<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10 QSB

OMB Approval
OMB Number XXXX-XXXX
Expires Approval Pending
Estimated Average Burden Hours Per Response 1.0.


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

                       for the Quarter Ended May 31, 1997

              For the Transition Period from_________ to _________
                         Commission File Number 0-5109


                           MICROPAC INDUSTRIES, INC.


             Delaware                                     75-1225149
--------------------------------------        ---------------------------------
     (State of Incorporation)                 (IRS Employer Identification No.)

   905 E. Walnut, Garland, Texas                           75040
--------------------------------------             ---------------------
(Address of Principal Executive Office)                  (Zip Code)

Registrant's Telephone Number, including Area Code    (972) 272-3571
                                                   ---------------------

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act of 1934 during the past 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
      ------                                                ------

At November 30, 1996, there were 3,627,151 shares of registrant's common stock
outstanding. On that date, the aggregate market value of Common Stock could not
be determined since there is no established public trading market for the
Company's Common Stock.

<PAGE>   2







                           MICROPAC INDUSTRIES, INC.

                                  FORM 10-QSB

                                  MAY 31, 1997

                                     INDEX

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

                               Condensed Statements of Income for the three
                                    months and six months ended May 31, 1997
                                    and May 25, 1996
                               Condensed Balance Sheets
                               Condensed Statements of Cash Flows
                               Notes to Condensed Financial Statements

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

PART II - OTHER INFORMATION

         ITEM 1                LEGAL PROCEEDINGS
         ITEM 2                CHANGES IN SECURITIES
         ITEM 3                DEFAULTS UPON SENIOR SECURITIES
         ITEM 4                SUBMISSION OF MATTERS TO A VOTE OF SECURITY 
                               HOLDERS
         ITEM 5                OTHER INFORMATION
         ITEM 6                EXHIBITS AND REPORTS ON FORM 8-K


SIGNATURES


<PAGE>   3







                           MICROPAC INDUSTRIES, INC.
                            STATEMENTS OF OPERATIONS
                                  (unaudited)


PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statement

<TABLE>
<CAPTION>
                                                        Statement of Income               Statement of Income
                                                       for three months ended                 Year-to-date
                                                     5/31/97          5/25/96           5/31/97        5/25/96
                                                     -------          -------           -------        -------
<S>                                                <C>              <C>               <C>             <C>       
Sales, Net of Returns & Allowances                 $3,795,493       $4,181,005        $7,210,723      $6,946,268


Cost of Goods Sold                                 (2,772,694)      (2,860,194)       (5,290,894)     (5,144,776)
                                                   ----------       ----------        ----------      ----------  


    Gross Margin                                    1,022,799        1,320,811         1,919,829       1,801,492

Selling, General & Administrative Expense            (672,987)        (713,614)       (1,312,183)     (1,344,600)
                                                   ----------       ----------        ----------      ----------
Pre-Tax Income                                        349,812          607,197           607,646         456,891

Provision for Income Taxes                           (118,936)        (206,444)         (206,601)       (155,349)
                                                   ----------       ----------        ----------      ----------  

    Net Income                                     $  230,876       $  400,753        $  401,045      $   01,542
                                                   ==========       ==========        ==========      ==========

Net Income Per Share                               $      .06       $      .11        $      .11      $      .08

Dividends per Share                                        --               --                --              --

Weighted Average Number of Shares                   3,627,151        3,627,151         3,627,151       3,627,151
</TABLE>



These statements reflect all adjustments which, in the opinion of management,
are necessary for fair statement of the results for the interim period.


<PAGE>   4






                          MICROPAC INDUSTRIES, INC.
                                BALANCE SHEET
                                 (Unaudited)

                                    ASSETS
<TABLE>
<CAPTION>
CURRENT ASSETS                                                                                5/31/97          11/30/96
                                                                                              -------          --------
                                                                                                                       
<S>                                                                                        <C>               <C>           
     Cash                                                                                  $  117,679        $        0
     Short term investments                                                                   304,114           304,250
     Receivables, net of allowance for doubtful accounts                                                               
       approximately $82,264 on May 31, 1997                                                                           
             and $70,291 on November 30, 1996                                               2,359,721         2,372,387
     Inventories:                                                                                                      
         Raw materials                                                                      1,679,812         2,135,951
         Work-in process                                                                    1,395,131         1,634,940
     Prepaid expenses and other current assets                                                 (5,359)           35,735
     Deferred income tax                                                                      325,951           325,951
                                                                                           ----------        ----------
                                                                                                                       
