<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-Q

Quarterly Report Pursuant to Section 13 of 15(d) of the Securities Exchange Act
1934

For the quarterly period ended JUNE 30, 1997

COMMISSION FILE NUMBER 0-11309


                             . GALILEO CORPORATION
            (Exact name of registrant as specified in its charter)



DELAWARE                                                              04-2526583
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)


GALILEO PARK, P.O. BOX 550, STURBRIDGE, MASSACHUSETTS                      01566
(Address of principal executive offices)                              (Zip Code)
   

Registrant's telephone number including area code                 (508) 347-9191
                                                    



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
                                     ---    ---

Indicate the number of shares outstanding of each of the Issuer's classes of
common stock, as of the latest practicable date.


          CLASS                                     OUTSTANDING AT JUNE 30, 1997
--------------------------------------------------------------------------------
COMMON STOCK, PAR VALUE $.01                              6,856,250 SHARES


                                  PAGE 1 OF 15

<PAGE>   2
                               GALILEO CORPORATION
                                      INDEX

                                                                      
               PART I.     Financial Information:                      Page  No.
                                                                       ---------
               
         Item 1. Financial Statements (unaudited)
               
               Consolidated Condensed Balance Sheets at
               June 30, 1997, and September 30, 1996...................     3
               
               Consolidated Condensed Statements of Income for the
               three and nine  months ended June 30, 1997, and June          
               30, 1996................................................     4

               Consolidated Condensed Statements of Cash Flows for
               the nine months ended June 30, 1997, and June 30,                
               1996....................................................     5

               Notes to Consolidated Condensed Financial                    
               Statements..............................................     6

         Item 2.

               Management's Discussion and Analysis of Financial
               Condition and Results of Operations.....................     8
               
               
               PART II.    Other Information:
               
         Item 6.

               Exhibits and Reports on Form 8-K                            12
               
               Signatures                                                  13
               




                                       2
<PAGE>   3


                               GALILEO CORPORATION
                CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                    Jun. 30, 1997    Sept. 30, 1996
                                                    -------------------------------
ASSETS
------
<S>                                                    <C>              <C>     
Current assets:
  Cash and cash equivalents                            $ 11,408         $ 18,652
  Accounts receivable, net                                4,578            5,710
  Inventories, net (Note 5)                               6,412            6,218
  Other current assets                                      393              598
                                                       --------         --------
  Total current assets                                   22,791           31,178
Property, plant and equipment, net                       14,729           19,228
Excess of cost over the fair value of                     3,906               --
assets acquired, net
Other assets, net                                         1,544            2,658
                                                       --------         --------
Total assets                                           $ 42,970         $ 53,064
                                                       ========         ========

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------

Current liabilities:
  Accounts payable and accrued
    liabilities                                        $  4,656         $  4,174
  Other current liabilities                                  --              542
                                                       --------         --------
    Total current liabilities                             4,656            4,716
Other liabilities                                         1,199            1,320
Shareholders' equity:
  Common stock                                               69               68
  Additional paid-in capital                             42,839           42,694
  (Accumulated deficit) / retained
    earnings                                             (5,793)           4,266
                                                       --------         --------
Total shareholders' equity                               37,115           47,028
                                                       --------         --------
Total liabilities and shareholders' equity             $ 42,970         $ 53,064
                                                       ========         ========
</TABLE>

See Notes to Consolidated Condensed Financial Statements


                                       3
<PAGE>   4


                               GALILEO CORPORATION
             CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
                  (Amounts in thousands except per share data)

<TABLE>
<CAPTION>
                                                           For the Three             For the Nine
                                                           Months Ended               Months Ended
                                                             June 30,                   June 30,
                                                       1997          1996           1997          1996
                                                   -----------------------------------------------------

<S>                                                 <C>            <C>           <C>            <C>     
Net sales                                           $  7,516       $ 11,152      $ 25,948       $ 31,756
Cost of sales                                          5,499          6,013        16,733         18,619

