<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

                                   FORM 10-Q

                                   (Mark One)
    [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
     FOR THE QUARTERLY PERIOD ENDED          JUNE 30, 1997
                                     --------------------------------

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

                       For the transition period from              to
                                                      -------------  ----------

                        COMMISSION FILE NUMBER  0-24576

                      AASCHE TRANSPORTATION SERVICES, INC.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

          DELAWARE                                       36-3964954
-------------------------------           ------------------------------------
(State or Other Jurisdiction of           (I.R.S. Employer Identification No.)
Incorporation or Organization) 


                         10214 NORTH MOUNT VERNON ROAD
                            SHANNON, ILLINOIS 61078
                    (Address of Principal Executive Offices)

                                  815-864-2421
              (Registrant's telephone number, including area code)

                                      N/A
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
                                Yes   X    No
                                    -----    -----

     Indicate the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date 4,539,735 SHARES OF PAR
VALUE $.0001 COMMON STOCK 



<PAGE>   2
         PART I:  FINANCIAL INFORMATION                         

Item 1.  Financial Statements                           

                     AASCHE TRANSPORTATION SERVICES, INC.
                         CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share data)
                                 

<TABLE>
<CAPTION>
                                                                               June 30,       December 31,
                                                                                1997             1996
                                                                               --------       ------------
                                                                              (Unaudited)
<S>                                                                           <C>               <C>
ASSETS
  Current assets:                               
    Cash and cash equivalents                                                  $   157          $    - 
    Trade receivables, less allowance for doubtful accounts of $71               5,835           6,682 
    Prepaid expenses and other current assets                                    2,605           2,033 
                                                                               -------          ------
        Total current assets                                                     8,597           8,715 
                                
  Property and equipment, at cost                                               36,552          43,901 
      Less accumulated depreciation and amortization                           (13,530)        (14,349)
                                                                               -------          ------
          Net property and equipment                                            23,022          29,552 
                                                                               -------          ------                          
  Excess of cost over net assets acquired, less accumulated                             
     amortization of $589 and $448                                               7,481           7,622 
  Deferred income taxes                                                          3,022           3,022 
  Other assets                                                                     391             415 
                                                                               -------          ------                          
                   TOTAL ASSETS                                                $42,513         $49,326 
                                                                               =======         =======                          
LIABILITIES AND STOCKHOLDERS' EQUITY                            
  Current liabilities:                          
    Cash overdraft                                                             $    -          $   349 
    Accounts payable                                                             1,229           2,299 
    Accrued liabilities                                                          2,169           2,366 
    Guaranteed obligation of Employee Stock Ownership Plan                         206             244 
    Line of credit                                                               4,417           5,242 
    Current maturities of long-term debt with unrelated parties                  3,237           4,922 
    Current maturities of long-term debt with related party                        995             995 
    Current maturities of capital lease obligations with unrelated parties       2,349           2,596 
    Current maturities of capital lease obligations with related parties         1,278           1,303 
                                                                               -------          ------                          
      Total current liabilities                                                 15,880          20,316 
                .               
  Long-term debt with unrelated parties, less current maturities                 4,580           5,767 
  Long-term debt with related party, less current maturities                     1,688           2,545 
  Capital lease obligations with unrelated parties, less current maturities      4,464           6,163 
  Capital lease obligations with related parties, less current maturities            -             327 
  Deferred income taxes                                                          3,677           3,677 
                                                                               -------          ------                          
                   Total liabilities                                            30,289          38,795 
                                
  Stockholders' equity:                         
   Common stock, $.0001 par value, 10,000,000 shares authorized,                                
      4,337,025 and 3,953,077 shares issued and outstanding                          -               - 
   Additional paid-in capital                                                   15,904          14,598 
   Guarantee of Employee Stock Ownership Plan obligation                          (206)           (244)
   Accumulated deficit                                                          (3,474)         (3,823)
                                                                               -------          ------                          
                   Total stockholders' equity                                   12,224          10,531 
                                                                               -------          ------
                   TOTAL LIABILITIES AND                                
                     STOCKHOLDERS' EQUITY                                      $42,513         $49,326 
                                                                               =======         =======


The accompanying notes are an integral part of these consolidated financial statements.

