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

                                    FORM 10-Q

FORM 10-Q
(Mark One)

   [X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934

           For the quarterly period ended   March 31, 2001
                                          -------------------------------------

                                       OR

   [ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934

              For the transition period from ________ to ________

                          Commission File Number 1-9511

                       THE COAST DISTRIBUTION SYSTEM, INC.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


              DELAWARE                                      94-2490990
--------------------------------------------------------------------------------
   (State or other jurisdiction                          (I.R.S. Employer
  of incorporation or organization)                     Identification Number)

                                 (408) 782-6686
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
--------------------------------------------------------------------------------
     (Former name, former address and former fiscal year, if changed, since
                                   last year)

        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 [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

        Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

                        4,368,164 shares of Common Stock
                                as of May 7, 2001


<PAGE>   2

              THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES

                  INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
                      March 31, 2001 and December 31, 2000



<TABLE>
<CAPTION>
                                                                        MARCH 31,           DECEMBER 31,
                                                                           2001                2000
                                                                       (UNAUDITED)           (AUDITED)
                                                                       -----------          -----------
<S>                                                                     <C>                  <C>
                                     ASSETS

CURRENT ASSETS
   Cash                                                                 $    454             $    539
   Accounts receivable - net                                              32,092               12,996
   Inventories                                                            32,943               33,343
   Other current assets                                                    4,162                4,089
                                                                        --------             --------
        Total current assets                                              69,651               50,967
PROPERTY, PLANT, AND EQUIPMENT - NET                                       3,890                4,139
OTHER ASSETS                                                               8,734                8,784
                                                                        --------             --------
                                                                        $ 82,275             $ 63,890
                                                                        ========             ========

                                  LIABILITIES

CURRENT LIABILITIES
   Current maturities of long-term obligations                          $  1,758             $  1,763
   Accounts payable - trade                                               17,251                6,138
   Other current liabilities                                               3,066                2,423
                                                                        --------             --------
        Total current liabilities                                         22,075               10,324
LONG-TERM OBLIGATIONS
   Secured note payable to bank                                           30,846               23,892
   Other long-term liabilities                                             1,432                1,461
                                                                        --------             --------
                                                                          32,278               25,353
REDEEMABLE PREFERRED STOCK OF                                                 --                   48
SUBSIDIARY

SHAREHOLDERS' EQUITY
   Preferred stock, $.001 par value; authorized: 5,000,000                    --                   --
       shares; none issued and outstanding
   Common stock, $.001 par value; authorized: 20,000,000
      shares; 4,368,164 and 4,330,654 issued as of March 31,
      2001 and December 31, 2000, respectively:                           16,824               16,800
   Accumulated other comprehensive income (loss)                            (868)                (650)
   Retained earnings                                                      11,966               12,015
                                                                        --------             --------
        Total stockholders equity                                         27,922               28,165
                                                                        --------             --------
                                                                        $ 82,275             $ 63,890
                                                                        ========             ========
</TABLE>


        The accompanying notes are an integral part of these statements.



                                       2

<PAGE>   3

              THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES

             INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  (Dollars in thousands, except per share data)
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                             THREE MONTHS ENDED
                                                                  MARCH 31,
                                                        -----------------------------
                                                          2001                  2000
                                                        --------             --------
<S>                                                     <C>                  <C>
Net sales                                               $ 37,855             $ 43,872
Cost of sales, including distribution costs               31,502               35,758
                                                        --------             --------
    Gross profit                                           6,353                8,114
Selling, general and administrative expenses               5,782                6,598
                                                        --------             --------
    Operating income                                         571                1,516
Other income (expense)
  Interest                                                  (662)                (722)
  Other                                                       15                   (9)
                                                        --------             --------
                                                            (647)                (731)
                                                                             --------
    Income (loss) before income taxes                        (76)                 785
Income tax provision (benefit)                               (28)                 372
                                                        --------             --------
       NET EARNINGS (LOSS)                              $    (48)            $    413
                                                        ========             ========
Earnings (loss) per common share:
  Basic                                                 $   (.01)            $    .10
                                                        ========             ========
  Diluted                                               $   (.01)            $    .10
                                                        ========             ========
</TABLE>

        The accompanying notes are an integral part of these statements.