                                                    --------       --------      --------       --------
Gross profit                                           2,017          5,139         9,215         13,137

Engineering expenses                                   1,361          1,058         3,844          2,885
Selling and administrative
  expenses                                             2,355          2,500         6,868          6,883
Reduction in carrying value
  of certain long-lived
  assets  (Note 2)                                        --             --         2,226             -- 
Reorganization costs (Note 2)                             --             --         6,872             -- 
                                                    --------       --------      --------       --------
                                                       3,716          3,558        19,810          9,768
                                                    --------       --------      --------       --------
Operating profit (loss)                               (1,699)         1,581       (10,595)         3,369
Other income                                             198            211           691            534
                                                    --------       --------      --------       --------
Income (loss) before income
  taxes and extraordinary gain                        (1,501)         1,792        (9,904)         3,903
Provision (benefit) for
income taxes                                              12             33           153            (49)
                                                    --------       --------      --------       --------
Income (loss) before extraordinary gain               (1,513)         1,759       (10,057)         3,952
Extraordinary gain on receipt and sale of
  stock, net of taxes                                     --            --             --            158
                                                    ========       =======       ========       ========
Net income (loss)                                     (1,513)         1,759       (10,057)         4,110
                                                    ========       ========      ========       ========
Net income (loss) per common and  common
  equivalent share outstanding

  Before extraordinary gain                         ($  0.22)      $   0.25      ($  1.47)      $   0.57

  Effect of extraordinary gain                            --             --            --       $   0.02
                                                    --------       --------      --------       --------
Net income (loss)                                   ($  0.22)      $   0.25      ($  1.47)      $   0.59
                                                    ========       ========      ========       ========

Weighted average common and  common equivalent
  shares outstanding                                   6,854          7,006         6,846          6,935
</TABLE>

See Notes to Consolidated Condensed Financial Statements

                                       4

<PAGE>   5
 
                               GALILEO CORPORATION
           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                                   For the nine
                                                                   months ended
                                                                     June 30,
                                                                1997          1996
                                                             -----------------------

<S>                                                          <C>            <C>     
Net income (loss)                                            $(10,057)      $  4,110

Adjustments to reconcile net income to net
  cash provided (used) by operating activities:
     Extraordinary gain on receipt and sale of stock               --           (319)

     Depreciation and amortization                              2,363          2,557
     Reduction in carrying value of certain
       long-lived assets                                        2,226             --
     Reorganization provisions                                  6,451             --
Increase in cash from changes in
  operating assets and liabilities:

     Accounts receivable                                        1,284          1,496
     Inventories                                               (1,012)           589
     Accounts payable and accrued liabilities                     495           (994)
     Other changes, net                                          (211)          (511)
                                                             --------       --------

       Total adjustments                                       11,596          2,818
                                                             --------       --------

Net cash provided by operating activities                       1,539          6,928


CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from receipt and sale of stock                          --            403
  Proceeds from sale of assets                                     --          2,412
  Capital expenditures                                         (2,854)        (2,395)
  Acquisitions                                                 (5,500)            --
                                                             --------       --------

       Net cash provided (used) in investing activities        (8,354)           420


CASH FLOWS FROM FINANCING ACTIVITIES:
-------------------------------------
  Payments on notes payable                                      (542)           (51)
  Proceeds from issuance of common stock                          145            311
  Other financing activities                                      (32)           (28)
                                                             --------       --------
       Net cash provided (used) by financing activities          (429)           232


Net increase (decrease) in cash and cash equivalents           (7,244)         7,580
Cash and cash equivalents at beginning of period               18,652          8,580
                                                             ========       ========
Cash and cash equivalents at end of period                   $ 11,408       $ 16,160
                                                             ========       ========
</TABLE>

See Notes to Consolidated Condensed Financial Statements

                                       5

<PAGE>   6

                               GALILEO CORPORATION
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                  (Dollars in thousands except per share data)

