<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-K/A

                                 AMENDMENT NO. 1
            [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                   For the Fiscal Year Ended December 31, 1997


          [ ] 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: 811-3780

                                PMC CAPITAL, INC.
             (Exact name of registrant as specified in its charter)

                  FLORIDA                              59-2338539
        (State or other jurisdiction of             (I.R.S. Employer
        incorporation or organization)              Identification No.)

      17290 PRESTON ROAD, 3RD FLOOR, DALLAS, TX 75252      (972) 349-3200
     (Address of principal executive offices)(Registrant's telephone number)
                     

           Securities registered pursuant to Section 12(b) 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. [X]

The aggregate market value of the voting stock held by non-affiliates of the
registrant, based upon the closing sale price of the Common Stock on February
27, 1998 as reported on the American Stock Exchange, was approximately $123
million. Common Stock held by each officer and director and by each person who
owns 10% or more of the outstanding Common Stock have been excluded because such
persons may be deemed to be affiliates. This determination of affiliate status
is not necessarily a conclusive determination for other purposes.

As of February 27, 1998, the Registrant had 11,734,591 shares of Common Stock
outstanding.


                      DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the Registrant's Proxy Statement to be filed with the Securities and
Exchange Commission within 120 days after the year covered by this Form 10-K
with respect to the Annual Meeting of Shareholders to be held on May 14, 1998
are incorporated by reference into Part III.



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                                EXPLANATORY NOTE


         This Amendment No. 1 to Form 10-K is being filed by PMC Capital, Inc.
(the "Company") to correct a computer conversion error which inadvertently
deleted certain decimal points from numbers on the Company's Consolidated
Statements of Shareholders' Equity as originally filed with the Form 10-K,
resulting from converting the Form 10-K for purposes of filing with the
Securities and Exchange Commission via EDGAR. The dividends per share should
have been $1.08 for 1995, $1.16 for 1996 and $1.27 for 1997, as set forth on the
revised Consolidated Statements of Shareholders' Equity filed herewith.



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                       PMC CAPITAL, INC AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
              FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

<TABLE>
<CAPTION>
                                                                                  NET
                                                                UNDISTRIBUTED  UNREALIZED
                                                     ADDITIONAL      NET      DEPRECIATION
                                            COMMON    PAID-IN     OPERATING       ON
                                            STOCK     CAPITAL      INCOME     INVESTMENTS    TOTAL
                                           --------  ---------- ------------- ------------  --------
<S>              <C>                       <C>        <C>         <C>         <C>           <C>      
BALANCE, JANUARY 1, 1995 ...............   $    107   $ 56,254    $  1,387    $   (377)     $ 57,371 
                                                                                                     
Issuances of common stock pursuant                                                                   
  to dividend reinvestment and cash                                                                  
  purchase plan, 187,005 shares ........          2      2,175          --          --         2,177 
                                                                                                     
Net income .............................         --         --      11,452         (90)       11,362 
                                                                                                     
Dividends:                                                                                           
                                                                                                     
  Preferred ............................         --         --        (222)         --          (222)
                                                                                                     
  Common ( $1.08 per common share ) ....         --         --     (11,600)         --       (11,600)
                                           --------   --------    --------    --------      -------- 
                                                                                                     
BALANCE, DECEMBER 31, 1995 .............        109     58,429       1,017        (467)       59,088 
                                                                                                     
Issuances of common stock pursuant                                                                   
  to dividend reinvestment and cash                                                                  
  purchase plan, 291,042 shares ........          3      3,696          --          --         3,699 
                                                                                                     
Net income .............................         --         --      13,188          32        13,220 
                                                                                                     
Dividends:                                                                                           
                                                                                                     
  Preferred ............................         --         --        (251)         --          (251)
                                                                                                     
  Common ( $1.16 per common share ) ....         --         --     (12,853)         --       (12,853)
                                           --------   --------    --------    --------      -------- 
                                                                                                     
BALANCE, DECEMBER 31, 1996 .............        112     62,125       1,101        (435)       62,903 
                                                                                                     
Issuances of common stock pursuant                                                                   
  to dividend reinvestment and cash                                                                  
  purchase plan, 468,706 shares ........          4      6,430          --          --         6,434 
                                                                                                     
Net income .............................         --         --      15,981        (359)       15,622 
                                                                                                     
Dividends:                                                                                           
                                                                                                     
  Preferred ............................         --         --        (250)         --          (250)
                                                                                                     
  Common ( $1.27 per common share ) ....         --         --     (14,543)         --       (14,543)
                                           --------   --------    --------    --------      -------- 
                                                                                                     
BALANCE, DECEMBER 31, 1997 .............   $    116   $ 68,555    $  2,289    $   (794)     $ 70,166 
                                           ========   ========    ========    ========      ======== 
</TABLE>

              THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
                       CONSOLIDATED FINANCIAL STATEMENTS.


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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 report to be signed on
its behalf by the undersigned, thereunto duly authorized.


Dated:  April 16, 1998                    PMC CAPITAL, INC.



                                          By: /s/ Barry N. Berlin
                                              ----------------------------------
                                              Barry N. Berlin
                                              Chief Financial Officer







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