</TABLE>

                                       2
<PAGE>   3
                     AASCHE TRANSPORTATION SERVICES, INC.
                    CONSOLIDATED STATEMENTS OF OPERATIONS
               (in thousands, except per share and share data)
                                 (Unaudited)
                                                                                

<TABLE>
<CAPTION>

                                                       Three Months Ended                               Six Months Ended
                                                             June 30,                                        June 30,
                                                  --------------------------------               ------------------------------   
                                                    1997                    1996                   1997                 1996
                                                    ----                    ----                   ----                 ----
<S>                                            <C>                     <C>                       <C>                   <C>
NET REVENUES                                   $   16,799              $   20,051                $ 34,111              $39,089

OPERATING EXPENSES:                                                                             
  Salaries, wages and benefits                      5,723                   6,831                  11,868               13,239
  Fuel                                              2,724                   3,207                   5,823                6,296
  Purchased transportation                          2,789                   2,638                   5,614                5,536 
  Supplies and maintenance                          1,710                   1,911                   3,198                3,612 
  Depreciation and amortization                     1,245                   1,935                   2,641                4,126 
  Taxes and licenses                                  420                     341                     882                  832 
  Insurance                                           482                     876                     993                1,530 
  Communications and utilities                        202                     198                     424                  400 
  (Gain) loss on disposition of equipment             (27)                     38                     (64)                  68 
  Litigation settlement                                 -                       -                       -                  150 
  Polar Express restructuring                           -                     490                       -                  490 
  Severance                                             -                      42                       -                   42 
  Other                                               497                     696                   1,012                  949 
                                               ----------              ----------              ----------          -----------
                   Total operating expenses        15,765                  19,203                  32,391               37,270 
                                               ----------              ----------              ----------          -----------
OPERATING INCOME                                    1,034                     848                   1,720                1,819 
                                                                
OTHER (EXPENSES) INCOME:                                                                
  Interest expense                                   (586)                   (873)                 (1,173)              (1,837)
  Other                                                12                      35                      16                   58 
                                               ----------              ----------              ----------          -----------
INCOME BEFORE INCOME TAX PROVISION                    460                      10                     563                   40 
                                                                
INCOME TAX PROVISION                                 (175)                    (55)                   (214)                 (15)
                                               ----------              ----------              ----------          -----------
NET INCOME (LOSS)                              $      285              $      (45)             $      349          $        25 
                                               ==========              ==========              ==========          ============
                                                                                                        
NET INCOME (LOSS) PER COMMON SHARE                  $0.07              $    (0.01)             $     0.09           $     0.01 
                                               ==========              ==========              ==========          ============   
Weighted average common and                                                             
  common equivalent shares outstanding          4,097,559               3,946,930               4,095,375            3,941,052 
                                               ==========              ==========              ==========          ============ 

</TABLE>

The accompanying notes are an integral part of these consolidated financial 
statements. 


                                      3
<PAGE>   4
                    AASCHE TRANSPORTATION SERVICES, INC.
               CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                      (in thousands, except share data)
                                 (Unaudited)

<TABLE>
<CAPTION>

                                                                                       Guarantee                
                                                   Common Stock                        of Employee              
                                             -----------------------                      Stock         
                                                  $.0001 Par Value      Additional      Ownership                         Total
                                             -----------------------    Paid-In           Plan         Accumulated    Stockholders'
                                                Shares       Amount       Capital       Obligation       Deficit          Equity
                                              -----------------------------------------------------------------------------------
<S>                                            <C>          <C>          <C>             <C>             <C>             <C>
Balance at December 31, 1996                   3,953,077    $    -       $ 14,598        $  (244)        $(3,823)        $10,531 
Exercise of Series A warrants                     41,100         -            100              -               -             100 
Common stock issued for options exercised          5,000         -             18              -               -              18 
Common stock issued in private placement         337,848         -          1,188              -               -           1,188 
Reduction in Guarantee of Employee                                              
   Stock Ownership Plan obligation                     -         -              -             38               -              38 
Net income                                             -         -              -              -             349             349 
                                              -----------------------------------------------------------------------------------
Balance at June 30, 1997                       4,337,025    $    -       $ 15,904        $  (206)        $(3,474)        $12,224 
                                              ==================================================================================  

