<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                Amendment No.1 to
                                   FORM 10-KSB
[X]             ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000

[ } TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
                                    OF 1934
                 FOR THE TRANSITION PERIOD FROM       TO
                                                -----    ------

                          COMMISSION FILE NO. 2-86551C

                       PEOPLES EDUCATIONAL HOLDINGS, INC.
           (NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)


<TABLE>
<S>                                                                        <C>
                      MINNESOTA                                                        41-1368898
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)             (I.R.S. EMPLOYER IDENTIFICATION NO.)
</TABLE>

               299 MARKET STREET, SADDLE BROOK, NJ           07663
            (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)       (ZIP CODE)

                                 (201) 712-0090
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

                FORMER NAME OF REGISTRANT: CONCOURSE CORPORATION
        SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE
        SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

Check whether the Issuer, (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past twelve 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

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. NOT APPLICABLE

State Issuer's revenues for its most recent fiscal year: $13,805,658

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates: $536,375 (See Item 5).

The number of shares outstanding of the Issuer's common stock on March 30, 2001
was 3,191,707.

Documents incorporated by reference: NONE.


<PAGE>   2


The purpose of this Amendment No. 1 to the Registrant's Annual Report on Form
10-KSB for the fiscal year ended December 31, 2000 is to correct clerical
calculation errors in the Registrant's 1999 balance sheet information contained
under line items "Total liabilities" and "Total liabilities and stockholders
equity."

ITEM 7. FINANCIAL STATEMENTS

The information required under this heading, as amended, is contained under
exhibit 99.1 filed with this report.

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits.

The following exhibit is included with this amendment No. 1 to the Annual Report
on Form 10-KSB and replaces the previously filed exhibit in its entirety.

99.1 The Registrant's Audited Financial Statements for the Year Ended December
31, 2000 and 1999 with Notes thereto and auditors report thereon.





<PAGE>   3


                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                              PEOPLES EDUCATIONAL HOLDINGS, INC.
Date:  April 10, 2001

                              /s/ James J. Peoples
                              --------------------------------------------------
                              James J. Peoples, Chairman, Chief Executive
                                Officer and President


In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on April
10, 2001.

                                /s/ James J. Peoples
                              --------------------------------------------------
                              James J. Peoples, Chairman, Chief Executive
                                Officer and President (principal executive
                                officer)

                                /s/ Diane M. Miller
                              --------------------------------------------------
                              Diane M. Miller, Executive Vice President
                                and Director

                                /s/ John C. Bergstrom
                              --------------------------------------------------
                              John C. Bergstrom, Secretary and Director

                                /s/ Anton J. Christianson
                              --------------------------------------------------
                              Anton J. Christianson, Director

                               /s/ Roy E. Mayers
                              --------------------------------------------------
                              Roy E. Mayers, Director

                               /s/James P. Dolan
                              --------------------------------------------------
                              James P. Dolan, Director

                               /s/ Michael L. DeMarco
                              --------------------------------------------------
                              Michael L. DeMarco, Vice President, Finance and
                                Operations (principal financial and accounting
                                officer)