                                       3

<PAGE>   4

              THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES

             INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in thousands)



<TABLE>
<CAPTION>
                                                                                         THREE MONTHS ENDED
                                                                                              MARCH 31,
                                                                                   -----------------------------
                                                                                     2001                 2000
                                                                                   --------             --------
                                                                                            (UNAUDITED)
<S>                                                                                <C>                  <C>
Cash flows from operating activities:
     Net income (loss)                                                             $    (48)            $    413
     Adjustments to reconcile net earnings to net
       cash used in operating activities
       Depreciation and amortization                                                    301                  333
       Changes in assets and liabilities:
         Increase in accounts receivable                                            (19,096)             (25,347)
         Decrease (increase) in inventories                                             400               (2,789)
         Increase in prepaids and other current assets                                  (73)                (356)
         Increase in accounts payable                                                11,113               11,949
         Increase (decrease) in accrueds, and other current liabilities                 643                  370
                                                                                   --------             --------
            Total adjustments                                                        (6,712)             (15,840)
                                                                                   --------             --------
            Net cash used in operating activities                                    (6,760)             (15,427)
Cash flows from investing activities:
     Capital expenditures                                                               (77)                (385)
     Decrease in other assets                                                            75                   89
                                                                                   --------             --------
           Net cash used in investing activities                                         (2)                (296)
Cash flows from financing activities:
     Net borrowings under line-of-credit agreement                                    7,370               15,670
     Net repayments of other long-term debt                                            (451)                 (51)
     Issuance of Common Stock pursuant to Employee Stock
       Option and Purchase Plan                                                          24                   49
     Redemption of redeemable preferred stock of subsidiary                             (48)                 (52)
                                                                                   --------             --------
           Net cash provided by financing activities                                  6,895               15,616
Effect of exchange rate changes on cash                                                (218)                  (4)
                                                                                   --------             --------
     NET DECREASE IN CASH                                                               (85)                (111)
Cash beginning of period                                                                539                  641
                                                                                   --------             --------
Cash end of period                                                                 $    454             $    530
                                                                                   ========             ========
</TABLE>


        The accompanying notes are an integral part of these statements.


                                       4

<PAGE>   5

              THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES

          NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



1.      In the opinion of management, the accompanying unaudited condensed
        consolidated financial statements contain all adjustments necessary to
        present the Company's financial position as of March 31, 2001 and the
        results of its operations and cash flows for the three months ended
        March 31, 2001 and 2000. The accounting policies followed by the Company
        are set forth in Note A to the Company's financial statements in its
        Annual Report on Form 10-K for its fiscal year ended December 31, 2000.

2.      The Company's business is seasonal and its results of operations for the
        three months ended March 31, 2001 and 2000 are not necessarily
        indicative of the results to be expected for the full year. See
        "Management's Discussion and Analysis of Financial Condition and Results
        of Operations" elsewhere in this Report.

3.      Basic earnings per share are computed using the weighted average number
        of common shares outstanding during the period. Diluted earnings per
        share are computed using the weighted average number of common and
        potentially dilutive securities outstanding during the period.
        Potentially dilutive securities consist of the incremental common shares
        issuable upon the exercise of stock options (using the treasury stock
        method). Potentially dilutive securities are excluded from the
        computation if their effect is anti-dilutive. At March 31, 2001, 758,500
        common shares issuable on exercise of stock options were excluded from
        the computation of diluted earnings per share as their inclusion would
        have been anti-dilutive.

4.      The Company leases its corporate offices, warehouse facilities and data
        processing equipment. Those leases are classified as operating leases as
        they do not meet the capitalization criteria of FASB Statement No. 13.
        The office and warehouse leases expire over the next ten years and the
        equipment leases expire over the next four years.

