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

                                   FORM 10-K
                       FOR ANNUAL AND TRANSITION REPORTS
                    PURSUANT TO SECTIONS 13 OR 15 (d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

x    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                    For the fiscal year ended July 31, 1997
                          Commission File Number 1-683

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

         DELAWARE                                           34-0054940
 (State of Incorporation)                               (I.R.S. Employer 
   431 LAKEVIEW COURT                                   Identification No.)
   MT. PROSPECT, ILLINOIS  60056
(Address of principal executive offices)  (Zip Code)


      Registrant's telephone number, including area code:  (847) 375-1700



Securities registered pursuant to Section 12(b) of the Act:
<TABLE>
<CAPTION>
                                                                        Name of each exchange on
Title of each class                                                     which registered
-------------------                                                     ----------------        
<S>                                                                    <C>
Common Stock, $0.025 par value                                          American Stock Exchange
</TABLE>


Securities registered pursuant to Section 12(g) of the Act:

                                      None

     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
                                    -----
                                        
<PAGE>   2

                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 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 voting stock held by 
nonaffiliates of the Registrant as of October 7, 1997:

                          Common Stock, $0.025 par value: $1,932,430

                Indicate by check mark whether the Registrant has filed all 
documents and reports required to be filed by Sections 12, 13 or 15(d) of the 
Securities Exchange Act of 1934 subsequent to the distribution of securities 
under a plan confirmed by a court.

                               Yes   X      No
                                   -----        

                Indicate the number of shares outstanding of the Registrant's 
classes of common stock as of October 7, 1997:

                2,812,952 shares of Registrant's common stock, par value 
$0.025 per share.


                      DOCUMENTS INCORPORATED BY REFERENCE

Portions of Registrant's Annual Report to Stockholders for fiscal year ended
July 31, 1997 (the "1997 Annual Report") are incorporated by reference into
Parts I, II and IV of this report.  Portions of Registrant's definitive proxy
statement for Registrant's Annual Meeting of Stockholders to be held on
November 21, 1997 (the "1997 Proxy Statement") are incorporated by reference
into Part III.





                                      2
<PAGE>   3


                                     PART I

ITEM 1. BUSINESS

(a)  General Development of Business and Recent Events

     1. Introduction.

        Multigraphics, Inc. is incorporated in Delaware.  As used herein,
"Registrant" or the "Company" means Multigraphics, Inc., and its subsidiaries,
unless the context indicates the contrary.

        Registrant is a distributor of equipment, supplies and service to the 
U.S. graphic arts industry.  In the last twenty-four months, as previously
reported, Registrant has divested its Sheridan Systems and AM Multigraphics -
International business segments.   On May 28, 1997, Registrant's stockholders
approved a change in corporate name from "AM International, Inc." to
"Multigraphics, Inc." to reflect the name known to customers of Registrant's
sole remaining business segment, and to reflect the fact that the Company has
exited its international operations.
        
        On August 27, 1996, Registrant sold substantially all of the assets and
liabilities of the Sheridan Systems division, a leading supplier of systems and
components to both the printing and newspaper publishing industries, to
Heidelberger Druckmaschinen AG.  The sale included substantially all of the
assets and liabilities of Registrant's AM Graphics International Limited
subsidiary in Slough, England.

        The disposition of the AM Multigraphics - International business segment
has taken place in stages, as Registrant has divested its unprofitable foreign
subsidiaries as well as its 67% interest in AM Japan Co., Ltd.  In February,
1996, Registrant's AM International UK Limited subsidiary in England entered
into an Administration Proceeding, which resulted in the sale of certain
portions of that business.  In March, 1996, Registrant sold its Netherlands
holding company, including its subsidiaries in the Netherlands, France and
Belgium, to a local management buyout team.  In September, 1996, Registrant
sold its interest in AM Japan Co., Ltd., and on October 17, 1996, Registrant's
Canadian subsidiary initiated bankruptcy proceedings.

        All financial information has been restated to reflect the Sheridan
Systems and the AM Multigraphics - International operations as discontinued
operations.  Registrant is a distributor of an extensive range of equipment,
supplies and services to the graphic arts industry, having recently completed
the exit from the manufacture of equipment.  The majority of Registrant's
equipment, systems and supplies are sold under the Multigraphics(R) brand name.
To complement and expand its product lines, Registrant purchases additional
products from outside suppliers, which are sold either under Registrant's or
the producing company's trade names.






                                      3
<PAGE>   4

     2. Bankruptcy Proceedings.

        On May 17, 1993, Registrant and its subsidiary, Addressograph-Multigraph
Corporation ("AMC"), filed for protection under Chapter 11 of the United States
Bankruptcy Code, in The United States Bankruptcy Court for the District of
Delaware (the "Bankruptcy Court") case numbers 93-582 through 93-583 (the
"Bankruptcy Proceedings").  Registrant also filed on that date a proposed Plan
of Reorganization.  The Chapter 11 filing related to Registrant's domestic
operations and did not include its foreign subsidiaries.

