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

                                   FORM 10-QSB

                                   (Mark One)

[X] Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of
1934

For the quarterly period ended     February 28, 2001
                              --------------------------------------------------

                                       or

[  ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the transition period from _______________________ to ______________________


Commission File Number:  1-13484
                       ---------------------------------------------------------


                           COHESANT TECHNOLOGIES INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

          DELAWARE                                       34-1775913
--------------------------------------------------------------------------------
  (State or other jurisdiction of                        (I.R.S. Employer
   Incorporation or organization)                        Identification No.)

 5845 West 82nd Street, Suite 102, Indianapolis, Indiana    46278
--------------------------------------------------------------------------------
(Address of principal executive offices)                 (Zip Code)

Issuer's telephone number, including area code      317-875-5592
                                              ----------------------------------

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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                                                         YES [X] NO [ ]

As of March 15, 2000, the Company has 2,352,108 shares of Common Stock, $.001
par value, outstanding.

Transitional Small Business Disclosure Format (check one)
                                                         YES [ ] NO [X]



<PAGE>   2

                           COHESANT TECHNOLOGIES INC.

                                     INDEX

 Part I.  Financial Information                                            PAGE
 ------------------------------                                            ----

      Cohesant Technologies Inc. Condensed Consolidated
               Balance Sheet as of February 28, 2001......................... 1

      Cohesant Technologies Inc. Condensed Consolidated
               Statements of Operations for the Three Months Ended
               February 28, 2001 and February 29, 2000....................... 2

      Cohesant Technologies Inc. Condensed Consolidated
               Statements of Cash Flows for the Three Months Ended
               February 28, 2001 and February 29, 2000....................... 3

      Notes to Condensed Consolidated Financial Statements................... 4

      Management's Discussion and Analysis of Financial Condition
               and Results of Operations..................................... 7



      Part II.    Other Information
      -----------------------------

      Item 6. Exhibits and Reports on Form 8-K................................9


      Signatures.............................................................10










<PAGE>   3
                        PART I. FINANCIAL INFORMATION
                        -----------------------------

                          COHESANT TECHNOLOGIES INC.

                     CONDENSED CONSOLIDATED BALANCE SHEET
                                 (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                           February 28, 2001
                                                                                        ------------------------
<S>                                                                                     <C>
ASSETS:
     Cash                                                                                     $    38,808
     Accounts receivable, net of allowance
          for doubtful accounts of $211,561                                                     3,195,117
     Inventory                                                                                  4,023,286
     Prepaid expenses and other                                                                   156,483
     Deferred tax assets                                                                          173,300
                                                                                              -----------
               Total Current Assets                                                             7,586,994

     Property, plant and equipment, net                                                           548,862
     Investment in unconsolidated affiliate                                                        21,974
     Patents and other intangibles, net                                                           126,355
     Goodwill, net                                                                                897,539
     Other noncurrent assets                                                                        5,647
                                                                                              -----------
               Total Assets                                                                   $ 9,187,371
                                                                                              ===========


LIABILITIES AND SHAREHOLDERS' EQUITY:
     Revolving line of credit                                                                 $   538,000
     Accounts payable                                                                           1,186,059
     Accrued salaries, benefits and commissions                                                   208,222
     Accrued taxes                                                                                374,557
     Accrued earn-out                                                                             245,578
     Other current liabilities                                                                    235,630
                                                                                              -----------
               Total Current Liabilities                                                        2,788,046

     Shareholders' Equity:
          Common stock ($.001 par value, 10,000,000
               shares authorized, 2,688,343 issued)                                                 2,688
          Additional paid-in capital                                                            6,449,117
          Retained earnings                                                                       548,454
          Treasury stock at cost, (336,235 shares)                                               (600,934)
                                                                                              -----------
                    Total Shareholders' Equity                                                  6,399,325
                                                                                              -----------

                    Total Liabilities and Shareholders' Equity                                $ 9,187,371
                                                                                              ===========


</TABLE>








            See Notes to Condensed Consolidated Financial Statements.



                                        1

<PAGE>   4

                          COHESANT TECHNOLOGIES INC.

