<PAGE>   2

                       TRANSWESTERN PUBLISHING COMPANY LLC
                                 FORM 10-Q/A INDEX


<TABLE>
<CAPTION>
                                                                          PAGE
                                                                          ----
<S>        <C>                                                          <C>
PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

Balance Sheets as of September 30, 1998 (unaudited) and April 30, 1998        3

Statements of Income for the Three and Nine Months Ended
           September 30, 1998 (unaudited) and 1997 (unaudited)
           and Two Months Ended June 30, 1998 (unaudited)                     4

Statements of Cash Flows for the Nine
           Months Ended September 30, 1998 (unaudited) 
           and 1997 (unaudited)                                               5

Notes to Unaudited Financial Statements                                       6


</TABLE>




<PAGE>   3
PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

                       TRANSWESTERN PUBLISHING COMPANY LLC
                                 BALANCE SHEETS
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                        SEPTEMBER 30,     APRIL 30,
                                                                             1998            1998
                                                                          ---------       ---------
                                                                         (UNAUDITED)
<S>                                                                       <C>             <C>      
ASSETS
Current assets:
   Cash                                                                   $   2,102       $   1,512
   Trade receivable, (less allowance for doubtful accounts of $9,155
     in September 1998 and $9,532 in April 1998)
                                                                             21,458          26,127
   Deferred directory costs                                                   7,292           6,226
   Other current assets                                                         807             950
                                                                          ---------       ---------
Total current assets                                                         31,659          34,815
Property, equipment and leasehold improvements, net                           2,712           2,694
Acquired intangibles, net                                                    18,772          14,326
Other assets, primarily debt issuance costs, net                              8,603           8,969
                                                                          ---------       ---------
Total assets                                                              $  61,746       $  60,804
                                                                          =========       =========

LIABILITIES AND MEMBER DEFICIT 
Current liabilities:
   Accounts payable                                                       $   4,020       $   4,373
   Salaries and benefits payable                                              3,424           3,075
   Accrued acquisition costs                                                    316             504
   Accrued Equity Compensation Plan contribution                              3,004           2,900
   Accrued interest                                                           3,996           4,841
   Other accrued liabilities                                                    781           1,124
   Customer deposits                                                         13,370          10,164
   Current portion, long-term debt                                            2,391           2,391
                                                                          ---------       ---------
Total current liabilities                                                    31,302          29,372
Long-term debt:
   Revolving loan                                                             1,500              --
   Senior Credit Facility                                                    76,813          77,344
   Series B 9 5/8% Senior Subordinated Notes                                100,000         100,000
Member deficit:                                                            (147,869)       (145,912)
                                                                          ---------       ---------

Total liabilities and member deficit                                      $  61,746       $  60,804
                                                                          =========       =========
</TABLE>

See accompanying notes.


<PAGE>   4

                       TRANSWESTERN PUBLISHING COMPANY LLC

                              STATEMENTS OF INCOME

                                   (UNAUDITED)

                                 (in thousands)


<TABLE>
<CAPTION>
                                                                                    TWO MONTHS
                                   THREE MONTHS ENDED        NINE MONTHS ENDED        ENDED
                                      SEPTEMBER 30,            SEPTEMBER 30,         JUNE 30,
                                 ---------------------     ---------------------     --------
                                   1998         1997         1998         1997         1998
                                 --------     --------     --------     --------     --------
<S>                              <C>          <C>          <C>          <C>          <C>
Net revenue                      $ 28,995     $ 25,539     $ 84,545     $ 73,292     $  7,732
Cost of revenues                    5,557        5,606       15,927       15,410        2,134
                                 --------     --------     --------     --------     --------
Gross profit                       23,438       19,933       68,618       57,882        5,598

Operating expenses:
   Sales and marketing             12,188       10,442       34,127       30,037        4,501
   General and administrative       4,355        3,893       12,853       12,272        2,485
                                 --------     --------     --------     --------     --------
Total operating expenses           16,543       14,335       46,980       42,309        6,986
                                 --------     --------     --------     --------     --------
Income (loss) from operations       6,895        5,598       21,638       15,573       (1,388)
Other income, net                      75          104          244          300           64
Interest expense                   (4,571)      (1,479)     (13,634)      (5,197)      (3,032)
                                 --------     --------     --------     --------     --------
Net income (loss)                $  2,399     $  4,223     $  8,248     $ 10,676     $ (4,356)
                                 ========     ========     ========     ========     ========
Net income (loss) per 
   Member unit                   $  2,399     $  4,223     $  8,248     $ 10,676     $ (4,356)
                                 ========     ========     ========     ========     ========
</TABLE>



See accompanying notes.

