<PAGE>

               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    MARCH 31, 1997
                                  --------------

                                          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:               1-988
                                      -----

                           THE COLEMAN COMPANY, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                   DELAWARE                        13-3639257
         -------------------------------       ------------------
         (State or other jurisdiction of        (I.R.S. Employer
         incorporation or organization)        Identification No.)

       1767 DENVER WEST BLVD., GOLDEN, COLORADO           80401
       ----------------------------------------           -----
       (Address of principal executive offices)          (Zip Code)

                                   303-202-2400
               ----------------------------------------------------
               (Registrant's telephone number, including area code)

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
requirement for the past 90 days.   X   Yes       No
                                   ---        ---
The number of shares outstanding of the registrant's par value $.01 common stock
was 53,357,256 shares as of May 5, 1997, of which 44,067,520 shares were held by
an indirect wholly-owned subsidiary of Mafco Holdings Inc.

                              Exhibit Index on Page 11.

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                THE COLEMAN COMPANY, INC. AND SUBSIDIARIES

                                 INDEX

                      PART I.  FINANCIAL INFORMATION           Page
                                                               ----
Item 1.  Condensed Consolidated Financial Statements:

         Condensed Consolidated Statements of Operations
          Three months ended March 31, 1997 and 1996              3

         Condensed Consolidated Balance Sheets
          March 31, 1997 and December 31, 1996                    4

         Condensed Consolidated Statements of Cash Flows
          Three months ended March 31, 1997 and 1996              5

         Notes to Condensed Consolidated Financial Statements     6

Item 2.  Management's Discussion and Analysis of Financial
          Condition and Results of Operations                     8

                      PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings                                       11

Item 6.  Exhibits and Reports on Form 8-K                        11

         Signatures                                              12

                                     2
<PAGE>

                  THE COLEMAN COMPANY, INC. AND SUBSIDIARIES

             ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per share data)
                                 (Unaudited)

                                                            Three Months
                                                          Ended March 31,
                                                      -----------------------
                                                        1997           1996
                                                      --------       --------
Net revenues                                          $295,464       $273,560
Cost of sales                                          214,422        192,594
                                                      --------       --------
Gross profit                                            81,042         80,966
Selling, general and administrative expenses            65,873         46,737
Interest expense, net                                   10,712          8,081
Amortization of goodwill and deferred charges            2,865          2,247
Other expense, net                                         271             30
                                                      --------       --------
Earnings before income taxes and minority interest       1,321         23,871
Income tax expense                                         510          8,832
Minority interest in earnings of Camping Gaz               112             --
                                                      --------       --------
Net earnings                                          $    699       $ 15,039
                                                      --------       --------
                                                      --------       --------
Earnings per common share                             $    .01       $    .28
                                                      --------       --------
                                                      --------       --------
Weighted average common shares outstanding              53,231         53,165
                                                      --------       --------
                                                      --------       --------

         See Notes to Condensed Consolidated Financial Statements

                                     3

<PAGE>

                      THE COLEMAN COMPANY, INC. AND SUBSIDIARIES

                        CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (In thousands)
                                     (Unaudited)

                                                  March 31,    December 31,
                                                     1997          1996
                                                 ----------     ----------
                     ASSETS
Current assets:
  Cash and cash equivalents                      $   12,866    $    17,299
  Accounts and notes receivable, less allowance 
    of $9,934 in 1997 and $11,512 in 1996           286,278        231,603
  Inventories                                       288,166        287,502
  Deferred tax assets                                39,895         40,466
  Prepaid assets and other                           16,529         14,767
                                                 ----------     ----------
      Total current assets                          643,734        591,637
Property, plant and equipment, net                  194,739        199,182
Intangible assets related to businesses
  acquired, net                                     334,012        341,715
Deferred tax assets and other                        32,577         27,552
                                                 ----------     ----------
                                                 $1,205,062     $1,160,086
                                                 ----------     ----------
                                                 ----------     ----------

     LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts and notes payable                     $  194,462     $  132,841
  Other current liabilities                         115,329        113,653
                                                 ----------     ----------
      Total current liabilities                     309,791        246,494

Long-term debt                                      568,034        582,866
Other liabilities                                    75,711         76,173
Minority interest                                     1,549          1,608

