<PAGE>   1
                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                   Quarterly Report Under Section 13 or 15 (d)
                     of the Securities Exchange Act of 1934


For the Quarter Ended September 30, 1997

Commission File No. 0-16032


                            Melamine Chemicals, Inc.
                            ------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                                          64-0475913
--------------------------------------------------------------------------------
(State or other jurisdiction of                        (I.R.S. Employer
 incorporation or organization)                      Identification Number)

Highway 18 West       Donaldsonville, Louisiana             70346
--------------------------------------------------------------------------------
(Address of Principal executive offices)                  (Zip Code)


Registrant's telephone number, including area code:  (504) 473-3121


                                 NOT APPLICABLE
--------------------------------------------------------------------------------
              Former name, former address and former fiscal year,
                         if changed since last report.


Indicate by check mark whether the registrant (1) has filled 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 of 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
                                                  -----            -----

5,627,934 shares of Melamine Chemicals, Inc. common stock $.01 par value per
share were outstanding on October 29, 1997. Registrant has no other class of
common stock outstanding.
                                                                                
                                             (This document contains 9
                                             sequentially numbered pages
                                             including exhibits, indices, and
                                             financial statements, notes to
                                             financial statements and schedules.
                                             The exhibit index to this document
                                             is located at page 8.)


<PAGE>   2

                Part I.  Financial Information

<TABLE>
<CAPTION>


                             MELAMINE CHEMICALS, INC.
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)   
              
<S>                                                                       <C>         <C>
                                                                September 30,    June 30,
                                                                    1997           1997
                                                                -------------  ----------
ASSETS
                                                                                         
Current assets:
  Cash and temporary investments                                $31,954,217    33,381,898
  Receivables:
       Trade (net of allowance for doubtful debts of
         $175,000 at September and June)                          6,688,117     8,902,384
       Other                                                        336,665       183,889
                                                                -----------    ----------
             Total receivables                                    7,024,782     9,086,273
                                                                -----------    ----------
  Inventories:
       Finished goods                                               277,000       588,000
       Supplies                                                     189,546       214,958
                                                                -----------    ----------
             Total inventories                                      466,546       802,958
                                                                -----------    ----------
  Prepaid expenses:
         Spare parts                                              2,412,392     2,179,773
         Other                                                      645,564       517,855
                                                                -----------    ----------
             Total prepaid expenses                               3,057,956     2,697,628
                                                                -----------    ----------
  Deferred income taxes                                              37,957        37,957
                                                                -----------    ----------
             Total current assets                                42,541,458    46,006,714
                                                                -----------    ----------
Plant and equipment, at cost                                     48,404,619    48,052,680
  Less accumulated depreciation                                  29,489,564    28,380,158
                                                                -----------    ----------
             Net plant and equipment                             18,915,055    19,672,522
Notes receivable                                                 10,000,000    10,000,000
Other assets                                                         78,188        70,083
                                                                -----------    ----------
                                                                $71,534,701    75,749,319
                                                                ===========    ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                              $ 4,833,157     5,248,930
  Accrued expenses                                                1,043,521     1,834,217
  Income taxes                                                      412,284     4,730,304
                                                                -----------    ----------
             Total current liabilities                            6,288,962    11,813,451
                                                                -----------    ----------
Deferred income taxes                                             6,926,892     6,926,892
Deferred income                                                   6,965,000     6,965,000
Stockholders' equity:
  Preferred stock of $1 par value 
       Authorized 2,000,000 shares; none issued                           0             0
  Common stock of $.01 par value.  Authorized
       20,000,000 shares; issued and outstanding 5,626,934 at
       September and 5,529,900 at June                               56,269        55,299
  Additional paid-in capital                                     18,425,008    17,275,399
  Retained earnings                                              32,872,570    32,713,278
                                                                -----------    ----------
             Total stockholders' equity                          51,353,847    50,043,976
                                                                -----------    ----------
                                                                $71,534,701    75,749,319
                                                                ===========    ==========

</TABLE>

See accompanying notes to consolidated financial statements.







