<PAGE>   1



                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549


                                   FORM 10-Q


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



   For Quarter Ended November 30, 1996                     Commission File
                                                           Number 0-16101




                           INOTEK TECHNOLOGIES CORP.
             (Exact name of registrant as specified in its charter)



               DELAWARE                                     75-1986151
      (State or other jurisdiction of                     (I.R.S.  Employer
      incorporation or organization)                      Identification No.)


    11212 INDIAN TRAIL,  DALLAS, TEXAS                         75229
 (Address of principal executive offices)                    (Zip Code)


        Registrant's telephone number including area code, 972-243-7000.


                                 NOT APPLICABLE
  (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 ___

4,354,088 shares of common stock, $.01 par value (the issuer's only class of
common stock), were outstanding as of November 30, 1996.

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                           INOTEK TECHNOLOGIES CORP.


                                     INDEX

<TABLE>
<CAPTION>
                                                                                                           Page
                                                                                                            No.
                                                                                                           ----
<S>                                                                                                         <C>
Part I. Financial information
    Item 1. Financial Statements:

       Balance Sheets as of November 30, 1996 (unaudited) and May 31, 1996  . . . . . . . . . . . . . . . .  1

       Statements of Income for the Three Months Ended November 30, 1996
           and 1995 (unaudited)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2

       Statements of Income for the Six Months Ended November 30, 1996
           and 1995 (unaudited)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3

       Statements of Cash Flows for the Six Months Ended November 30, 1996
           and 1995 (unaudited)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4

       Notes to Financial Statements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5

    Item 2. Management's Discussion and Analysis of Financial
       Condition and Results of Operations    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6

Part II.  Other Information

    Item 1. Legal Proceedings   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  7

    Item 4. Submission of Matters to a Vote of Security Holders   . . . . . . . . . . . . . . . . . . . . .  7

    Item 6. Exhibits and Reports on Form 8-K  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  7

Signatures      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8

Index to Exhibits
    Exhibit (20)-Report Furnished to Security Holders   . . . . . . . . . . . . . . . . . . . . . . . . . .  9
</TABLE>

<PAGE>   3


                           INOTEK TECHNOLOGIES CORP.

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                  NOVEMBER 30         MAY 31
                                                                                     1996              1996
                                                                                  (UNAUDITED)
---------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>              <C>
ASSETS
Current assets:
    Cash and cash equivalents                                                     $   598,563      $    460,855
    Trade receivables, net of allowance for doubtful accounts
       of $59,753 at November 30 and $77,809 at May 31                              2,859,312         2,644,022
    Inventories                                                                     2,005,827         2,002,231
    Deferred taxes                                                                     59,075            75,572
    Prepaid expenses and other assets                                                 184,401            96,588
---------------------------------------------------------------------------------------------------------------
Total current assets                                                                5,707,178         5,279,268

Property and equipment, net                                                           331,442           351,958
Goodwill, net of accumulated amortization of $485,463 at
    November 30 and $452,509 at May 31                                              2,156,487         2,189,442
Other assets                                                                           74,910            65,238
Deferred taxes                                                                        184,464           164,538
---------------------------------------------------------------------------------------------------------------
Total assets                                                                     $  8,454,481      $  8,050,444
===============================================================================================================


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
    Accounts payable                                                             $  1,508,544      $  1,423,116
    Accrued expenses                                                                  730,846           669,126
    Income taxes payable                                                              162,484           110,777
    Current portion of notes payable including indebtedness to
       shareholders of $13,215 at November 30 and $5,945 at May 31                    213,215           305,945
---------------------------------------------------------------------------------------------------------------
Total current liabilities                                                           2,615,089         2,508,964

Notes payable to shareholders                                                          66,785                 -

Shareholders' equity:
    Common shares, $.01 par value:
       Authorized shares, 10,000,000
       Issued shares - 4,354,088 at November 30 and at May 31
       Outstanding shares - 4,354,088 at November 30 and  May 31                       43,541            43,541
Additional paid-in-capital                                                          3,299,546         3,299,546
Retained earnings                                                                   2,429,520         2,198,393
---------------------------------------------------------------------------------------------------------------
Total shareholders' equity                                                          5,772,607         5,541,480
---------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity                                       $  8,454,481      $  8,050,444
===============================================================================================================
</TABLE>


                             See accompanying notes





                                       1

<PAGE>   4




                           INOTEK TECHNOLOGIES CORP.