<PAGE>   5

                       TRANSWESTERN PUBLISHING COMPANY LLC

                            STATEMENTS OF CASH FLOWS

                                 (in thousands)

<TABLE>
<CAPTION>
                                                                        NINE MONTHS ENDED 
                                                                          SEPTEMBER 30,
                                                                        1998         1997
                                                                      --------     --------
<S>                                                                   <C>          <C>     
                                                                          (UNAUDITED)
OPERATING ACTIVITIES
Net income                                                            $  8,248     $ 10,676
Adjustments  to reconcile net income to net cash provided by
operating activities:
    Depreciation and amortization                                        5,093        4,932
    Amortization of deferred debt issuance costs                           865          505
    Provision for doubtful accounts                                      8,018        7,195
    Changes in operating assets and liabilities, net of effects of
       purchased directories:
       Trade receivables                                                (5,625)      (2,406)
       Write-off of doubtful accounts                                   (7,251)      (5,547)
       Recoveries of doubtful accounts                                     402          451
       Deferred directory costs                                          1,533          929
       Other current assets                                               (253)         193
       Accounts payable                                                    739         (149)
       Accrued liabilities                                               1,477       (3,823)
       Accrued interest                                                  1,740            9
       Customer deposits                                                (1,725)        (501)
                                                                      --------     --------
Net cash provided by operating activities                               13,261       12,454

INVESTING ACTIVITIES
Purchase of property, equipment and leasehold improvements                (702)      (1,133)
Payment for purchase of directories                                    (15,468)          --
                                                                      --------     --------
Net cash used for investing activities                                 (16,170)      (1,133)

FINANCING ACTIVITIES
Borrowings under long-term debt agreements:
    Revolving credit facility                                           24,866       14,500
Repayments of long-term debt
    Revolving credit facility                                          (23,175)     (16,200)
    Other long-term debt                                                  (430)        (505)
    Senior Term Loan                                                    (3,062)      (6,500)
Distributions to member                                                     --       (3,700)
                                                                      --------     --------
Net cash used for financing activities                                  (1,801)     (12,405)
                                                                      --------     --------

Net decrease in cash                                                    (4,710)      (1,084)
Cash at beginning of period                                              6,812        3,053
                                                                      --------     --------
Cash at end of period                                                 $  2,102     $  1,969

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest                                                $ 11,029     $  3,977
</TABLE>

See accompanying notes.

<PAGE>   6

                       TRANSWESTERN PUBLISHING COMPANY LLC

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                      (ALL DOLLAR AMOUNTS ARE IN THOUSANDS)

1.    BASIS OF PRESENTATION, ORGANIZATION AND BUSINESS ACTIVITIES

      The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three and nine-month periods ended
September 30, 1998 are not necessarily indicative of the results that may be
expected for the year ending December 31, 1998. For further information, refer
to the consolidated financial statements and footnotes thereto included in
Holdings' Form 10-K (SEC File No. 333-42085), for the fiscal year ended April
30, 1998.

      In November 1997, TransWestern Publishing Company L.P. (the "Partnership")
changed its name to TransWestern Holdings L.P. ("Holdings") and formed and
contributed substantially all of its assets to TransWestern Publishing Company
LLC ("TransWestern" or the "Company"). TransWestern assumed or guaranteed all of
the liabilities of the Partnership. As a result, Holdings' only assets consist
of TransWestern's Member Units (as defined) and all of Capital's (as defined)
capital stock. All of the operations that were previously conducted by the
Partnership are now being conducted by TransWestern. Holdings has formed TWP
Capital Corp. ("Capital") as a wholly-owned subsidiary and TransWestern has
formed TWP Capital Corp. II ("Capital II") as a wholly-owned subsidiary. Neither
Capital nor Capital II has any significant assets or operations. In October
1997, the Partnership completed a $312 million recapitalization transaction (the
"Recapitalization").

     The membership interests of TransWestern consist of a single class of
authorized common units (the "Member Units"). Holdings is the sole member of
TransWestern and accordingly, holds all 1,000 of the issued and outstanding
Member Units.

     The accompanying consolidated financial statements give retroactive effect
to the formation of the Company and the contribution of assets and liabilities
by Holdings as if these events had occurred on the date of the Partnership's
formation. The accompanying financial statements present the historical
financial position and results of operations of TransWestern.