1.   In the opinion of management, the accompanying unaudited consolidated
     condensed financial statements contain all adjustments (consisting of only
     normal recurring adjustments, except for the items discussed in Note 2
     below) necessary to present fairly Galileo Corporation's (the Company)
     financial position as of June 30, 1997, the results of operations for the
     three and nine month periods ended June 30, 1997, and cash flows for the
     nine months ended June 30, 1997, in conformity with generally accepted
     accounting principles for interim financial information applied on a
     consistent basis. The results of operations for the three and nine months
     ended June 30, 1997, are not necessarily indicative of the results to be
     expected for the full year. These financial statements should be read in
     conjunction with the Company's 1996 Annual Report to Shareholders and Form
     10-K for the fiscal year ended September 30, 1996.

2.   As a result of the loss of its then largest customer in its second fiscal
     quarter, the Company announced a reorganization plan. In connection with
     this plan, the Company recorded a nonrecurring charge of $6,872, $1.00 per
     share, in the three months ended March 31, 1997. In the first quarter of
     fiscal 1997, the Company recorded a $2,226, or $0.32 per share,
     nonrecurring, noncash charge to reduce certain robotic assembly equipment
     to its estimated fair market value. Excluding the impact of these charges,
     the net loss for the nine months ended June 30, 1997, was $959, or $0.14
     per share.

3.   On February 28, 1997, the Company acquired the Sani-Spec(TM) business from
     C.R. Bard, Inc., for $5,500. The acquisition was accounted for using the
     purchase method of accounting and accordingly, results of Sani-Spec's
     operations are included in the accompanying statement of operations from
     the date of acquisition. Assuming that the acquisition had been made as of
     the beginning of fiscal 1996, results for the Company on a pro forma basis,
     would have been as follows:

<TABLE>
<CAPTION>
                                        For the Three             For the Nine
                                        Months Ended              Months Ended
                                          June 30,                   June 30,
                                           1996              1997             1996
                                        -------------    ----------       ----------
     
     <S>                                 <C>              <C>               <C>     
     Net sales                           $ 12,077         $ 27,490          $ 34,531
     Net income (loss)                      1,887           (9,844)            4,494
     Net income (loss) per share         $   0.27         $  (1.44)         $   0.65
</TABLE>


                                       6
<PAGE>   7

4.   Results for the three and nine months ended June 30, 1996, have been
     restated to reflect the acquisition of Leisegang Medical, Inc., in fiscal
     year 1996, which was accounted for on a pooling of interests basis. For the
     three and nine months ended June 30, 1996, Leisegang Medical, Inc.'s, net
     income was $263 and $265, respectively.

5.   Classification of inventories is:
<TABLE>
<CAPTION>
   
                                       June 30,          September 30,
                                         1997                1996
                                      ----------         -------------

<S>                                    <C>                  <C>   
          Finished goods               $2,060               $1,402
          Work-in-progress                549                  635
          Raw materials                 3,803                4,181
                                       ------               ------
                                       $6,412               $6,218
                                       ======               ======
</TABLE>

6.   In February 1997, the Financial Accounting Standards Board issued Statement
     No. 128, "Earnings per Share," which is required to be adopted by December
     31, 1997. At that time, the Company will be required to change the method
     currently used to compute earnings per share and to restate all prior
     periods. Under the new requirements for calculating primary earnings per
     share, the dilutive effect of stock options will be excluded. The impact on
     the calculation of primary and fully diluted earnings per share is not
     expected to be material.



                                       7
<PAGE>   8

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

OVERVIEW
--------

Galileo Corporation (the "Company") develops, manufactures and markets
fiberoptic and electro-optic components which transmit, sense or intensify light
or images. The Company's products are currently sold primarily to original
equipment manufacturers (OEMs) for use in scientific, analytical, medical,
electronic imaging and office product applications. The Company's experience in
fiberoptic and electro-optic technology are fundamental to developing and
manufacturing its products.