The accompanying notes are an integral part of these consolidated financial statements.                                         
</TABLE>

                                      4
<PAGE>   5

                    AASCHE TRANSPORTATION SERVICES, INC.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)
                                 (Unaudited)

<TABLE>
<CAPTION>

                                                                      Six Months Ended          
                                                                           June 30,             
                                                                    ------------------------
                                                                    1997                1996
                                                                    ----                ----
<S>                                                                 <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:                           
  Net Income                                                        $  349              $   25 
  Adjustments to reconcile net income                           
      to net cash provided by operating activities:                             
    Depreciation and amortization                                    2,641               4,203 
    (Gain) loss on disposition of equipment                            (64)                 68 
    Deferred income taxes                                                -                  73 
    Changes in other current operating items:                           
      Trade receivables                                                847                (328)
      Prepaid expenses and other assets                               (548)             (1,180)
      Accounts payable                                              (1,070)               (353)
      Accrued liabilities                                             (197)                (97)
                                                                   -------              ------
        Net cash provided by operating activities                    1,958               2,411 
                                                                   -------              ------                          
CASH FLOWS FROM INVESTING ACTIVITIES:                           
   Property and equipment additions:                            
     Revenue equipment                                                (629)                (44)
     Building, office equipment and other                              (62)                (46)
   Proceeds from the sale of equipment                               4,785               1,081 
                                                                   -------              ------
     Net cash provided by investing activities                       4,094                 991 
                                                                   -------              ------                          
CASH FLOWS FROM FINANCING ACTIVITIES:                           
   Net (repayments) borrowings on line of credit                      (825)              1,366 
   Borrowings on long-term debt and capital leases                       -                 800 
   Principal payments on long-term debt with unrelated parties      (2,943)             (3,296)
   Principal payments on long-term debt with related party            (786)               (498)
   Principal payments on capital leases with unrelated parties      (1,946)             (1,439)
   Principal payments on capital leases with related parties          (352)               (486)
   Issuance of common stock                                          1,306                   - 
                                                                   -------              ------
     Net cash used in financing activities                          (5,546)             (3,553)
                                                                   -------              ------                          
INCREASE (DECREASE) IN CASH AND                                 
CASH EQUIVALENTS (CASH OVERDRAFT)                                      506                (151)
                                
CASH AND CASH EQUIVALENTS (CASH OVERDRAFT):                             
   Beginning of period                                                (349)                503 
                                                                   -------              ------
   End of period                                                   $   157              $  352 
                                                                   =======              ======
SUPPLEMENTAL DISCLOSURE OF                              
CASH FLOW INFORMATION:                          
   Interest paid                                                   $ 1,163              $1,599 
                                                                   =======              ======                          

The accompanying notes are an integral part of these consolidated financial statements.                         

</TABLE>

                                      5
<PAGE>   6


                    AASCHE TRANSPORTATION SERVICES, INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 June 30, 1997
                (in thousands, except per share and share data)
                                  (Unaudited)


NOTE 1 -  BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have
been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission.  Certain information and footnote disclosures normally
included in annual consolidated financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although management believes these
disclosures are adequate to make the information presented not misleading.  In
the opinion of management, all adjustments necessary for fair presentation for
the periods presented have been reflected and are of a normal recurring nature.
These condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and the notes thereto
for the three years ended December 31, 1996, 1995, and 1994, as filed with the
Securities and Exchange Commission as part of the Company's Annual Report on
Form 10-K.  Results of operations for the interim periods are not necessarily
indicative of the results to be expected for the year.

NOTE 2 - PURCHASE OF AG TRANSPORTATION SERVICE, INC. AND AG. CARRIERS, INC.

On May 16, 1995, the Company purchased all of the outstanding common stock of
AG Transportation Service, Inc. and the net assets of AG. Carriers, Inc.
(collectively, AG Carriers) in exchange for $11,250 consisting of $5,275 cash,
$1,000 in the Company's common stock (115,075 shares) and two notes payable in
the amount of $4,975.

