<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 April 30, 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  X      No
                                  ------     ------

There were 638,525 outstanding shares of the registrant's common stock, $1.00
par value, as of April 30, 1997, close of the period covered by this report.


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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.

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PART I.  FINANCIAL INFORMATION                                    FORM 10-Q
                                                                  

ITEM 1.  FINANCIAL STATEMENTS

MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)



<TABLE>
<CAPTION>                       ASSETS
                                                          April 30,               October 31,
                                                             1997                    1996
                                                       -----------              -----------
<S>                                                    <C>                     <C>
Current Assets:                                       
  Cash............................................     $   191,799            $    119,371
  Accounts receivable, less allowance of $50,000..       5,838,567               6,151,076
  Inventories.....................................       4,826,302               4,704,302
  Deferred federal income taxes...................         520,211                 520,211
  Prepaid expenses and other current assets.......         239,241                 189,991
                                                       -----------             -----------
                        TOTAL CURRENT ASSETS......      11,616,120              11,684,951
                                                      
Other Assets......................................         703,466                 704,191
                                                      
Property, Plant and Equipment.....................      24,637,730              23,977,786
  Less accumulated depreciation...................      15,556,489              15,067,089
                                                       -----------             -----------
                                                         9,081,241               8,910,697
                                                       -----------             -----------
                                                       $21,400,827             $21,299,839
                                                       ===========             ===========
                                                      
                 LIABILITIES AND SHAREHOLDERS' EQUITY 
Current Liabilities:                                  
  Notes payable to bank...........................     $   687,000             $         0
  Accounts payable................................       4,271,228               3,813,348
  Payroll and employee benefits...................         596,218                 969,787
  Other accrued expenses..........................         259,091                 361,270
  Current maturities of long-term debt............         334,815                 684,815  
                                                       -----------               ---------
                 TOTAL CURRENT LIABILITIES........       6,148,352               5,829,220
                                                      
Long-Term Debt....................................       2,742,794               3,746,600
                                                      
Accrued Retiree Health Liability..................       3,548,143               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...............................       8,205,610               7,688,951
                                                       -----------              ----------
                                                         8,961,538               8,444,879
                                                       -----------              ----------
                                                       $21,400,827             $21,299,839
                                                       ===========             ===========
</TABLE>

See notes to condensed consolidated financial statements.

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<PAGE>   4

                                                                       FORM 10-Q

MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (UNAUDITED)




<TABLE>
<CAPTION>
                                           Three Months Ended         Six Months Ended
                                               April 30                  April 30        
                                     -----------------------        -------------------------
                                        1997          1996             1997          1996    
                                     -----------   ----------       -----------   -----------
<S>                                  <C>         <C>                <C>           <C>
Net sales.......................     $11,558,406  $10,209,823       $21,486,756   $19,827,236
                                
Cost and expenses:              
  Cost of products sold.........       9,826,607    8,833,422        18,675,940    17,125,726
  Selling, administrative       
         and general expenses...         816,035      815,748         1,618,636     1,579,726
  Interest expense..............          81,753      122,471           178,145       251,150 
                                      ----------   ----------       -----------    ----------    
                                      10,724,395    9,771,641        20,472,721    18,956,602
                                      ----------   ----------       -----------    ----------    
         Income before          
           income taxes.........         834,011      502,205         1,014,035       870,634
                                
Income taxes....................         284,000      171,000           345,000       296,000  
                                      ----------   ----------       -----------   -----------    
         Net Income ............      $  550,011  $   331,205       $   669,035   $   574,634  
                                      ==========   ==========       ===========   ===========  
                                
Net Income per share ...........         $   .86      $   .52            $ 1.05        $  .90  
                                      ==========   ==========       ===========   ===========  
                                
Dividends per share.............         $   .12      $   .08            $  .24        $  .16   
                                      ==========   ==========       ===========   ===========  
               
</TABLE>


See notes to condensed consolidated financial statements.


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<PAGE>   5


                                                                       FORM 10-Q
MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF
         CASH FLOWS (UNAUDITED)



<TABLE>
<CAPTION>
                                                                     Six Months Ended
                                                                         April 30           
                                                               --------------------------------
                                                                    1997              1996   
                                                               ------------       -------------
<S>                                                            <C>                 <C>
OPERATING ACTIVITIES                                               
  Net income ...........................................       $   669,035         $    574,634
  Adjustments to reconcile net income to net cash            
    used in operating activities:                            
         Depreciation...................................           539,400              529,400
         Accrue  retiree health liability...............           269,003              278,316
         Cash provided from (used in) changes in             
           operating assets and liabilities:                 
             Accounts receivable........................           312,509              269,449
             Inventories................................          (122,000)            (111,700)
             Prepaid expenses and other current assets..           (48,525)              21,838
             Accounts payable & other accrued expenses..           (17,868)            (533,367) 
                                                               -----------         ------------           
                 NET CASH PROVIDED BY                        
                  OPERATING ACTIVITIES..................         1,601,554            1,028,580
                                                             
INVESTING ACTIVITIES                                         
  Acquisition of property, plant and equipment..........          (709,944)            (493,511)
                                                             
FINANCING ACTIVITIES                                         
  Net increase (decrease) in short-term debt............           687,000             (179,000)
  Payments on long-term debt............................        (1,353,806)            (353,496)
  Dividends paid........................................          (152,376)            (101,574)  
                                                               -----------         ------------           
                 NET CASH USED IN FINANCING                  
                  ACTIVITIES............................          (819,182)            (634,070)  
                                                               -----------         ------------           
                 INCREASE (DECREASE) IN CASH............            72,428              (99,001)
                                                             
Cash at beginning of period.............................           119,371              110,682   
                                                               -----------         ------------           
                 CASH AT END OF PERIOD..................       $   191,799         $     11,681   
                                                               ===========         ============
</TABLE>


See notes to condensed consolidated financial statements.


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


MICHIGAN RIVET CORPORATION


Results of Operations

Net sales in the quarter ended April 30, 1997 of $11,558,000 increased
$1,348,000, or 13% from the sales reported in the comparable period a year ago.
The increase in sales resulted from new orders and adjusted automotive
production levels.  The net profit for the quarter ended April 30, 1997 was
$550,000 vs. a net profit of $331,000 in the comparable period a year ago.

The lower cost of sales percentage for the current fiscal year quarter is due
to change in product mix.

Selling, general and administrative expenses decreased to 7.1% of sales as
compared to 8.0% for the previous year comparable period.  The total dollar
amount remained about the same for both years.

Interest expense decreased $41,000 due primarily to the lower borrowing base
and interest rates.

For the first six months of 1997, net sales of $21,467,000 were 8.4% greater
than the same period in 1996, due primarily to higher automotive production
schedules and new orders.  The net profit for the first six months of 1997 was
$669,000 vs. a net profit of $575,000 in the comparable period a year ago.


Financial Condition

Liquidity and Capital Resources

The Company has short-term credit lines aggregating $5,000,000.  At April 30,
1997, $687,000 was outstanding.

During the six months ended April 30, 1997, the Company repaid $1,095,000 of
long-term debt early which was partially funded by short-term bank borrowing.


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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 April 30, 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   5-29-97
       ---------------------------



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