                                       2
<PAGE>   3
                            MELAMINE CHEMICALS, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                    QUARTER ENDED
                                                                     SEPTEMBER 30,
                                                                  1997            1996
                                                              ------------    ------------

<S>                                                           <C>               <C>       
Net sales                                                     $ 11,841,675      15,356,718
Cost of sales                                                   10,919,862      12,974,553
                                                              ------------      ----------
        Gross profit                                               921,813       2,382,165
Selling, general and administrative expenses                     1,086,283         868,257
Research and development costs                                      73,181          63,825
                                                              ------------      ----------
        Operating profit (loss)                                   (237,651)      1,450,083

Other income (expense):
     Interest income                                               527,742          92,395
     Miscellaneous                                                 (55,838)          5,850
                                                              ------------      ----------
        Earnings before income taxes                               234,253       1,548,328
Income tax expense                                                  74,961         495,465
                                                              ------------      ----------
        Net  earnings                                         $    159,292       1,052,863
                                                              ============       =========


Earnings per common share:
     Primary                                                  $        .03             .19
                                                              ============       =========

     Fully diluted                                            $        .03             .19
                                                              ============       =========

Weighted average shares outstanding                              5,597,606       5,455,300
                                                              ============       =========
Dividends per common share                                    $       0.00            0.00
                                                              ============       =========
</TABLE>

See accompanying notes to consolidated financial statements.




                                       3
<PAGE>   4
                            MELAMINE CHEMICALS, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                    QUARTER ENDED
                                                                     SEPTEMBER 30,
                                                                1997               1996
                                                            ------------       -----------
<S>                                                        <C>                 <C> 
Cash flows from operating activities:
   Net  earnings                                            $    159,292        1,052,863
   Adjustments to reconcile net earnings
    to net cash provided (used) by operating
    activities:
      Depreciation                                             1,115,091        1,059,882
      Increase in deferred income taxes                                0          385,496
      Change in assets and liabilities:
        Decrease (increase) in:
          Receivables                                          2,061,491          547,358
          Inventories                                            336,412         (416,789)
          Prepaid expenses                                      (360,328)        (713,200)
       Increase (decrease) in:
          Accounts payable                                      (415,773)         580,383
          Accrued expenses                                      (790,696)        (289,856)
          Income taxes                                        (4,318,020)               0
          Amounts due to related parties                               0         (110,582)
                                                            ------------       ----------
          Cash provided (used) by operating activities        (2,212,531)       2,095,555
                                                            ------------       ----------

Cash flows from investing activities:
   Capital expenditures                                         (357,624)        (105,070)
   Decrease (increase) in other investing activities              (8,105)           3,458
                                                            ------------       ----------
          Cash used by investing activities                     (365,729)        (101,612)
                                                            ------------       ----------

   Proceeds from exercise of stock options                     1,150,579                0
                                                            ------------       ----------
          Cash from financing activities                       1,150,579                0
                                                            ------------       ----------
Increase (decrease) in cash and cash equivalents              (1,427,681)       1,993,943
                                                            ------------       ----------
Cash and cash equivalents at beginning of period              33,381,898        5,529,644
                                                            ------------       ----------
Cash and cash equivalents at end of period                  $ 31,954,217        7,523,587
                                                            ============       ==========

Suppplemental disclosure of cash flow information:
  Cash paid during the period for:
     Income taxes                                           $  4,392,981           64,711
                                                            ============       ==========
     Interest                                               $    160,000                0
                                                            ============       ==========


</TABLE>

See accompanying notes to consolidated financial statements.
<PAGE>   5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.  INTERIM FINANCIAL STATEMENTS

      The consolidated financial statements for the three-month periods ended
September 30, 1997 and 1996 have not been audited by independent accountants,
but in the opinion of management, all adjustments (consisting only of normal
recurring adjustments) necessary for a fair presentation of the consolidated
balance sheet, consolidated statement of operations and consolidated statement
of cash flows at the dates and for the periods indicated have been made. Results
of operations for interim periods are not necessarily indicative of results of
operations for the respective full years.