Contingencies

Stockholders' equity:
  Common stock                                          532            532
  Additional paid-in capital                        169,495        166,690
  Retained earnings                                  83,531         82,832
  Currency translation adjustment                    (3,128)         3,176
  Minimum pension liability adjustment                 (453)          (285)
                                                 ----------     ----------
      Total stockholders' equity                    249,977        252,945
                                                 ----------     ----------
                                                 $1,205,062     $1,160,086
                                                 ----------     ----------
                                                 ----------     ----------


               See Notes to Condensed Consolidated Financial Statements


                                       4

<PAGE>

                      THE COLEMAN COMPANY, INC. AND SUBSIDIARIES

                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (In thousands)
                                     (Unaudited)

                                                             Three Months
                                                            Ended March 31,
                                                         ---------------------
                                                           1997        1996
                                                         --------    ---------

CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings                                             $    699    $  15,039
                                                         --------    ---------
Adjustments to reconcile net earnings to net cash flows
  from operating activities:
    Depreciation and amortization                           9,590        7,588
    Minority interest in earnings of Camping Gaz              112           -- 
    Change in assets and liabilities:
      Increase in receivables                             (60,454)     (84,659)
      Increase in inventories                              (5,258)     (28,420)
      Increase in accounts payable                         18,655        8,741
      Other, net                                           (4,383)     (11,145)
                                                         --------    ---------
                                                          (41,738)    (107,895)
                                                         --------    ---------
Net cash used by operating activities                     (41,039)     (92,856)
                                                         --------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures                                       (6,313)      (6,866)
Purchases of businesses, net of cash acquired                  --      (60,132)
Proceeds from sale of fixed assets                          2,126          186
                                                         --------    ---------
Net cash used by investing activities                      (4,187)     (66,812)
                                                         --------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
Net (payments of) proceeds from revolving credit
  agreement borrowings                                     (8,959)     125,713
Net change in short-term borrowings                        48,996       29,611
Repayment of long-term debt                                   (64)        (172)
Debt issuance and refinancing costs                          (718)          -- 
Purchases of Company common stock                              --       (2,329)
Proceeds from stock options exercised                         197          967
                                                         --------    ---------
Net cash provided by financing activities                  39,452      153,790
                                                         --------    ---------
Effect of exchange rate changes on cash                     1,341          629
                                                         --------    ---------
Net decrease in cash and cash equivalents                  (4,433)      (5,249)
Cash and cash equivalents at beginning of the period       17,299       12,065
                                                         --------    ---------
Cash and cash equivalents at end of the period           $ 12,866    $   6,816
                                                         --------    ---------
                                                         --------    ---------

            See Notes to Condensed Consolidated Financial Statements


                                       5

<PAGE>

                  THE COLEMAN COMPANY, INC. AND SUBSIDIARIES

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                      (In thousands, except share data)
                                 (Unaudited)

1.  BASIS OF FINANCIAL STATEMENT PRESENTATION

    The accompanying unaudited condensed consolidated financial statements of
The Coleman Company, Inc. ("Coleman" or "Company") include the accounts of the
Company and its subsidiaries after elimination of all material intercompany
accounts and transactions, and have been prepared in accordance with generally
accepted accounting principles for interim financial information and with 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 months ended March 31, 1997 are not necessarily indicative
of the results that may be expected for the year ended December 31, 1997. The
balance sheet at December 31, 1996 has been derived from the audited financial
statements for that date but does not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.  For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company's annual
report on Form 10-K for the year ended December 31, 1996.

2.  INVENTORIES

    The components of inventories consist of the following:

                                              March 31,     December 31,
                                                1997           1996
                                              --------       --------
    Raw material and supplies                 $ 83,710       $ 82,399
    Work-in-process                             16,036         12,878
    Finished goods                             188,420        192,225
                                              --------       --------
                                              $288,166       $287,502
                                              --------       --------
                                              --------       --------

3.  OTHER CHARGES

    During the three months ended March 31, 1997, the Company recorded certain
other charges totaling $2,435, net of tax, primarily related to severance costs
associated with recent executive changes. 

4.  RELATED PARTY TRANSACTION

    During the three months ended March 31, 1997, the Company agreed to
purchase an inactive subsidiary from an affiliate for $1,000.  The Company
expects to realize certain foreign tax benefits from this transaction in future
years.  The Company has accounted for this transaction in a manner similar to a
pooling-of-interests due to the Mafco Holdings Inc. common control over each
of the parties involved in the transaction.  The $2,608 excess value of tax
benefits acquired over the purchase price has been accounted for as a capital
contribution.

