<PAGE>   1

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

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

                                   FORM 10-Q

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

                  FOR THE QUARTERLY PERIOD ENDED APRIL 1, 2001

                                       OR

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

                        COMMISSION FILE NUMBER 333-72343

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

                            TRUE TEMPER SPORTS, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<TABLE>
<S>                             <C>                             <C>
           DELAWARE                          3949                         52-2112620
(STATE OF OTHER JURISDICTION OF  (PRIMARY STANDARD INDUSTRIAL          (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION)    CLASSIFICATION CODE NUMBER)       IDENTIFICATION NUMBER)
</TABLE>

                             8275 TOURNAMENT DRIVE
                                   SUITE 200
                            MEMPHIS, TENNESSEE 38125
                           TELEPHONE: (901) 746-2000
  (ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE, OF
                   REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)

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

     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 [ ].

     As of May 11, 2001 the Registrant had 100 shares of Common Stock, $0.01 par
value per share, outstanding.

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<PAGE>   2

                            TRUE TEMPER SPORTS, INC.

                                     INDEX

<TABLE>
<CAPTION>
                                                                                   PAGE
                                                                                   ----
<S>       <C>      <C>                                                             <C>
PART I.   FINANCIAL INFORMATION
          Item 1.  Financial Statements
                   Condensed Statements of Operations for the three month
                   periods ended April 1, 2001 (Unaudited) and April 2, 2000
                   (Unaudited).................................................       1
                   Condensed Balance Sheets as of April 1, 2001 (Unaudited) and
                   December 31, 2000 (Unaudited)...............................       2
                   Condensed Statements of Cash Flows for the three month
                   periods ended April 1, 2001 (Unaudited) and April 2, 2000
                   (Unaudited).................................................       3
                   Notes to Condensed Financial Statements (Unaudited).........       4
          Item 2.  Management's Discussion and Analysis of Financial Condition
                   and Results of Operations...................................       6
          Item 3.  Quantitative and Qualitative Disclosures About Market
                   Risk........................................................       9
PART II.  OTHER INFORMATION
          Item 1.  Legal Proceedings...........................................      10
          Item 2.  Changes in Securities and Use of Proceeds...................      10
          Item 3.  Defaults Upon Senior Securities.............................      10
          Item 4.  Submission of Matters to a Vote of Security Holders.........      10
          Item 5.  Other Information...........................................      10
          Item 6.  Exhibits and Reports on Form 8-K............................      10
Signatures.....................................................................      12
</TABLE>
<PAGE>   3

PART I  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            TRUE TEMPER SPORTS, INC.
             (A WHOLLY-OWNED SUBSIDIARY OF TRUE TEMPER CORPORATION)

                       CONDENSED STATEMENTS OF OPERATIONS
                                  (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                 FOR THE THREE
                                                                  MONTHS ENDED
                                                              --------------------
                                                              APRIL 1,    APRIL 2,
                                                                2001        2000
                                                              --------    --------
<S>                                                           <C>         <C>
Net sales...................................................  $34,392     $28,611
Cost of sales...............................................   21,394      17,653
                                                              -------     -------
     GROSS PROFIT...........................................   12,998      10,958
Selling, general and administrative expenses................    4,917       3,939
Amortization of goodwill....................................      675         676
Restructuring costs.........................................       --           7
                                                              -------     -------
     OPERATING INCOME.......................................    7,406       6,336
Interest expense, net of interest income....................    3,219       3,611
Other expenses, net.........................................       11          10
                                                              -------     -------
     INCOME BEFORE INCOME TAXES.............................    4,176       2,715
Income taxes................................................    1,854       1,300
                                                              -------     -------
     NET INCOME.............................................  $ 2,322     $ 1,415
                                                              =======     =======
</TABLE>

            See accompanying notes to condensed financial statements
                                        1
<PAGE>   4

                            TRUE TEMPER SPORTS, INC.
             (A WHOLLY-OWNED SUBSIDIARY OF TRUE TEMPER CORPORATION)