        On August 26, 1993, a hearing was held by the Bankruptcy Court to 
consider approval of a Disclosure Statement to be distributed to creditors and
shareholders of Registrant.  After that hearing, and by Order of the Bankruptcy
Court dated August 26, 1993, the Second Amended Disclosure Statement
(hereinafter the "Disclosure Statement") was approved.  Further information on
the First Amended Plan of Reorganization as amended by Amendment No. 1 thereto
(as so amended the "Reorganization Plan") and the disclosures made in
connection therewith, is available in the Disclosure Statement and the
Reorganization Plan incorporated herein by reference to Exhibits 28 and 10(A),
respectively, to the Company's Annual Report on Form 10-K for the fiscal year
ended July 31, 1993, File No. 1-683.
        
        On September 29, 1993, Registrant's Reorganization Plan was confirmed by
the Bankruptcy Court.  In general, the Reorganization Plan provided for
distribution of approximately 7,000,000 shares of new Common Stock ("Common
Stock"), of which 97% was distributed to former holders of Registrant's 12%
Senior Subordinated Debentures, 2% to former holders of Registrant's $2.00
Convertible Exchangeable Preferred Stock ("Old Preferred Stock") and 1% to
former holders of Registrant's Common Stock ("Old Common Stock").  The
Reorganization Plan also provided for distribution of 1,095,000 Warrants to
Purchase Common Stock ("Warrants") to former holders of Old Preferred Stock.
The Warrants permitted the holder to purchase an aggregate of 1,095,000 shares
of Common Stock until October 15, 1996 at an exercise price of $18.00 per
share, but have now expired and are of no further effect.  Under the
Reorganization Plan, general unsecured creditors are to be paid in full over a
period of five years with interest at 5% per annum unless they elected to be
paid in full under the convenience class (claims under $2,000) or unless they
elected before September 29, 1993 to receive Common Stock in lieu of cash.

        The Reorganization Plan became effective on October 13, 1993 (the
"Effective Date"). On the Effective Date, all Old Preferred Stock, Old Common
Stock, Old Warrants to Purchase Common Stock and Old Preferred Stock Purchase
Rights attached to the Old Common Stock were canceled and became of no further
force and effect except as evidence of the holder's entitlement to a
distribution under the Reorganization Plan.  All exchange rights associated
with the Old Preferred Stock and Old Common Stock expired on October 13, 1995.
For information relating to shares of Common Stock outstanding and shares of
Common Stock held for exchange as described above, see Note 4 of the "Notes to
Consolidated Financial Statements" incorporated by reference into Item 8
hereof.  Also on the Effective Date the former directors of Registrant were
replaced.

     3. Events Leading to Bankruptcy Proceedings.

        Reference is made to Section D of Part III of the Disclosure Statement
(pages 22 to 29), incorporated herein by reference to Exhibit 28 to the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 1993,
File No. 1-683, for information on the general development of the business of
Registrant and events which led to commencement of the Bankruptcy Proceedings
on May 17, 1993.






                                      4
<PAGE>   5


     4. Corporate Structure of Registrant.

        Registrant, Multigraphics, Inc., was originally incorporated in Delaware
in 1924 as Addressograph Securities Corporation.  Registrant has had several
name changes, one of which was Addressograph-Multigraph Corporation for the
period May 6, 1931 to January 2, 1979.  Registrant's subsidiary,
Addressograph-Multigraph Corporation ("AMC") was originally incorporated in
Delaware in August 1972 as AM International, Inc. and changed its name to
Addressograph-Multigraph Corporation on January 2, 1979.  Until October 13,
1993, AMC was a wholly owned subsidiary of Registrant and was a holding company
for certain foreign subsidiaries.  Pursuant to the Plan, AMC was merged with
and into Registrant on October 13, 1993.  As noted above, Registrant changed
its name from "AM International, Inc." to "Multigraphics, Inc." on May 28,
1997.

(b)  Financial Information About Industry Segments.

        The information in the section entitled "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and in Note 12 to
the "Notes to Consolidated Financial Statements" under the section entitled
"Geographic Segments" contained in the 1997 Annual Report are incorporated
herein by reference.

(c)  Narrative Description of Business.

        Registrant is a distributor of equipment, supplies and services to the
graphic arts industry, and has exited the engineering and manufacturing of
offset duplicating equipment and supplies to focus exclusively on  one
businesses segment, distributing equipment and supplies, and providing parts
and service, to in-plant, franchise, and commercial printers.  In the last
twenty-four months, Registrant has divested its Sheridan Systems and AM
Multigraphics - International business units in previously reported
transactions.  In December of 1996, Registrant and Xeikon, N.V. entered into an
agreement, as previously reported, pursuant to which the parties agreed not to
renew the distribution agreement under which the Registrant distributed and
serviced Xeikon digital color presses in North America.