                              STATEMENTS OF INCOME

                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                         THREE MONTHS ENDED
                                                                                            NOVEMBER 30
                                                                                     1996              1995
---------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>              <C>
Net Sales:
    Products                                                                      $ 5,449,181      $ 5,399,090
    Services                                                                          662,691          708,544
---------------------------------------------------------------------------------------------------------------
                                                                                    6,111,872        6,107,634

Cost of sales:
    Products                                                                        3,939,178        3,994,935
    Services                                                                          380,138          364,776
---------------------------------------------------------------------------------------------------------------
                                                                                    4,319,316        4,359,711
---------------------------------------------------------------------------------------------------------------
Gross margin                                                                        1,792,556        1,747,923

Operating expenses:
    Sales and marketing                                                               813,094          895,073
    General and administrative                                                        738,086          718,828
---------------------------------------------------------------------------------------------------------------
                                                                                    1,551,180        1,613,901
---------------------------------------------------------------------------------------------------------------
Operating income                                                                      241,376          134,022

Interest expense                                                                       (7,767)          (7,667)
---------------------------------------------------------------------------------------------------------------
Earnings before income taxes                                                          233,609          126,355

Income tax provision                                                                  108,004           61,012
---------------------------------------------------------------------------------------------------------------
Net earnings                                                                      $   125,605      $    65,343
===============================================================================================================


Net earnings per share                                                            $       .03      $       .01
===============================================================================================================

Weighted average shares outstanding                                                 4,510,638        4,445,395
===============================================================================================================
</TABLE>



                             See accompanying notes





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<PAGE>   5


                           INOTEK TECHNOLOGIES CORP.

                              STATEMENTS OF INCOME

                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                         SIX MONTHS ENDED
                                                                                            NOVEMBER 30
                                                                                     1996              1995

---------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>              <C>
Net Sales:
    Products                                                                      $10,545,972      $10,682,280
    Services                                                                        1,311,224        1,379,019
---------------------------------------------------------------------------------------------------------------
                                                                                   11,857,196       12,061,299

Cost of sales:
    Products                                                                        7,630,796        7,906,567
    Services                                                                          718,528          724,715
---------------------------------------------------------------------------------------------------------------
                                                                                    8,349,324        8,631,282
---------------------------------------------------------------------------------------------------------------
Gross margin                                                                        3,507,872        3,430,017

Operating expenses:
    Sales and marketing                                                             1,621,303        1,777,878
    General and administrative                                                      1,443,401        1,432,225
---------------------------------------------------------------------------------------------------------------
                                                                                    3,064,704        3,210,103
---------------------------------------------------------------------------------------------------------------
Operating income                                                                      443,168          219,914

Interest expense                                                                      (14,876)         (15,042)
---------------------------------------------------------------------------------------------------------------
Earnings before income taxes                                                          428,292          204,872

Income tax provision                                                                  197,165          104,572
---------------------------------------------------------------------------------------------------------------
Net earnings                                                                      $   231,127      $   100,300
===============================================================================================================



Net earnings per share                                                            $       .05      $       .02
===============================================================================================================

Weighted average shares outstanding                                                 4,542,923        4,454,410
===============================================================================================================
</TABLE>



                             See accompanying notes





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<PAGE>   6




                           INOTEK TECHNOLOGIES CORP.

                            STATEMENTS OF CASH FLOWS

                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                        SIX MONTHS ENDED
                                                                                NOVEMBER 30        NOVEMBER 30
                                                                                   1996               1995
---------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>                 <C>
Operating Activities
   Net earnings                                                                $   231,127        $    100,300

   Adjustments to reconcile net earnings
      to net cash provided by operating activities:
        Depreciation and amortization                                              163,932             162,690
        Deferred taxes                                                              (3,429)             (5,898)
        Net changes in operating assets and liabilities:
           Accounts receivable                                                    (215,290)            105,248
           Inventories                                                              (3,596)            (29,852)
           Prepaid expenses and other assets                                       (87,813)           (119,852)
           Accounts payable                                                         85,428            (306,031)
           Accrued expenses                                                         61,720              76,758
           Income tax payable                                                       51,707              64,377
---------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                          283,786              47,740

INVESTING ACTIVITIES
   Purchase of property and equipment                                             (173,718)            (34,505)
   Increase in other assets                                                         (9,672)            (22,333)
   Decrease (increase) in capitalized service inventory                             63,257             (69,720)
---------------------------------------------------------------------------------------------------------------
Net cash used in investing activities                                             (120,133)           (126,558)

FINANCING ACTIVITIES
   Net change in bank borrowings                                                  (100,000)            100,000
   Net increase (decrease) in notes payable                                         74,055             (10,860)
   Shares redeemed                                                                       -            (112,500)
---------------------------------------------------------------------------------------------------------------
Net cash used in financing activities                                              (25,945)            (23,360)
---------------------------------------------------------------------------------------------------------------
Change in cash and cash equivalents                                                137,708            (102,178)
Cash and cash equivalents, beginning of period                                     460,855             576,799
---------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                                       $   598,563        $    474,621
===============================================================================================================