                            CONDENSED BALANCE SHEETS
                                  (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                               APRIL 1,      DECEMBER 31,
                                                                 2001            2000
                                                              -----------    ------------
<S>                                                           <C>            <C>
                           ASSETS
CURRENT ASSETS
  Cash and cash equivalents.................................   $  6,338        $  4,168
  Receivables, net..........................................     15,204           9,948
  Inventories...............................................     11,946          14,408
  Prepaid expenses and other current assets.................      2,513           2,362
                                                               --------        --------
     Total current assets...................................     36,001          30,886
Property, plant and equipment, net..........................     17,902          18,078
Goodwill, net...............................................     73,439          74,114
Deferred tax assets, net....................................     46,766          48,586
Other assets................................................      4,101           4,224
                                                               --------        --------
     Total assets...........................................   $178,209        $175,888
                                                               ========        ========
             LIABILITIES & STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
  Current portion of long-term debt.........................   $  2,025        $  1,900
  Accounts payable..........................................      6,733           7,492
  Accrued expenses and other current liabilities............      9,547           7,445
                                                               --------        --------
     Total current liabilities..............................     18,305          16,837
Long-term debt less the current portion.....................    115,936         116,505
Other liabilities...........................................      2,211           2,226
                                                               --------        --------
     Total liabilities......................................    136,452         135,568
STOCKHOLDER'S EQUITY
  Common stock -- par value $0.01 per share; authorized
     1,000 shares; issued and outstanding 100 shares........         --              --
  Additional paid in capital................................     40,326          40,326
  Retained earnings (accumulated deficit)...................      1,431              (6)
                                                               --------        --------
     Total stockholder's equity.............................     41,757          40,320
                                                               --------        --------
     Total liabilities and stockholder's equity.............   $178,209        $175,888
                                                               ========        ========
</TABLE>

            See accompanying notes to condensed financial statements
                                        2
<PAGE>   5

                            TRUE TEMPER SPORTS, INC.
             (A WHOLLY-OWNED SUBSIDIARY OF TRUE TEMPER CORPORATION)

                       CONDENSED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                 FOR THE THREE
                                                                  MONTHS ENDED
                                                              --------------------
                                                              APRIL 1,    APRIL 2,
                                                                2001        2000
                                                              --------    --------
<S>                                                           <C>         <C>
OPERATING ACTIVITIES
  Net income................................................  $ 2,322      $1,415
  Adjustments to reconcile net income to net cash provided
     by operating activities:
     Depreciation and amortization..........................    1,478       1,550
     Amortization of deferred financing costs...............      162         151
     Loss on disposal of property, plant and equipment......       14          48
     Deferred taxes.........................................    1,820       1,271
     Changes in operating assets and liabilities, net.......   (1,614)      1,509
                                                              -------      ------
       Net cash provided by operating activities............    4,182       5,944
INVESTING ACTIVITIES
  Purchase of property, plant and equipment.................     (653)     (2,006)
  Proceeds from sales of property, plant and equipment......       12          13
                                                              -------      ------
       Net cash used in investing activities................     (641)     (1,993)
FINANCING ACTIVITIES
  Principal payments on bank debt...........................     (444)     (2,719)
  Principal payments on capital leases......................       (9)        (17)
  Dividends paid............................................     (885)         --
  Other financing activity..................................      (33)         (2)
                                                              -------      ------
       Net cash used in financing activities................   (1,371)     (2,738)
Net increase in cash........................................    2,170       1,213
Cash at beginning of period.................................    4,168       6,427
                                                              -------      ------
Cash at end of period.......................................  $ 6,338      $7,640
                                                              =======      ======
</TABLE>

            See accompanying notes to condensed financial statements
                                        3
<PAGE>   6

                            TRUE TEMPER SPORTS, INC.
             (A WHOLLY-OWNED SUBSIDIARY OF TRUE TEMPER CORPORATION)

                    NOTES TO CONDENSED FINANCIAL STATEMENTS
                                  (UNAUDITED)
               (DOLLARS IN THOUSANDS UNLESS OTHERWISE INDICATED)

1) BASIS OF PRESENTATION

     The accompanying unaudited financial statements of True Temper Sports, Inc.
("True Temper" or the "Company") have been prepared in accordance with the rules
and regulations of the Securities and Exchange Commission ("SEC") for quarterly
reports on Form 10-Q and consequently do not include all the disclosures
required by generally accepted accounting principles. It is suggested that these
financial statements be read in conjunction with the audited financial
statements and the notes thereto for the year ended December 31, 2000. In the
opinion of management, the financial statements include all adjustments
(consisting only of normal recurring accruals) which are necessary for the fair
presentation of results for interim periods.

