<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10-QSB


(Mark One)

(x) Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
1934 for the quarter ended June 30, 2001.

( ) Transition report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the period from _________________ to ______________.

Commission file number:  0-11744

                        Publishers Equipment Corporation
          ------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


           Texas                          75-1653425
--------------------------- -------------------------------------
 (State of incorporation)    (I.R.S. Employer Identification No.)


   16660 Dallas Parkway, Suite 1100, Dallas, Texas                75248
---------------------------------------------------             ----------
(Address of principal executive offices)                        (zip code)

Registrant's telephone number, including area code: 972-931-2312


Check whether the issuer (1) 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
                               ---        ---

Number of shares outstanding of the issuer's common stock as of August 3, 2001,
5,249,321 shares of common stock, no par value.



Page 1 of 9 sequentially numbered pages.


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                         PART I -- FINANCIAL INFORMATION

Item 1.  Financial Statements

                          Index to Financial Statements


<Table>
<Caption>
                                                                         Page
                                                                         ----
<S>                                                                      <C>
Publishers Equipment Corporation Consolidated
  Balance Sheet                                                            3


Publishers Equipment Corporation Consolidated
  Statements of Operations                                                 4


Publishers Equipment Corporation Consolidated
  Statements of Cash Flows                                                 5
</Table>



In the opinion of management, the financial statements contained herein include
all adjustments, which adjustments are of a normal recurring nature, necessary
for a fair presentation of the Company's consolidated financial position and
results of operations and cash flows. Results of operations for the period ended
June 30, 2001, are not necessarily indicative of results of operations for the
entire year.


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<PAGE>   3


                        PUBLISHERS EQUIPMENT CORPORATION
                           CONSOLIDATED BALANCE SHEET
                                 (In Thousands)
                                   (Unaudited)


<Table>
<Caption>
                                                                       June 30,
                                                                         2001
                                                                       --------
<S>                                                                    <C>
                                    ASSETS

Cash and cash equivalents ..........................................   $     13
Accounts receivable ................................................        845
Inventories ........................................................     12,605
Other current assets ...............................................        101
                                                                       --------
    Total current assets ...........................................     13,564

Property, plant and equipment, net .................................        948

Non current assets .................................................         51
                                                                       --------

TOTAL ASSETS .......................................................   $ 14,563
                                                                       ========

                     LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued liabilities ...........................   $  3,052
Accrued warranty expense ...........................................         68
Customer deposits ..................................................      3,111
Current portion long term debt .....................................        200
                                                                       --------
    Total current liabilities ......................................      6,431

Convertible subordinated note ......................................        500
Long term debt .....................................................      4,952
Other liabilities ..................................................         85

Shareholders' equity:
    Common stock ...................................................     19,315
    Treasury stock .................................................       (168)
    Retained deficit ...............................................    (16,552)
                                                                       --------
       Total shareholders' equity ..................................      2,595
                                                                       --------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY .........................   $ 14,563
                                                                       ========
</Table>



     Page 3 of 9 sequentially numbered pages.


<PAGE>   4


                        PUBLISHERS EQUIPMENT CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                (In Thousands Except Share and Per Share Amounts)
                                   (Unaudited)


<Table>
<Caption>
                                                       Three Months Ended          Six Months Ended
                                                           June 30,                    June 30,
                                                      2001          2000          2001          2000
                                                   ----------    ----------    ----------    ----------
<S>                                                <C>           <C>           <C>           <C>
Revenues .......................................   $    1,273    $    1,312    $    2,772    $    4,619

Cost of revenues ...............................        1,024           995         2,402         3,614
                                                   ----------    ----------    ----------    ----------

Gross profit ...................................          249           317           370         1,005

Selling, general and administrative expense ....          544           592         1,048         1,179
                                                   ----------    ----------    ----------    ----------

Operating loss .................................         (295)         (275)         (678)         (174)

Interest expense ...............................         (130)         (108)         (250)         (210)
Interest income ................................           --            --            --            --
Other income (expense), net ....................            2            --           (11)            7
                                                   ----------    ----------    ----------    ----------

Loss before taxes ..............................         (423)         (383)         (939)         (377)

Provision for income tax .......................           --            --            --            --
                                                   ----------    ----------    ----------    ----------

Net loss .......................................   $     (423)   $     (383)   $     (939)   $     (377)
                                                   ==========    ==========    ==========    ==========

Weighted average shares outstanding:
      Basic ....................................    5,249,321     5,249,321     5,249,321     5,249,321
      Diluted ..................................    5,249,321     5,249,321     5,249,321     5,249,321