In accordance with the original purchase agreement, the Company guaranteed the
total value of the Company's common stock issued in the purchase.  If during
the period from May 16, 1997 through September 12, 1997, the closing price per
share of the Company's common stock has not reached at least $8.69 per share,
then on the 30th day following September 12, 1997, the Company shall issue
sufficient additional shares of the Company's common stock such that all of the
shares issued have a total value of $1,000.  In the event the additional shares
are required to be issued, management believes this will not have a material
adverse impact on the financial position or operations of the Company.

AG Carriers is a Florida-based carrier specializing in transporting
temperature-controlled foodstuffs and juice concentrates.

NOTE 3 - MERGER WITH POLAR EXPRESS CORPORATION

On December 22, 1995, the Company completed a merger, pursuant to which Polar
Express Corporation ("Polar") became a wholly owned subsidiary of the Company.
Under the terms of the merger agreement, 1,401,355 shares of the Company's
common stock were issued in exchange for all of the outstanding common shares
and unit purchase options of Polar.  Approximately 5% of these shares were held
in an escrow account to cover liability and litigation costs related to the
litigation described in Note 6.  In addition, the Company issued 1,006,905
warrants to purchase the Company's common stock in exchange for all the
outstanding warrants of Polar.  In January 1997, 41,100 of these warrants were
exercised.  The merger was accounted for as a pooling of interests.

In April 1997, Polar was merged into Asche Transfer, Inc., a wholly-owned
subsidiary of the Company, and renamed Asche Transfer Inc.'s Southwest
Division.  The merger was accounted for similar to a pooling of interests.

NOTE 4 - PROPERTY AND EQUIPMENT

                                      6
<PAGE>   7

In December 1996, the Company entered into various agreements for the sale and
leaseback of certain Polar motor carrier equipment which reduced expenses $160
or $0.04 net income per common share in the first quarter of 1997 and $331 or
$0.08 net income per common share for the six months ended June 30, 1997.  The
leases are classified as operating leases in accordance with SFAS No. 13,
Accounting for Leases.

In February 1997, the Company entered into a purchase agreement to sell 68
Polar tractors and 141 Polar trailers for $4,592.  The transaction generated
$1,373 in net cash proceeds to the Company with no significant earnings effect
in 1997.  The transaction was completed in March 1997.

NOTE 5 - NET INCOME PER SHARE

Net income per share is computed by dividing net income by the weighted average
number of common and common equivalent shares outstanding.

NOTE 6 - LITIGATION SETTLEMENT

In May 1996, the Company settled all outstanding litigation related to Polar's
acquisition of Polar Express, Inc. ("PEI") for $150 or $0.02 net income per
common share.  This amount, which was provided for during the quarter ended
March 31,1996, did not include the Company's legal costs incurred related to
its defense of this matter, which had been expensed as incurred and had not
been included in the settlement amount.

In conjunction with the Polar merger, 5% of the Company's common stock issued
in the merger (69,941 shares) were held in an escrow account pending final
determination of the litigation.  Upon reaching a final settlement, 34,030 of
the common shares held in the escrow account were retired by the Company.

NOTE 7 - STOCKHOLDERS' EQUITY

On July 3, 1997, the Company completed a private placement offering of 540,558
shares of restricted common stock at a price of $3.70 per share and warrants to
purchase 54,070 shares of common stock at an exercise price of $4.625 per
share.  The warrants are exercisable at any time within three years after June
24, 1997.  The offering was made solely to accredited investors.  The net
proceeds of approximately $1,890 was used to reduce outstanding indebtedness
and for general corporate purposes.  As of June 30, 1997, the Company had
issued 337,848 of these shares of restricted common stock for $1,188, net of
related commissions.

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

The following management's discussion and analysis of financial condition and
results of operations contain forward-looking statements which involve risks
and uncertainties.  The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result of certain
factors.

Beginning in 1992, the Company commenced a program to increase its size and
operational efficiency.  This program changed the Company's strategic direction
by implementing a shift to company-owned revenue equipment and equipping
tractors with the QUALCOMMTM two-way satellite-based tracking and communication
system and advanced computer software systems.  The Company also implemented a
strategy of pursuing strategic acquisitions of other temperature-controlled
truckload carriers.  Since its initial public offering, the Company acquired
all of the assets of AG Carriers (the "AG Acquisition") and merged with Polar
(the "Polar Merger").  In accordance with the Company's strategic plan, the
Company sold 68 Polar tractors and 141 Polar trailers in February 1997.