     The Company's fiscal year begins on January 1 and ends on December 31 of
each year. During the course of the year the Company closes its books on a
monthly and quarterly basis following a 4,4,5 week closing calendar. Since the
Company uses Sunday as the last day of each period (with the exception of
December) the number of days in the first and fourth quarters of any given year
can vary depending on which day of the week January 1st falls on.

2) RECENT ACCOUNTING PRONOUNCEMENTS

     In June 2000, FASB Statement 138, "Accounting for Derivative Instruments
and Hedging Activity -- Deferral of the Effective Date of FASB Statement 133",
was issued. This statement shall be effective for all fiscal quarters of all
fiscal years beginning after January 1, 2001. This statement requires
recognition of the fair value of all derivative instruments, including certain
derivative instruments embedded in other contracts, on the balance sheet and
establishes new accounting rules for hedging activities. The Company has only
limited involvement with derivative financial instruments, and does not use them
for trading purposes. Adoption of this new accounting statement had no impact on
the Company's results of operations, cash flows or financial position.

3) INVENTORIES

<TABLE>
<CAPTION>
                                                              APRIL 1,    DECEMBER 31,
                                                                2001          2000
                                                              --------    ------------
<S>                                                           <C>         <C>
Raw materials...............................................  $ 1,202       $ 1,303
Work in process.............................................    2,925         2,643
Finished goods..............................................    7,819        10,462
                                                              -------       -------
Total.......................................................  $11,946       $14,408
                                                              =======       =======
</TABLE>

4) SEGMENT REPORTING

     The Company operates in two reportable business segments: golf shafts and
performance tubing. The Company's reportable segments are based on the type of
product manufactured and the application of that product in the marketplace. The
golf shaft segment manufactures and sells steel and composite golf club shafts
for use exclusively in the golf industry. The performance tubing segment
manufactures and sells high strength, tight tolerance tubular components for
bicycle, automotive and recreational sport markets. The Company evaluates the
performance of these segments based on segment sales and gross profit. The
Company has no inter-segment sales.

                                        4
<PAGE>   7
                            TRUE TEMPER SPORTS, INC.
             (A WHOLLY-OWNED SUBSIDIARY OF TRUE TEMPER CORPORATION)

             NOTES TO CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)

<TABLE>
<CAPTION>
                                                                 FOR THE THREE
                                                                  MONTHS ENDED
                                                              --------------------
                                                              APRIL 1,    APRIL 2,
                                                                2001        2000
                                                              --------    --------
<S>                                                           <C>         <C>
Net sales:
  Golf shafts...............................................  $33,521     $27,485
  Performance tubing........................................      922       1,126
                                                              -------     -------
     Total..................................................  $34,392     $28,611
                                                              =======     =======
Gross profit:
  Golf shafts...............................................  $12,681     $10,710
  Performance tubing........................................      317         248
                                                              -------     -------
     Total..................................................  $12,998     $10,958
                                                              =======     =======
</TABLE>

     Following is a reconciliation of total reportable segment gross profit to
total Company income before income taxes:

<TABLE>
<CAPTION>
                                                                 FOR THE THREE
                                                                  MONTHS ENDED
                                                              --------------------
                                                              APRIL 1,    APRIL 2,
                                                                2001        2000
                                                              --------    --------
<S>                                                           <C>         <C>
Total reportable segment gross profit.......................  $12,998     $10,958
Less:
  SG&A expenses.............................................    4,917       3,939
  Amortization of goodwill..................................      675         676
  Restructuring costs.......................................       --           7
  Interest expense, net of interest income..................    3,219       3,611
  Other expenses, net.......................................       11          10
                                                              -------     -------
Total Company income before income taxes....................  $ 4,176     $ 2,715
                                                              =======     =======
</TABLE>

                                        5
<PAGE>   8

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

     The following discussion should be read in conjunction with the more
detailed information in our 2000 Annual Financial Statements, including the
notes thereto, appearing most recently in our 2000 Annual Report on Form 10-K,
filed with the SEC on March 28, 2001.