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
   Cash paid during the period for:
        Interest                                                               $     7,700        $     12,022
        Income taxes                                                           $    70,000        $     46,076
</TABLE>



                             See accompanying notes





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<PAGE>   7




                           INOTEK TECHNOLOGIES CORP.
                         NOTES TO FINANCIAL STATEMENTS
                       SIX MONTHS ENDED NOVEMBER 30, 1996
                                  (UNAUDITED)

1.   BASIS OF PRESENTATION

     The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Rule 10-01 of Regulation
S-X.  Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements.  In the opinion of management, all adjustments (which include only
normal recurring adjustments) necessary for a fair presentation of the results
for the interim periods presented have been made.  The results of operations
for such interim periods are not necessarily indicative of the results of
operations for a full year.  The interim unaudited financial statements should
be read in conjunction with the financial statements and notes thereto included
in the Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended May 31, 1996.

2.   LONG-TERM DEBT

     On September 30, 1996, the Company extended its bank revolving credit
agreement through September 30, 1997 under the same terms as its previous
agreement.

     On October 24, 1996, the Company borrowed $80,000 from two
officer/shareholders under note agreements bearing interest at 9.25% annually.
The notes are unsecured and are payable in quarterly installments of $5,041
through October 2001.





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<PAGE>   8


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

SECOND QUARTER 1997 COMPARED TO SECOND QUARTER 1996

The Company's sales for the second quarter ended November 30, 1996 were
$6,111,872, relatively unchanged from the $6,107,634 reported for the quarter
ended November 30, 1995.  Sales for the first six months of fiscal year 1997
decreased by just under 2% to $11,857,196 from $12,061,299 for the first six
months of fiscal year 1996.  Sales from the Company's distribution operations
increased approximately 1% from higher shipment volumes while service revenues
decreased by 6% resulting primarily from lower billings to the Company's
principal service customer, Duke Power Co.  Gross margin as a percent of sales
increased from 28.6% during the second quarter of fiscal year 1996 to 29.3% for
the second quarter of the current fiscal year.  The increase in margin resulted
from a slight increase in distribution operations' margins due to an improved
sales mix of higher margin products offset by a decrease in  margin from
service operations resulting from the revenue decline mentioned previously.

Sales and marketing expenses for the second quarter decreased by $81,979 due to
lower compensation expenses while general and administrative expenses increased
slightly by $19,258.

Interest expense for the second quarter of fiscal year 1997 was $7,767 compared
with $7,667 for the second quarter of the previous year.

FINANCIAL CONDITION, LIQUIDITY AND  CAPITAL RESOURCES

Cash and cash equivalents were $598,563 and $460,855 at November 30, 1996 and
May 31, 1996, respectively.  Outstanding borrowings under the Company's
revolving credit agreement amounted to $200,000 and $300,000 at November 30,
1996 and May 31, 1996, respectively.  At November 30, 1996, the maximum
available borrowings under the revolving credit facility amounted to
$2,140,205.  The Company's current assets exceeded its current liabilities at
November 30, 1996 and May 31, 1996 by $3,092,089 and $2,770,304, respectively.

During the quarter, the Company borrowed $80,000 from two officer/shareholders
under note agreements bearing interest at 9.25% annually on an unsecured basis
with quarterly installments of $5,041 through October 2001.  The funds were
used for general corporate purposes.

The Company's funding requirements during the quarter were met through cash on
hand, cash provided from operations, borrowings against INOTEK's revolving
credit agreement and borrowings from the officer/shareholders mentioned above.
On September 30, 1996, the Company extended its bank revolving agreement
through September 30, 1997 under the same terms as its previous agreement.  The
Company has no material commitment for capital expenditures as of November 30
1996.





                                       6

<PAGE>   9


                          PART II - OTHER INFORMATION



ITEM 1.  LEGAL PROCEEDINGS

None pending

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

None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a) Exhibits:

             1. Exhibit (20)-Report furnished to security holders.

         (b) Reports on 8-K:

             No reports on Form 8-K were filed in the quarter for which this
             report is filed.





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<PAGE>   10

                                   SIGNATURES


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


                                         INOTEK TECHNOLOGIES CORP.
                                         (REGISTRANT)



Date:  January 10, 1996                  /s/ DAVID L. WHITE                    
                                         --------------------------------------
                                         (Officer)
                                         David L. White
                                         Chief Executive Officer




Date:  January 10, 1996                  /s/ R. LEE SIMPSON                     
                                         --------------------------------------
                                         (Officer)
                                         R. Lee Simpson
                                         Chief Financial Officer





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<PAGE>   11

                               INDEX TO EXHIBITS



Exhibit No.        Description
-----------        -----------

   20              Report furnished to Security Holders
                   
   27              Financial Data Schedule





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