        Registrant currently has approximately 650 employees in the United 
States and is headquartered in Mount Prospect, Illinois where, historically, it
has manufactured and distributed a broad product line of equipment and supplies
and provided services for the graphics arts industry through its own direct
sales and service organizations.  The Company's products traditionally have
included small offset printing equipment, automated copy/duplicating systems,
pre and post press products and supplies.
        
        Presently, the Company has completed its exit from the engineering and
manufacturing of offset duplicating equipment to focus entirely on distribution
of equipment, supplies and services to the graphic arts industry.  The Company
primarily serves in-plant printers and small to medium sized commercial
printers.  Declining market demand for the Registrant's traditional offset
duplicator products, due to inroads by alternative technologies, resulted in
the re-evaluation of its traditional strategy and the decision to exit
manufacturing and focus upon the distribution of supplies, services and
equipment.  The Company has licensed the rights to manufacture certain of its
offset duplicator products to Amergraph Corporation in Sparta, New Jersey, and
other products in other regions of the world, and therefore has available to it
and its customers a continuing supply of offset duplicator products.





                                      5
<PAGE>   6

     The supplies and equipment category consists of consumable products used
in the production of printed materials such as films, inks, plates, rubber
rollers, cleaning solutions and cotton pads, as well as equipment products such
as digital platesetters, presses, folders and cutters.  The Registrant tracks
various categories of these products, none of which accounts for more than 10%
of its revenues.  Similarly, no single supplier accounts for more than 10% of
Registrant's revenues.

     The service and parts category provides service to over 250 models of
printing equipment installed in in-plant and small to medium sized commercial
print shops.  The Company has 365 service representatives.

     The following table sets forth the breakdown of revenues among machines,
supplies and services in the United States, Canada and Japan for fiscal 1997,
1996 and 1995:



                                         1997     1996     1995
UNITED STATES
     Machines                          $ 9,407  $ 39,598  $ 50,829
     Supplies                           34,440    40,921    43,578
     Services                           42,618    47,511    52,748
                                       -------  --------  --------
                                        86,465  $128,030   147,155
                                       -------  --------  --------
CANADA
     Machines                              220     4,352     3,849
     Supplies                              363     2,312     2,842
     Services                              462     3,287     3,594
                                       -------  --------  --------
                                         1,045     9,951    10,285
                                       -------  --------  --------
JAPAN
     Machines                              292    13,574    15,928
     Supplies                              552    11,361    12,383
     Services                              307     5,136     5,734
                                       -------  --------  --------
                                         1,151    30,071    34,045
                                       -------  --------  --------
TOTAL                                   88,661   168,052   191,485
                                       -------  --------  --------

     Registrant also manages a network of approximately 46 independent dealers
selling in approximately 44 countries.


                                      6
<PAGE>   7

        The principal customers of Registrant include in-plant print shops,
franchised and independent quick print shops, small to medium sized commercial
printers and governmental and educational institutions.  Registrant has
approximately 20,000 customers.  No customer accounts for more than 10% of
Registrant's revenues.

     5. Competition and Competitive Conditions.

        The Company operates in a highly competitive market in which price,
delivery and customer service are key factors.  The Registrant's customers are
in-plant, quick print and small to medium size commercial printers, and
governmental and educational institutions.  The market for small offset
duplicator presses, the traditional proprietary equipment of the Company, is
mature and continues to face competition from alternative technologies.
Because the installed base of offset duplicator presses has historically
provided a primary market for many of Registrant's services and supplies, the
Company is increasingly reliant on its general distribution capabilities in
continuing to serve its market segments.  Gross margins may decrease as the
Company seeks to add product lines through distribution agreements, joint
ventures and affiliations with third parties, and acquisitions.  To offset the
lower margins the Company has invested in information systems and has
undertaken other reorganization measures to increase efficiency and lower
expenses.

     The competitive market is also one of heavy regional competition, but a
consolidation of dealers and distributors is occurring, which results in a
consolidation of buying power and distribution cost efficiencies.  The
Registrant's investments in information systems, distribution outlets and other
capabilities enable it to both expand its business opportunities with existing
customers, and add volume through acquisitions.  Registrant believes that its
renewed focus on its traditional customers, the expansion of its product line,
and its strategy to make acquisitions in the graphic arts industry provide a
sound basis for growth.

     6. Cyclical Nature of Business and Liquidity.

        The revenues of Registrant are dependent upon trends in the printing
industry, which are a function of (among other factors) overall economic
factors and advertising expenditures.  Registrant's backlog is less than 5% of
annual revenues and is not a material factor in the conduct of the business.
Registrant believes that substantially all of this backlog will be shipped
during the 1998 fiscal year.