COMPANY OVERVIEW

     True Temper Sports, Inc. or "True Temper", a wholly owned subsidiary of
True Temper Corporation, is a leading designer, manufacturer and marketer of
both steel and composite graphite golf club shafts for original equipment
manufacturers and distributors in the golf equipment industry. In addition, True
Temper produces and sells a variety of performance tubing products that offer
high strength and tight tolerance tubular components to the bicycle, automotive
and recreational sports markets. In calendar 2000, golf shaft sales represented
96% of total revenues, and performance tubing sales represented 4%. This sales
split has remained relatively consistent during the first quarter of 2001.

RESULTS OF OPERATIONS

     The following table sets forth the components of net income as a percentage
of net sales for the periods indicated:

<TABLE>
<CAPTION>
                                                                 FOR THE THREE
                                                                  MONTHS ENDED
                                                              --------------------
                                                              APRIL 1,    APRIL 2,
                                                                2001        2000
                                                              --------    --------
<S>                                                           <C>         <C>
Net sales...................................................   100.0%      100.0%
Cost of sales...............................................    62.2        61.7
Gross profit................................................    37.8        38.3
SG&A expenses...............................................    14.3        13.8
Amortization of goodwill....................................     2.0         2.4
Restructuring costs.........................................     0.0         0.0
     Operating income.......................................    21.5        22.1
Interest expenses...........................................     9.4        12.6
Other expenses, net.........................................     0.0         0.0
     Income before income taxes.............................    12.1         9.5
Income taxes................................................     5.4         4.5
     Net income.............................................     6.8%        4.9%

Other Information:
EBITDA......................................................    25.8%       27.6%
Adjusted EBITDA.............................................    26.2%       28.0%
</TABLE>

     (See definitions of EBITDA and Adjusted EBITDA contained herein.)

  FIRST QUARTER ENDED APRIL 1, 2001 COMPARED TO THE FIRST QUARTER ENDED APRIL 2,
2000

     NET SALES for the first quarter of 2001 increased $5.8 million, or 20.2%,
to $34.4 million from $28.6 million in the first quarter of 2000. Golf shaft
sales increased $6.0 million, or 22.0%, to $33.5 million in the first quarter of
2001 from $27.5 million in the first quarter of 2000. This increase was driven
by sales of new products introduced in late 2000 and early 2001, most notably
our new BiMatrx shaft for drivers and fairway woods. Excluding the impact of
these new product sales, the sales of our existing golf shaft products were
essentially flat year over year, reflecting the overall sluggish industry demand
and poor weather conditions in many of the key geographic regions for golf
participation.

     Performance tubing sales decreased $0.2 million, or 18.1%, to $0.9 million
in the first quarter of 2001 from $1.1 million in the first quarter of 2000.

                                        6
<PAGE>   9

     Net sales to international customers increased $2.1 million, or 43.3%, to
$6.9 million in the first quarter of 2001 from $4.8 million in the first quarter
of 2000. This increase was driven by two primary factors. First, we believe that
our market share increased in the United Kingdom/Europe during the first quarter
of 2001, and second, our sales into Asia increased because of the trend of some
original equipment manufacturer's moving their golf equipment assembly
operations from the United States into Far East regions such as China.

     GROSS PROFIT for the first quarter of 2001 increased $2.0 million, or
18.6%, to $13.0 million from $11.0 million in the first quarter of 2000. Gross
profit as a percentage of net sales decreased to 37.8% in the first quarter of
2001 from 38.3% in the first quarter of 2000. This decrease in gross profit as a
percentage of net sales was driven by several factors, including (i) a shift in
sales mix patterns, (ii) costs associated with the initial production ramp-up of
our new products, (iii) higher utility costs for both gas and electricity at our
manufacturing plants, and (iv) the negative impact from the changes in foreign
currency exchange rates in the United Kingdom, Japan and Australia.

     SELLING, GENERAL AND ADMINISTRATIVE EXPENSES for the first quarter of 2001
increased $1.0 million, or 24.8%, to $4.9 million from $3.9 million in the first
quarter of 2000. SG&A as a percentage of net sales increased to 14.3% in the
first quarter 2001 from 13.8% in the first quarter of 2000. This increase was
due primarily to increased advertising and promotional expenses incurred for the
first quarter 2001 launch of the new BiMatrx multi-material shaft. The Company
made a strategic decision to promote this product heavily during the first
quarter of 2001 and elected to concentrate its annual promotional spending into
the earlier part of the year to stimulate the initial demand for the BiMatrx
product. We expect SG&A expenses for the remainder of the year will return to
more normal levels and full year 2001 SG&A expenses should be relatively
consistent with 2000.

