<PAGE>   1

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                    FORM 10-Q

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

                  For the quarterly period ended MARCH 31, 1998

                                       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 0-16569

                             CAM DATA SYSTEMS, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                  DELAWARE                                  95-3866450
       (State or other jurisdiction                       (IRS Employer
     of incorporation or organization)                 Identification No.)

           17520 NEWHOPE STREET                                92708
         FOUNTAIN VALLEY, CALIFORNIA                        (Zip code)
           (Address of principal     
             executive offices)

                                 (714) 241-9241
               (Registrant's telephone number including area code)


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 [ ]

As of March 31, 1998 there were 2,089,500 shares of common stock outstanding.



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                             CAM DATA SYSTEMS, INC.
                                      INDEX

PART I  Financial Information

<TABLE>
<CAPTION>
Item 1 Condensed Financial Statements:                                     Page Number
<S>    <C>                                                                     <C>
       o  Condensed Balance Sheet at March 31, 1998 and                         3
          September 30, 1997
       o  Condensed Statement of Operations for three
          months ended March 31, 1998 and 1997                                  4
       o  Condensed Statement of Income for six
          months ended March 31, 1998 and 1997                                  5
       o  Condensed Statement of Cash Flows for
          six months ended March 31, 1998 and 1997                              6
       o  Notes to Financial Condensed Statements                             7-8

Item 2 Management's Discussion and Analysis of Financial Condition and       9-10
       Results of Operations

PART II  Other Information                                                     11
       o  Signature Page                                                       12
</TABLE>

















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<PAGE>   3



PART I. FINANCIAL INFORMATION

                             CAM DATA SYSTEMS, INC.
                             CONDENSED BALANCE SHEET

<TABLE>
<CAPTION>
                                                       (UNAUDITED)
                                                        MARCH 31        SEPTEMBER 30
                                                          1998              1997
                                                          ----              ----
<S>                                                    <C>               <C>        
ASSETS
Current assets:
  Cash and cash equivalents                            $ 2,335,800       $ 2,916,300
  Accounts receivable, net                               2,610,800         2,354,500
  Inventories                                              548,800           523,000
  Prepaid expenses                                         147,700           256,200
  Deferred income taxes                                    123,000           123,000
                                                       -----------       -----------
Total current assets                                     5,766,100         6,173,000

Property and equipment, net                                811,400           788,600
Intangible assets, net                                     912,700           597,300
Note receivable from officer                                11,300            12,300
Other assets                                                57,500            36,900
                                                       -----------       -----------
Total assets                                           $ 7,559,000       $ 7,608,100
                                                       -----------       -----------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
   Accounts payable                                    $   930,900       $ 1,140,100
   Accrued compensation and related expenses               467,900           466,000
   Customer deposits and deferred service revenue          525,100           420,300
   Accrued installation costs                              165,000           100,000
   Other accrued liabilities                               212,100           197,700
                                                       -----------       -----------
Total current liabilities                                2,301,000         2,324,100

Stockholders' equity:
   Common stock, $.001 par value, 5,000,000
     shares authorized, 2,089,500 shares issued
     and outstanding (2,008,700 at
     Sept. 30, 1997)                                         2,100             2,000
Paid-in capital                                          4,144,700         3,944,800
Less notes receivable for purchase of
   common stock                                            (26,900)          (30,900)
Retained earnings                                        1,138,100         1,368,100
                                                       -----------       -----------
Total stockholders' equity                               5,258,000         5,284,000
                                                       -----------       -----------
Total liabilities and stockholders' equity             $ 7,559,000       $ 7,608,100
                                                       -----------       -----------
</TABLE>


See notes to financial statements




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<PAGE>   4



                             CAM DATA SYSTEMS, INC.
                        CONDENSED STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                           (UNAUDITED)
                                                       THREE MONTHS ENDED
                                                  -----------------------------
                                                   MARCH 31          MARCH 31
                                                     1998              1997
                                                  -----------       -----------
<S>                                               <C>               <C>        
REVENUES
   Net system revenues                            $ 3,378,600       $ 2,668,100
   Net service revenues                             1,024,100           929,400
                                                  -----------       -----------
Total net revenues                                  4,402,700         3,597,500
COSTS AND EXPENSES
   Costs of system revenues                         1,940,800         1,480,000
   Costs of service revenues                          593,400           472,300
                                                  -----------       -----------
Total costs of revenues                             2,534,200         1,952,300
Selling, general and administrative expenses        1,730,400         1,380,800
Research and development expense                      283,700           361,400
Interest income                                       (27,300)          (28,900)
                                                  -----------       -----------
Total costs and expenses                            4,521,000         3,665,600
                                                  -----------       -----------
Loss before (benefit) for income taxes               (118,300)          (68,100)
(Benefit) provision for income taxes                       --           (20,000)
NET LOSS                                          $  (118,300)      $   (48,100)
                                                  -----------       -----------

