<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
(MARK ONE)
[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
      OF THE SECURITIES EXCHANGE ACT OF 1934
 
      FOR THE QUARTER ENDED MARCH 29, 1997
                                       OR
[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
 
      FOR THE TRANSITION PERIOD FROM ____________ TO ____________
 
      FOR THE QUARTER ENDED MARCH 29, 1997         COMMISSION FILE NUMBER 1-9434
 
                             PICTURETEL CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
<TABLE>
<S>                                           <C>
                   DELAWARE                                     04-2835972
       (STATE OR OTHER JURISDICTION OF                       (I.R.S. EMPLOYER
        INCORPORATION OR ORGANIZATION)                     IDENTIFICATION NO.)

       100 MINUTEMAN ROAD, ANDOVER, MA.                           01810
   (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                     (ZIP CODE)
</TABLE>
 
                                 (508) 292-5000
              (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 last 90 days.
 
                                YES X       NO  
                                   ---        ---
     Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practical date.
 
     As of May 6, 1997, there were issued and outstanding 34,155,994 shares of
common stock of the registrant.
================================================================================
<PAGE>   2
 
                             PICTURETEL CORPORATION
 
                                   FORM 10-Q
 
                                     INDEX
 
PART I. -- CONSOLIDATED FINANCIAL INFORMATION
 
<TABLE>
<CAPTION>
                                                                                          PAGE
                                                                                          ----
<S>       <C>                                                                             <C>
Item 1.   Consolidated Financial Statements:
                                                                                            
          Consolidated Balance Sheets
          March 29, 1997 and December 31, 1996...........................................   3
                                                                                           
          Consolidated Statements of Income
          Three months ended March 29, 1997 and March 30, 1996...........................   4
                                                                                            
          Consolidated Statements of Cash Flows
          Three months ended March 29, 1997 and March 30, 1996...........................   5
                                                                                            
          Notes to Consolidated Financial Statements.....................................   6
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of      
          Operations..................................................................... 7-9
</TABLE>
 
PART II. -- OTHER INFORMATION
 
<TABLE>
<S>       <C>                                                                             <C>
Item 1.   Legal Proceedings..............................................................  10
Item 6.   Exhibits and Reports on Form 8-K...............................................  10
Signatures...............................................................................  11
</TABLE>
 
                                        2
<PAGE>   3
 
                             PICTURETEL CORPORATION
 
                          CONSOLIDATED BALANCE SHEETS
                                    ($000'S)
 
<TABLE>
<CAPTION>
                                                                       MARCH 29,     DECEMBER 31,
                                                                         1997            1996
                                                                       ---------     ------------
<S>                                                                    <C>           <C>
                                             ASSETS
CURRENT ASSETS:
  Cash and cash equivalents..........................................  $  35,397       $ 62,957
  Marketable securities..............................................     54,489         38,918
  Accounts receivable less allowance for doubtful accounts of $2,972
     and $3,284......................................................    139,335        147,350
  Inventories, net (Note 2)..........................................     57,391         43,320
  Deferred taxes, net................................................      6,152          5,950
  Other current assets...............................................     14,754          5,506
                                                                        --------       --------
          Total current assets.......................................    307,518        304,001
  Marketable securities..............................................         --          9,118
  Deferred taxes, net................................................      5,088          5,088
  Property and equipment, net........................................     43,229         44,217
  Capitalized software costs, net (Note 3)...........................      7,626          6,832
  Other assets.......................................................      6,620          6,791
                                                                        --------       --------
          Total assets...............................................  $ 370,081       $376,047
                                                                        ========       ========
 
                              LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Short-term borrowings..............................................  $     299       $    519
  Accounts payable...................................................     45,915         53,329
  Accrued compensation and benefits..................................      8,379          8,906
  Accrued expenses...................................................     22,409         17,897
  Current portion of capital lease obligations.......................      3,095          3,294
  Deferred revenue...................................................     18,768         19,110
                                                                        --------       --------
          Total current liabilities..................................     98,865        103,055
  Long-term borrowings...............................................      4,558          9,242
  Capital lease obligations..........................................      4,019          4,692
 