     OPERATING INCOME for the first quarter of 2001 increased by approximately
$1.1 million, or 16.9%, to $7.4 million from $6.3 million in the first quarter
of 2000. Operating income as a percentage of net sales decreased to 21.5% in the
first quarter of 2001 from 22.1% in the first quarter of 2000. These changes in
operating income reflect the changes described above in sales, gross profit and
SG&A expenses.

     INTEREST EXPENSE for the first quarter of 2001 decreased to $3.2 million
from $3.6 million in the first quarter of 2000. This decrease is the result of
the reduction of our outstanding bank debt and a lower weighted average interest
rate on our variable rate debt during the first quarter of 2001 which is
reflective of the general decrease in interest rates in the U.S. economy.

     INCOME TAXES for the first quarter of 2001 increased to $1.9 million from
$1.3 million in the first quarter of 2000. The effective tax rate during these
periods differs from a federal statutory rate of 34% due primarily to the
pre-tax income added back for the non-deductible portion of goodwill
amortization and the incremental tax rate for state and foreign income tax
purposes.

     NET INCOME for the first quarter of 2001 increased by $0.9 million to $2.3
million from $1.4 million in the first quarter of 2000. This increase is
reflective of the profit impact from the items described above.

     EBITDA AND ADJUSTED EBITDA are measurements used by some to gauge our
operating performance. EBITDA represents operating income plus depreciation and
amortization of goodwill. Adjusted EBITDA

                                        7
<PAGE>   10

represents EBITDA plus restructuring costs and management service fees. EBITDA
and Adjusted EBITDA for the first quarter of 2001 and 2000 are calculated as
follows:

<TABLE>
<CAPTION>
                                                              FOR THE THREE MONTH
                                                                  PERIOD ENDED
                                                              --------------------
                                                              APRIL 1,    APRIL 2,
                                                                2001        2000
                                                              --------    --------
<S>                                                           <C>         <C>
Operating income............................................   $7,406      $6,336
Plus:
  Depreciation..............................................      803         874
  Amortization of goodwill..................................      675         676
                                                               ------      ------
EBITDA......................................................    8,884       7,886
Plus:
  Restructuring costs.......................................       --           7
  Management services fee...................................      125         125
                                                               ------      ------
ADJUSTED EBITDA.............................................   $9,009      $8,018
                                                               ======      ======
</TABLE>

     The increase in Adjusted EBITDA of $1.0 million, or 12.4%, is reflective of
the profit impact of the operating income items described above, as well as the
impact of the items identified in the table above.

LIQUIDITY AND CAPITAL RESOURCES

  GENERAL

     In 1998 we established a senior credit facility which includes a $20.0
million non-amortizing revolving credit facility, a $10.0 million term A loan
due 2004, and a $27.5 million term B loan due 2005. Amounts under the revolving
credit facility are available on a revolving basis commencing September 30,
1998, and ending September 30, 2004.

     In addition, we issued $100.0 million in 10 7/8% Senior Subordinated Notes
Due 2008 (the "Notes"). The Notes require cash interest payments each June 1 and
December 1, beginning June 1, 1999. The Notes are redeemable at certain
redemption prices beginning December 1, 2003 and in the event of a change of
control or public equity offering prior to December 1, 2003.

     Both the senior credit facility and the Notes contain covenants and events
of default, including substantial restrictions and provisions which, among other
things, limit our ability to incur additional indebtedness, make acquisitions
and capital expenditures, sell assets, create liens or other encumbrances, make
certain payments and dividends, or merge or consolidate. The senior credit
facility also requires us to maintain certain specified financial ratios and
tests including minimum EBITDA levels, minimum interest coverage and fixed
charge coverage ratios, and maximum leverage ratios. At April 1, 2001 we were in
compliance with all of the covenants in both the senior credit facility and the
Notes. Furthermore, the senior credit facility requires certain mandatory
prepayments including payments from the net proceeds of certain asset sales and
a portion of our excess cash flow.