Basic net loss per share                          $      (.06)      $      (.02)
                                                  -----------       -----------

Diluted net loss per share                        $      (.06)      $      (.02)
                                                  -----------       -----------

Shares used in computing basic
  net loss per share                                2,089,500         1,993,700

Shares used in computing
  diluted net loss per share                        2,089,500         1,993,700
</TABLE>


See notes to financial statements








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<PAGE>   5





                             CAM DATA SYSTEMS, INC.
                        CONDENSED STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                          (UNAUDITED)
                                                       SIX MONTHS ENDED
                                                  -----------------------------
                                                   MARCH 31          MARCH 31
                                                      1998             1997
                                                      ----             ----
<S>                                               <C>               <C>        
REVENUES
   Net system revenues                            $ 6,565,600       $ 6,552,400
   Net service revenues                             2,045,100         1,823,900
                                                  -----------       -----------
Total net revenues                                  8,610,700         8,376,300
COSTS AND EXPENSES
   Costs of system revenues                         3,818,400         3,531,300
   Costs of service revenues                        1,171,000           930,300
                                                  -----------       -----------
Total costs of revenues                             4,989,400         4,461,600
Selling, general and administrative expenses        3,332,700         3,059,700
Research and development expense                      575,700           720,400
Interest income                                       (57,100)          (64,400)
                                                  -----------       -----------
Total costs and expenses                            8,840,700         8,177,300
                                                  -----------       -----------

(Loss) income before provision for
  income taxes                                       (230,000)          199,000
Provision for income taxes                                 --            60,000
                                                  -----------       -----------
NET (LOSS) INCOME                                 $  (230,000)      $   139,000
                                                  -----------       -----------

Basic net (loss) income per share                 $      (.11)      $       .07
                                                  -----------       -----------

Diluted net (loss) income per share               $      (.11)      $       .06
                                                  -----------       -----------

Shares used in computing basic
  net (loss) income per share                       2,089,500         1,982,600

Shares used in computing
  diluted net (loss) income per share               2,089,500         2,151,500
</TABLE>


See notes to financial statements






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<PAGE>   6



                             CAM DATA SYSTEMS, INC.
                        CONDENSED STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                               (UNAUDITED)
                                                            SIX MONTHS ENDED
                                                      -----------------------------
                                                       MARCH 31          MARCH 31
                                                         1998              1997
                                                         ----              ----
<S>                                                   <C>               <C>        
OPERATING ACTIVITIES:
Net income (loss)                                     ($  230,000)      $   139,000
Adjustments to reconcile net income
(loss) to net cash (used in) provided by
operations:                                               
  Depreciation and amortization                           240,600           218,800
  Provision for doubtful accounts                          30,000            10,000
  Other                                                   (15,000)            6,000
Net changes in operating assets and liabilities          (226,700)         (567,200)
                                                      -----------       -----------
Net cash (used in) provided by operations                (201,100)         (193,400)
                                                      -----------       -----------
Investing activities:
Purchase of property, plant and equipment                (211,400)         (791,200)
Capitalized software                                     (168,000)               --
                                                      -----------       -----------
Cash used in investing activities                        (379,400)         (791,200)
Financing activities:
Proceeds from exercise of stock options                        --            68,100
                                                      -----------       -----------
Net (decrease) in cash and cash equivalents              (580,500)         (916,500)
Cash and cash equivalents at beginning of period        2,916,300         3,338,200
                                                      -----------       -----------
Cash and cash equivalents at end of period            $ 2,335,800       $ 2,421,700
                                                      -----------       -----------
</TABLE>



See notes to financial statements











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<PAGE>   7



                             CAM DATA SYSTEMS, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                                   (UNAUDITED)

1. PRESENTATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying financial statements of the Company for the three and six
months ended March 31, 1998 and 1997 are unaudited, but include all adjustments
(consisting only of normal recurring adjustments) which the Company considers
necessary for a fair presentation of its financial position, results of
operations and cash flows for such periods. Certain information and notes
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. The interim
financial statements should be read in conjunction with the financial statements
and related notes included in the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 1997. The interim financial information
contained herein is not necessarily indicative of the results to be expected for
any other interim period or for the full fiscal year ending September 30, 1998.

INVENTORIES

Inventories are stated at the lower of cost determined on a first-in, first out
basis, or net realizable value, and are composed of electronic point of sale
hardware and computer equipment used in the sale and service of the Company's
products.