STOCKHOLDERS' EQUITY:
  Preference stock, $.01 par value; 15,000,000 shares authorized;
     none issued.....................................................         --             --
  Common stock, $.01 par value; 80,000,000 shares authorized;
     34,153,421 and 34,036,186 shares issued and outstanding at March
     29, 1997 and December 31, 1996, respectively....................        342            341
  Additional paid-in capital.........................................    198,203        196,249
  Retained earnings..................................................     65,270         62,195
  Cumulative translation adjustment..................................     (1,689)          (615)
  Unrealized gain on marketable securities, net......................        513            888
                                                                        --------       --------
          Total stockholders' equity.................................    262,639        259,058
                                                                        --------       --------
          Total liabilities and stockholders' equity.................  $ 370,081       $376,047
                                                                        ========       ========
</TABLE>
 
   The accompanying notes are an integral part of the consolidated financial
                                  statements.
 
                                        3
<PAGE>   4
 
                             PICTURETEL CORPORATION
 
                       CONSOLIDATED STATEMENTS OF INCOME
                       ($000'S EXCEPT PER SHARE AMOUNTS)
 
<TABLE>
<CAPTION>
                                                                          THREE MONTHS ENDED
                                                                       -------------------------
                                                                       MARCH 29,       MARCH 30,
                                                                         1997            1996
                                                                       ---------       ---------
<S>                                                                    <C>             <C>
Revenues.............................................................  $ 118,222       $ 105,001
Cost of sales........................................................     62,368          54,109
                                                                        --------        --------
Gross margin.........................................................     55,854          50,892
Operating expenses:
     Selling, general and administrative.............................     33,328          27,738
     Research and development........................................     19,457          13,924
                                                                        --------        --------
          Total operating expenses...................................     52,785          41,662
                                                                        --------        --------
Income from operations...............................................      3,069           9,230
Interest income, net.................................................        938           1,077
Other income, net....................................................        723             677
                                                                        --------        --------
Income before taxes..................................................      4,730          10,984
Provision for income taxes...........................................      1,655           3,515
                                                                        --------        --------
Net income...........................................................  $   3,075       $   7,469
                                                                        ========        ========
Net income per common and common equivalent share....................  $    0.09       $    0.21
                                                                        ========        ========
Weighted average common and common equivalent shares outstanding.....     35,562          36,115
                                                                        ========        ========
</TABLE>
 
   The accompanying notes are an integral part of the consolidated financial
                                  statements.
 
                                        4
<PAGE>   5
 
                             PICTURETEL CORPORATION
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    ($000'S)
 
<TABLE>
<CAPTION>
                                                                           THREE MONTHS ENDED
                                                                          ---------------------
                                                                          MARCH 29,   MARCH 30,
                                                                            1997        1996
                                                                          ---------   ---------
<S>                                                                       <C>         <C>
Cash flows from operating activities:
  Net income............................................................   $ 3,075     $ 7,469
  Adjustments to reconcile net income to net cash provided by (used in)
     operating activities:
     Depreciation and amortization......................................     6,277       4,545
     Deferred taxes, net................................................      (202)        152
     Other non-cash items...............................................        --        (195)
  Changes in operating assets and liabilities:
       Accounts receivable..............................................     8,015      (5,622)
       Inventories......................................................   (14,071)        539
       Other assets.....................................................    (9,400)     (4,838)
       Accounts payable.................................................    (7,414)      4,075
       Accrued compensation and benefits and accrued expenses...........     2,600       6,625
       Income taxes, net................................................     1,385         242
       Deferred revenue.................................................      (342)     (3,309)
                                                                           -------     -------
Net cash provided by (used in) operating activities.....................   (10,077)      9,683
                                                                           -------     -------
Cash flows from investing activities:
     Purchase of marketable securities..................................   (10,253)    (11,321)
     Proceeds from marketable securities................................     3,425       9,770
     Additions to property and equipment................................    (3,760)    (10,077)
     Capitalized software costs.........................................    (1,840)     (1,348)
     Purchase of other assets...........................................      (148)         --
                                                                           -------     -------
Net cash used in investing activities...................................   (12,576)    (12,976)