  FIRST QUARTER ENDED APRIL 1, 2001 COMPARED TO THE FIRST QUARTER ENDED APRIL 2,
2000

     In the first three months of 2001 cash provided by operating activities
decreased by approximately $1.8 million to $4.2 million from $5.9 million in
2000. This decrease was driven by an increase in cash required for working
capital needs, primarily trade accounts receivable, offset by an increase in
earnings from operations.

     We used $0.7 million of cash to invest in property, plant and equipment in
the first quarter of 2001, compared to the $2.0 million we spent in the first
quarter of 2000. Most of the decrease in capital spending between years is
related to the purchase, during March 2000, of machinery and equipment from one
of our former competitors in the golf shaft industry who was placed into
receivership in the first quarter of 2000.

     We also repaid $0.4 million of the principal on our senior credit facility
during the first quarter of 2001, compared to the $2.7 million that we repaid
during the first quarter of 2000. First quarter 2000 payments included a $2.4
million mandatory prepayment of principal as required by the terms of our senior
credit facility. The mandatory prepayment is based upon the excess cash flow
generated in the prior calendar year, as

                                        8
<PAGE>   11

defined in the credit agreement. Due to the voluntary prepayments of $14.2
million made between April and December 2000 no mandatory prepayment was
required in the first quarter 2001.

     Currently, our intention is to use existing cash and cash provided from
future operations, if any, as allowed within the covenants of our senior credit
facility and our Notes, to:

        - Repay our senior credit facility or other long term debt,

        - Issue quarterly cash dividends to our parent company, True Temper
          Corporation, for its use to pay cash interest on its Senior Discount
          Notes, and/or

        - To make additional investments in the business for growth or profit
          improvements, which may include, among other things, capital
          expenditures and/or business acquisitions.

     In addition to the debt service obligations for principal and interest
payments created by the senior credit facility and the Notes described above,
our liquidity needs largely relate to working capital requirements and capital
expenditures for machinery and equipment. We intend to fund our current and long
term working capital, capital expenditure and debt service requirements through
cash flow generated from operations. However, since there can be no assurance of
future performance, as of April 1, 2001 we have the full amount of the $20.0
million revolving credit facility available for future cash requirements.

     Depending on the size, any future acquisitions, joint ventures, capital
expenditures or similar transactions may require significant capital resources
in excess of cash provided by operations, and potentially in excess of cash
available under the revolving credit facility. There can be no assurance that
the Company will be able to obtain the necessary capital under acceptable terms,
from creditors or other sources, that will be sufficient to execute any such
business investment or capital expenditure.

FORWARD-LOOKING STATEMENTS

     The Private Securities Litigation Act of 1995 (the "Act") provides a safe
harbor for forward-looking statements made by our Company. This document,
including but not limited to Item 2 "Management's Discussion and Analysis of
Financial Condition and Results of Operations", contains forward-looking
statements. All statements which address operating performance, events or
developments that we expect, plan, believe, hope, wish, forecast, predict,
intend, or anticipate will occur in the future, and other similar meanings or
phrases, are forward-looking statements within the meaning of the Act.

     The forward-looking statements are based on management's current views and
assumptions regarding future events and operating performance. However, there
are many risk factors, including but not limited to, the Company's substantial
leverage, the Company's ability to service its debt, the general state of the
economy, the Company's ability to execute its plans, fluctuations of energy
prices and availability, fluctuations of raw material prices, competitive
factors, and other risks that could cause the actual results to differ
materially from the estimates or predictions contained in our Company's
forward-looking statements. Additional information concerning the Company's risk
factors is contained from time to time in the Company's public filings with the
SEC; and most recently in the Business Risks section of Item 1 to Part 1 of our
2000 Annual Report on Form 10-K filed with the SEC on March 28, 2001.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Information concerning our market risks is contained in the "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
section of our 2000 Annual Report on Form 10-K, as filed with the SEC on March
28, 2001.

     This information has been omitted from this report as there have been no
material changes to our market risks as of April 1, 2001.

                                        9
<PAGE>   12

PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

          Various claims and legal proceedings generally incidental to the
     normal course of business are pending or threatened against us. While we
     cannot predict the outcome of these matters, in the opinion of management,
     any liability arising from these matters will not have a material adverse
     effect on our business, financial condition or results of operations.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

     -- Not applicable --

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     -- None --

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     There were no matters submitted to a vote of security holders during the
quarter ended April 1, 2001.

