<PAGE>   1
                                   FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



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


                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997


                       Commission File Number: 33-44567-NY


                              BISHOP EQUITIES, INC.
          (Exact name of Registrant as stated in its corporate charter)


        Nevada                                              13-3632859
(State of incorporation)                           (I.R.S. Employer I.D. Number)


                         355 South End Avenue, Suite 22B
                               New York, NY 10280

                   (Address of Registrant's principal office)

                                 (212) 912-0930
                         (Registrant's telephone number)



Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period as the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past ninety days:

                           YES   X              NO
                               -----               -----


As of September 30, 1997, 511,500 shares of the Registrant's common stock, par
value $.001, were issued and outstanding.
<PAGE>   2
                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                              BISHOP EQUITIES, INC.
                         A DEVELOPMENT STAGE ENTERPRISE



<TABLE>
<CAPTION>
                                                                       September 30, 1997
                                                   March 31, 1997          (unaudited)
                                                   --------------      ------------------
<S>                                                <C>                 <C>     
                                     ASSETS
                                                                       
CURRENT ASSETS:                                                        
      Cash                                            $  2,484              $  2,155
                                                                       
NONCURRENT ASSETS:                                                     
      Deferred Offering Costs                                0         
                                                                       
OTHER ASSETS:                                                          
      Organization costs                                   240                   180
                                                      --------              --------
                                                                       
                                                      $  2,724              $  2,335
                                                      ========              ========
                                                                       
                                                                       
                      LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                       
                                                                       
CURRENT LIABILITIES:                                                   
      Accrued expenses payable                             350                   350
                                                                       
STOCKHOLDERS' EQUITY                                                   
      Common stock - authorized                                        
      25,000,000 shares,                                               
      par value $.001 per share                                        
      issued and outstanding                                           
      511,500 shares                                       511                   511
                                                                       
      Paid in Capital                                   37,011                37,011
                                                                       
      Retained deficit                                                 
      (during development                                              
      stage)                                           (35,148)              (35,537)
                                                      --------              --------
                                                                       
                                                      $  2,724              $  2,335
                                                      ========              ========
</TABLE>


                       See notes to financial statements.


                                       -2-
<PAGE>   3
                              BISHOP EQUITIES, INC.
                         A DEVELOPMENT STAGE ENTERPRISE


                             STATEMENT OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                  Three Months Ended           Six Months Ended
                                    September 30,               September 30,
                                  1996          1997          1996          1997
                                 ------        ------        ------        ------
<S>                              <C>           <C>           <C>           <C>   
REVENUES

COSTS AND EXPENSES:

     Amortization                    30            30            60            60
     Prof. Fee                     --            --            --            --
      Office                        164            82           199           124
     Filing fees,
        disbursements               168          --             326           205
     Mgmt. Expenses                --            --            --            --
                                 ------        ------        ------        ------

NET OPERATING LOSS FROM
      DEVELOPMENT STAGE
      ACTIVITIES                    362           112           585           389

ACCUMULATED DEFICIT FROM
      DEVELOPMENT STAGE -
      Beginning                  33,837        35,425        33,614        35,148
                                 ------        ------        ------        ------


ACCUMULATED DEFICIT FROM
      DEVELOPMENT STAGE -
     End                         34,199        35,537        34,199        35,537
                                 ======        ======        ======        ======
</TABLE>


                       See notes to financial statements.


                                       -3-
<PAGE>   4
                              BISHOP EQUITIES, INC.
                         A DEVELOPMENT STAGE ENTERPRISE
                               September 30, 1997

                        STATEMENT OF STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                         Common          Paid-in       Accumulated
Date                                     Stock           Capital         Deficit
                                       --------         --------       -----------
<S>                                    <C>              <C>            <C>     
April 17, 1991
(incorporation)                        $      0         $      0

Common Stock authorized
25,000,000 shares par
value $.001: issued and
outstanding 500,000
shares at December 10, 1991                 500            2,500

11,500 shares sold in
public offering, March 1993
(net of underwriting costs)                  11           60,031

Public Offering Costs                                    (25,520)

Retained Deficit during
development stage as of
March 31, 1993                                                              (286)
                                                                    