2.  CONTINGENCIES

      Various legal actions are pending against the Company which seek relief or
damages, including an action seeking contribution to clean-up costs of a
Superfund site by plaintiff parties identified as principally responsible by the
United States Environmental Protection Agency. While the final outcome of these
matters cannot be predicted with certainty at this time, management believes,
after consulting with counsel, that the ultimate liability, if any, will not
have a material effect on the consolidated financial position and results of
operations of the Company.

3.    SUBSEQUENT EVENT

      On October 9, 1997, the Company entered into a merger agreement with
Borden Chemical, Inc., a subsidiary of Borden, Inc. Under the agreement, Borden
Chemical agreed to acquire the Company for $20.50 per share. The purchase of the
Company's shares is subject to, among other things, the valid tender of at least
51% of the outstanding shares and expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.

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

Liquidity and Capital Resources

     During the first quarter of fiscal 1998, the Company's cash position
decreased by $1.4 million. The decrease was due primarily to a payment of $4.4
million in income taxes, which was largely offset by earnings, non-cash expenses
and a $2.1 million decrease in receivables.

     During the first quarter of fiscal 1997, the Company incurred capital
expenditures of approximately $358,000. Capital expenditures are expected to
total approximately $1.5 million for the fiscal year. These capital expenditures
are expected to be funded out of operations and the Company's cash position.


Results of Operations

     The results for the three-month periods ended September 30, 1997 and 1996
follow:

<TABLE>
<CAPTION>
                                                          QUARTER ENDED
                                                          SEPTEMBER 30,
                                                          -------------
                                                       1997           1996
                                                       ----           ----
<S>                                                    <C>            <C> 
     Sales:
        Millions of pounds                             21.7           28.7
        Average price/pound                            54.5(cent)     53.4(cent)
     Production:
        Millions of pounds                             20.5           27.4
        Cost of sales/pound                            50.3(cent)     45.1(cent)
</TABLE>

     Sales volume for the first quarter of fiscal 1998 decreased by 24% compared
to the same period in fiscal 1997. The decrease was due entirely to the limited
production volume for the quarter. Partially




                                       5
<PAGE>   6

offsetting the decreased volume was a 2% increase in sales prices. The price
increase reflects a very strong market for melamine worldwide.

     The cost of sales for the first fiscal quarter of 1998 increased by
5.2(cent) per pound as compared to the same period last year. The cost of sales
increased by 8.5(cent) per pound because the Company's raw material supplier
restricted the amount of urea supply during the quarter. This restriction
reduced production by approximately seven million pounds. Partially offsetting
this increased cost was a reduction in the price of raw material.

     Selling, general and administrative expenses increased by $218,000 in the
first quarter of fiscal 1998 as compared to the first quarter of fiscal 1997.
The increase was due primarily to $200,000 in costs incurred in connection with
the previously announced merger agreement with Borden Chemical, Inc.

     During the second quarter of fiscal 1998, the Company will take its annual
maintenance shut down. The shut down is expected to last approximately three
weeks and to decrease production for the quarter by approximately six million
pounds. The decreased production is expected to have a negative impact on cost
of sales similar to that in the first fiscal quarter of 1998. In addition, sales
volume will also be negatively affected.


PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

         There have been no material developments during the quarter ended
September 30, 1997.

Item 6.  Exhibits and reports on Form 8-K.

A.   Exhibits

          2       Agreement and Plan of Merger, dated as of October 9, 1997,
                  among Borden Chemical, Inc., MC Merger Corp. and the
                  Company.(1)

          3.1     Restated Certificate of Incorporation of the Company.(2)

          3.2     Amended By-laws of the Company.(2)

          3.3     Amendment No. 1 to the Amended By-laws.(3)

          3.4     Amendment No. 2 to the Amended By-laws.(4)

          4.1     See Exhibits 3.1 and 3.2 for provisions of the Company's
                  Restated Certificate of Incorporation and Amended By-laws
                  defining the rights of holders of Common Stock.