        The minimum future rental commitments under noncancellable operating
        leases having an initial or remaining term in excess of one year as of
        December 31, 2000 are as follows:


<TABLE>
<CAPTION>
       YEAR ENDING
       DECEMBER 31,        EQUIPMENT         FACILITIES            TOTAL
       ------------        ---------         ----------            -----
                                     (DOLLARS IN THOUSANDS)
<S>                         <C>                <C>                <C>
            2001            $   342            $ 2,745            $ 3,087
            2002                332              2,489              2,821
            2003                300              2,401              2,701
            2004                 50              1,631              1,681
            2005                 --                838                838
      Thereafter                 --              3,458              3,458
                            -------            -------            -------
                            $ 1,024            $13,562            $14,586
                            =======            =======            =======
</TABLE>

5.      The Company has one operating segment, the distribution of replacement
        parts, accessories and supplies for recreational vehicles and boats.
        Geographic net sales for the three months ended March 31 are as follows:

<TABLE>
<CAPTION>
                                                   2001             2000
                                                -----------      -----------
<S>                                            <C>               <C>
                    USA ............            $30,456,000      $34,673,000
                    Canada .........              7,390,000        9,199,000
                    Other ..........                  9,000               --
                                                -----------      -----------
                                                $37,855,000      $43,872,000
                                                ===========      ===========
</TABLE>


                                       5

<PAGE>   6

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

GENERAL

        Factors Generally Affecting Sales of RV and Boating Products

        We believe that the Company is the largest wholesale distributor of
replacement parts, accessories and supplies for recreational vehicles ("RVs"),
and one of the largest distributors of replacement parts, accessories and
supplies for boats, in North America. Our sales are made to retail parts and
supplies stores, service and repair establishments and new and used RV and boat
dealers ("After-Market Customers"). Our sales are affected primarily by (i)
usage of RVs and boats which affects the consumers' needs for and purchases of
replacement parts, repair services and supplies, and (ii) sales of new RVs and
boats, because consumers often "accessorize" their RVs and boats at the time of
purchase.

        The usage and the purchase, by consumers, of RVs and boats depend, in
large measure, upon the extent of discretionary income available to consumers
and their confidence about economic conditions. Weather conditions also affect
the usage of RVs and boats. Additionally, shortages in the supply and increases
in the prices of gasoline also can lead to declines in the usage and purchases
of RVs and boats. As a result, our sales and operating results can be, and in
the past have been, adversely affected by recessionary economic conditions,
increases in interest rates, which affect the availability and affordability of
financing for purchases of RVs and boats, increases in gasoline prices which
adversely affect the costs of using RVs and boats, and unusually adverse weather
conditions.

RESULTS OF OPERATIONS

        Net Sales. Net sales declined by $6,017,000 or 13.7% in the first
quarter of 2001 as compared to the corresponding period in 2000. We believe that
this decline, which began in the second quarter of 2000, was primarily
attributable to increases in gasoline prices, weakening economic conditions and
the downturn in the stock market, which adversely affected consumer confidence,
causing a decrease in both the usage and purchase of recreational vehicles that
led our customers to reduce their purchases of the products we sell.

        Gross Margin. Our gross margin declined to 16.8% of net sales in the
three months ended March 31, 2001 from 18.5% in the same quarter of 2000. This
decline was due to increased labor and shipping costs associated with the
implementation of our new inventory management system, the adverse effect of
lower sales volume on fixed costs and the deflation of the Canadian dollar.

        Selling, General and Administrative Expenses. Our selling, general and
administrative expenses decreased 12.4% or $816,000 to $5,782,000 in the first
quarter of 2001 from $6,598,000 in the first quarter of 2000. This decrease was
primarily the result of reductions in selling and marketing expenses. Also
contributing to this decrease were lower general and administrative labor
expenses, because during the first quarter of 2000 we incurred additional labor
costs to implement our new computer system.

        Nearly all of our corporate overhead costs are incurred in the United
States. A portion of those costs are allocated to our foreign operations to the
extent that they directly benefit from the expenses incurred.