        Certain customers of  the Company require long-term financing for
purchases of equipment distributed by the Company.  Registrant cooperates with
various independent finance and leasing companies to provide such financing.
These agreements are sometimes on a partial recourse basis with remarketing
arrangements on a non-discretionary, non-priority basis.  Registrant has sold
identified pools of lease receivables and pools of rental equipment to
financial institutions on a limited recourse basis. The existence of such
financing is not, however, significant to Registrant's operations each taken as
a whole.




                                      7
<PAGE>   8

      7.   Research and Development; Patents and Trademarks.

           There were no expenditures by Registrant for research and 
development in fiscal 1997, $0.4 million in 1996, and $0.7 million in 1995.  
Registrant's research, development and engineering expenditures ceased when the
Company exited manufacturing of products.  Previous years' expenditures were
made primarily to maintain competitive product offerings.
        
           Registrant owns or is licensed under various patents and trademarks.
Registrant does not believe that its business as a whole is materially
dependent on any one patent or trademark or group of patents or trademarks.


ITEM 2.  PROPERTIES

           Registrant's principal executive offices are located in Mt. Prospect,
Illinois.  Registrant moved its corporate headquarters from Rosemont, Illinois
to its current headquarters in September, 1996, following the disposition of
Registrant's Sheridan Systems division.

           In 1994 and 1995, Registrant undertook the relocation of its AM
Multigraphics operations from its 700,000 square foot manufacturing and office
facility in Mt. Prospect to newer, more cost efficient facilities.  The project
consisted of three parts:  (1) relocation of the business offices to a 64,400
square foot facility in Mt. Prospect; (2) relocation of the distribution center
to a 79,700  square foot complex in nearby Arlington Heights, Illinois to
enhance the unit's distribution capabilities; and, (3) the sale of its former
Mount Prospect, Illinois facility for approximately  $6.8 million in November,
1995.  The Mt. Prospect and Arlington Heights facilities are leased until 2005
and are the Registrant's principal facilities.

            Registrant leases 15 additional distribution, sales and service 
facilities throughout the United States with total square footage of 81,900. 
Registrant believes that the properties and equipment included therein are well
maintained, in good operating condition and adequate for the current needs of
its operations.
        

ITEM 3.  LEGAL PROCEEDINGS

             Reference is made to Item 1, Section (a) Paragraph 2, for 
information on Registrant's Bankruptcy Proceedings.  The commencement of the
Bankruptcy Proceedings resulted in an automatic stay of certain litigation
against Registrant pursuant to Section 362 of the Bankruptcy Code as of May 17,
1993. Therefore, with certain exceptions, all legal proceedings against
Registrant pending as of May 17, 1993, will be resolved through the bankruptcy
process. Although the vast majority of the claims filed in the Bankruptcy
Proceedings have been expunged or resolved within the Company's reserves, a few
significant disputed claims remain pending in the Bankruptcy Proceeding. 
Registrant believes the resolution of these legal proceedings and claims will
not have a material adverse effect on the business or the financial position of
Registrant.
        





                                      8
<PAGE>   9

            Registrant has been notified of various environmental matters in
connection with certain current or former locations in  Illinois, Indiana,
Ohio, Pennsylvania, and Rhode Island.  Registrant believes that the legal
liability relating to such matters, if any, will either be resolved
consensually between Registrant and relevant governmental authorities or will
be subject to resolution through the bankruptcy process as with other disputed
claims.  Registrant believes the resolution of these matters will not have a
material adverse effect on the business or the financial position of
Registrant.

            Registrant is involved in various other administrative and legal
proceedings incidental to its business, including product liability and general
liability lawsuits against which Registrant is partially insured.  The
resolution of these other proceedings is not expected to have a material
adverse effect on the business or the financial position of Registrant.


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

            None.

ITEM 4(A).  EXECUTIVE OFFICERS OF THE REGISTRANT


           The following is a list of the names and ages, as of October 7,
1997, of all of the executive officers of Registrant and all positions and
offices of Registrant held by each person and each such person's occupation or
employment on such date and during the preceding five years.  All such persons
have been elected to serve until their successors are elected or until their
earlier resignation or retirement.
        


                                      9
<PAGE>   10

                                             POSITIONS AND OFFICES HELD AND
                                             PRINCIPAL OCCUPATIONS OR EMPLOYMENT

NAME                    AGE                  DURING THE PAST FIVE YEARS
----                    ---                  -------------------------- 

Thomas D. Rooney        50                   President and CEO of the Company 
                                             since May 28, 1997.  Prior to that
                                             date, Mr. Rooney served as
                                             President of the AM Multigraphics
                                             business unit since August of
                                             1996, and also held the positions
                                             of Vice President of Registrant
                                             since February 1986, Chief
                                             Financial Officer since August
                                             1993, and Controller and Chief
                                             Accounting Officer of Registrant
                                             from September 1989 to August 1993.
                                             From 1986 to 1989, Mr.Rooney was
                                             President of Registrant's former
                                             AM Bruning division, a
                                             manufacturer and distributor of
                                             equipment, supplies and services
                                             for the engineering graphics       
                                             market.
        
