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                   STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 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 DECEMBER 31, 1997

                                       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
         FOUNTAIN VALLEY, CALIFORNIA                          92708
         ----------------------------                  -------------------
            (Address of principal                           (Zip code)
             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 December 31, 1997 there were 2,008,700 shares of common stock outstanding.


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                             CAM DATA SYSTEMS, INC.


                                      INDEX

<TABLE>
<CAPTION>
                                                                          Page Number
                                                                          -----------
<S>                                                                       <C>
PART I  Financial Information

Item 1. Condensed Financial Statements:

        o Condensed Balance Sheet at December 31, 1997 and                      3
          September 30, 1997

        o Condensed Statement of Operations for three
          months ended December 31, 1997 and 1996                               4

        o Condensed Statement of Cash Flows for
          three months ended December 31, 1997 and 1996                         5

        o Notes to Condensed Financial Statements                             6-7

Item 2. Management's Discussion and Analysis of Financial 
         Condition and Results of Operations                                    8

PART II  Other Information                                                      9

         Signature Page                                                        10
</TABLE>



                                       2

<PAGE>   3

PART I. FINANCIAL INFORMATION

                             CAM DATA SYSTEMS, INC.

                             CONDENSED BALANCE SHEET

<TABLE>
<CAPTION>

                                            (UNAUDITED)
                                             DECEMBER 31       SEPTEMBER 30
                                                1997              1997
                                             -----------       ------------
<S>                                          <C>               <C>
ASSETS

Current assets:
 Cash and cash equivalents                    $2,477,100       $2,916,300
 Accounts receivable, net                      2,005,000        2,354,500
 Inventories                                     494,500          523,000
 Prepaid expenses                                293,400          256,200
 Deferred income taxes                           123,000          123,000
                                              ----------       ----------
   Total current assets                        5,393,000        6,173,000

 Property and equipment, net                     831,500          788,600
 Intangible assets, net                          652,000          597,300
 Note receivable from officer                     12,300           12,300
 Other assets                                     51,500           36,900
                                              ----------       ----------
 Total assets                                 $6,940,300       $7,608,100
                                              ==========       ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
 Accounts payable                             $  638,700       $1,140,100
 Accrued compensation and related expenses       478,800          466,000
 Customer deposits and deferred service 
  revenue                                        372,600          420,300
 Accrued installation costs                      100,000          100,000
 Other accrued liabilities                       175,900          197,700
                                              ----------       ----------
  Total current liabilities                    1,766,000        2,324,100

 Stockholders' equity:

 Common stock, $.001 par value,
   5,000,000 shares authorized,
   2,008,700 shares issued and
   outstanding (2,008,700 at 
   September 30, 1997)                             2,000            2,000
 Paid-in capital                               3,944,800        3,944,800
 Less notes receivable for purchase of
   common stock                                  (28,900)         (30,900)
 Retained earnings                             1,256,400        1,368,100
                                              ----------       ----------
 Total stockholders' equity                    5,174,300        5,284,000
                                              ----------       ----------
 Total liabilities and stockholders' equity   $6,940,300       $7,608,100
                                              ==========       ==========
</TABLE>

See notes to financial statements

                                       3
<PAGE>   4

                             CAM DATA SYSTEMS, INC.

                      CONDENSED STATEMENT OF INCOME (LOSS)

<TABLE>
<CAPTION>

                                                   (UNAUDITED)
                                               THREE MONTHS ENDED
                                            ----------------------------
                                            DECEMBER 31      DECEMBER 31
                                              1997              1996
                                            -----------      -----------
<S>                                         <C>              <C>
 REVENUES
    Net system revenues                     $3,310,400        $3,884,300
    Net service revenues                       897,600           894,500
                                            ----------        ----------
 Total net revenues                          4,208,000         4,778,800

 COSTS AND EXPENSES
    Costs of system revenues                 1,960,200         2,051,300
    Costs of service revenues                  494,900           458,000
                                            ----------        ----------
   Total costs of revenues                   2,455,100         2,509,300
 Selling, general and administrative         
   expenses                                  1,602,400         1,678,900
 Research and development expense              292,000           359,000
 Interest income                               (29,800)          (35,500)
                                            ----------        ----------
 Total costs and expenses                    4,319,700         4,511,700
                                            ----------        ----------
 Income (loss) before provision for           
   taxes                                      (111,700)          267,100 
 Provision for income taxes                         --            80,000
                                            ----------        ----------
 NET INCOME (LOSS)                          $ (111,700)       $  187,100
                                            ----------        ----------