STATEMENTS OF CASH FLOWS

Net changes in operating assets and liabilities as shown in the condensed
consolidated statement of cash flows are as follows:

<TABLE>
<CAPTION>
                                                        SIX MONTHS ENDED
                                                    ------------------------
                                                    MARCH 31       MARCH 31
                                                      1998           1997
                                                      ----           ----
<S>                                                 <C>            <C>      
(Increase) decrease in:
Accounts receivable                                 $(286,300)     $  68,800
Inventories                                           (25,800)      (192,100)
Prepaid expenses and other assets                     108,500        (58,400)
Increase (decrease) in:
Accounts payable                                     (209,200)      (161,800)
Accrued compensation and related expenses               1,900       (266,000)
Accrued installation costs                             65,000        (11,000)
Customer deposits                                     104,800        233,200
Accrued liabilities                                    14,400       (179,900)
                                                    ---------      ---------
Net changes in operating assets and liabilities     $(226,700)     $(567,200)
                                                    ---------      ---------
</TABLE>


Income taxes paid during the six months ended March 31, 1998 and 1997 were $500
and $209,000,respectively. There was no interest expense paid in the first six
months of 1998 or 1997.






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                             CAM DATA SYSTEMS, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                                   (UNAUDITED)

NET INCOME (LOSS) PER SHARE

The company has adopted Statement of Financial Accounting Standards No. 128,
"Earnings per Share", which replaces the presentation of "primary" earnings per
share with "basic" earnings per share and the presentation of "fully diluted"
earnings per share with "diluted" earnings per share. All previously reported
earnings per share amounts have been restated based on the provisions of the new
standard. Basic earnings per share are based upon the weighted average number of
common shares outstanding. Diluted earnings per share amounts are based upon the
weighted average number of common shares and common equivalent shares for each
period presented. Common equivalent shares include stock options assuming
conversion under the treasury stock method. The computation of basic and diluted
earnings per share for the three and six month periods ended March 31, 1998 and
March 31, 1997 are as follows:

<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED
                                                    -----------      -----------
                                                     MARCH 3          MARCH 31
NUMERATOR:                                             1998             1997
                                                       ----             ----
<S>                                                 <C>              <C>         
Net loss, numerator for basic and diluted
net loss per share                                  $  (118,300)     $   (48,100)
                                                    -----------      -----------
DENOMINATOR:
Weighted-average shares outstanding                   2,089,500        1,993,700
                                                    -----------      -----------
Denominator for basic net loss per share -
weighted-average shares                               2,089,500        1,993,700

Effect of dilutive securities:
Stock options                                                --               --
                                                    -----------      -----------
Denominator for diluted net loss per share -
weighted-average shares and assumed conversions       2,089,500        1,993,700
                                                    -----------      -----------
Basic net loss per share                            $      (.06)     $      (.02)
                                                    -----------      -----------
Diluted net loss per share                          $      (.06)     $      (.02)
                                                    -----------      -----------
</TABLE>


<TABLE>
<CAPTION>
                                                      SIX MONTHS ENDED
                                                -----------      ----------
                                                 MARCH 31         MARCH 31
NUMERATOR:                                         1998             1997
                                                   ----             ----
<S>                                             <C>              <C>       
Net (loss) income, numerator for basic and
diluted net (loss) income per share             $  (230,000)     $  139,000
                                                -----------      ----------
DENOMINATOR:
Weighted-average shares outstanding               2,089,500       1,982,600
                                                -----------      ----------
Denominator for basic net (loss) income per
share - weighted-average shares                   2,089,500       1,982,600
Effect of dilutive securities:
Stock options                                            --         168,900
                                                -----------      ----------
Denominator for diluted net (loss) income
per share - weighted-average shares and
assumed conversions                               2,089,500       2,151,500
                                                -----------      ----------
Basic net (loss) income per share               $      (.11)     $      .07
                                                -----------      ----------
Diluted net (loss) income per share             $      (.11)     $      .06
                                                -----------      ----------
</TABLE>




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<PAGE>   9


                             CAM DATA SYSTEMS, INC.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                THREE MONTHS ENDED MARCH 31, 1998, AS COMPARED TO
                        THREE MONTHS ENDED MARCH 31, 1997

                 SIX MONTHS ENDED MARCH 31, 1998, AS COMPARED TO
                         SIX MONTHS ENDED MARCH 31, 1997


RESULTS OF OPERATIONS

NET REVENUES for the three months ended March 31, 1998, increased 22% to
$4,402,700 consisting of a 27% increase in system revenues, and a 10% increase
in service revenues compared to the three months ended March 31, 1997. The
increase in system revenues was due to a 60% increase in sales to existing
customers, and an 18% increase in sales to new customers for the quarter.
Service revenues increased due to an increase in consulting services during the
quarter. Net revenues for the six months ended March 31, 1998, increased 3% to
$8,610,700 mainly due to a 12% increase in service revenues compared to the six
months ended March 31, 1997. The increase in service revenues for the six months
ended March 31, 1998 is due to an increase in consulting services.