Steven R. Andrews       44                   Vice President of Law and 
                                             Secretary of Registrant since May
                                             28, 1997.  Prior to that, Mr.
                                             Andrews served as Vice President,
                                             General Counsel and Secretary of
                                             Registrant, since June 1994.  Mr.
                                             Andrews was Vice President,
                                             General Counsel and Secretary of
                                             Amana Refrigeration, Inc., a
                                             manufacturer of major household
                                             appliances, from February 1993 to
                                             June 1994 and Senior Deputy
                                             General Counsel of Registrant from
                                             January 1992 to February 1993. 
                                             From 1988 to 1991 Mr. Andrews was
                                             Associate General Counsel and
                                             Assistant Secretary of Tonka
                                             Corporation, an international
                                             manufacturer and marketer of toys
                                             and games.
        
Mark F. Duchesne        40                   Vice President, Distribution 
                                             Operations since May 28, 1997. Mr.
                                             Duchesne joined Multigraphics in
                                             January, 1995 as Vice President of
                                             Marketing and Business Development
                                             and was assigned the
                                             responsibility for distribution
                                             operations in January, 1996.  From
                                             January, 1994 to January, 1995 he
                                             served as Vice President of
                                             Engineering and Customer Service
                                             for Sheridan Systems, Dayton,
                                             Ohio, formerly a sister company of
                                             Multigraphics serving the high end
                                             newspaper and publications market. 
                                             From 1987 to 1994 Mr. Duchesne
                                             served as Director of Engineering
                                             and Customer Satisfaction for the
                                             Advanced Imaging 
        
                                                

                                      10
<PAGE>   11

                                        Products Business Unit of AM Graphics 
                                        in Dayton, OH.

Gregory T. Knipp        42              Vice President and Chief Financial 
                                        Officer since May 27, 1997.  Mr. Knipp 
                                        was Treasurer of Registrant from 
                                        September, 1995 to May, 1997.  From 
                                        1987 to 1994, Mr. Knipp held several 
                                        treasury-related management positions 
                                        of Registrant, including that of
                                        Assistant Treasurer from 1994 to 1995. 
                                        From 1981 to 1987, Mr. Knipp was the
                                        Cash Manager of Woodland Services Co.,
                                        a spin-off company of Masonite
                                        Corporation.  Prior to 1981, Mr. Knipp
                                        was an auditor with Peat Marwick
                                        Mitchell & Co.
        
Charles T. Richards     53              Vice President, Service Operations 
                                        since May 27, 1997. Mr. Richards served
                                        as Vice President of Manufacturing from
                                        September 1994 to April 1996, and then
                                        as Vice President, Service Business
                                        until May, 1997. Prior to 1994, Mr.
                                        Richards held a number of technical and
                                        commercial positions with the Company. 
                                        He joined the Company in 1960.
        







                                      11
<PAGE>   12

                                    PART II


ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY  AND RELATED
         STOCKHOLDER MATTERS


     (a) Market and Other Information

         At the Annual Meeting of Stockholders held on May 28, 1997, 
Registrant's stockholders approved an amendment to the Second Restated
Certificate of Incorporation to change the Registrant's corporate name and to
reduce the authorized number of shares of all classes of capital stock the
Company shall have the authority to issue from fifty million (50,000,000) to
ten million (10,000,000), of which five hundred thousand (500,000) may be
issued as preferred shares.   Registrant's stockholders also approved an
amendment to the Second Restated Certificate of Incorporation to effect a 1 for
2-1\2 share reverse stock split (the "Reverse Stock Split") of the issued and
outstanding shares of the Registrant's Common Stock, with an increase of the
par value from $0.01 per share to $0.025 per share.
        
         Following the Reverse Stock Split and the change in Registrant's 
corporate name, Registrant's new Common Stock, $0.025 par value, commenced
trading on the American Stock Exchange on May 29, 1997 under the ticker symbol
"MTI."
        
         Registrant's Plan of Reorganization provided for the amendment and
restatement of Registrant's Certificate of Incorporation and Bylaws.  The new
charter authorized 50 million shares of stock of which 40 million shares were
reserved for issuance as new Common Stock and 10 million shares were reserved
for issuance as new Preferred Stock.  On the Effective Date of the Plan, the
Board of Directors authorized the issuance of 7 million shares of new Common
Stock, $0.01 par value, to holders of claims and interests as described in Note
4 of "Notes to Consolidated Financial Statements" contained in the 1997 Annual
Report and incorporated herein by reference.

         On the Effective Date, Registrant also issued 1,095,000 new Warrants to
Purchase Common Stock at an exercise price of $18.00 per share which expired on
October 15, 1996, and are of no further effect.

