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

                                      
                                  FORM 10-Q/A      
                                        

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

For the quarterly period ended November 30, 1995
                               -----------------


                                      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 0-1460
                                                ------

                             ANDERSEN GROUP, INC.
                             --------------------
            (Exact name of registrant as specified in its charter)

               CONNECTICUT                         06-0659863
               -----------                         ----------
     (State or other jurisdiction of            (I.R.S. Employer
     incorporation or organization)             Identification No.)

                Ney Industrial Park, Bloomfield, CT 06002-3690
                ----------------------------------------------
         (Address of principal executive offices, including zip code)

                                (203) 242-0761
                                --------------
             (Registrant's telephone number, including area code)

                      ___________________________________
  (Former name, former address and former fiscal year, if changed since last
                                   report.)

Indicate by check mark whether the registrant (l) 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_______
                -------           


On January 10, 1996, 1,934,205 shares of the issuer's no par value common stock
were outstanding.
<PAGE>
 
                                  FORM 10-Q/A

                               TABLE OF CONTENTS
 
<TABLE>     
<CAPTION>
                                                                                      Page No.
                                                                                      --------
<S>                                                                                   <C> 
Part I - Financial Information
------------------------------
 
         Consolidated Statements of Operations for the Three and
               Nine Months Ended November 30, 1995 and 1994                                4
 
Part II - Other Information
---------------------------
 
         Signatures                                                                        11
</TABLE>      

                                     - 2 -
<PAGE>
 
                             ANDERSEN GROUP, INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                     (In thousands, except per share data)

<TABLE>    
<CAPTION>
                                                      Three months ended            Nine months ended
(unaudited)                                       Nov. 30, 1995 Nov. 30, 1994   Nov. 30, 1995 Nov. 30, 1994
---------------------------------------------------------------------------------------------------------- 
<S>                                               <C>          <C>             <C>           <C>
REVENUES:
    Net sales                                         $5,379      $6,166          $17,543        $18,131
    Investment and other income                          137         309            1,007          3,481
--------------------------------------------------------------------------------------------------------- 
                                                       5,516       6,475           18,550         21,612        
--------------------------------------------------------------------------------------------------------- 
                                                                                                 
COSTS AND EXPENSES:                                                                              
    Cost of sales                                      3,411       4,615           11,508         12,396
    Selling, general and administrative                2,080       1,964            6,413          6,707
    Research and development                             314         503            1,256          1,603
    Interest expense                                     298         274              884          1,018
--------------------------------------------------------------------------------------------------------- 
                                                       6,103       7,356           20,061         21,724        
--------------------------------------------------------------------------------------------------------- 
loss from continuing operations before 
   income taxes                                         (587)       (881)          (1,511)          (112)
    Income tax benefit                                  (254)       (212)            (581)          (340)
--------------------------------------------------------------------------------------------------------- 
Income (loss) from continuing operations                (333)       (669)            (930)           228
    Income from discontinued operations,                                                         
      net of income taxes                                 44         217              413            628
    Gain on sale of discontinued segment,                                                                
      net of income taxes                              3,740           -            3,740              -  
 Extraordinary loss from early                                                            
 extinguishment of debt, net of income taxes               -         (60)               -            (21)
--------------------------------------------------------------------------------------------------------- 
Net income (loss)                                      3,451        (512)           3,223            835
    Preferred dividend requirement                      (147)       (143)            (443)          (439)
--------------------------------------------------------------------------------------------------------- 
Income (loss) applicable to common shares             $3,304       $(655)         $ 2,780          $ 396
--------------------------------------------------------------------------------------------------------- 
                                                                                                 
EARNINGS (LOSS) PER COMMON SHARE:                                                                
    Continuing operations                             $(0.25)     $(0.42)          $(0.71)        $(0.11)
    Discontinued operations                             1.96        0.11             2.15           0.32
    Extraordinary item                                     -       (0.03)               -          (0.01)
--------------------------------------------------------------------------------------------------------- 
    Income (loss) applicable to common shares          $1.71       $(0.34)          $1.44          $ 0.20
--------------------------------------------------------------------------------------------------------- 
DIVIDENDS DECLARED PER SHARE:                                                                    
    Preferred                                         $ 0.00      $ 0.00           $ 0.00         $ 0.00
--------------------------------------------------------------------------------------------------------- 
    Common                                            $ 0.00      $ 0.00           $ 0.00         $ 0.00
--------------------------------------------------------------------------------------------------------- 
</TABLE>     

See accompanying notes to consolidated financial statements.

                                     - 4 -
<PAGE>
 
                                  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.



                                     ANDERSEN GROUP, INC.
                               --------------------------------
                                 (Registrant)



                               /s/Andrew M. O'Shea
                               -------------------------------------------------
                               Andrew M. O'Shea
                               Chief Financial Officer


                               /s/Francis E. Baker
                               -------------------------------------------------
                               Francis E. Baker
                               President


                                   
                               January 18, 1996
                               -------------------------------------------------
                               Date                                             


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