Loss per share:
      Basic ....................................   $    (0.08)   $    (0.07)   $    (0.18)   $    (0.07)
      Diluted ..................................   $    (0.08)   $    (0.07)   $    (0.18)   $    (0.07)
</Table>


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                        PUBLISHERS EQUIPMENT CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In Thousands)
                                   (Unaudited)


<Table>
<Caption>
                                                                 Six Months Ended
                                                                     June 30,
                                                                 2001        2000
                                                               --------    --------
<S>                                                            <C>         <C>
Cash flows from operating activities:
   Net loss ................................................   $   (939)   $   (377)
Adjustments to reconcile net loss to
     net cash provided by operating activities:
           Depreciation and amortization ...................         78          75
           Provision for losses on doubtful accounts .......         15           7

Change in assets and liabilities:
           Decrease in accounts receivable .................        701          31
           Increase in inventories .........................     (4,696)     (1,263)
           (Increase) decrease in other current assets .....         (5)         30
           Decrease in non current assets ..................         22          --
           Increase (decrease) in accounts payable and
                 accrued liabilities .......................        414        (159)
           Decrease in accrued warranty expense ............        (59)        (19)
           Increase in customer deposits ...................      3,031       1,742
                                                               --------    --------
   Net cash provided by (used in) operations ...............     (1,438)         67
                                                               --------    --------

Additions to property, plant and equipment .................         (9)         --

Cash flows from financing activities:
      Total borrowings .....................................      4,031       4,750
      Total repayments .....................................     (3,879)     (4,853)
                                                               --------    --------
   Net cash provided by (used in) financing activities .....        152        (103)
                                                               --------    --------

Net decrease in cash and cash equivalents ..................     (1,295)        (36)

Cash and cash equivalents at beginning of period ...........      1,308          43
                                                               --------    --------

Cash and cash equivalents at end of period .................   $     13    $      7
                                                               ========    ========
</Table>



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

The Company serves the printing industry worldwide with new and remanufactured
single-width, web-fed offset printing equipment through its wholly owned
subsidiary King Press Corporation. Its products meet the needs of printers and
publishers, and range from cost effective presses for newspaper production to
heatset equipment that meet the high quality requirements of commercial
printers. The Company's customer base includes a broad range of small
newspapers, commercial and semi-commercial printers.

                              Results of Operations

Three Months Ended June 30, 2001

REVENUES. Revenues of $1,273,000 for the second quarter of 2001 compare to
$1,312,000 for the second quarter of 2000, a decrease of approximately 3
percent. Revenues derived from sales to domestic customers decreased
approximately 46 percent in the current quarter compared to the second quarter
of 2000, while revenues derived from sales to foreign customers increased
approximately 132 percent in the same period.

The Company's financial results for the second quarter of 2001 were affected
primarily by a delay in the shipment of printing equipment to a domestic
customer. This equipment order was scheduled for delivery in June, but did not
ship until July when modifications to the customer's facility required for
installation of the equipment were completed.

Domestic print advertising expenditures, which represent the major source of
income for the Company's customer base, continued to decline in the second
quarter of 2001 with the slowdown in the U.S. economy. Trade publications report
that forecast growth in U.S. print media spending in 2001 over 2000 has been
reduced by one-half, from an estimate of approximately 5.0% entering the year to
a current outlook of 2.5% growth. This lower forecast is a result of a deeper
than expected drop off in the economy, reflected primarily in declines in
classified advertising expenditures and a lack of advertising spending by
"dot.com" companies.

The slowdown in the U.S. economy and lower level of print advertising
expenditures will affect the equipment purchase decisions of printers and
publishers during the year. With the delay in shipment of the equipment
scheduled for June delivery, the Company has two large orders that will be
delivered in the third quarter of the current year, but must book additional
domestic orders early in the third quarter, under more difficult market
conditions, in order to make deliveries in the fourth quarter of the year.

Sales to foreign customers accounted for approximately 58 percent of total
revenues in the second quarter of 2001, compared to 24 percent in the year
earlier quarter. Included in deliveries in the current quarter were the
Company's newest Print King IV printing units sold as add-ons to an existing
customer's press installation in Nigeria. The Company currently has no other
foreign orders in backlog for 2001 delivery, but is pursuing additional orders
and expects revenues derived from sales to foreign customers to remain a
significant component of its total revenues.



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GROSS PROFIT. Gross profit for the second quarter of 2001 of $249,000, or 19.6
percent of revenues, compares to $317,000, or 24.2 percent of revenues, for the
second quarter of 2000. The reduction in gross profit expressed as a percent of
revenues results primarily from lower profit margins on equipment sold in the
current quarter.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE. Selling, general and administrative
expense for the second quarter of 2001 of $544,000, or 42.7 percent of revenues,
compares to $592,000, or 45.1 percent of revenues, for the second quarter of
2000.