        Operating Income. The decline in operating income during the first
quarter of 2001 was due to the combined effects of the decreases in sales and
gross margin, which more than offset the reductions in selling, general and
administrative expenses.

        Interest Expense. Interest expense decreased by $60,000, or 8%, in the
first quarter of 2001, as compared to 2000. This decrease was the result of
reductions in average long-term borrowings outstanding during the first three
months of 2001, which were achieved primarily as a result of our inventory
management program. We will continue to rely on borrowings to fund a substantial
portion of our working capital requirements and future growth and, as a result,
we anticipate that interest will continue to be a significant expense for us.

        Income Taxes. Our effective tax rate and, therefore, also the provision
we make for income taxes, are affected by the amount of our expenses that are
not deductible for income tax purposes and by varying tax rates on income
generated by our foreign subsidiaries.



                                       6
<PAGE>   7

LIQUIDITY AND CAPITAL RESOURCES

        We finance our working capital requirements primarily with borrowings
under a long-term revolving bank credit facility and internally generated funds.
We have also obtained a $3,750,000 term loan from the bank from which we
obtained our revolving credit facility. Under the terms of the revolving credit
facility we may borrow up to the lesser of (i) $35,000,000 with a seasonal
increase to $45,000,000 between March 1 and June 20 of each year, or (ii) an
amount equal to 80% of eligible accounts receivable and 50% of eligible
inventory (the "borrowing base"), which are in addition to the outstanding
balance of the term loan. Interest on the revolving credit facility is payable
at the bank's prime rate plus 75 basis points or, at the Company's option but
subject to certain limitations, borrowings will bear interest at the bank's
LIBOR rate, plus 250 basis points. Interest on the term loan is payable at the
bank's prime rate plus 125 basis points or at the bank's LIBOR rate, plus 300
basis points.

        At May 7, 2001, outstanding borrowings under the revolving credit
facility and the term loan totaled $37,950,000. Borrowings under the credit
facility and term loan are secured by substantially all of the Company's assets
and rank senior in priority to other indebtedness of the Company. Both the
revolving credit facility and term loan mature in May 2003.

        We believe that available credit under our revolving credit facility and
term loan, together with internally generated funds, will be sufficient to
enable us to meet our working capital requirements and other cash requirements
over the next twelve months. We do not presently anticipate any material
increases in our cash requirements or material changes in our sources of funds
in the foreseeable future.

        We generally use cash for, rather than generate cash from, operations in
the first half of the year, because we build inventories, and our accounts
receivables increase, as our customers begin increasing their product purchases
for the spring and summer selling seasons. See "Seasonality and Inflation"
below.

        Because our business is seasonal, our inventories, accounts payable and
bank borrowings typically increase between the beginning and end of the first
quarter of each year. However, as a result of the implementation of our new
inventory management program, those increases during the first quarter of 2001
were not as great as they were in previous years. In fact, we were able to
reduce our inventories by $400,000 during the first quarter of 2001 as compared
to an increase of $2,789,000 in the first quarter of 2000; and our accounts
payable and credit facility borrowings increased by $11,113,000 and $7,370,000,
respectively, during the first quarter of 2001, as compared to increases of
$11,949,000 and $15,670,000, respectively, during the first quarter of 2000.

        Capital expenditures, primarily for computer enhancements and warehouse
equipment, were $77,000 in the first quarter of 2001 and $385,000 in the
corresponding quarter of 2000.

        We lease the majority of our facilities and certain of our equipment
under non-cancelable operating leases. Our future lease commitments are
described in Note 4 of Notes to the Company's Interim Condensed Consolidated
Financial Statements included elsewhere in this report.

SEASONALITY AND INFLATION

        Seasonality. Sales of recreational vehicle and boating parts, supplies
and accessories are seasonal. We have significantly higher sales during the
six-month period from April through September than we do during the remainder of
the year. Because a substantial portion of our expenses are fixed, operating
income declines and the Company sometimes incurs losses and must rely more
heavily on borrowings to fund operating requirements in the months when sales
are lower.