On February 11, 1997, the Company received written notification from its then
largest customer, Xerox Corporation, that Xerox had developed internal
production capabilities for dicorotron assemblies and will no longer purchase
these assemblies from the Company. These assemblies accounted for approximately
$20.4 million, or 48% of the Company's fiscal 1996 revenues and approximately
$3.8 million, or 39%, and $2.7 million, or 31%, of revenues for the Company's
first and second fiscal quarters of 1997, respectively. Reduced revenues from
this product will materially adversely affect the Company's financial
performance for at least the remainder of fiscal 1997 and likely will result in
a loss for the fiscal year. In connection with this loss of business, the
Company adopted a reorganization plan and recorded a charge of $6.9 million in
the three months ended March 31, 1997. The charge includes a noncash $6.5
million provision for related long-lived assets, other assets and inventory, and
a $0.4 million provision for related severance and other obligations.

The Company's Scientific Detector Products include detectors and sensors which
are used in various instruments in a wide range of markets including
semiconductor processing, life sciences, food processing, bulk and specialty
chemicals, petroleum refining, biotechnology, failure analysis and quality and
process control.

The Company's Medical Products consist of a variety of scopes in support of
minimally invasive medical procedures. Scopes are valuable in any medical
procedure where video imaging can provide accurate diagnosis, improve surgical
performance and reduce patient discomfort. In addition, the acquisitions of
Leisegang Medical, Inc. and the Sani-Spec(TM) business from C.R. Bard, Inc.,
more fully discussed below, position the Company as a supplier of certain
medical instrument equipment, principally to the obstetric and gynecological
markets. The Company believes that these products offer significant future
growth opportunities.

Leisegang Medical, headquartered in Boca Raton, FL, was a privately-held
distributor and manufacturer of OB/GYN diagnostic and surgical equipment.
Included in its product line are colposcopes produced by Leisegang GmbH, a
related company based in Berlin, Germany, 

                                       8
<PAGE>   9

that is the world's largest and oldest manufacturer of colposcopes and
accessories. The products are sold to OB/GYN doctors' offices and hospitals
through an internal sales force and by manufacturers' representatives.

Leisegang Medical is well known and highly respected in the gynecological
equipment market, estimated to be $200 million annually, and is a leader in
sales to doctors' offices. In addition to colposcopes, its products include
biopsy instruments, ultrasound, video equipment, laser and electro-surgical
systems and accessories, cryosurgery equipment, surgical instruments, rigid and
flexible hysteroscopes, bone densitometers and fetal heart monitors. This
acquisition enables Galileo to participate in a market that is growing at 15 to
20 percent per year, and is expected to benefit significantly from the trend
toward minimally invasive surgery and office-based procedures. It also provides
Galileo with new distribution channels that enhance the brand name recognition
and market penetration of the Company's medical imaging and sensing products.

On February 28, 1997, the Company acquired the Sani-Spec(TM) business from C.R.
Bard, Inc. The Sani-Spec product line includes a comprehensive suite of women's
health-related products used by OB/GYN physicians, clinics and hospitals
including Sani-Spec single-use vaginal speculums, Sani-Scope(TM) anoscopes, Spec
Light(TM) speculum lights and Pap Smear kits. The product line is marketed
through a nationwide network of approximately 80 dealers and has been a market
leader for over 20 years. Last year's revenues were in excess of $4.0 million,
representing approximately 40% of the domestic market.

The Company's Fluorolase(R) fiberoptic-based optical amplifier product is used
in applications for telecommunications as well as high speed data and video
transmission. Currently, this product is being tested in these markets and the
Company believes that the Fluorolase product offers significant future growth
opportunities.

In addition to investing in research and development activities for all of its
products, the Company is exploring other acquisition opportunities to enhance
its product offerings to all its customers.

This Report on Form 10-Q contains certain forward-looking statements concerning,
among other things, the Company's plans and objectives for future operations,
planned products and services, expansion into new markets and anticipated
customer demand for its existing and future products and services. Certain
factors that could cause the Company's actual results to differ from those
projected in these forward-looking statements are set forth in Exhibit 99.1 to
the Company's December 31, 1996, SEC Form 10-Q and incorporated herein.