 Basic net income (loss) per share          $     (.05)       $      .09
                                            ----------        ----------

 Diluted net income (loss) per share        $     (.05)       $      .09
                                            ----------        ----------

 Shares used in computing basic
   net income (loss) per share               2,089,500         1,974,400

 Shares used in computing
   diluted net income (loss) per share       2,089,500         2,133,400
</TABLE>


See notes to financial statements


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                             CAM DATA SYSTEMS, INC.

                        CONDENSED STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>

                                                       (UNAUDITED)
                                                   THREE MONTHS ENDED
                                               -----------------------------
                                               DECEMBER 31       DECEMBER 31
                                                  1997               1996
                                               -----------       -----------
<S>                                            <C>               <C>
 Operating activities:
 Net income (loss)                             $ (111,700)       $  187,100
 Adjustments to reconcile net income
   (loss) to net cash used in operations:
   Depreciation and amortization                  117,100           105,000
   Provision for doubtful accounts                 30,000            10,000
   Other                                            2,000             4,000
 Net changes in operating assets and 
   liabilities                                   (261,900)         (421,200)
                                               ----------        ----------
 Net cash used in operations                     (224,500)         (115,100)
                                               -----------       -----------
 Investing activities:
   Purchase of property, plant and equipment     (133,700)         (280,300)
   Capitalized software                           (81,000)               --
 Cash used in investing activities               (214,700)         (280,300)
                                               ----------        ----------
 Financing activities:
   Proceeds from exercise of stock options             --            33,600
                                               ----------        ----------
 Net decrease in cash and cash equivalents       (439,200)         (361,800)
 Cash and cash equivalents at beginning 
   of period                                    2,916,300         3,338,200
                                               ----------        ----------
 Cash and cash equivalents at end of period    $2,477,100        $2,976,400
                                               ==========        ==========
</TABLE>

See notes to financial statements


                                       5

<PAGE>   6

                             CAM DATA SYSTEMS, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

1. PRESENTATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The balance sheet as of December 31, 1997, and the related statements of
operations and cash flows for the three months ended December 31, 1997 and 1996,
are unaudited; in the opinion of management, all adjustments necessary for a
fair presentation of such financial statements have been included. Such
adjustments consisted only of normal recurring items. Interim results are not
necessarily indicative of results for a full year. The condensed financial
statements and notes are presented as permitted by Form 10-Q, and therefore
should be read in the conjunction with the Company's annual report on Form 10-K
for the year ended September 30, 1997.

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
statement of cash flows are as follows:

<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED
                                               -----------------------------
                                               DECEMBER 31       DECEMBER 31
                                                   1997             1996
                                               ------------     ------------
<S>                                            <C>              <C>
 (Increase) decrease in:
 Accounts receivable                            $ 319,500        $ (469,600)
 Inventories                                       28,500           (76,800)
 Prepaid expenses and other assets                (51,800)            5,600
 Increase (decrease) in:
 Accounts payable                                (501,400)           85,800
 Accrued compensation and related expenses         12,800           (96,000)
 Accrued installation costs                            --             7,000
 Customer deposits                                (47,700)           51,400
 Accrued liabilities                              (21,800)           71,400
                                                ----------        ---------
 Net changes in operating assets and
   liabilities                                  $(261,900)        $(421,200)
                                                =========         =========
</TABLE>

There were no income taxes paid during the three months ended December 31, 1997.
Income taxes paid during the three months ended December 31, 1996 was $29,700.
There was no interest expense paid in the first three months of 1998 or 1997.


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                             CAM DATA SYSTEMS, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NET INCOME (LOSS) PER SHARE

In 1997, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No. 128, Earnings per Share. Statement 128 replaced the
previously reported primary and fully diluted earnings per share with basic and
diluted earnings per share. Unlike primary earnings per share, basic earnings
per share excludes any dilutive effects of options, warrants, and convertible
securities. Diluted earnings per share is very similar to the previously
reported fully diluted earnings per share. All earnings per share amounts for
all periods have been presented, and where necessary, restated to conform to the
Statement 128 requirements.