5.  SUBSEQUENT EVENT

    In April 1997, the Company announced its intentions to (i) close its
corporate headquarters in Golden, Colorado, (ii) close its Geneva, Switzerland
international headquarters, (iii) reduce the Company's workforce by
approximately 10% and (iv) close or relocate three domestic factories and close
one international factory.  Most of the 

                                     6
<PAGE>

                  THE COLEMAN COMPANY, INC. AND SUBSIDIARIES

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                      (In thousands, except share data)
                                 (Unaudited)

costs associated with these actions will be reflected in the results of 
operations for the quarter ended June 30, 1997. 

6.  RECENTLY ISSUED ACCOUNTING STANDARDS

    In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 128, "Earnings per Share" ("FAS 128"),
which specifies the computation, presentation, and disclosure requirements for
earnings per share with the objective to simplify the computation of earnings
per share.  FAS 128 is effective for financial statements for periods ending
after December 15, 1997 and earlier application is not permitted.  After the
effective date, all prior period earnings per share data shall be restated to
conform with the provisions of FAS 128.  The adoption of FAS 128 is not expected
to have a material impact on the Company's earnings per share data.



                                     7
<PAGE>

                  THE COLEMAN COMPANY, INC. AND SUBSIDIARIES

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

RESULTS OF OPERATIONS

    As part of its strategy to improve its business processes, the Company has 
announced several restructuring initiatives designed to reduce costs
and improve profitability and competitiveness.  In March 1997, the Company
announced that it would close its executive offices in Golden, Colorado, with
most of its administrative functions expected to return to its Wichita, Kansas
facility.  In April 1997, the Company announced its intention to (i) eliminate
700 employees, which represent approximately 10% of its current work force, (ii)
close or relocate three domestic factories and close one international factory,
(iii) close its Geneva, Switzerland international headquarters, (iv) rationalize
its product lines, including a significant reduction in SKUs, and (v) sell its
pressure washer business.  In addition, the Company may sell other non-strategic
businesses if suitable opportunities arise.  The Company has already begun to
implement its new restructuring plan.  The Company has announced plans to close
its Hastings, Nebraska factory which was used in the manufacturing of portable
power generators and pressure washers.  The Company expects to incur certain
restructuring and other charges in connection with these initiatives during
1997.  The Company recorded other charges of approximately $2.4 million, net of
taxes, for the first quarter of 1997 and expects to record a significantly
greater amount of restructuring and other charges for the second quarter of
1997.  There can be no assurance as to the amount of the restructuring and other
charges to be recorded in the second quarter of 1997 or that restructuring and
other charges will not be recorded in subsequent periods.

THREE MONTHS ENDED MARCH 31, 1997 COMPARED WITH THE THREE MONTHS ENDED MARCH 31,
1996

    Net revenues of $295.5 million in 1997 were $21.9 million or 8.0% greater
than in 1996 with outdoor recreation products increasing $29.2 million or 15.5%
and hardware products decreasing $7.3 million or 8.6%.  Geographically, United
States and Canadian revenues decreased 7.9% while international revenues
increased 60.6%.

    Outdoor recreation products revenues increased $29.2 million or 15.5%.  The
sales increase includes the effects of Camping Gaz, a business acquired in
March 1996.  Excluding the estimated effects of the Camping Gaz acquisition and
the strengthening of the US dollar, sales decreased approximately 3.9%
reflecting the Company's initiatives to reduce its dependence on promotional
programs.  Hardware products revenues decreased $7.3 million or 8.6% due to 
the decline in pressure washer sales, a result of the Company's decision to 
exit the electric pressure washer business.

    Gross margins decreased as a percent of sales by 2.2 percentage points from
29.6% in 1996.  The decrease is driven by the effect of lower production levels
and to a lesser extent increased resin costs associated with the Company's
plastics business.  The closing or relocating of three domestic factories and
the closing of one international factory as part of the Company's restructuring
initiatives is intended to reduce manufacturing costs in the latter part of
1997.

    Selling, general and administrative ("SG&A") expenses were $65.9 million in
1997 compared to $46.7 million in 1996, an increase of 40.9%. The increase in
SG&A expenses reflects SG&A expenses associated with the Camping Gaz acquisition
and severance costs associated with recent executive changes.