                       Total current assets                                                 6,177,019         6,809,215
                                                                                                                       
PROPERTY, PLANT AND EQUIPMENT, at cost:                                                                                
     Land                                                                                      80,000            80,000
     Buildings                                                                                497,924           497,924
     Facility improvements                                                                    694,705           694,705
     Machinery and equipment                                                                4,244,293         4,178,198
     Furniture and fixtures                                                                   332,423           319,122
                                                                                           ----------        ----------
                                                                                                                       
                       Total property, plant, and equipment                                 5,849,344         5,769,949
                                                                                                                       
         Less accumulated depreciation                                                     (4,625,894)       (4,514,106)
                                                                                           ----------        ----------
                                                                                                                       
     Net property, plant and equipment                                                      1,223,450         1,255,843
                                                                                           ----------        ----------
                                                                                                                       
                       Total assets                                                        $7,400,469        $8,065,058
                                                                                           ==========        ==========
                                                                                                                       
                                                                                                                       
                          LIABILITIES AND SHAREHOLDERS' EQUITY                                                         
                                                                                                                       
CURRENT LIABILITIES:                                                                                                   
     Accounts payable                                                                         327,855         1,261,553
     Accrued payroll                                                                          295,473           286,528
     Accrued professional fees                                                                 58,608            71,712
     Other accrued liabilities                                                                180,318           174,631
     Income taxes payable                                                                      86.719           220,179
                                                                                           ----------        ----------
                                                                                                                       
                       Total current liabilities                                              948,971         2,014,603
                                                                                                                       
DEFERRED INCOME TAXES                                                                         150,948           150,948
                                                                                                                       
SHAREHOLDERS' EQUITY                                                                                                   
     Common stock ($.10 par value) 10,000,000                                                 362,715           362,715
         authorized, 3,627,151 outstanding)                                                                            
     Paid-in capital                                                                          885,540           885,540
     Retained earnings                                                                      5,052,295         4,651,252
                                                                                           ----------        ----------
                                                                                                                       
                       Total shareholders' equity                                           6,300,550         5,899,507
                                                                                           ----------        ----------
                                                                                                                       
                       Total liabilities and shareholders' equity                          $7,400,469        $8,065,058
                                                                                           ==========        ==========
</TABLE>



These statements reflect all adjustments which, in the opinion of management,
are necessary for fair statement of the results for the interim period.



<PAGE>   5




                          MICROPAC INDUSTRIES, INC.
                           STATEMENTS OF CASH FLOW
                                 (Unaudited)
<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES:                                                       5/31/97           5/26/96
                                                                                           --------          --------
<S>                                                                                        <C>               <C>
     Net Income                                                                            $401,043          $301,541
     Adjustments to reconcile net income to
         cash from operating activities:
             Depreciation and amortization                                                  111,788           103,795
         Changes in current assets and liabilities:
             Accounts receivable                                                             12,666          (376,681)
             Inventories                                                                    695,948          (387,748)
             Prepaid expenses & other current assets                                         41,094             8,987
             Income taxes                                                                  (133,460)           30,877
             Accounts payable                                                              (933,699)          174,274
             Payroll & withholdings                                                           8,945           (30,782)
             Accrued liabilities                                                             (7,417)          (59,234)
                                                                                           --------          --------

         Net cash from operating activities                                                 196,908          (252,946)
                                                                                           ========          ========

CASH FLOWS FROM INVESTING ACTIVITIES:

     Additions to property, plant and equipment                                             (79,396)         (133,654)
                                                                                           --------          --------
         Net cash from investing activities                                                 (79,396)         (133,654)

Net increase (decrease) in cash                                                             117,512          (386,600)

Cash at beginning of period                                                                 304,250           721,099
                                                                                           --------          --------

Cash at end of period                                                                      $421,763          $334,499
                                                                                           ========          ========
</TABLE>


These statements reflect all adjustments which, in the opinion of management,
are necessary for fair statement of the results for the interim period.