<TABLE>
<CAPTION>

                                                       THREE MONTHS ENDED
                                                --------------------------------
                                                 DECEMBER 31         DECEMBER 31
                                                    1997               1996
                                                ------------      -------------
<S>                                             <C>               <C>
 NUMERATOR:

 Net income (loss), numerator for basic and
   diluted net income (loss) per share           $ (111,700)       $  187,100
                                                 ----------        ----------
 DENOMINATOR:

 Weighted -average shares outstanding             2,008,700         1,974,400
 Contingent shares to be issued in
   January 1998                                      80,800                --
                                                 ----------        ----------
 Denominator for basic net income (loss)
   per share -- weighted-average shares           2,089,500         1,974,400

 Effect of dilutive securities:
 Stock options                                           --           159,000
                                                 ----------        ----------
 Denominator for diluted net income (loss)
 per share - weighted-average shares and
   assumed conversions                            2,089,500         2,133,400
                                                 ----------        ----------
 Basic net income (loss) per share               $     (.05)       $      .09
                                                 ----------        ----------
 Diluted net income (loss) per share             $     (.05)       $      .09
                                                 ==========        ==========
</TABLE>


The Company will issue 80,800 shares related to an acquisition made in 1996. The
shares were to be issued contingent on meeting certain revenue and earnings
levels, as of December 31, 1997, all contingencies have been met and the shares
will be issued.


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                             CAM DATA SYSTEMS, INC.

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

              THREE MONTHS ENDED DECEMBER 31, 1997, AS COMPARED TO
                      THREE MONTHS ENDED DECEMBER 31, 1996


RESULTS OF OPERATIONS

NET REVENUES for the three months ended December 31, 1997, decreased 12% to
$4,208,000 consisting of a 15% decrease in system revenues, and no change in
service revenues compared to the three months ended December 31, 1996. The
decrease in system revenues was a result of lower sales activity for the
quarter. The flat service revenues was attributed to a decrease in the number of
customers on a service contract.

GROSS MARGIN for the three months ended December 31, 1997, was 42%, compared to
47% for the three months ended December 31, 1996. Gross margin on system
revenues decreased to 41%, for the three months ended December 31, 1997,
compared to 47% for the three months ended December 31, 1996. Gross margin for
service revenue was 45% for the three months ended December 31, 1997, compared
to 49% for the three months ended December 31, 1996. The margin decrease in
system revenues was a result of a higher mix of hardware sales versus software
sales, and sales to existing customers, which yield a lower gross margin than
software sales. The decrease in gross margin for service revenue is related to
the increase in customer service personnel.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES expressed as a percentage of net
revenues increased for the three month period ended December 31, 1997, to 38%,
compared to 35% for the three month period ended December 31, 1996. Selling,
general and administrative expenses for the three months ended December 31,
1997, decreased 5% to $1,602,400 from the three months ended December 31, 1996.
The decrease was mainly attributed to lower payroll costs for the three months
ended December 31, 1997, combined with decreases in commissions expense related
to lower sales volume.

RESEARCH AND DEVELOPMENT EXPENSE decreased 19% to $292,000 for the three month
period ended December 31, 1997, from $359,000 for the same period in 1996. The
decrease for the period was attributed to the capitalization of software related
to new products and the enhancement of existing products.

INCOME TAXES, there were no taxes booked due to the loss for the quarter ended
December 31, 1997. The effective tax rate was 30% for the three months ended
December 31, 1996.

LIQUIDITY AND CAPITAL RESOURCES The Company's cash and cash equivalents totaled
$2,477,100 on December 31, 1997, compared to $2,916,300 on September 30, 1997.
The Company utilized $224,500 from operations, and expended $214,700 for fixed
assets and the capitalization of software, compared to the utilization of
$115,100 from operations, and the utilization of $280,300 for the purchase of
fixed assets for the three months ended December 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 foreseeable future.

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


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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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<PAGE>   10

                                   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: February 11, 1998                     By /s/ PAUL CACERES JR.
                                               --------------------------------
                                                   Paul Caceres Jr.
                                                   Chief Financial and
                                                   Accounting Officer



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                                 EXHIBIT INDEX


EXHIBIT NO.        DESCRIPTION
-----------        -----------

    27             Financial Data Schedule