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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------

                                  FORM 10-K/A

                                AMENDMENT NO. 1

<Table>
<S>    <C>
[X]        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

              FOR THE FISCAL YEAR ENDED MAY 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 000-18815
</Table>

                            ------------------------

                              OUTLOOK GROUP CORP.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<Table>
<S>                                            <C>
                  WISCONSIN                                     39-1278569
          (STATE OF INCORPORATION)                           (I.R.S. EMPLOYER
                                                            IDENTIFICATION NO.)

   1180 AMERICAN DRIVE, NEENAH, WISCONSIN                          54956
  (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                      (ZIP CODE)
</Table>

              REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
                                 (920) 722-2333

          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
                                      NONE

          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
                          COMMON STOCK, $.01 PAR VALUE

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 [ ]

INDICATE BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO ITEM 405
OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED, TO THE
BEST OF THE REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION
STATEMENTS INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY
AMENDMENT TO THIS FORM 10-K.  [ ]

AS OF JULY 31, 2001, 3,440,819 SHARES OF COMMON STOCK WERE OUTSTANDING, AND THE
AGGREGATE MARKET VALUE OF THE COMMON STOCK (BASED UPON THE $4.55 LAST SALE PRICE
ON THE NASDAQ STOCK MARKET) HELD BY NON-AFFILIATES (EXCLUDES A TOTAL OF
1,447,809 SHARES REPORTED AS BENEFICIALLY OWNED BY DIRECTORS, EXECUTIVE OFFICERS
AND GREATER-THAN 10% SHAREHOLDERS -- DOES NOT CONSTITUTE AN ADMISSION AS TO
AFFILIATE STATUS) WAS APPROXIMATELY $9.1 MILLION.

                      DOCUMENTS INCORPORATED BY REFERENCE

<Table>
<Caption>
                                                         PART OF FORM 10-K INTO WHICH
                  DOCUMENT                          PORTIONS OF DOCUMENTS ARE INCORPORATED
                  --------                          --------------------------------------
<S>                                              <C>
       Proxy Statement for 2001 Annual                             Part III
           Meeting of Shareholders
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     This Amendment No. 1 is being filed to correct transposed "net sales"
numbers for the first and second quarters of 2001 and 2000. While the Company
does not believe the original disclosure was materially incorrect, it wishes to
correct the information for future reference.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     The financial statements (including the notes thereto and the accountants'
report thereon) required by this item are set forth on pages F-1 and following
of this Report, and are incorporated herein by reference. See also "Index to
Financial Statements and Financial Statement Schedules" following Item 14
herein.

<Table>
<Caption>
                                                                        QUARTER
                                                         -------------------------------------
2001                                                      FIRST    SECOND     THIRD    FOURTH
----                                                     -------   -------   -------   -------
<S>                                                      <C>       <C>       <C>       <C>
Net sales..............................................  $18,234   $24,073   $14,484   $13,869
Gross profit...........................................    4,055     5,678     1,702     2,560
Net income (loss)......................................      547     1,321      (630)       58
Earnings (loss) per common share:
  Basic................................................  $  0.14   $  0.34   ($ 0.16)  $  0.02
  Diluted..............................................  $  0.14   $  0.33   ($ 0.16)  $  0.02
</Table>

<Table>
<Caption>
                                                                        QUARTER
                                                         -------------------------------------
2000                                                      FIRST    SECOND     THIRD    FOURTH
----                                                     -------   -------   -------   -------
<S>                                                      <C>       <C>       <C>       <C>
Net sales..............................................  $16,293   $18,162   $18,053   $20,236
Gross profit...........................................    3,388     3,945     3,485     4,632
Net income (loss)......................................      353       719       303       643
Earnings (loss) per common share:
  Basic................................................  $  0.08   $  0.16   $  0.07   $  0.16
  Diluted..............................................  $  0.08   $  0.16   $  0.07   $  0.16
</Table>


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                                   SIGNATURES

     PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS AMENDMENT TO THE
REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED.

                                          OUTLOOK GROUP CORP.

September 26, 2001
                                          By /s/ Paul M. Drewek
                                            ------------------------------------
                                            Paul M. Drewek, Chief Financial
                                            Officer