<PAGE>   1
                                                                       CONFORMED



                                 UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C. 20549

                                   FORM 10-Q


                    QUARTERLY REPORT UNDER SECTION 13 OF THE

                        SECURITIES EXCHANGE ACT OF 1934


For Quarter ended January 31, 1997

Commission file number: 0-6056

                           Michigan Rivet Corporation              
             ------------------------------------------------------
             (exact name of registrant as specified in its charter)

       Michigan                                         38-1887153
------------------------                   ------------------------------------
(State of Incorporation)                   (I.R.S. Employer Identification No.)

                      13201 Stephens Road, Warren, MI 48089 
                    ----------------------------------------
                    (Address of Principal Executive Offices)

Registrant's telephone number, including area code:  (810) 754-5100
                                                     --------------

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  XX    No
                                  -----     -----


There were 638,525 outstanding shares of the registrant's common stock, $1.00
par value, as of January 31, 1997, close of the period covered by this report.





<PAGE>   2

MICHIGAN RIVET CORPORATION

NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated 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 (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included.  Operating results for the interim
periods are not necessarily indicative of the results that may be expected for
the year.  For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on
Form 10-K for the year ended October 31, 1996.





<PAGE>   3

PART I.  FINANCIAL INFORMATION                                        FORM 10-Q

ITEM 1.  FINANCIAL STATEMENTS

MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

<TABLE>
<CAPTION>
                            ASSETS
                                                             January 31,         October 31,
                                                               1997                  1996    
                                                            -----------          -----------
<S>                                                        <C>                  <C>
Current Assets:                                         
  Cash............................................         $    323,113         $    119,371
  Accounts receivable, less allowance of $50,000..            5,076,061            6,151,076
  Inventories.....................................            4,585,302            4,704,302
  Deferred federal income taxes...................              520,211              520,211
  Prepaid expenses and other current assets.......              254,387              189,991
                                                           ------------         ------------
                        TOTAL CURRENT ASSETS......           10,759,074           11,684,951
                                                        
Other Assets......................................              704,191              704,191
                                                        
Property, Plant and Equipment.....................           24,297,774           23,977,786
  Less accumulated depreciation...................           15,286,789           15,067,089
                                                           ------------         ------------
                                                              9,010,985            8,910,697
                                                           ------------         ------------
                                                            $20,474,250          $21,299,839
                                                           ============         ============
<CAPTION>
           LIABILITIES AND SHAREHOLDERS' EQUITY
<S>                                                        <C>                   <C>
Current Liabilities:                                    
  Accounts payable................................         $  4,041,025          $ 3,813,348
  Payroll and employees benefits..................              472,715              969,787
  Other accrued expenses..........................              309,778              361,270
  Current maturities of long-term debt............              684,815              684,815
                                                           ------------         ------------
                        TOTAL CURRENT LIABILITIES             5,508,333            5,829,220
                                                        
Long-Term Debt....................................            3,064,019            3,746,600
                                                        
Accrued Retiree Health Liability..................            3,414,183            3,279,140
Shareholders' Equity                                    
  Common stock - $1 par value                           
   Authorized - 1,000,000 shares                        
   Outstanding - 638,525 shares...................              638,525              638,525
  Other capital...................................              117,403              117,403
  Retained earnings...............................            7,731,787            7,688,951
                                                           ------------         ------------
                                                              8,487,715            8,444,879
                                                           ------------         ------------
                                                           $ 20,474,250          $21,299,839
                                                           ============         ============
</TABLE>

See notes to condensed consolidated financial statements.





<PAGE>   4

                                                                       FORM 10-Q

MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 (UNAUDITED)




<TABLE>
<CAPTION>
                                                                                   Three Months Ended
                                                                                       January 31       
                                                                            -------------------------------
                                                                               1997                   1996  
                                                                           ----------              ---------
                 <S>                                                      <C>                  <C>
                 Net sales  . . . . . . . . . . . . . . . . . . . . .     $ 9,908,350             $ 9,553,390

                 Cost and expenses:
                    Cost of products sold . . . . . . . . . . . . . .       8,849,333               8,292,304
                    Selling, administrative
                        and general expenses  . . . . . . . . . . . .         802,601                 763,978
                    Gain on sale of assets  . . . . . . . . . . . . .         (20,000)
                    Interest expense  . . . . . . . . . . . . . . . .          96,392                 128,679
                                                                          -----------             -----------     
                                                                            9,728,326               9,184,961
                                                                          -----------             -----------      
                        Income before income taxes  . . . . . . . . .         180,024                 368,429

                 Income taxes . . . . . . . . . . . . . . . . . . . .          61,000                 125,000
                                                                          -----------             -----------      
                        Net Income  . . . . . . . . . . . . . . . . .     $   119,024             $   243,429
                                                                          ===========             ===========      


                 Net income per share . . . . . . . . . . . . . . . .         $   .19                  $  .38
                                                                              =======                  ======      

                 Dividends per share  . . . . . . . . . . . . . . . .         $   .12                  $  .08
                                                                              =======                  ======      
</TABLE>


See notes to condensed consolidated financial statements.