GROSS MARGIN for the three months and six months ended March 31, 1998, was 42%,
compared to 46% and 47% for the three and six months ended March 31, 1997. Gross
margin on system revenues decreased to 43% and 42%, for the three months and six
months ended March 31, 1998, compared to 45% and 46% for the three and six
months ended March 31, 1997. Gross margin for service revenue was 42% and 43%
for the three and six months ended March 31, 1998, compared to 49% for the three
and six months ended March 31, 1997. The decrease in gross margin for system
revenues was a result of a higher installation costs due to increases in labor
and travel expenses. The decrease in gross margin for service revenue is related
to the increase in labor costs in providing consulting and technical services.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES expressed as a percentage of net
revenues increased for the three month period ended March 31, 1998, to 39%,
compared to 38% for the three month period ended March 31, 1997. Selling,
general and administrative expenses for the three months ended March 31, 1998,
increased 25% to $1,730,400 from the three months ended March 31, 1997. Selling,
general and administrative expenses expressed as a percentage of net revenues
increased for the six month period ended March 31, 1998, to 39%, compared to 37%
for the six month period ended March 31, 1997. Selling, general and
administrative expenses for the six months ended March 31, 1998, increased 9% to
$3,332,700 from the six months ended March 31, 1997. The increase in the dollar
amount of selling, general, administrative expenses and as a percent of revenue
was mainly attributed to higher commissions due to a higher sales volume for the
three months ended March 31, 1998, combined with higher payroll expenses for the
six months ended March 31, 1998.

RESEARCH AND DEVELOPMENT EXPENSE decreased 21% to $283,700 for the three month
period ended March 31, 1998, from $361,400 for the same period in 1997. Research
and development expense decreased 20% to $575,700 for the six month period ended
March 31, 1998, from $720,400 for the same period in 1997. The decrease for the
periods was attributed to the increase in the rate of software capitalization in
1998 relative to the development of new software products.

INCOME TAXES, there was no income tax expense booked due to the loss for the
three and six months ended March 31, 1998. The effective tax rate was 30% for
the three and six months ended March 31, 1997.



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<PAGE>   10

LIQUIDITY AND CAPITAL RESOURCES

The Company's cash and cash equivalents totaled $2,335,800 on March 31, 1998,
compared to $2,916,300 on September 30, 1997. The Company used $201,100 for
operations, expended $211,400 for fixed assets, and $168,000 for capitalized
software development during the six months ended March 31, 1998, compared to the
utilization of $193,400 for operations, and the utilization of $791,200 for the
purchase of fixed assets and the construction of a facility in Nevada for the
six months ended March 31, 1997.

The Company has no significant commitments for expenditures.

Management believes the Company's existing working capital, coupled with funds
generated from the Company's operations, will be sufficient to fund its
presently anticipated working capital requirements for the next twelve months.

Inflation has had no significant impact on the Company's operations.

This section contains certain forward looking statements regarding the Company,
its business, liquidity, prospects and results of operations that are subject to
certain risks and uncertainties posed by many factors and events that could
cause the Company's actual business, liquidity, prospects and results of
operations to differ materially from those that may be anticipated by such
forward looking statements. All statements contained herein that are not
historical facts, including but not limited to, statements regarding anticipated
future revenue and expense levels, and capital requirements, and the Company's
ability to generate cash from operations, are forward looking statements based
on current expectations. No assurances can be given that events or results
mentioned in any such forward looking statements will in fact occur. Readers are
cautioned not to place undue reliance on any forward looking statements, which
speak only as of the date of this report. The Company undertakes no obligation
to revise any forward looking statements in order to reflect events or
circumstances that may subsequently arise. Readers are urged to carefully review
and consider the various disclosures made by the Company in this report and in
the Company's other reports filed with the Securities and Exchange Commission.












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CAM DATA SYSTEMS, INC.

PART II - OTHER INFORMATION

Items 1 - 5                        Not Applicable

Item 6                             Exhibits and Reports on Form 8-K

(A) Exhibits:                      Exhibit 27 Financial Data Schedule

(B) Reports on Form 8-K            None

















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                                   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.

                                        CAM DATA SYSTEMS, INC. (Registrant)

Date: May 12, 1998                      By /S/ Paul Caceres Jr.
      ------------                         --------------------
                                           Paul Caceres Jr.
                                           Chief Financial and
                                            Accounting Officer



















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