        Inflation. Generally, we have been able to pass inflationary price
increases on to customers. However, inflation also may cause or may be
accompanied by increases in gasoline prices and interest rates. Such increases,
or even the prospect of increase in the price or shortages in the supply of
gasoline, can adversely affect the purchase and usage of RVs and boats, which
can result in a decline in the demand for the our products.



                                       7
<PAGE>   8

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

        Our exposure to market risk with respect to financial instruments is
primarily related to changes in interest rates with respect to borrowing
activities, which may adversely affect our financial position, results of
operations and cash flows. To a lesser degree, we are exposed to market risk
from foreign currency fluctuations associated with our Canadian operations and
our Canadian currency denominated debt. We do not use financial instruments for
trading or other speculative purposes and we are not a party to any derivative
financial instruments.

        In seeking to minimize the risks from interest rate fluctuations, we
manage exposures through our regular operating and financing activities. The
fair value of borrowings under our revolving credit facility approximate the
carrying value of such obligations. As of March 31, 2001, we had outstanding
$32.5 million under our revolving credit facility.

        We sometimes enter into forward exchange agreements to reduce the effect
of foreign currency fluctuations on a portion of our inventory purchases in
Canada for our Canadian operations. The gains and losses on these contracts are
reflected in earnings in the period during which the transactions being hedged
are recognized. We believe that these agreements do not subject us to
significant market risk from exchange rate movements because the agreements
offset gains and losses on the balances and transactions being hedged. As of
March 31, 2001, there were no such agreements outstanding.

        Approximately 20% of our debt is denominated in Canadian currency, which
also exposes us to market risk associated with exchange rate movements.
Historically, we have not used derivative financial instruments to manage our
exposure to foreign currency rate fluctuations since the market risk associated
with our foreign currency denominated debt has not been considered significant.

FORWARD-LOOKING STATEMENTS

        This Report, including Management's Discussion and Analysis of Financial
Condition and Results of Operations, contains certain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. That Act provides a "safe harbor" for forward-looking statements to
encourage companies to provide prospective information. Forward-looking
statements are estimates of, or expectations or beliefs regarding our future
financial performance that are based on current information and that are subject
to a number of risks and uncertainties that could cause our actual operating
results in the future to differ significantly from those expected at the current
time. Those risks and uncertainties include, although they are not limited to,
the effect on future performance of changing product supply relationships in our
industry and the uncertainties created by those changes; the potential for
increased price competition; possible changes in economic conditions, prevailing
interest rates or gasoline prices, or the occurrence of unusually severe weather
conditions, that can affect both the purchase and usage of RVs and boats and
which, in turn, affects purchases by consumers of the products that we sell. For
information concerning such factors and risks, see the foregoing discussion in
this section of this Report entitled, "Management's Discussion and Analysis of
Financial Condition and Results of Operation" and the Section entitled "Certain
Factors That Could Affect Future Performance" in our Annual Report on Form 10K
for the fiscal year ended December 31, 2000 that was filed with the Securities
and Exchange Commission in March 2001. Due to such uncertainties and risks,
readers are cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this Report.

        We undertake no obligation to update, revise or correct any of the
forward-looking statements, whether as a result of new information, future
events or otherwise.



                                       8
<PAGE>   9

                           PART II - OTHER INFORMATION


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K AND EXHIBITS

        (a)     Exhibits.

                Exhibit 11.1 -- Computation of Earnings (Loss) Per Share for the
                quarter ended March 31, 2001 and 2000.

        (b)     Reports on Form 8-K:

                None



                                       9
<PAGE>   10

                                   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.


Dated:   May 8, 2001                    THE COAST DISTRIBUTION SYSTEM, INC.

                                        By:  /s/ SANDRA A. KNELL
                                             ----------------------------------
                                             Sandra A. Knell
                                             Executive Vice President and
                                             Chief Financial Officer




                                       10
<PAGE>   11

                                INDEX TO EXHIBITS


EXHIBIT
 11.1        Computation of Income (Loss) Per Share for the Quarter ended March
             31, 2001 and 2000