                                       9
<PAGE>   10

RESULTS OF OPERATIONS
---------------------

Sales for the three and nine months ended June 30, 1997, of $7.5 million and
$25.9 million decreased 33% and 18%, respectively, from the comparable
prior-year periods. Reduced revenues resulted primarily from the loss of the
Company's largest customer more fully discussed in the "Overview" section above.
The Company completed final shipments to this customer during its second
quarter. Excluding sales activity for this customer, revenues for the three
months ended June 30, 1997, increased 28% and 23% over revenues from the
comparable prior year period and the Company's second fiscal quarter of 1997,
respectively.

Gross profit (as a percentage of revenues) of 26.8% and 35.5% for the three and
nine months ended June 30, 1997, decreased from 46.1% and 41.4% from the
comparable prior year periods, respectively, primarily due to the impact of
reduced revenues on fixed manufacturing expenses.

Engineering expenses increased to $1.4 million and $3.8 million from $1.1
million and $2.9 million for the three and nine months ended June 30, 1997,
respectively, primarily due to increased spending to support the development of
the medical and Fluorolase products.

Selling and administrative expenses remained relatively stable for the three and
nine months ended June 30, 1997, from comparable prior-year periods.

As a result of the loss of its then largest customer more fully described in the
"Overview" section above, the Company announced a reorganization plan. In
connection with this plan, the Company recorded a nonrecurring charge of $6.9
million, or $1.00 per share, in the three months ended March 31, 1997. In the
first quarter of fiscal 1997, the Company recorded a $2,226, or $0.32 per share,
nonrecurring charge to reduce the value of certain robotic assembly equipment to
its estimated fair market value. Excluding the impact of these charges, net
income for the nine months ended June 30, 1997, was a loss of $1.0 million or
$0.14 per share.

Other income principally relates to interest earned on investments. For both the
current and comparable prior year periods, the Company's effective tax rate
differs from the statutory rate primarily due to available tax loss
carryforwards. The current year provision relates principally to state and
franchise taxes.

FINANCIAL CONDITION
-------------------

The Company's working capital at June 30, 1997, of $18.1 million, decreased $8.4
million from the balance at September 30, 1996, of $26.5 million. The change in
working capital was primarily the result of the $5.5 million acquisition of the
Sani-Spec(TM) business 


                                       10
<PAGE>   11

described in more detail in the "Overview" section above and operating losses
for the year to date.

The Company considers its working capital position to be adequate to support its
currently planned operations.

Capital spending for the nine months ended June 30, 1997, amounted to $2.9
million. This compares with $2.4 million of capital expenditures for the
comparable prior-year period. Capital spending for fiscal 1997 primarily relates
to building improvements and machinery and equipment to support the development
of new medical scopes and the Company's Fluorolase products. The Company
currently has commitments for capital expenditures of approximately $1.0
million.


                                       11

<PAGE>   12

                           PART II. OTHER INFORMATION



ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K


          a.  Exhibits:

                11    Calculation of Earnings per Share

                27    Financial Data Schedule (EDGAR filing only)


          b.  Reports on Form 8-K:

                There were no reports on Form 8-K filed for the three months
                ended June 30, 1997.



                                       12

<PAGE>   13
                                   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.


                                       GALILEO CORPORATION

Dated:  July 30, 1997                  /s/ William T. Hanley
                                       -----------------------------------------
                                       William T. Hanley, President and         
                                       Chief Executive Officer (Principal
                                       Executive Officer)
                             
                                       /s/ Gregory Riedel
                                       -----------------------------------------
                                       Gregory Riedel, Vice President,
                                       Finance and Chief Financial Officer
                                       (Principal Financial and Accounting
                                       Officer)



                                       13
<PAGE>   14


                                    GALILEO CORPORATION
                                     INDEX TO EXHIBITS




  EXHIBIT NO.                                                   PAGE NO.
  -----------                                                   --------
      11        Calculation of Earnings Per Share                  15


      27        Financial Data Schedule                           EDGAR
                                                                 Filing
                                                                  Only

                                       14