific uncertainty. The outcome of such
          litigation depends on numerous interrelated factors, many of which
          cannot be predicted. Parties are cautioned not to rely on any such
          forward-looking beliefs or judgments in making investment decisions.




                                       11
<PAGE>   12

                           PART II. OTHER INFORMATION

ITEM 4:   Submission of Matters to a Vote of Security Holders

     (a)  The company's Annual Meeting of Shareholders was held on October 28,
          1997 for the purpose of electing three directors and ratifying the
          appointment of the company's independent auditors.

<TABLE>
<CAPTION>
     (b)  Directors Elected:           NUMBER OF VOTES
                                       ---------------
                                                 AUTHORITY
                                   FOR            WITHHELD
                                   ---           ---------

<S>                              <C>              <C>   
          Robert M. Leibrock     7,699,179        91,958
          W.F. Ortloff           7,695,110        96,027
          Harold K. Work         7,709,634        81,503
</TABLE>

          Other Directors Whose Term Continued After the Meeting:

          F.H. Callaway
          James E. Hall
          David W. Quinn
          Richard J. Rosebery

     (c)  Other matters voted upon at the meeting and the number of affirmative
          votes, negative votes and abstentions.

<TABLE>
<CAPTION>
                                                                      NUMBER OF VOTES
                                                 --------------------------------------------------------
                                                 AFFIRMATIVE             AGAINST              ABSTENTIONS
                                                 -----------             -------              -----------

<S>                                               <C>                    <C>                    <C>   
          Ratification of Arthur                  7,756,492              14,801                 19,844
          Andersen LLP as
          independent auditors of
          the company for the fiscal
          year ending June 30, 1998
</TABLE>



                                       12
<PAGE>   13

ITEM 6:   Exhibits and Reports of Form 8-K

     (a)  Exhibits:

          Exhibit (4.10): Fourth Amendment dated December 15, 1997 to Loan
                          Agreement dated September 29, 1993 among Elcor
                          Corporation, NationsBank of Texas, N.A., as Issuer,
                          Administrative Lender, and Lender; and Bank of America
                          - Texas, N.A., Comerica Bank - Texas, and The Bank of
                          Tokyo - Mitsubishi, Ltd. As Lenders.

          Exhibit (27):   Financial Data Schedule (EDGAR submission only)

     (b)  The Registrant filed two reports on Form 8-K during the quarter ended
          December 31, 1997. The Registrant filed a Form 8-K on October 15, 1997
          relating to a press release containing "forward-looking statements"
          about its prospects for the future. The Registrant also filed a Form
          8-K on October 28, 1997 regarding two significant rulings by the
          district court relating to the company's ongoing patent litigation
          with GAF.



                                       13
<PAGE>   14

                                   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.


                                             ELCOR CORPORATION



DATE:  February 13, 1998                     /s/ Richard J. Rosebery
     -------------------------               -------------------------------
                                             Richard J. Rosebery
                                             Vice Chairman, Chief Financial &
                                             Administrative Officer
                                             and Treasurer


                                             /s/ Leonard R. Harral
                                             -------------------------------
                                             Leonard R. Harral
                                             Vice President and Chief
                                             Accounting Officer



                                       14
<PAGE>   15

                                INDEX TO EXHIBIT

<TABLE>
<CAPTION>
Exhibit Number                     Description
--------------                     -----------

<S>                       <C>
          Exhibit (4.10): Fourth Amendment dated December 15, 1997 to Loan
                          Agreement dated September 29, 1993 among Elcor
                          Corporation, NationsBank of Texas, N.A., as Issuer,
                          Administrative Lender, and Lender; and Bank of America
                          - Texas, N.A., Comerica Bank - Texas, and The Bank of
                          Tokyo - Mitsubishi, Ltd. As Lenders.

          Exhibit (27):   Financial Data Schedule (EDGAR submission only)
</TABLE>