    Interest expense was $10.7 million in 1997 compared with $8.1 million in
1996, an increase of $2.6 million. This increase was primarily the result of
higher borrowings to fund the Camping Gaz acquisition and to a lesser extent
higher interest rates.

                                     8

<PAGE>

                      COLEMAN COMPANY, INC. AND SUBSIDIARIES


    Minority interest represents the interest of minority shareholders in
certain subsidiary operations of Camping Gaz.

    The Company recorded a provision for income tax expense of $0.5 million or
38.6% of pre-tax earnings in 1997 compared to a provision for income tax expense
of $8.8 million or 37.0% of pre-tax earnings in 1996.

LIQUIDITY AND CAPITAL RESOURCES

    The Company's operating activities used $41.0 million and $92.9 million of
cash during the three months ended March 31, 1997 and 1996.  During the 1997
period, receivables increased $60.5 million as a result of the seasonality of
the Company's sales and an increase in the overall level of the Company's sales.
Despite the seasonality of the business, inventories were approximately equal to
the levels at December 31, 1996 as a result of the Company's initiatives to
reduce inventory.  The Company's net cash used for investing activities was $4.2
million and $66.8 million for the three months ended March 31, 1997 and 1996,
respectively.  The Company's capital expenditures were $6.3 million in the three
months ended March 31, 1997.  Net cash provided by financing activities for the
three months ended March 31, 1997 consisted primarily of an increase in
short-term borrowings to finance the seasonal increase in working capital.

    The Company's working capital requirements are currently funded by cash
flow from operations and domestic and foreign bank lines of credit. 
Availability under the Company's domestic revolving credit agreement, as amended
(the "Company Credit Agreement"), is reduced by any commercial paper borrowings
outstanding.  The Company Credit Agreement is available to the Company until
April 30, 2001.  At March 31, 1997, $135.1 million was available for borrowings
under the Company Credit Agreement.  However, debt instruments of Coleman
Worldwide Corporation ("Coleman Worldwide") and Coleman Holdings Inc. ("Coleman
Holdings") contain certain provisions that by their terms restrict the Company's
ability to, among other things, incur debt.  Accordingly, to the extent that
borrowings by the Company of amounts otherwise available under the Company
Credit Agreement exceed the level of borrowings permitted by such holding
company debt instruments, a default will result under such debt instruments.

    The outstanding loans under the Company Credit Agreement bear interest at
either of the following rates, as selected by the Company from time to time: 
(i) the higher of the agent's base lending rate or the federal funds rate plus
 .50% or (ii) the London Inter-Bank Offered Rate ("LIBOR") plus a margin ranging
from .25% to 2.125% based on the Company's financial performance.  If there is a
default, the interest rate otherwise in effect will be increased by 2% per
annum.  The Company Credit Agreement also bears an overall facility fee ranging
from .15% to .375% based on the Company's financial performance.

    The Company Credit Agreement contains various restrictive covenants
including, without limitation, requirements for the maintenance of specified
financial ratios, levels of consolidated net worth and profits, and certain
other provisions limiting the incurrence of additional debt, purchase or
redemption of the Company's common stock, issuance of preferred stock of the
Company, and also prohibits the Company from paying any dividends until on or
after January 1, 1999, and limits the amount of dividends the Company may pay
thereafter. The Company Credit Agreement also provides for a specific
requirement relating to the Company's financial leverage at December 31, 1997,
which, if not achieved, will result in the Company Credit Agreement becoming
secured by the Company's assets.  For purposes of determining the Company's
compliance with certain of such covenants, the Company Credit Agreement
excludes up to $30.0 million of charges in connection with the Company's
restructuring initiatives.