Cash flows from financing activities:
     Change in short-term borrowings....................................      (220)        (16)
     Payments on long-term borrowings...................................    (4,684)     (2,535)
     Principal payments under capital lease obligations.................      (872)       (721)
     Proceeds from exercise of stock options............................       368       3,538
     Proceeds from stock purchase plan..................................     1,099         883
                                                                           -------     -------
Net cash provided by (used in) financing activities.....................    (4,309)      1,149
Effect of exchange rate changes on cash.................................      (598)        204
                                                                           -------     -------
Net decrease in cash and cash equivalents...............................   (27,560)     (1,940)
Cash and cash equivalents at beginning of period........................    62,957      39,476
                                                                           -------     -------
Cash and cash equivalents at end of period..............................   $35,397     $37,536
                                                                           =======     =======
Supplemental cash flow information:
     Interest paid......................................................   $   290     $   158
     Income taxes paid..................................................   $   890     $   584
</TABLE>
 
   The accompanying notes are an integral part of the consolidated financial
                                  statements.
 
                                        5
<PAGE>   6
 
                             PICTURETEL CORPORATION
 
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)
 
(1) MANAGEMENT'S REPRESENTATION
 
     As permitted by the rules of the Securities and Exchange Commission
applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do
not contain all the disclosures required by generally accepted accounting
principles. Reference should be made to the consolidated financial statements
and related notes included in the Company's Annual Report on Form 10-K for the
year ended December 31, 1996, as filed with the Securities and Exchange
Commission on March 28, 1997.
 
     In the opinion of the management of PictureTel Corporation, the
accompanying consolidated financial statements contain all adjustments
(consisting of only normal, recurring adjustments) necessary to present fairly
the Company's financial position at March 29, 1997 and the results of operations
and changes in cash flows for the three months ended March 29, 1997.
 
     The results disclosed in the Consolidated Statements of Income for the
three months ended March 29, 1997 are not necessarily indicative of the results
to be expected for the full year.
 
(2) INVENTORIES
 
     Inventories consist of the following (in thousands):
 
<TABLE>
<CAPTION>
                                                          MARCH 29,      DECEMBER 31,
                                                            1997            1996
                                                          ---------      ------------
          <S>                                              <C>             <C>
          Purchased Parts...............................   $ 8,118         $ 6,409
          Work in Process...............................     2,859           2,018
          Finished Goods................................    46,414          34,893
                                                           -------         -------
                                                           $57,391         $43,320
                                                           =======         =======
</TABLE>
 
(3) CAPITALIZED SOFTWARE COSTS
 
     Amortization of software costs totaled $1,046,000 and $801,000 for the
quarters ended March 29, 1997 and March 30, 1996, respectively.
 
(4) LITIGATION
 
     In December 1993, PictureTel was sued by Datapoint Corporation in the
United States District Court for the Northern District of Texas. Datapoint
alleges that certain of the Company's products infringe patent rights allegedly
owned by Datapoint. The complaint seeks approximately $51 million in damages for
alleged past infringement and an injunction against alleged future infringement.
The Company believes that it has meritorious defenses to the allegations of the
complaint, and is vigorously defending against the lawsuit.
 
     In the fall of 1995, the Court appointed a Special Master to consider the
Company's motion for summary judgment of non-infringement. The Special Master
recommended that the motion for summary judgment be denied. On September 16,
1996, the Court adopted the Special Master's claim construction of the Datapoint
patents and denied PictureTel's summary judgment motion. A trial date has been
set for October 6, 1997. The parties are completing discovery.
 
     In the event the Company is found to be infringing a valid patent or
patents, the Company could be required to pay damages for past infringement and
cease the sale of products incorporating the infringing feature (or be required
to take a license and pay royalties with respect to such patents). While there
can be no assurance that the Company will prevail, the Company believes that it
is unlikely that the outcome of the lawsuit would have a material adverse effect
on the business or the financial position, results of operations and cash flows
of the Company.
 