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                                     For the Three Months Ended
                                                             February 28, 2001      February 29, 2000
                                                             -----------------      -----------------

<S>                                                           <C>                   <C>
NET SALES                                                     $    3,352,252        $    3,488,733
COST OF SALES                                                      1,842,317             1,984,193
                                                              --------------        --------------
     Gross profit                                                  1,509,935             1,504,540

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                                             271,236               254,015
SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES                                         996,477             1,034,007
                                                              --------------        --------------
TOTAL OPERATING EXPENSES                                           1,267,713             1,288,022

    Income from operations                                           242,222               216,518

OTHER INCOME (EXPENSE):
     Interest expense                                                 (9,717)              (12,877)
     Equity in income of
          unconsolidated affiliate                                      --                  12,449
     Other income, net                                                 2,430                37,198
                                                              --------------        --------------

INCOME BEFORE INCOME TAXES                                           234,935               253,288

INCOME TAX PROVISION                                                 (74,359)              (89,111)
                                                              --------------        --------------

NET INCOME                                                           160,576               164,177
                                                              ==============        ==============

 BASIC AND DILUTED EARNINGS PER
 COMMON SHARE  (Note 3)                                       $         0.07        $         0.07
                                                              ==============        ==============

AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
   BASIC                                                           2,349,802             2,336,733
                                                              ==============        ==============
   DILUTED
                                                                   2,403,836             2,395,304
                                                              ==============        ==============

</TABLE>





            See Notes to Condensed Consolidated Financial Statements.




                                        2
<PAGE>   5

                          COHESANT TECHNOLOGIES INC.

               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)
<TABLE>
<CAPTION>


                                                                               For the Three Months Ended
                                                                         February 28, 2001   February 29, 2000
                                                                         -----------------   ------------------

<S>                                                                        <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                               $    160,576      $    164,177
  Adjustments to reconcile net income to net cash
     used in operations -
     Depreciation and amortization                                               74,197            72,331
     Provision for doubtful accounts                                              1,500            11,500
     Equity in income of unconsolidated subsidiary                                 --             (12,449)
     Net change in current assets and
      current liabilities-
       Accounts and notes receivable                                            (20,527)         (297,842)
       Inventories                                                             (373,394)         (863,430)
       Prepaid expenses                                                         (22,876)              (81)
       Accounts payable                                                         286,171           688,622
       Other current liabilities                                               (494,617)           11,269
       Other noncurrent assets                                                   (4,627)               72
       Other noncurrent liabilities                                                --              (9,727)
                                                                           ------------      ------------
       Net cash used in operating activities                                   (393,597)         (235,558)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Property and equipment additions                                             (34,242)          (62,159)
   Loss on disposal of equipment                                                  2,591              --
   Payments from unconsolidated affiliate                                        39,628            16,658
                                                                           ------------      ------------
        Net cash provided by (used in) investing activities                       7,977           (45,501)
                                                                           ------------      ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Borrowings under revolving line of credit                                    359,000              --
   Proceeds from exercise of stock options                                        4,375              --
                                                                           ------------      ------------
        Net cash provided by financing activities                               363,375              --
                                                                           ------------      ------------
NET DECREASE IN CASH
  AND CASH EQUIVALENTS                                                          (22,245)         (281,059)
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                                            61,053           352,895
                                                                           ------------      ------------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                                            $     38,808      $     71,836
                                                                           ============      ============

SUPPLEMENTAL DISCLOSURES:
  Cash paid during the year for
     Interest                                                              $      9,717      $      7,580
                                                                           ------------      ------------
     Income Taxes                                                          $    325,000      $     11,249
                                                                           ============      ============

</TABLE>




            See Notes to Condensed Consolidated Financial Statements.


                                        3
<PAGE>   6





                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1 - BACKGROUND

Cohesant Technologies Inc. ("Company") designs, develops and manufactures plural
component dispensing systems, specialized spray finishing and coating
application equipment and specialty two component epoxy coating and grout
products through two subsidiaries--Glas-Craft, Inc. ("GCI") and Raven Lining
Systems, Inc. ("Raven").


NOTE 2 - BASIS OF PRESENTATION

The condensed consolidated interim financial statements included herein have
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission for certain small business
issuers. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations. However, in the opinion of management of the Company, the condensed
consolidated interim financial statements include all adjustments, which consist
only of normal recurring accruals, necessary to present fairly the financial
information for such periods.