          4.2     Specimen of Common Stock Certificate.(2)

          4.3     Registration Rights Agreement by and among the Company,
                  Ashland and First Mississippi.(2)

          4.4     Rights Agreement, dated November 15, 1990, between the Company
                  and Wachovia Bank and Trust Company, N.A. (now Wachovia Bank,
                  N.A.) as Rights Agent.(5)

          4.5     Amendment to Rights Agreement, dated as of August 7, 1991.(5)

          4.6     Second Amendment to Rights Agreement, dated as of August 3,
                  1994.(5)



                                       6
<PAGE>   7

          4.7     Third Amendment to Rights Agreement, dated as of October 9,
                  1997.(1)

          4.8     Fourth Amendment to Rights Agreement, dated as of October 9,
                  1997.(1)

          10.1    Feedstock Agreement dated as of July 1, 1997 among the
                  Company, Triad Nitrogen, Inc. and Mississippi Chemical
                  Corporation.(4)

          10.2    Site Lease and Servitude Agreement dated as of July 1, 1997 by
                  and among Triad Nitrogen, Inc. Mississippi Chemical
                  Corporation and the Company.(4)

          11      Statement re computation of per share earnings.

          27      Financial Data Schedule

          99.1    Offer to Purchase.(1)

--------------------

     (1) Incorporated by reference from the Company's Solicitation/
     Recommendation Statement on Form 14D-9 dated October 15, 1997.

     (2)Incorporated by reference from the Company's Registration Statement on
     form S-1 (Registration No. 33-15181).

     (3)Incorporated by reference from the Company's Registration Statement on
     Form S-8 (Registration No. 33-20497).

     (4)Incorporated by reference from the Company's Annual Report on Form 10-K,
     as amended by the Company's Form 10-K/A, for the fiscal year ended June 30,
     1997.

     (5)Incorporated by reference from the Company's Registration Statement on
     Form 8-A dated November 9, 1990 as amended by the Company's Form 8 dated
     August 20, 1991 and the Company's Form 8-A/A dated December 8, 1994.

B.   Reports on Form 8-K

     A Form 8-K dated July 18, 1997 was filed by the Company relating to the
     financial results for the year ended June 30, 1997.

     Form 8-K dated August 15, 1997 was filed by the Company relating to
     Ashland's increased offer to purchase the Company.

     A Form 8-K dated August 26, 1997 was filed by the Company relating to its
     financial advisor's, Goldman, Sachs & Co.'s, continuing review of Ashland's
     offer and other available alternatives.

     A Form 8-K dated August 27, 1997 was filed by the Company relating to
     Ashland Inc. confirming its offer of August 14 to purchase all of the
     issued and outstanding shares of the Company that it does not own.

     A Form 8-K dated September 8, 1997 was filed by the Company announcing that
     it has temporarily reduced its melamine production due to equipment repairs
     being performed by its primary raw materials supplier, Triad Nitrogen Inc.

     A Form 8-K dated October 10, 1997 was filed by the Company announcing that
     Borden Chemical, Inc. agreed to acquire Melamine Chemicals, Inc. for $20.50
     per share in a cash tender offer.

     A Form 8-K dated October 22, 1997 was filed by the Company relating to the
     financial results for the first quarter.



                                       7
<PAGE>   8


                                   SIGNATURES


         Pursuant to the requirements 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.



                                       Melamine Chemicals, Inc.
                                       -----------------------------------------
                                       (Registrant)
                         


Date:  October 29, 1997                /s/ Fred Huber
                                       -----------------------------------------
                                       Fred Huber
                                       President & Chief Executive Officer



Date:  October 29, 1997                /s/ Wayne D. DeLeo
                                       -----------------------------------------
                                       Wayne D. DeLeo
                                       Vice President & Chief Financial Officer




                                       8
<PAGE>   9


EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit                                                             
Number                                                              
------                                                              
                                                               
<S>        <C>                                                           
 11        Statement re Computation of Per Share Earnings                

 27        Financial Data Schedule
</TABLE>



                                       9