Retained Deficit during                                             
development stage as of                                             
March 31, 1994                                                           (17,241)
                                                                    
Retained Deficit during                                             
development stage as of                                             
March 31, 1995                                                           (14,179)
                                                                    
Retained Deficit during                                             
development stage as of                                             
March 31, 1996                                                            (1,908)
                                                                    
Retained Deficit during                                             
development stage as of                                             
March 31, 1997                                                            (1,534)
                                                                    
Retained Deficit during                                             
development stage as of                                             
September 30, 1997                                                          (389)

September 30, 1997                     $    511         $ 37,011        $ 35,537
                                       ========         ========        ========
</TABLE>


                       See notes to financial statements.


                                       -4-
<PAGE>   5
                              BISHOP EQUITIES, INC.
                         A DEVELOPMENT STAGE ENTERPRISE


                       STATEMENT OF CASH FLOWS (Unaudited)


<TABLE>
<CAPTION>
                                                          Six Months Ended
                                                            September 30,
                                                       1996               1997
                                                     -------            -------
<S>                                                  <C>                <C>    
CASH FLOWS FROM
OPERATING ACTIVITIES                                 $  (585)              (389)


     Net Income (Loss)
     Adjustments to reconcile Net
       Income to Cash Flows From
       Operating Activities

     Increases (Decreases) in:
       Organization Costs                                 60                600
       Accrued Expenses                                 (750)              --
       Due to/from Shareholder                          (405)              --
                                                     -------            -------

NET CASH PROVIDED BY                                  (1,680)              (329)
OPERATING ACTIVITIES

CASH FLOW FROM FINANCING
ACTIVITIES                                              --                 --

NET CASH GAINED BY
INVESTING ACTIVITIES                                    --                 --

  Net Increase (Decrease) in cash                     (1,680)              (329)


CASH - BEGINNING                                       4,703              2,484
                                                     -------            -------

CASH - END                                           $ 3,023            $ 2,155
                                                     =======            =======
</TABLE>


                       See notes to financial statements.


                                       -5-
<PAGE>   6
                              BISHOP EQUITIES, INC.
                         A DEVELOPMENT STAGE ENTERPRISE

         NOTES TO FINANCIAL STATEMENTS (unaudited) - September 30, 1997

NOTE 1: Summary of Significant Accounting Policies

        Bishop Equities, Inc. (the "Company") was organized in Nevada on April
        17, 1991, and is a blank check company with no defined business plan
        other than intention to acquire an existing private company through an
        exchange of securities (the "Business Combination"). Selection of the
        Business Combination candidate will be at the complete discretion of
        Management, and upon consummation, control and management of the Company
        may pass to other individuals who are presently unknown and
        unidentifiable. The Company's success will depend upon Management's
        ability to locate a suitable candidate for Business Combination, and to
        consummate the transaction, and on the eventual profitability of the
        resulting entity.

        The Company's year end is March 31.

        Organization costs will be amortized over a 60-month period.

        During the period covered by the Report, the Company's activities were
        limited to investigating potential candidates for merger or acquisition.


NOTE 2: Capitalization

        The Offering commenced March 8, 1993 and concluded on March 19, 1993.
        The Company sold to the public, through its underwriter, Westminster
        Securities Corp. (the "Underwriter"), on a firm-commitment basis, a
        total of 11,500 shares of common stock, par value $.001 per share (the
        "Shares"), at $6.00 per Share, including the exercise of the
        Underwriter's overallotment option.

        The Company received net proceeds of $60,042 after deduction of $8,970
        in underwriting commissions and discounts. Additional offering expenses
        totalled $25,531, of which $20,607 was paid as of March 31, 1993 and the
        remainder was paid subsequently.

        Officers and directors are reimbursed for out-of-pocket expenses
        incurred in the investigation of Business Combination candidates on the
        Company's behalf including travel expenses.

        The Underwriter purchased 1,000 nonredeemable Underwriter Warrants for
        $.0125 each. Each may be exercised by the registered


                                       -6-
<PAGE>   7
                              BISHOP EQUITIES, INC.
                         A DEVELOPMENT STAGE ENTERPRISE

          Notes to financial statements -September 30, 1997- continued

        holder to purchase one share for $7.20 during a four-year exercise
        period commencing March 8, 1994. The exercise price and number of Shares
        purchasable are subject to anti-dilution adjustment upon occurrence of
        certain events.