<PAGE>   5

                                                                       FORM 10-Q
MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF
                 CASH FLOWS (UNAUDITED)


<TABLE>
<CAPTION>
                                                                               Three Months Ended

                                                                                    January 31          
                                                                        --------------------------------

                                                                           1997                    1996   
                                                                       -----------            ------------

<S>                                                                      <C>                     <C>
OPERATING ACTIVITIES
  Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $   119,024             $   243,429
  Adjustments to reconcile net income (loss) to net
    cash used in operating activities:
       Depreciation   . . . . . . . . . . . . . . . . . . . . . . . .         269,700                 263,700
       Accrued retiree health liability . . . . . . . . . . . . . . .         135,043                 140,231
       Cash provided from (used in) changes in
          operating assets and liabilities:
             Accounts receivable  . . . . . . . . . . . . . . . . . .       1,075,015                 391,602
             Inventories  . . . . . . . . . . . . . . . . . . . . . .         119,000              (   60,700)
             Prepaid expenses and other current assets  . . . . . . .      (   64,396)                  9,349
             Accounts payable & other accrued expenses  . . . . . . .      (  320,887)             (  607,875)           
                                                                         ------------            ------------
                  NET CASH PROVIDED BY (USED IN)
                     OPERATING ACTIVITIES                                   1,332,499                 379,736

INVESTING ACTIVITIES
   Acquisition of property, plant and equipment . . . . . . . . . . .      (  369,988)             (  289,144)

FINANCING ACTIVITIES
   Net increase (decrease) in short-term debt . . . . . . . . . . . .                                 207,575
   Payments on long-term debt . . . . . . . . . . . . . . . . . . . .      (  682,581)             (  179,105)
   Dividends  . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (   76,188)             (   50,787)            
                                                                         ------------            ------------
                  NET CASH PROVIDED BY (USED IN) FINANCING
                     ACTIVITIES . . . . . . . . . . . . . . . . . . .      (  758,769)             (   22,317)           
                                                                         ------------            ------------
                  INCREASE (DECREASE) IN CASH . . . . . . . . . . . .         203,742                  68,275

Cash at beginning of period . . . . . . . . . . . . . . . . . . . . .         119,371                 110,682            
                                                                         ------------            ------------
                  CASH AT END OF PERIOD . . . . . . . . . . . . . . .    $    323,113            $    178,957            
                                                                         ============            ============
</TABLE>


See notes to condensed consolidated financial statements.





<PAGE>   6

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

MICHIGAN RIVET CORPORATION

Results of Operations

Net sales for the quarter ended January 31, 1997 of $9,908,000 increased
$355,000, or 3.7%, from the sales reported in the comparable period a year ago.
The increase in sales resulted from a higher volume of products shipped to the
automotive industry.  The net profit for the quarter ended January 31, 1997 was
$119,000 vs. a profit of $243,000 in the comparable period a year ago.

The higher cost of sales percentage for the current fiscal year quarter is due
to the lower production efficiencies along with an increase in some
manufacturing costs.

Selling, general, and administrative expenses have increased to 8.1% of sales
as compared to 8.0% for the previous year comparable period.  This increase
resulted from higher commissions on sales.

Interest expense decreased $32,000 due primarily to a lower borrowing base and
prime interest rate.  The rate paid by the Company to Comerica Bank is tied to
the prevailing prime rate.


Financial Condition

The Company has short-term credit lines aggregating $5,000,000.  At January 31,
1997, $0 was outstanding.

<PAGE>   7

PART II.  OTHER INFORMATION


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

No reports on Form 8-K were filed during the quarter ended January 31, 1997.


                                   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, hereunto, duly authorized.


Michigan Rivet Corporation




By William P. Lianos              
   ------------------------------
   William P. Lianos

   Executive Vice President and Treasurer
   (Principal Financial & Accounting Officer)


Date  February 26, 1997           
      ----------------------------




<PAGE>   8
                                Exhibit Index
                                -------------


Exhibit No.                                     Description
-----------                                     -----------
     27                                    Financial Data Schedule