         At the Annual Meeting of Stockholders held on December 8, 1994,
Registrant's stockholders approved the 1994 Long-Term Incentive Plan (the
"Plan").  In conjunction therewith, an additional aggregate of 1,400,000 Common
Stock shares are available pursuant to and in accordance with the terms of the
Plan, subject to adjustments as provided in Section 6.7 of the Plan.  The
shares available under the Plan, as well as all awards thereunder, have been
adjusted to 560,000 common shares to reflect the 1 for 2-1/2 share Reverse
Stock Split effected on May 28, 1997.

         For information regarding quarterly stock prices for the Common Stock,
see Note 13 to the "Notes to Consolidated Financial Statements" in Registrant's
1997 Annual Report, incorporated herein by reference.
        
     (b) Holders

         At October 7, 1997, Registrant had approximately 500 stockholders of
record.




                                      12
<PAGE>   13

     (c) Dividends

         On May 27, 1997, Registrant paid a special dividend of $2.00 per share
to holders of record on May 13, 1997.  Prior to that time, Registrant had not
paid cash dividends on its Common Stock since August 15, 1981.  Registrant's
current Loan and Security Agreement restricts the payment of dividends.  See
Note 3 to the "Notes to Consolidated Financial Statements" in Registrant's 1997
Annual Report, incorporated herein by reference.


ITEM 6.  SELECTED FINANCIAL DATA

         The information in the section entitled "Five Year Financial Summary"
contained in the 1997 Annual Report is incorporated herein by reference.


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS
         
         The information in the section entitled "Management's Discussion and
Analysis of Financial Condition and Results of Operations" of the 1997 Annual
Report is incorporated herein by reference.


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         The "Consolidated Financial Statements", including the Notes thereto
and the Report of Arthur Andersen LLP, included in the 1997 Annual Report are
incorporated herein by reference.


ITEM 9.  CHANGES IN AND DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

         None.



                                      13
<PAGE>   14


                                    PART III


ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         See the information with respect to the Directors of the       
Registrant which is set forth in the section entitled "Election of Directors"
of the 1997 Proxy Statement.  Except for the paragraphs relating to the
remuneration of directors, this section is incorporated herein by reference.

         For information regarding Executive Officers of Registrant, see Item
4(A) of this Report which is incorporated herein by reference.


ITEM 11. EXECUTIVE COMPENSATION

         See the information set forth in the sections entitled "Remuneration of
Directors" and "Executive Compensation" in the 1997 Proxy Statement.  This
information is incorporated herein by reference.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
         MANAGEMENT


         See the information set forth in the sections entitled "Principal
Stockholders" and "Security Ownership of Directors and Executive Officers" in
the 1997 Proxy Statement, which is incorporated herein by reference.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         See the section entitled "Compensation Committee Interlocks and Insider
Participation" in the 1997 Proxy Statement, which is incorporated herein by
reference.




                                      14
<PAGE>   15


                                    PART IV


ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
          FORM 8-K

(a)(1)    FINANCIAL STATEMENTS.

          The "Consolidated Financial Statements" including the Notes thereto 
          and the Report of Arthur Andersen LLP dated September 19, 1997 
          included in the 1997 Annual Report are incorporated herein by 
          reference.

(a)(2)    FINANCIAL STATEMENT SCHEDULE.
    
          The financial statement schedule listed below should be read in
          conjunction with Registrant's "Consolidated Financial Statements" 
          including the Notes thereto incorporated herein by reference from the 
          1997 Annual Report.  Schedules not listed here have been omitted 
          because they are not applicable or they are immaterial or the 
          required information is included in Registrant's "Consolidated 
          Financial Statements" including the Notes thereto.


<TABLE>
<CAPTION>                                      
                                               Schedule                                 Page
                                                  No.                                    No.
                                               --------                                 -----              

<S>                                            <C>                                     <C>  
          Valuation and
          Qualifying Accounts                     II                                     17
</TABLE>

(a)(3)    EXHIBITS.
          ---------

          Reference is made to the separate exhibit index contained on page 
          19 hereof.

(b)       REPORTS ON FORM 8-K

          None.








                                      15
<PAGE>   16

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Dated:  October 20, 1997

                                           MULTIGRAPHICS, INC.
                                             (Registrant)


                                           By  /s/Thomas D. Rooney
                                               -------------------
                         Thomas D. Rooney, President and Chief Executive Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed on October 20, 1997 by the following persons on behalf
of the Registrant and in the capacities indicated.