These interim financial statements should be read in conjunction with the
financial statements and the notes thereto included in the Company's November
30, 2000 Annual Report to Shareholders on Form 10-KSB.

The accompanying condensed consolidated financial statements include the
accounts of the Company and its direct wholly owned subsidiaries. The Company's
investment in an affiliate is accounted for under the equity method (Note 5).
All significant intercompany amounts have been eliminated.


NOTE 3 - EARNINGS PER SHARE

The Company computes earnings per share in accordance with Statement of
Financial Accounting Standards No. 128, "Earnings Per Share". This standard
requires the presentation of two amounts, basic and diluted earnings per share.
Financial instruments considered in the computation of diluted earnings per
share included the Company's outstanding stock options.





                                        4
<PAGE>   7

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 4 - REVOLVING LINE OF CREDIT FACILITY

On May 1, 2000, the Company renewed its revolving line of credit agreement with
a bank. This $3,500,000 credit facility is subject to a borrowing base and
accrues interest at the bank's prime lending rate (8.50% as of February 28,
2001). The credit facility is fully secured by a lien on all the assets of the
Company and its operating subsidiaries. The credit facility expires on May 1,
2001. This agreement requires that the Company meet certain covenants including
financial ratios. As of February 28, 2001, the Company was in compliance with
the covenants and financial ratios. As of February 28, 2001, the outstanding
balance under this agreement was $538,000.

NOTE 5 - INVESTMENT IN UNCONSOLIDATED AFFILIATE

On November 1, 2000, the Company purchased an additional one-third interest in
RTM Systems, Inc. ("RTM"), an Indiana corporation organized in 1989, for $1,000
bringing the Company's ownership in RTM to 67%. The Company is accounting for
its investment in RTM under the equity method of accounting as management
believes the Company's controlling interest is temporary. The impact of not
consolidating RTM on the operating results of the Company for the period ended
February 28, 2001, is immaterial. RTM's balance sheet at February 28, 2001,
primarily consisted of cash and fixed assets totaling approximately $30,000.
Transactions between the Company and RTM did not have a material impact on the
Company's consolidated financial position or results of operations.

NOTE 6- SEGMENT INFORMATION

The Company monitors its operations in two business segments: Equipment and
Parts and Coatings and Grouts. Certain corporate costs and income taxes are not
allocated to the business segments. Financial information for the Company's
business segments as of the first quarter of fiscal 2001 and 2000, respectively
is as follows:

<TABLE>
<CAPTION>
Three Months Ended                         Equipment         Coatings
February 28, 2001                           & Parts          & Grouts      Corporate       Consolidated
-----------------                           -------          --------      ---------       ------------

<S>                                       <C>               <C>           <C>               <C>
Net Sales                                 $2,470,862        $  881,390    $     --          $3,352,252
Depreciation and amortization:                47,444            26,742            11            74,197
Interest expense:                               --                --           9,717             9,717
Income before taxes:                         250,504            88,006      (103,575)          234,935
Identifiable assets:                       6,757,256         2,190,028       240,087         9,187,371
Capital expenditures:                         26,446             7,796          --              34,242
</TABLE>


                                        5

<PAGE>   8

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

<TABLE>
<CAPTION>

Three Months Ended                    Equipment        Coatings
February 29, 2000                      & Parts         & Grouts        Corporate      Consolidated
-----------------                      -------         --------        ---------      ------------

<S>                                  <C>               <C>             <C>             <C>
Net Sales                            $2,797,188        $  691,545      $     --        $3,488,733
Depreciation and amortization:           49,545            22,770              16          72,331
Interest expense:                           452              --            12,425          12,877
Income before taxes:                    369,582            24,619        (140,913)        253,288
Identifiable assets:                  6,751,233         1,780,572         309,607       8,841,412
Capital expenditures:                    47,854            14,305            --            62,159
</TABLE>


The following table presents percentage of total revenues by region.

                               Three Months Ended            Three Months Ended
Region                          February 28, 2001            February 29, 2000
-------                         -----------------            -----------------
United States                         74%                          65%
Europe/Middle East                    13                           18
Asia/Pacific Rim                       8                            9
Other                                  5                            8
                                  ----------                    ---------
Total                                100%                         100%





















                                        6
<PAGE>   9

                           COHESANT TECHNOLOGIES INC.