(5) SUBSEQUENT EVENT
 
     On April 15, 1997, the Company entered into an agreement and plan of merger
to acquire MultiLink, Inc. Under the terms of the agreement, each share of
MultiLink common stock will be exchanged for .56 of a share of PictureTel Common
Stock. Outstanding options to purchase MultiLink stock will be converted at the
exchange ratio into PictureTel options. The merger is intended to be accounted
for as a pooling of interests, and the consummation is subject to satisfaction
of closing conditions.
 
                                        6
<PAGE>   7
 
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
     The following table sets forth, for the periods indicated, the percentage
of revenues for certain items in the Company's Statement of Income for each
period:
 
<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED
                                                                -----------------------
                                                                MARCH 29,     MARCH 30,
                                                                  1997          1996
                                                                ---------     ---------
            <S>                                                 <C>           <C>
            Revenues..........................................      100%          100%
            Cost of sales.....................................     52.8          51.5
            Gross margin......................................     47.2          48.5
            Selling, general and administrative...............     28.2          26.4
            Research and development..........................     16.4          13.3
            Total operating expenses..........................     44.6          39.7
            Income from operations............................      2.6           8.8
            Interest income, net..............................      0.8           1.0
            Other income, net.................................      0.6           0.6
            Income before taxes...............................      4.0          10.4
            Provision for income taxes........................      1.4           3.3
            Net income........................................      2.6           7.1
</TABLE>
 
FORWARD-LOOKING STATEMENTS
 
     This section includes certain forward-looking statements about the
Company's business and new products, sales and expenses, effective tax rate and
operating and capital requirements. Any such statements are subject to risks
that could cause the actual results or to vary materially. These risks are
discussed in Management's Discussion and Analysis of Financial Condition and
Results of Operations in the Company's Report on Form 10-K for the year ended
December 31, 1996. Subsequent to the end of the first quarter, the Company
entered into an agreement to acquire MultiLink Inc., a leading supplier of
multipoint audioconferencing systems. As with acquisitions generally, there are
risks in the assimilation of the operations, technologies and products of the
MultiLink business.
 
RESULTS OF OPERATIONS
 
THREE MONTHS ENDED MARCH 29, 1997 COMPARED TO THREE MONTHS ENDED MARCH 30, 1996
 
     REVENUES.  The Company's revenues increased $13,221,000, or 13%, in the
three month period ended March 29, 1997 compared to the comparable period in
1996. The increase in revenue was primarily a result of increased
videoconferencing system unit shipments. This growth was partially offset by a
reduction in the average selling price of videoconferencing systems resulting
from a shift towards lower priced models, especially in the group systems, as
well as a shift in distribution channel mix with approximately 85% of product
revenue now coming from the indirect channels compared with 76% for the
comparable period in 1996. Videoconferencing system sales accounted for
approximately 83% of the Company's revenues for both the three month period
ended March 29, 1997 and the comparable period in 1996. Sales of group and
desktop videoconferencing products accounted for 74% and 9%, respectively, of
revenues for the three month period ended March 29, 1997, compared with 64% and
19%, respectively, for the comparable period in 1996. Personal desktop product
revenue declined during the three month period ended March 29, 1997 from the
comparable period in 1996 due to the unexpected slowdown in the desktop
videoconferencing market, as well as a shift in sales from the higher margin
products to the lower margin products. In addition, sales of bridge products
accounted for approximately 8% of the Company's revenues for both the three
month period ended March 29, 1997 and the comparable period in 1996. The balance
of the revenues for the three month period ended March 29, 1997 and the
comparable period in 1996 were primarily from maintenance services,
licensing/development agreements and the sales of stand-alone codecs and video
modems. The Company's revenues were lower than expected for the three month
period ended March 29, 1997 due to lower than expected volume in desktop
 
                                        7
<PAGE>   8
 
videoconferencing unit sales and a change in the mix of group system sales,
with the lower margin compact systems selling rather than the larger group
systems, which have a higher margin. 
 