                                      7
<PAGE>   8


RESULTS OF OPERATIONS

COMPARISON OF THE SIX MONTH PERIOD ENDED JUNE 30, 1997 WITH THE SIX MONTH
PERIOD ENDED JUNE 30, 1996.

Net revenues decreased $5.0 million, or 12.7%, to $34.1 million in 1997, from
$39.1 million in 1996, largely due to having less tractors in service.  During
the first half of 1997, the Company decreased its tractor fleet by 83 units.
Average revenue per tractor increased 5.0% to $69,331 in 1997 from $66,029 in
1996.

Total miles decreased 4.3 million, or 12.4%, to 30.4 million in 1997 from 34.7
million in 1996, largely due to having less tractors in service.  Average miles
per tractor increased 4.1% to 61,000 miles in 1997 from 58,612 miles in 1996.

The Company's operating ratio (operating expenses divided by operating
revenues) decreased 0.3%, to 95.0% in 1997 from 95.3% in 1996.  Total operating
expenses decreased $4.9 million, or 13.1%, to $32.4 million in 1997, compared
to $37.3 million in 1996, largely due to having less tractors in service.

Salaries, wages, and benefits decreased $1.4 million, or 10.4%, to $11.9
million in 1997 compared to $13.2 million in 1996, largely due to having less
personnel to service the fewer tractors in service, which more than offset
increases in overall compensation of drivers that were needed to enhance driver
recruitment and retention.

Fuel expenses decreased $0.5 million, or 7.5% to $5.8 million in 1997 compared
to $6.3 million in 1996, largely due to the decrease in the number of tractors
in service, which more than offset increased fuel prices.

Purchased transportation expense increased $0.1 million, or 1.4%, to $5.6
million in 1997 compared to $5.5 million in 1996.

Supplies and maintenance expenses decreased $0.4 million, or 11.5%, to $3.2
million in 1997 compared to $3.6 million in 1996.

Depreciation and amortization expense decreased $1.5 million, or 36.0%, to $2.6
million in 1997 compared to $4.1 million in 1996, largely due to having less
tractors in service.

Litigation settlement expense in 1996 represents the provision for final
settlement of all outstanding litigation related to Polar's acquisition of PEI.

Polar Express restructuring expense in 1996 represents severance payments to
terminated employees of Polar.

Interest expense decreased $0.6 million, or 36.1%, to $1.2 million in 1997
compared to $1.8 million in 1996, due to lower debt levels and a lower overall
interest rate.


COMPARISON OF THE THREE MONTH PERIOD ENDED JUNE 30, 1997 WITH THE THREE MONTH
PERIOD ENDED JUNE 30, 1996.

Net revenues decreased $3.3 million, or 16.2%, to $16.8 million in 1997, from
$20.1 million in 1996, largely due to having less tractors in service.  Average
revenue per tractor increased 0.8% to $34,144 in 1997 from $33,870 in 1996.

Total miles decreased 3.3 million, or 18.1%, to 14.9 million in 1997 from 18.2
million in 1996, largely due to having less tractors in service.  Average miles
per tractor decreased 1.8% to 30,198 miles in 1997 from 30,743 miles in 1996.

The Company's operating ratio (operating expenses divided by operating
revenues) decreased 2.0%, to 93.8% in 1997 from 95.8% in 1996.  Total operating
expenses decreased $3.4 million, or 17.9%, to $15.8 million in 1997, compared
to $19.2 million in 1996, largely due to having less tractors in service.


                                      8
<PAGE>   9


Salaries, wages, and benefits decreased $1.1 million, or 16.2%, to $5.7 million
in 1997 compared to $6.8 million in 1996, largely due to having less personnel
to service the fewer tractors in service, which more than offset increases in
overall compensation of drivers that were needed to enhance driver recruitment
and retention.

Fuel expenses decreased $0.5 million, or 15.1% to $2.7 million in 1997 compared
to $3.2 million in 1996, largely due to the decrease in the number of tractors
in service.

Purchased transportation expense increased $0.2 million, or 5.7%, to $2.8
million in 1997 compared to $2.6 million in 1996.