                 Signature                   Title                              
                 ---------                   -----                              
                                                                             
                                                                             
                                                                             
         /s/Jeff M. Moore                    Chairman of the Board and Director 
         ----------------                                                    
         Jeff M. Moore                                                       
                                                                             
                                                                             
         /s/Thomas D. Rooney                 President, Chief Executive Officer
         -------------------                 and Director                     
         Thomas D. Rooney                                                     
                                                                              
         /s/Gregory T. Knipp                 Chief Financial Officer (principal
         -------------------                 accounting & financial officer) 
         Gregory T. Knipp                                                     
                                                                              
         /s/Robert E. Anderson III           Director                        
         -------------------------                                            
         Robert E. Anderson III                                               
                                                                              
         /s/Jeffrey D. Benjamin              Director
         ----------------------                                               
         Jeffrey D. Benjamin                                                  
                                                                              
                                                                              
         /s/Robert N. Dangremond             Director                         
         -----------------------                                               
         Robert N. Dangremond                                                 







                                      16
<PAGE>   17

                                  SCHEDULE II

                              MULTIGRAPHICS, INC.
                        VALUATION & QUALIFYING ACCOUNTS
                    FOR THE THREE YEARS ENDED JULY 31, 1997
                             (Dollars in Thousands)



<TABLE>
<CAPTION>
                                                                                  Reserves Deducted in the
                                                                                 Balance Sheet from Assets
                                                                           -------------------------------------
                                                                                    Accounts
                                                                                   Receivable        Inventories
                                                                           -------------------------------------
                                                                        
<S>                                                                                 <C>                 <C>         
BALANCE JULY 31, 1994                                                                 1,440                4,581
    Additions Charged to Cost & Expenses                                                337                2,659
    Deductions from Reserves                                                           (465)              (2,582)
                                                                           ----------------          -----------
BALANCE JULY 31, 1995                                                                 1,312                4,658
    Additions Charged to Cost & Expenses                                                193                7,156
    Reclassification to Assets Held for Sale                                           (171)                (270)
    Deductions from Reserves                                                           (512)              (2,890)
                                                                           ----------------          -----------
BALANCE JULY 31, 1996                                                                   822                8,654
    Additions Charged to Cost & Expenses                                                150                  174
    Deductions from Reserves                                                           (637)              (6,328)
                                                                           ----------------          -----------
BALANCE JULY 31, 1997                                                                   335                2,500
                                                                           ================          ===========
</TABLE>


                                      17

<PAGE>   18

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
                                  ON SCHEDULE


To Multigraphics, Inc.:

We have audited, in accordance with generally accepted auditing standards, the
consolidated financial statements included in Multigraphics, Inc.'s Annual
Report to Stockholders incorporated by reference in this Form 10-K, and have
issued our report thereon dated September 19, 1997.  Our audit was made for the
purpose of forming an opinion on those statements taken as a whole.  The
schedule listed in Part IV, Item 14(a)(2) is the responsibility of the
Company's management and is presented for the purposes of complying with the
Securities and Exchange Commission's rules and is not part of the basic
financial statements.  This schedule has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.



                              ARTHUR ANDERSEN LLP

Chicago, Illinois,
October 20, 1997





                                      18
<PAGE>   19



                                 EXHIBIT INDEX

No.     Description


3       Certificate of Incorporation and By-laws
        (A)  Second Restated Certificate of Incorporation of Registrant.*
        (B)  By-laws of Registrant effective as of October 13, 1993.*
        (C)  Certificate of Amendment to the Second Restated Certificate of
             Incorporation of Registrant (incorporated by reference to Exhibit 
             3(B) to Registrant's Report on Form 10-Q filed with the Commission
             on May 3, 1997.
        (D)  Amendment to Bylaws Of Registrant effective as of May 27, 1997.

10      Material Contracts
        (A)  AM International, Inc. 401(k) Employees' Savings and Investment 
             Plan, Amendment 1995-1.* **
        (B)  AM International, Inc. Executive Incentive Compensation Plan 
             Fiscal Year 1997.**
        (C)  AM International, Inc. Retirement Accumulation Plan.*  **
        (D)  Settlement Agreements between Registrant and Richard J. Bonnie and
             David A. Roberts, dated January, 1996 and September, 1996, 
             respectively (incorporated by reference to Exhibit 10(D) to 
             Registrant's Annual Report on Form 10-K for the year ended 
             July 31, 1996, filed with the Commission on October 29, 1996).**
        (E)  Letter Agreement dated December 8, 1994 between
             Registrant and Jerome D. Brady (incorporated by reference to
             Exhibit 10(A) to Registrant's Report on Form 10-Q filed with
             the Commission on March 13, 1995).**
        (F)  Letter Agreement dated December 8, 1994 between Registrant and 
             Steven R. Andrews (incorporated by reference to Exhibit 10(B) to 
             Registrant's Report on Form 10-Q filed with the Commission on 
             March 13, 1995).**
        (G)  Letter Agreement dated January 31, 1995 between Registrant and 
             David A. Roberts (incorporated by reference to Exhibit 10(G) to 
             Registrant's Annual Report on Form 10-K for the year ended 
             July 31, 1996, filed with the Commission on October 29, 1996).**
        (H)  Change-In-Control and Termination Benefits Agreements dated 
             July 7, 1995 between Registrant and Messrs.  Brady, Andrews, 
             Bonnie, Roberts and Rooney (incorporated by reference to 
             Exhibit 10(H) to Registrant's Annual Report on Form 10-K for the 
             year ended July 31, 1995, filed with the Commission on 
             October 26, 1995.**
        (I)  AM International, Inc. 1994 Long-Term Incentive Plan (incorporated
             by reference to Exhibit 10(A) to Registrant's Annual Report on 
             Form 10-K for the year ended July 31, 1994, filed with the 
             Commission on October 27, 1994).**
        (J)  Engagement Letter dated January 27, 1994 between Registrant and J.
             Alix & Associates (incorporated by reference to Exhibit 10(K) to 
             Registrant's Annual Report on Form 10-K for the year ended 
             July 31, 1994, filed with the Commission on October 27, 1994).**
        (K)  Employment Agreement dated September 19, 1994 between Jerome
             D. Brady and Registrant (incorporated by reference to Exhibit
             10(C) to Registrant's Annual Report on Form 10-K for the year
             ended July 31, 1994, filed with the Commission on October 27,
             1994).**




