<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, 1998

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 April 30, 1998, 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, 1997.

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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,
                                                                                    1998                     1997
                                                                                -----------               -----------
<S>                                                                             <C>                       <C>         
Current assets:
  Cash............................................                              $   114,667               $   660,398
  Accounts receivable, less allowance of $50,000..                                6,012,975                 5,687,051
  Inventories.....................................                                6,065,130                 5,153,130
  Deferred federal income taxes...................                                  597,639                   597,639
  Prepaid expenses and other current assets.......                                  217,792                   252,792
                                                                                -----------               -----------
                        TOTAL CURRENT ASSETS......                               13,008,203                12,351,010

Other Assets......................................                                1,004,594                 1,004,594

Property, Plant and Equipment.....................                               25,486,618                25,016,189
  Less accumulated depreciation...................                               15,154,215                15,831,463
                                                                                -----------               -----------
                                                                                 10,332,403                 9,184,726
                                                                                -----------               -----------
                                                                                $24,345,200               $22,540,330
                                                                                ===========               ===========

            LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Notes payable to bank...........................                              $ 1,105,000               $         0
  Accounts payable................................                                5,151,712                 4,441,194
  Payroll and employee benefits...................                                  569,765                 1,093,338
  Other accrued expenses..........................                                  254,627                   631,020
  Current maturities of long-term debt............                                  369,163                   369,163
                                                                                -----------               -----------
                        TOTAL CURRENT LIABILITIES                                 7,450,267                 6,534,715

Long-Term Debt....................................                                2,344,718                 2,531,337

Accrued Retiree Health Liability..................                                4,005,808                 3,813,570

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...............................                                9,788,479                 8,904,780
                                                                                -----------               -----------
                                                                                 10,544,407                 9,660,708
                                                                                -----------               -----------
                                                                                $24,345,200               $22,540,330
                                                                                ===========               ===========

</TABLE>

See notes to condensed consolidated financial statements.

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                                                                       FORM 10-Q


MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (UNAUDITED)


<TABLE>
<CAPTION>
                                      THREE MONTHS ENDED           SIX MONTHS ENDED
                                           APRIL 30                    APRIL 30
                                   ------------------------    -------------------------
                                      1998          1997          1998          1997
                                   -----------  -----------    -----------   -----------
<S>                                <C>          <C>            <C>           <C>        
Net sales........................  $12,352,755  $11,558,406    $22,880,907   $21,486,756

Cost and expenses:
  Cost of products sold..........   10,361,255    9,826,607     19,401,622    18,675,940
  Selling, administrative
         and general expenses....      913,258      816,035      1,770,142     1,618,636
  Interest expense...............       69,625       81,753        137,971       178,145
                                   -----------  -----------    -----------   -----------
                                    11,344,138   10,724,395     21,309,735    20,472,721
                                   -----------  -----------    -----------   -----------
         Income before
           income taxes..........    1,008,617      834,011      1,571,172     1,014,035

Income taxes.....................      344,000      284,000        535,000       345,000
                                   -----------  -----------    -----------   -----------

         Net Income .............  $   664,617  $   550,011    $ 1,036,172   $   669,035
                                   ===========  ===========    ===========   ===========

Net Income per share ............      $  1.04     $    .86       $   1.62      $   1.05
                                       =======     ========       ========      ========

Dividends per share..............      $   .12     $    .12       $    .24      $    .24
                                       =======     ========       ========      ========

</TABLE>

See notes to condensed consolidated financial statements.


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                                                                       FORM 10-Q
MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF
         CASH FLOWS (UNAUDITED)

<TABLE>
<CAPTION>
                                                                               SIX MONTHS ENDED
                                                                                   APRIL 30
                                                                      -----------------------------------
                                                                         1998                    1997
                                                                      ----------              -----------
<S>                                                                   <C>                     <C>        
OPERATING ACTIVITIES                                           
  Net income .............................................            $1,036,172              $   669,035
  Adjustments to reconcile net income to net cash              
    used in operating activities:                              
         Depreciation.....................................               564,200                  539,400
         Accrued retiree health liability.................               192,238                  269,003
         Cash provided from (used in) changes in               
           operating assets and liabilities:                   
             Accounts receivable..........................              (325,924)                 312,509
             Inventories..................................              (912,000)                (122,000)
             Prepaid expenses and other current assets....                35,000                  (48,525)
             Accounts payable & other accrued expenses....              (189,447)                 (17,868)
                                                                      ----------              -----------
                  NET CASH PROVIDED BY                         
                   OPERATING ACTIVITIES...................               400,239                1,601,554
                                                               
INVESTING ACTIVITIES                                           
  Acquisition of property, plant and equipment............            (1,711,877)                (709,944)
                                                               
FINANCING ACTIVITIES                                           
  Net increase (decrease) in short-term debt..............             1,105,000                  687,000
  Payments on long-term debt..............................              (186,619)              (1,353,806)
  Dividends paid..........................................              (152,474)                (152,376)
                                                                      ----------              -----------
                  NET CASH USED IN FINANCING                   
                   ACTIVITIES.............................               765,907                 (819,182)
                                                                      ----------              -----------
                  INCREASE (DECREASE) IN CASH.............              (545,731)                  72,428
                                                               
Cash at beginning of period...............................               660,398                  119,371
                                                                      ----------              -----------
                  CASH AT END OF PERIOD...................            $  114,667              $   191,799
                                                                      ==========              ===========
</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, 1998 of $12,353,000 increased $795,000,
or 7% 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, 1998 was $665,000 vs. a net profit of
$550,000 in the comparable period a year ago.

The cost of sales percentage for the current fiscal year quarter remained the
same as the comparable period a year ago after excluding profit on sale of
equipment.

Selling, general and administrative expenses increased to 7.4% of sales as
compared to 7.1% for the previous year comparable period. Higher Single Business
Taxes and bonus accrual were the main reasons for the increase.

Interest expense decreased $12,000 due primarily to the lower borrowing base and
interest rates.

For the first six months of 1998, net sales of $22,881,000 were 6.5% greater
than the same period in 1997, due primarily to higher automotive production
schedules and new orders. The net profit for the first six months of 1998 was
$1,036,000 vs. a net profit of $669,000 in the comparable period a year ago. The
cost of sales were 84.8% as compared to 86.9% for the prior year. This was
primarily due to lower material, tooling and freight costs.


Financial Condition

Liquidity and Capital Resources

The Company has short-term credit lines aggregating $5,000,000. At April 30,
1998, $1,105,000 was outstanding.



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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, 1998.


                                   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 5-26-98
    --------------------------------

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                                INDEX TO EXHIBITS




EXHIBIT NO.                     DESCRIPTION
------- ---                     -----------
Exhibit 27                      Financial Data Schedule