        The Company has undertaken to include the Underwriter Warrants in any
        registration statement it may file during a six-year period commencing
        March 8, 1994, and to file a registration statement containing the
        Underwriter Warrants and/or underlying Shares at the request of the
        holders on two occasions during a five-year period commencing March 8,
        1993. The Underwriter has executed an undertaking that any registration
        of the Underwriter Warrants will be for exercise, not distribution.

        The amount of paid-in-capital was reduced by the amount of Deferred
        Offering costs, and the costs of the Offering were offset against the
        proceeds of the Offering.


NOTE 3: Employees; Related Party Transactions

        The Company's officers are its only employees. No salaries were paid to
        officers during the period. The secretary-treasurer, Maureen Abato, is
        also the Company's attorney, and has been paid fees for certain legal
        services rendered. The officers and directors have limited experience in
        evaluating businesses and devote only minimal time to the Company's
        affairs.

NOTE 4: Lease Commitment

        Registrant maintains a rent-free mailing address in its president's
        office, 355 South End Ave., #22B, New York NY 10280.

NOTE 5: Conflicts of Interest

        Certain conflicts of interest will continue to exist between the Company
        and its officers and directors, each of whom has other business
        interests to which she devotes substantial attention. Each officer and
        director is expected to continue in such activities, which could detract
        from management time necessary for the Company's affairs.

        The officers and directors hold similar positions in, and are major
        shareholders of, other public 'blank check' companies and may also
        become involved with other corporations which may file registration
        statements for blank check offerings, all of which may compete with the
        Company for available opportunities.


                                       -7-
<PAGE>   8
                              BISHOP EQUITIES, INC.
                         A DEVELOPMENT STAGE ENTERPRISE

          Notes to financial statements - September 30, 1997- continued

        Management has established a limited policy for handling potential
        conflicts of interest which may arise. The Company intends not to
        conduct any business transaction with an entity in which its officers,
        directors, major shareholders, or their affiliates or associates, have
        an ownership interest. Further, the Company intends not to join in any
        type of business combination with any of the other corporations in which
        its officers and directors are involved in the same or similar
        capacities.

        The public offerings of all of the blank check ventures in which the
        Company's president has been involved were also underwritten by the
        Company's underwriter, Westminster Securities Corp. The Company's
        independent auditor, Jody M. Weber, CPA, served as the independent
        auditor for each.

        Business Combination candidates are expected to become available
        primarily through the personal contacts of the Company's officers and
        directors, and the Company has not present intention to engage
        professional firms specializing in business acquisitions or
        reorganizations, nor to retain, hire or utilize any consultants. No
        finders fees will be paid to any party in connection with a Business
        Combination. No prediction can be made as to the costs of identifying a
        suitable candidate for a Business Combination, or of consummating such a
        transaction.

NOTE 6: Risk Factors

        The Company was recently organized, has no history of operations or
        revenues and is in its earliest stages of development.

        The Company has no working capital and its ability to conduct its
        proposed activities, i.e., the investigation of Business Combination
        candidates, and operate as a going concern, is contingent upon locating
        an acquisition candidate and consummating such transaction. The
        Company's capital has been deemed sufficient to commence only very
        limited operations.

NOTE 7: "Blue Sky Laws"

        Many states have imposed restrictions on the tradeability of securities
        of "blank check" companies. Upon completion of a Business Combination,
        its securities may become eligible for sale in additional states.


                                       -8-
<PAGE>   9
                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings - None.

Item 2.  Changes in Securities - None.

Item 3.  Not Applicable

Item 4.  No matters were submitted to a vote of the Company's holders during the
         period.

Item 5.  Other Information - None

Item 6.  (a) Exhibits - None required

         (b) None






                                   SIGNATURES

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

Date:  July 27, 1998              BISHOP EQUITIES, INC.


                                  By: /s/ Maureen Abato
                                      -------------------
                                      Maureen Abato
                                      Secretary-Treasurer


                                       -9-