               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS
                     First Quarter Ended February 28, 2001

RESULTS OF OPERATIONS

Net sales for the three months ended February 28, 2001 were $3,352,252 compared
to $3,488,733 for the same period of the prior year, a decrease of $136,481 or
3.9%. Of this amount, $326,326, represented decreased net sales of equipment and
spare parts. This decrease was primarily attributable to decreased sales of
fiberglass equipment and to a lesser extent decreased sales of polyurethane
equipment and sales to OEM accounts. Foreign equipment and parts net sales
decreased 28%, whereas domestic equipment and parts net sales increased 3%. The
decrease in foreign sales was led by a decrease in sales to Europe/Middle East
and to a lesser extent the Asian/Pacific Rim and South America. Specialty grout
and epoxy products net sales were $881,390 compared to $691,545 for the
comparable year-ago period, an increase of $189,845 or 27.5%. This increase was
a result of orders from recently signed Certified Applicators.

The Company's gross margin increased to $1,509,935, or 45.0% of net sales, in
the current quarter from $1,504,540, or 43.1% of net sales, in the 2000 period.
This increase was due to the increased sales volume of the higher margin
specialty grout and epoxy products.

Operating expenses for the three months ended February 28, 2001 were $1,267,713
compared to $1,288,022 for the same period of the prior year, a decrease of
$20,309, or 1.6%. This decrease was principally due to a decrease in
administrative expenses which was almost entirely offset by additional research,
development and engineering and selling and marketing expenses. The decreased
administrative expenses are reflective of lower personnel costs. The increased
research, development and engineering expenses are a result of increased
personnel costs at GCI and the increased selling and marketing expenses are a
result of the increased sales volume at Raven.

During the first quarter of 2001, other income, net of other expenses, decreased
from the same period in the prior year by $44,057, this decrease was a result of
income generated from the three year non-compete agreement, that related to the
sale of certain assets of a discontinued subsidiary, being full amortized and
decreased income from the unconsolidated affiliate.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of liquidity are cash provided by operations and
availability under the revolving line of credit. At February 28, 2001 the
Company has


                                        7
<PAGE>   10

                           COHESANT TECHNOLOGIES INC.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

cash of $38,808, net working capital of $4,798,948 and $2,962,000 available
under the revolving line of credit.

On May 1, 2000, the Company renewed its revolving line of credit agreement with
a bank. This $3,500,000 credit facility is subject to a borrowing base and
accrues interest at the bank's prime lending rate (8.50% as of February 28,
2001). The credit facility is fully secured by a lien on all the assets of the
Company and its operating subsidiaries. The credit facility expires on May 1,
2001. The Company does not foresee any problems renewing this facility or
obtaining an equivalent facility from another lender, if necessary. This
agreement requires that the Company meet certain covenants including financial
ratios. As of February 28, 2001, the Company was in compliance with the
covenants and financial ratios. As of February 28, 2001, the outstanding balance
under this agreement was $538,000.

As of February 28, 2001, the Company's working capital increased to $4,798,948
from $4,571,081 at November 30, 2000. The increase in working capital includes
$355,768 inventory build at GCI, which is a result of lower than anticipated
sales. The inventory build was partially offset by increased accounts payable
balances of $286,171.

FORWARD LOOKING STATEMENTS

Certain statements contained in this report that are not historical facts are
forward looking statements that are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set forth in the
forward looking statement. These risks and uncertainties include, but are not
limited to, a slow-down in domestic and foreign markets for plural component
dispensing systems and a reduction in growth of markets for the Company's epoxy
coating systems.














                                        8
<PAGE>   11

                           COHESANT TECHNOLOGIES INC.



PART II. OTHER INFORMATION
--------------------------


Item 6.           Exhibits and Reports on Form 8-K - none






































                                        9
<PAGE>   12

                                    SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned there unto duly authorized.

Dated:     March 20, 2001


                                             COHESANT TECHNOLOGIES INC.


                                    BY:      /s/ Robert W. Pawlak
                                             --------------------------
                                             Robert W. Pawlak
                                             Chief Financial Officer































                                       10