    Substantially all of the shares of the Company's common stock owned by
Coleman Worldwide are pledged to secure indebtedness of Coleman Worldwide and of
its parent, Coleman Holdings.  On May 6, 1997, Coleman Worldwide and Coleman
Holdings jointly announced that Coleman Holdings intends to redeem its Senior
Secured 


                                       9

<PAGE>

                      COLEMAN COMPANY, INC. AND SUBSIDIARIES


Discount Notes due 1998 (the "Holdings Notes") on or about July 15, 1997, and 
that Coleman Worldwide intends to retire its Liquid Yield Option-TM- Notes due 
2013 (the "LYONs-TM-").  Coleman Worldwide will make an offer to pay cash for 
the LYONs in excess of the market value of the shares of the Company's common 
stock for which the LYONs may be exchanged.  Coleman Worldwide expects to 
commence the offer as soon as reasonably practicable and to redeem any 
remaining LYONs on May 27, 1998.  Redemption of the Holdings Notes and 
retirement of the LYONs will be made with the proceeds from the issuance of 
debt securities (the "Notes") by a newly formed holding company.  Upon the 
redemption of the Holdings Notes and retirement of the LYONs, the Notes are 
expected to be secured by the shares of the Company's common stock owned by 
Coleman Worldwide.

    The Company's ability to meet its current cash operating requirements,
including projected capital expenditures, tax sharing payments and other
obligations is dependent upon a combination of cash flows from operations and
borrowings under the Company Credit Agreement.  The Company's ability to borrow
under the terms of the Company Credit Agreement is subject to the Company's
continuing requirement to meet the various restrictive covenants, including
without limitation, those described above.  If the Company fails to meet the
various restrictive covenants of the Company Credit Agreement, the Company will
need to renegotiate its current Company Credit Agreement, and/or enter into
alternative financing arrangements.  There is no assurance that the terms and
conditions of such agreements would be as favorable as those now contained in
the Company Credit Agreement.

    The Company periodically uses a variety of derivative financial instruments
to manage its foreign currency and interest rate exposures.  The Company does
not speculate on interest rates or foreign currency rates.  Instead it uses
derivatives when implementing its risk management strategies to reduce the
possible effects of these exposures.

    With respect to foreign currency exposures, the Company principally uses
forward and option contracts to reduce risks arising from firm commitments,
anticipated intercompany sales transactions and intercompany receivable and
payable balances.  The Company generally uses interest rate swaps and interest
rate caps to fix certain of its variable rate debt.  The Company manages credit
risk related to these derivative contracts through credit approvals, exposure
limits and other monitoring procedures.

SEASONALITY

    The Company's sales generally are highest in the second quarter of the year
and lowest in the fourth quarter.  As a result of this seasonality, the Company
has generally incurred a loss in the fourth quarter.  The Company's sales may be
affected by weather conditions, especially during the second and third quarters
of the year.  The Company's annual results are generally dependent on its
results during the second quarter.  Furthermore, the Company has announced and
is in the process of implementing certain restructuring initiatives, which the
Company expects to have an impact on its results during the remainder of 1997. 
There can be no assurance as to the Company's success in implementing such
initiatives or the results therefrom or as to any adverse impact of the
Company's restructuring initiatives.

FORWARD-LOOKING STATEMENTS

    The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements.  The forward-looking statements
contained in this Form 10-Q are subject to certain risks and uncertainties. 
Actual results could differ materially from current expectations.  Among the
factors which could affect the Company's actual results and could cause results
to differ from those contained in the forward-looking statements contained
herein are (i) the success of the Company's restructuring programs, (ii)
negative external factors like adverse weather in North America or other
regions, (iii) possible continued consumer spending decline 


                                      10

<PAGE>

                      COLEMAN COMPANY, INC. AND SUBSIDIARIES


in Japan, (iv) the possibility the Company may be required to renegotiate its 
credit agreements, and (v) difficulties or delays in executing the sale of 
the Notes, the proceeds from which will be used to redeem the Holdings Notes 
and retire the LYONs, as well as other difficulties in effecting such 
redemption and retirement.

                             PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

         None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  Exhibits

              EXHIBIT INDEX                        DESCRIPTION
              -------------                        -----------

                  10.1*+       Letter Agreement dated as of March 15, 1997 
                               between the Company and Frederick J. Fritz.

                  27+          Financial Data Schedule

              -------------
              * Management Contracts and Compensatory Plans
              + Filed herewith

         (b)  Reports on Form 8-K

              No reports on Form 8-K were filed during the quarter ended 
              March 31, 1997.





                                      11

<PAGE>

                      COLEMAN COMPANY, INC. AND SUBSIDIARIES

                                      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.



                                       THE COLEMAN COMPANY, INC.
                                              (Registrant)



Date:  May 12, 1997                    By: /s/ Steven F. Kaplan
                                           ----------------------------------
                                           Steven F. Kaplan
                                           Executive Vice President and
                                           Chief Financial Officer









                                      12