OTHER INCOME (EXPENSE). Interest expense of $130,000 for the second quarter of
2001 compares to $108,000 for the second quarter of 2000, and is attributable
primarily to borrowings under the King Press Corporation term loan and revolving
lines of credit (See "Financial Position and Liquidity").

NET INCOME (LOSS). A net loss for the second quarter of 2001 of $423,000, or
33.2 percent of revenues, compares to a net loss of $383,000, or 29.2 percent of
revenues, for the second quarter of 2000.

Six Months Ended June 30, 2001

REVENUES. Revenues of $2,772,000 for the first six months of 2001 compare to
$4,619,000 for the first six months of 2000, a reduction of approximately 40
percent. Revenues derived from sales to domestic customers decreased
approximately 53 percent in the first half of 2001 compared to the first half of
2000, while revenues derived from sales to foreign customers increased
approximately 16 percent in the same period. Foreign revenues accounted for
approximately 37 percent of total revenues in the first half of 2001, compared
to approximately 19 percent of total revenues in the prior year.

GROSS PROFIT. Gross profit of $370,000, or 13.3 percent of revenues, for the
first six months of 2001 compares to $1,005,000, or 21.8 percent of revenues,
for the first six months of 2000. The reduction in gross profit expressed as a
percent of revenues in the fist half of 2001 is attributable primarily to the
lower level of revenues in the current period.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE. Selling, general and administrative
expense of $1,048,000, or 37.8 percent of revenues, for the first half of 2001
compares to $1,179,000, or 25.5 percent of revenues, for the first half of 2000.
While selling, general and administrative expense was reduced in the current
period, it increased in the first half of 2001 when expressed as a percent of
revenues due to the lower level of revenues in the period.

OTHER INCOME (EXPENSE). Interest expense of $250,000 for the first half of 2001
compares to $210,000 for the first half of 2000 and is attributable primarily to
borrowings under the King Press Corporation term note and revolving lines of
credit (See "Financial Position and Liquidity").

NET INCOME (LOSS). A net loss of $939,000, or 33.9 percent of revenues, for the
first six months of 2001 compares to a net loss of $377,000, or 8.2 percent of
revenues, for the first six months of 2000.



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                        Financial Position and Liquidity

The Company's wholly-owned operating subsidiary King Press Corporation was
supported in the second quarter of 2001 by a secured $1,000,000 revolving line
of credit for domestic sales that matures May 31, 2003; a secured $2,000,000
revolving line of credit for foreign sales, guaranteed by the United States
Export-Import Bank, that matures May 31, 2003; and a secured $3,000,000 term
loan that matures December 1, 2003. The loan agreement pertaining to revolving
lines of credit and term note includes restrictions on indebtedness, liens, the
disposal of assets and requires that certain financial ratios be maintained; and
provides security through a cross collateralization of all King Press
Corporation assets and the guaranty of the Company.

At June 30, 2001, King Press Corporation had $267,000 outstanding under the
domestic revolving line of credit, $1,985,000 outstanding under the foreign
revolving line of credit and $2,900,000 owed under the term loan, $200,000 of
which is current. King Press Corporation was in compliance with or had obtained
waivers for all loan covenants at June 30, 2001.

At June 30, 2001, the Company owes $500,000 under a Convertible Subordinated
Note due December 31, 2002.

The Company's backlog at June 30, 2001, totaled $8,286,000 compared to
$3,867,000 at December 31, 2000.


                          PART II -- OTHER INFORMATION

Item 1.  Legal Proceedings.

                  The Company and its subsidiaries from time to time become
                  involved in various claims and lawsuits incidental to their
                  businesses. In the opinion of management of the Company, any
                  ultimate liability arising out of currently pending claims and
                  lawsuits will not have a material adverse effect on the
                  consolidated financial condition or results of operations of
                  the Company.

Item 2.  Changes in Securities.

                  Not Applicable.

Item 3.  Defaults upon Senior Securities.

                  Not Applicable.

Item 4.  Submission of Matters to a Vote of Security Holders.

                  Not Applicable



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Item 5.  Other Information.

                  Not Applicable.

Item 6.  Exhibits and Reports on Form 8-K.

                  Not Applicable.


                                   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.


                                         PUBLISHERS EQUIPMENT CORPORATION


August 3, 2001                           By:    /s/Roger R. Baier
                                               ------------------------------
                                               Roger R. Baier
                                               Vice President Finance &
                                               Treasurer
                                               (Principal Financial Officer)


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