<PAGE>   6






                          MICROPAC INDUSTRIES, INC.
ITEM 2       MANAGEMENT DISCUSSION AND ANALYSIS OF THE FINANCIAL
                     CONDITION AND RESULTS OF OPERATIONS


1.       Sales for the second quarter ended May 31, 1997 were approximately
         ($386,000) below sales for the comparable quarter in 1996. Startup
         delays for certain custom product orders and lower than anticipated
         orders for some of the Company's standard products combined to reduce
         sales for the quarter. Year-to-date 1997 sales have increased $264,000
         compared to the first six months in 1996.

2.       Cost of sales for the second quarter totaled approximately 73.1% of
         related sales compared to 68.4 % for the same quarter in 1996. Cost of
         sales year-to-date 1997 totaled 73.3% of related sales compared to
         74.1% for the first half of fiscal 1996. Changes in product mix and
         increased investments in new product development accounted for the
         increase in the second quarter 1997 versus the second quarter 1996.

3.       Selling, general and administrative expenses for the second quarter
         are approximately ($21,000) below the second quarter of 1996 and
         ($32,000) below the first six months of last year. As a percent of
         revenues, SG&A was 18.2% of revenues for the second quarter and
         year-to-date 1997, compared to 17.1% for the second quarter and 19.4%
         year-to-date for 1996.

4.       Net income per share for the second quarter and year-to-date 1997 was
         approximately $.06 per share and $.11 per share respectively, compared
         to $.11 and $.08 per share for the same quarter and year-to-date in
         1996. Improved results are attributed to increased sales and stable
         operating cost.

5.       New orders for the second quarter and year-to-date 1997 totaled
         approximately $3,600,000 and $6,010,000 respectively compared to
         $4,258,000 and $7,559,000 for the comparable periods in 1996. Lower
         demand for the Company's product for Space programs, combined with
         reduced requirements for custom products for one of the Company's
         major industrial customers resulted in decreased orders in the first
         half of 1997, compared to 1996.

6.       Backlog on May 31, 1997 totaled approximately $6,564,000 compared to
         $8,945,000 for the period ended May 26, 1996. The backlog reflects a
         good mix of the Company's products, and shipments are estimated to be
         made within the next twelve (12) months.

7.       Raw material inventories decreased approximately ($456,000) since
         November 30, 1996 with the decrease related primarily to : (1)
         purchase of raw materials by a customer for inventories purchased
         specifically for a custom product, and (2) releases of materials to
         the line for shipments in the immediate future. Work-in process
         inventories decreased approximately ($240,000) as the Company began to
         ship new products with long cycle production times.

8.       Net receivables have decreased approximately ($13,000) since November
         30, 1996. Day's sales as of May 31, 1997 are approximately 56 days
         compared to 53 days at May 25, 1996.

9.       Total assets decreased approximately ($665,000) since fiscal year
         ended November 30, 1996. The decrease is attributed primarily to the
         reduction of raw materials inventories as previously mentioned in item
         #7 above.

         Liabilities decreased due to reductions in vendor accounts payable
         liabilities and accrued liabilities pertaining to payment of 1996
         fourth quarter federal income taxes.

         Shareholders' equity at May 31, 1997 was $6,300,500 an increase of
         approximately $401,000 for the first six months 1997.

10.      Cash and cash equivalents increased approximately $118,000 since
         November 30, 1996. Cash of approximately $197,000 was generated
         through operating activities and was offset by ($79,000) used for
         capital expenditures.








<PAGE>   7



PART II - OTHER INFORMATION

ITEM 1.           LEGAL PROCEEDINGS

                  The Company is not involved in any material current or
                          pending legal proceedings, other than ordinary routine
                          litigation incidental to its business.

ITEM 2.           CHANGES IN SECURITIES

                  None

ITEM 3.           SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS

                  None

ITEM 4.           OTHER INFORMATION

                  None

ITEM 5.           EXHIBITS AND REPORTS ON FORM 8-K

                  Exhibit 27  Financial Data Schedule




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 duly authorized.

                           MICROPAC INDUSTRIES, INC.


July 3, 1997                                          /s/ Nicholas Nadolsky
------------                                          -------------------------
Date                                                  Nicholas Nadolsky
                                                      Chairman of the Board/CEO


July 3, 1997                                          /s/ Dave Hendon
------------                                          -------------------------
Date                                                  Dave Hendon
                                                      Controller


<PAGE>   8




                               INDEX TO EXHIBITS



<TABLE>
<CAPTION>
Exhibit 
  No.                          Item
-------                        ----
  <S>                      <C>
  27                       Financial Data Schedule.
</TABLE>