ITEM 5.  OTHER INFORMATION

     -- Not Applicable --

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     a. Exhibits

<TABLE>
       <C>   <S>
         2.1 Reorganization, Recapitalization and Stock Purchase
             Agreement dated as of June 29, 1998 by and between The Black
             & Decker Corporation, True Temper Sports, Inc. and TTSI LLC
             ("Recapitalization Agreement") (filed as exhibit 2.1 to the
             Company's Registration Statement on Form S-4 (No.
             333-72343), as filed with the Securities and Exchange
             Commission (the "SEC") on February 12, 1999 (the "Form
             S-4")).*
         2.2 Amendment No. 1 to Recapitalization Agreement dated August
             1, 1998 (filed as exhibit 2.2 to Form S-4).*
         2.3 Amendment No. 2 to Recapitalization Agreement dated
             September 30, 1998 (filed as exhibit 2.3 to Form S-4).*
         2.4 Assignment and Assumption Agreement by and between True
             Temper Corporation ("TTC") and the Company dated September
             30, 1998 (filed as exhibit 2.4 to Form S-4).*
         3.1 Amended and Restated Certificate of Incorporation of the
             Company, dated September 29, 1998 (filed as Exhibit 3.1 to
             Form S-4).*
         3.2 By-laws of the Company (filed as Exhibit 3.2 to Form S-4).*
         4.1 Indenture dated November 23, 1998 between the Company United
             States Trust of New York (filed as Exhibit 4.1 to Form
             S-4).*
         4.2 Purchase Agreement dated November 18, 1998 between the
             Company and Donaldson, Lufkin and Jenrette (filed as Exhibit
             4.2 to Form S-4).*
        10.1 Management Services Agreement dated as of September 30, 1998
             between the Company and Cornerstone Equity Investors, LLC
             ("Management Services Agreement") (filed as Exhibit 10.1 to
             Form S-4).*
        10.2 Amendment to Management Services Agreement dated November
             23, 1998 (filed as Exhibit 10.2 to Form S-4).*
</TABLE>

                                        10
<PAGE>   13
<TABLE>
       <C>   <S>
        10.3 Credit Agreement dated as of September 30, 1998 among the
             Company, various financial institutions, DLJ Capital
             Funding, Inc. and The First National Bank of Chicago (filed
             as Exhibit 10.3 to Form S-4).*
        10.4 Securities Purchase Agreement dated as of September 30, 1998
             among TTC and the Purchase Party thereto (filed as Exhibit
             10.4 to Form S-4).*
        10.5 Amendment No. 1 to Credit Agreement dated June 11, 1999
             (filed as Exhibit 10.5 to the Company's 1999 Annual Report
             on Form 10-K, as filed with the SEC on March 30, 2000).*
        10.6 True Temper Corporation 1998 Stock Option Plan (filed as
             Exhibit 10.6 to the Company's 1999 Annual Report on Form
             10-K, as filed with the SEC on March 30, 2000).*
        10.7 Shareholder's Agreement dated as of September 30, 1998
             (filed as Exhibit 10.7 to the Company's 1999 Annual Report
             on Form 10-K, as filed with the SEC on March 30, 2000).*
        10.8 Amended and Restated Management Services Agreement dated
             March 27, 2000 (filed as Exhibit 10.8 to the Company's
             Quarterly Report on Form 10-Q for the quarterly period ended
             April 2, 2000, as filed with the SEC on May 16, 2000).*
        10.9 Amendment No. 2 to Credit Agreement dated November 17, 2000
             (filed as Exhibit 10.9 to the Company's Annual Report on
             Form 10-K, as filed with the SEC on March 28, 2001).*
</TABLE>

     b. Reports on Form 8-K

          No reports or Form 8-K were filed during the quarter ended April 1,
     2001.
---------------
* Incorporated by reference.

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<PAGE>   14

                                   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, in the City of Memphis, State of
Tennessee, on May 11, 2001.

                                          True Temper Sports, Inc.

                                          By: /s/   SCOTT C. HENNESSY
                                            ------------------------------------
                                            Name:  Scott C. Hennessy
                                            Title:    President and Chief
                                                      Executive Officer

                                          By: /s/     FRED H. GEYER
                                            ------------------------------------
                                            Name:  Fred H. Geyer
                                            Title:    Vice President, Chief
                                                      Financial Officer, and
                                                      Treasurer

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