     TransWestern publishes and distributes local yellow page directories in
thirteen states.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Revenue Recognition, Deferred Directory Costs and Customer Deposits

     Revenues from the sale of advertising placed in each directory are
recognized upon the distribution of directories in their individual market
areas. Advance payments received for directory advertising are shown as customer
deposits in the accompanying balance sheets. Expenditures directly related to
sales, production, printing and distribution of directories are capitalized as
deferred directory costs and matched against related revenues upon directory
distribution.


<PAGE>   7

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     Concentration of Credit Risk

     Credit is extended based upon customer collection history and generally a
deposit is required. The Company is not subject to a concentration of credit
risk due to the geographic and economic diversity of its customer base, however
credit losses have represented a cost of doing business due to the nature of the
customer base (predominantly small businesses) and the use of extended credit
terms.

     A provision for doubtful accounts based on historical experience is
recorded at the time revenue is recognized for individual directories. Actual
write-offs are taken against the allowance when management determines that an
account is uncollectible. In general, management makes this determination when
an account has declared bankruptcy, has gone out of business or fails to renew
advertising for the following year's directory.

3.   FINANCIAL STATEMENT DETAILS

<TABLE>
<CAPTION>
                                                             SEPTEMBER 30,    APRIL 30,
                                                                 1998           1998   
                                                               -------        -------
                                                             (UNAUDITED)
<S>                                                            <C>            <C>    
          Computer and office equipment .....................  $ 5,649        $ 5,148
          Furniture and fixtures ............................    1,602          1,508
          Leasehold improvements ............................      291            278
                                                               -------        -------
                                                                 7,542          6,934
          Less accumulated depreciation and amortization ....   (4,830)        (4,240)
                                                               -------        -------
                                                               $ 2,712        $ 2,694
                                                               =======        =======
</TABLE>

Acquired Intangibles (in thousands)

<TABLE>
<CAPTION>
                                                             SEPTEMBER 30,     APRIL 30,
                                                                 1998            1998   
                                                             -------------    ----------
                                                              (UNAUDITED)
<S>                                                            <C>            <C>     
           Customer Base.......................................$ 42,176       $ 35,791
           Less accumulated amortization....................... (23,404)       (21,465)
                                                               --------       --------
                                                               $ 18,772       $ 14,326
                                                               ========       ========
</TABLE>


<PAGE>   8

Other Assets (in thousands)

<TABLE>
<CAPTION>
                                                             SEPTEMBER 30,    APRIL 30,
                                                                 1998           1998   
                                                               --------       --------
                                                              (UNAUDITED)
<S>                                                            <C>            <C>     
          Debt issuance costs ..............................   $  9,124       $ 10,304
          Other ............................................        829            729
                                                               --------       --------
                                                                  9,953          9,783
          Less accumulated amortization ....................     (1,350)          (814)
                                                               --------       --------
                                                               $  8,603       $  8,969
                                                               ========       ========
</TABLE>

4.   DIRECTORY ACQUISITION

    On July 16, 1998, the Company purchased all of the outstanding common stock

of Target Directories of Michigan ("Target") for cash of approximately $5.4
million. In connection with the acquisition, the Company also assumed certain
liabilities of Target totaling approximately $1.6 million. The acquisition
has been accounted for as a purchase and accordingly the purchase price has been
allocated to the tangible and intangible assets acquired based on their
respective fair values at the date of acquisition, as follows (in thousands):

<TABLE>
<S>                                                               <C>
             Customer List                                        $6,300
             Deferred directory costs                              1,009
             Other current and non-current assets                    691
</TABLE>

4.   DIRECTORY ACQUISITION (CONTINUED)

     Assuming that the acquisition of Target had occurred on the first day of
the Company's nine month period ended September 30, 1998 and fiscal year ended
April 30, 1997, respectively, the unaudited pro forma results of operations
would be as follows:

<TABLE>
<CAPTION>
                                                               September 30,      April 30,
                                                                   1998              1998   
                                                                         (Unaudited)

<S>                                                             <C>                <C> 
           Net revenues.......................................  $85,333           $102,240
           Net income (loss)..................................    6,503             (1,800)
</TABLE>

     The above pro forma results give effect to pro forma adjustments for the
amortization of acquired intangibles.




<PAGE>   9
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on November 14, 1998 on
their behalf by the undersigned thereunto duly authorized.

                                      TRANSWESTERN PUBLISHING COMPANY LLC       
                                                  (Registrant)

                              BY:  TransWestern Communications Company, Inc. 
                                               (General Partner)


                              BY: 
                                  ------------------------------------------
                                  Name:  Joan M. Fiorito
                                  Title:  Vice President, Chief Financial 
                                  Officer and Assistant Secretary (Principal 
                                  Financial and Accounting Officer)