Supplies and maintenance expenses decreased $0.2 million, or 10.5%, to $1.7
million in 1997 compared to $1.9 million in 1996.

Depreciation and amortization expense decreased $0.7 million, or 35.7%, to $1.2
million in 1997 compared to $1.9 million in 1996, largely due to having less
tractors in service.

Polar Express restructuring expense represents severance payments to terminated
employees of Polar.

Interest expense decreased $0.3 million, or 32.9%, to $0.6 million in 1997
compared to $0.9 million in 1996, due to lower debt levels and a lower overall
interest rate.


LIQUIDITY AND CAPITAL RESOURCES

At June 30, 1997, the Company had a net working capital deficit of $7.3
million, attributable to the growth of the Company through acquisitions and
operations.  The working capital deficit also resulted from the financing of
revenue equipment purchases (noncurrent assets) through borrowings, a portion
of which is reflected in current liabilities.  The Company historically has
funded its working capital requirements through a combination of operating
profits, short turnover in trade receivables, effective cash management
practices and borrowing under its revolving bank line of credit.  The Company
has a revolving bank line of credit with a $6.0 million borrowing limit based
on a percentage of eligible trade receivables, $4.4 million of which was
borrowed against this line of credit at June 30, 1997, and approximately $0.2
million was available.

The Company's growth in prior years and the significant investment in its
modern fleet of tractors and temperature-controlled trailers have been financed
substantially through long-term debt and capital lease obligations
collateralized by the equipment.  The Company's outstanding debt and capital
lease obligations, including current maturities, aggregated $23.2 million and
$30.1 million at June 30, 1997 and December 31, 1996, respectively.

In October 1994, the Company completed an initial public offering of its common
stock that raised net proceeds to the Company of $6.4 million.  To date, the
Company has utilized proceeds to repay outstanding indebtedness under its
revolving bank line of credit and certain long-term debt obligations, to
purchase trailers, and for the AG Acquisition and the Polar Merger.  The debt
to equity ratio (calculated excluding payables and other liabilities) was
1.90:1 at June 30, 1997, and 2.86:1 at December 31, 1996.

In January 1997, the Company borrowed $1 million against the appraised value of
approximately $1.5 million of a terminal and maintenance facility.  In February
1997, the Company entered into a purchase agreement to sell certain Polar motor
carrier equipment for $4.6 million.  The transaction was completed in March
1997 and generated $1.4 million in net cash proceeds to the Company.  In July
1997, the Company completed a private placement offering of restricted common
stock that raised net proceeds to the Company of $1.9 million, of which $1.2
million had been raised prior to June 30, 1997.

The Company believes that available cash, cash flow from future operations, and
borrowings available under its line of credit will be sufficient to meet its
current working capital needs.  As the Company continues to facilitate its

                                      9
<PAGE>   10

planned future growth in 1997, the Company's capital needs may require
additional borrowings or an equity infusion.

                                      10
<PAGE>   11


PART II:  OTHER INFORMATION


          Item 1.  Legal Proceedings

                   None.

          Item 2.  Changes in Securities

                   None.

          Item 3.  Defaults Upon Senior Securities

                   None.

          Item 4.  Submission of Matters to a Vote of Security Holders



                   The Annual Meeting of Stockholders was held on May 14, 1997. 
                   Diane L.     Asche and Kevin M. Clark were reelected by a    
                   vote of 3,619,717 each as the Class II Directors to serve
                   until the 2000 Annual Meeting of Stockholders.




          Item 5.  Other Information

                   None.

          Item 6.  Exhibits and Reports on Form 8-K



                   (a)  Exhibits - None.

                   (b)  Reports on Form 8-K for the quarter ended June 30, 1997 
                        - None.

                                      11
<PAGE>   12

                                   SIGNATURES


     In accordance with the requirements of the Exchange Act, the Registrant
has caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


                      Aasche Transportation Services, Inc.



Date August 13, 1997              BY:  s/Leon M. Monachos
     ---------------                 ------------------------------------------
                                       Leon M. Monachos, Chief Financial Officer


Date August 13, 1997              BY: s/Larry L. Asche
     ---------------                 ------------------------------------------
                                      Larry L. Asche, Chairman and
                                      Chief Executive Officer



                                      12