     The Company's revenues from sales to foreign markets were approximately
$57,909,000 for the three month period ended March 29, 1997 compared to
approximately $50,610,000 for the comparable period in 1996 representing 49% and
48%, respectively, of total revenues. The Company expects that international
revenues will continue to account for a significant portion of total revenues.
 
     GROSS MARGIN.  The Company's gross margin increased $4,962,000 or 10%, in
the three month period ended March 29, 1997 compared to the comparable period in
1996. Gross margin as a percentage of revenues was 47% for the three month
period ended March 29, 1997 compared to 48% for the comparable period in 1996.
Gross margin as a percentage of revenues decreased as a result of a change in
the mix of group systems sales, a reduction in the average selling price of
videoconferencing systems and the increased percentage of volume through the
indirect channels. The latter two trends are expected to continue and may impact
future gross margins.
 
     SELLING, GENERAL AND ADMINISTRATIVE.  Selling, general and administrative
expenses increased $5,590,000 or 20% from the comparable period in 1996 and
increased as a percentage of revenues to 28% from 26%. The dollar increase in
spending resulted primarily from the worldwide marketing focus associated with
expanding indirect channels and from new product launches, as well as increased
commission expense. In addition, the Company has provided additional sales,
general and administrative personnel in order to support the Company's overall
growth. The Company will monitor expenses in relation to revenue and will take
action to reduce the ratio of expenses to revenue for the remainder of the year.
 
     RESEARCH AND DEVELOPMENT.  Research and development expenses increased
$5,533,000, or 40% for the three month period ended March 29, 1997 from the
comparable period in 1996 and were 16% and 13%, respectively, for the three
month period ended March 29, 1997 and the comparable period in 1996. Research
and development expenditures, prior to the capitalization of software costs,
were $21,298,000 for the three month period ended March 29, 1997 and $15,309,000
for the comparable period in 1996 or 18% and 15% of revenues, respectively. The
dollar increase in expenditures primarily reflects the Company's continuing
investment in new product and software development for existing and future
videoconferencing products. The Company will monitor expenses in relation to
revenue and will take action to reduce the ratio of expenses to revenue for the
remainder of the year. The Company capitalized software costs of $1,840,000 for
the three month period ended March 29, 1997 and $1,348,000 for the comparable
period in 1996 representing 9% of aggregate research and development
expenditures, respectively.
 
     OPERATING INCOME.  Operating income as a percentage of revenues decreased
70% from 9% to 3% as a result of the foregoing factors.
 
     NET INTEREST INCOME (EXPENSE).  Net interest income decreased to $938,000
for the three month period ended March 29, 1997 from $1,077,000 for the
comparable period in 1996. The decrease was primarily the result of lower
average marketable securities portfolio balances and the shift to short-term
maturities which have lower yields.
 
     OTHER INCOME, NET.  Other income, net of $723,000 for the three month
period ended March 29, 1997 consists primarily of net gains on foreign currency
transactions and net gains on sales of securities. Other income (expense) of
$677,000 for the comparable period in 1996 consists primarily of net gains on
sales of securities.
 
     INCOME TAXES.  The Company's effective tax rate for the three month period
ended March 29, 1997 and the comparable period in 1996 was 35% and 32%,
respectively. The rate for the three month period ended March 29, 1997 was equal
to the federal statutory rate primarily due to the benefits of the research and
development credits and the Company's foreign sales corporation offset by state
and foreign taxes.
 
                                        8
<PAGE>   9
 
LIQUIDITY AND CAPITAL RESOURCES
 
     At March 29, 1997 the Company had $35,397,000 in cash and cash equivalents
and $54,489,000 in short-term marketable securities. During the three month
period ended March 29, 1997 the Company used $10,077,000 in cash from operating
activities. The primary use of cash during the three month period ended March
29, 1997 was to fund the net growth in inventory. The increase in inventory
resulted from an unexpected revenue shortfall for the three month period ended
March 29, 1997.
 