                                      19
<PAGE>   20

           (L)  AM International, Inc. 401(k) Employees' Savings
                and Investment Plan (Restated December 17, 1993, effective
                January 1, 1989) (incorporated by reference to Exhibit 10(F) to
                Registrant's Annual Report on Form 10-K for the year ended July
                31, 1994, filed with the Commission on October 27, 1994).**
           (M)  First Amended Plan of Reorganization, as amended
                September 29, 1993 (incorporated by reference to Exhibit 10(A)
                to Registrant's Annual Report on Form 10-K for the year ended
                July 31, 1993, filed with the Commission on October 29,
                1993).**
           (N)  Registrant's Amended Plan of Reorganization, as
                amended July 16, 1984 (incorporated by reference to Exhibit
                4(A) to Registrant's Annual Report on Form 10-K for the year
                ended July 31, 1984, filed with the Commission on October 26,
                1984).**
           (O)  Amendment 1991-1 to the AM International, Inc.
                Supplemental Executive Retirement Plan (incorporated by
                reference to Exhibit 10(M) to Registrant's Annual Report on
                Form 10-K for the year ended July 31, 1991, filed with the
                Commission on October 29, 1991).**
           (P)  AM International, Inc. Supplemental Executive
                Retirement Plan (incorporated by reference to Exhibit 10(N) to
                Registrant's Annual Report on Form 10-K for the year ended July
                31, 1987, filed with the Commission on October 28, 1987).**
           (Q)  Retirement Plan for Outside Directors of AM
                International, Inc. (incorporated by reference to Exhibit 10(Q)
                to Registrant's Annual Report on Form 10-K for the year ended
                July 31, 1987, filed with the Commission on October 28,
                1987).**
           (R)  Amendment to Retirement Plan for Outside Directors
                of AM International, Inc. (incorporated by reference to Exhibit
                10(M) to Registrant's Annual Report on Form
                10-K for the year ended July 31, 1988, filed with the Commission
                on October 25, 1988).**
           (S)  Letter Agreement dated May 8, 1992 between
                Registrant and Thomas D. Rooney (incorporated by reference to
                Exhibit 10(D) to Registrant's Annual Report on Form
                10-K as for the year ended July 31, 1992, filed with the
                Commission on October 29, 1992).**
           (T)  Letters of Agreement dated as of March 3, 1997
                between Registrant and Jerome D. Brady and Steven R. Andrews,
                respectively.**
           (U)  Letter of Agreement dated April 10, 1997 between
                Registrant and Thomas D. Rooney.**
           (V)  Letter Agreement dated October 29, 1996 between
                Registrant and Thomas D. Rooney, incorporated by reference to
                Exhibit 10.1 of Registrant's Report on Form 10-Q filed with the
                Commission on December 17, 1996.**
           (W)  Loan and Security Agreement dated as of May 30,
                1997 between Registrant and Foothill Capital Corporation
                Incorporated by reference to Exhibit 10(A) to Registrant's
                Report on Form 10-Q filed with the Commission on June 16,
                1997.**
           (X)  Amendment to Registrant's 1994 Long Term Incentive
                Plan dated May 1, 1997.**


13         Annual Report to Stockholders for the year ended July 31, 1997.

23         Consent of Arthur Andersen LLP

24         Powers of Attorney












                                      20
<PAGE>   21

99   Additional exhibits
     Second Amended Disclosure Statement dated August 26, 1993
     (incorporated by reference to Registrant's Annual Report for the year
     ended July 31, 1993, filed as Exhibit 28 with the Commission on October
     29, 1993).

*    Incorporated herein by reference to exhibit of the same number filed
     with the Registrant's Annual Report for the year ended July 31, 1993, as
     filed with the Commission on October 29, 1993. 

**   Management contract or compensatory plan, contract or arrangement.











                                      21