     The Company has available for borrowing up to $40,000,000 under its
revolving credit agreement and approximately $4,400,000 available under local
foreign guaranteed lines of credit to certain of its foreign subsidiaries. At
March 29, 1997 there was $4,558,000 in debt and $18,243,000 in standby letters
of credit outstanding under the revolving credit agreement and $299,000
outstanding under the foreign lines of credit. At March 29, 1997, the Company
had $7,114,000 outstanding under various leasing lines.
 
     The Company believes that funds from operations, equipment lease financing,
available borrowings under its various credit agreements and existing cash, cash
equivalents and marketable securities will be sufficient to meet the Company's
foreseeable operating and capital requirements.
 
NEWLY ISSUED ACCOUNTING STANDARDS

     In February 1997, the Financial Accounting Standards Board issued Statement
No. 128 ("SFAS 128"), "Earnings per Share," which is effective for fiscal years
ending after December 15, 1997, including interim periods. SFAS 128 requires the
presentation of basic and diluted earning per share (EPS). Basic EPS, which
replaces primary 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. Diluted EPS is computed
similarly to fully diluted EPS under the existing rules. SFAS 128 requires
restatement of all prior-period earnings per share data presented after the
effective date. The Company will adopt SFAS 128 in 1997 and has not yet
determined the impact of adoption.
 
                                        9
<PAGE>   10
 
                          PART II -- OTHER INFORMATION
 
ITEM 1 -- LEGAL PROCEEDINGS
 
     In December 1993, PictureTel was sued by Datapoint Corporation in the
United States District Court for the Northern District of Texas. Datapoint
alleges that certain of the Company's products infringe patent rights allegedly
owned by Datapoint. The complaint seeks approximately $51 million in damages for
alleged past infringement and an injunction against alleged future infringement.
The Company believes that it has meritorious defenses to the allegations of the
complaint, and is vigorously defending against the lawsuit.
 
     In the fall of 1995, the Court appointed a Special Master to consider the
Company's motion for summary judgment of non-infringement. The Special Master
recommended that the motion for summary judgment be denied. On September 16,
1996, the Court adopted the Special Master's claim construction of the Datapoint
patents and denied PictureTel's summary judgment motion. A trial date has been
set for October 6, 1997. The parties are completing discovery.
 
     In the event the Company is found to be infringing a valid patent or
patents, the Company could be required to pay damages for past infringement and
cease the sale of products incorporating the infringing feature (or be required
to take a license and pay royalties with respect to such patents). While there
can be no assurance that the Company will prevail, the Company believes that it
is unlikely that the outcome of the lawsuit would have a material adverse effect
on the business or the financial position, results of operations and cash flows
of the Company.
 
ITEM 6 -- EXHIBITS AND REPORTS ON FORM 8-K
 
     (a) Exhibits
 
<TABLE>
  <C>          <S>
     10.10     Agreement between PictureTel Corporation and David Grainger dated August 10,
               1994 (filed herewith)
   10.13.1     Separation agreement between PictureTel Corporation and Khoa Nguyen dated
               September 13, 1996 (filed herewith)
   10.14.1     Amendment No. 1 to Lease for 100 Minuteman, dated as of July 10, 1996 (filed
               herewith)
   10.14.2     Amendment No. 2 to Lease for 100 Minuteman, dated as of August 19, 1996 (filed
               herewith)
   10.15.1     Amendment No. 1 to Lease with Andover Mills Realty Partnership, dated as of
               October 10, 1995 (filed herewith)
   10.15.2     Amendment dated as of May 28, 1996 to Lease with Andover Mills Realty
               Partnership (filed herewith)
        11     Calculation of Earnings per Share (filed herewith)
      21.1     Subsidiaries of the Company (filed herewith)
</TABLE>
 
     (b) Reports on Form 8-K
 
     None
 
                                       10
<PAGE>   11
 
                                   SIGNATURE
 
     Pursuant to 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.
 
                                            PICTURETEL CORPORATION
 
                                            /s/  LES B. STRAUSS
 
                                            ------------------------------------
                                            LES B. STRAUSS
                                            Vice President, Chief Financial
                                            Officer
                                            (Principal Financial and Accounting
                                            Officer)
 
May 13, 1997
 
                                       11