<PAGE>   1
   
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                               -------------------

                                 FORM 10-QSB/A

                AMENDMENT TO FORM 10-QSB/A FILED PURSUANT TO THE
                         SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998



                                 CVF CORPORATION
        (Exact name of small business issuer as specified in its charter)


                                 Amendment No. 1

     The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Form 10-QSB for the quarter ended
June 30, 1998 as set forth in the pages attached hereto:

     Part I. Item 1 - Financial Statements
     Part II. Item 2 - Changes in Securities

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                           CVF Corporation

Date:  September 24, 1998                  By:  /c/ Jeffrey Dreben
                                               -------------------------------
                                           Name: Jeffrey Dreben
                                           Title: Chairman of the Board
                                           President and Chief Executive
                                           Officer


                              Page 1 of 9 Pages
    

<PAGE>   2



                         PART I - FINANCIAL INFORMATION


Item 1.    Financial Statements.
           --------------------           


                        CVF CORPORATION AND SUBSIDIARIES
                        --------------------------------
                           CONSOLIDATED BALANCE SHEET
                           --------------------------
                                   (UNAUDITED)
                                   -----------

<TABLE>
<CAPTION>
                                                                              June 30,
                                                                                1998
                                                                           -------------

                                     ASSETS
                                     ------

<S>                                                                        <C>         
CURRENT ASSETS:
      Cash and cash equivalents                                            $  2,647,469
      Restricted cash                                                           670,532
      Marketable securities, at market                                          154,242
      Trade receivables                                                       1,569,324
      Inventory                                                                 647,585
      Prepaid expenses and other                                                469,644
      Income taxes receivable                                                 1,100,000
                                                                           ------------
           TOTAL CURRENT ASSETS                                               7,258,796

PROPERTY AND EQUIPMENT, net of accumulated depreciation                         351,463
HOLDINGS, carried at cost or equity                                           1,154,487
HOLDINGS AVAILABLE FOR SALE ,  at market                                      3,049,557
GOODWILL, net of accumulated amortization                                     5,086,132
                                                                           ------------

                                                                           $ 16,900,435
                                                                           ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES:
      Bank indebtedness                                                    $    801,790
      Trade payables                                                          1,362,314
      Accrued expenses                                                        1,007,774
      Dividends payable                                                         209,865
                                                                           ------------
           TOTAL CURRENT LIABILITIES                                          3,381,743
                                                                           ------------

LONG TERM DEBT                                                                1,259,436
DEFERRED INCOME TAXES                                                           663,972
MINORITY INTEREST                                                               965,167
PREFERRED STOCK OF SUBSIDIARIES                                                 510,000
REDEEMABLE SERIES A PREFERRED STOCK                                             456,250

STOCKHOLDERS' EQUITY:
      Common stock, $0.001 par value, authorized 50,000,000 shares,
          6,132,528 issued and 370,900  in treasury                               6,133
      Additional paid in capital                                             14,178,666
      Treasury stock                                                         (2,418,211)
      Accumulated other comprehensive income (note 6)                           976,322
      Retained earnings (accumulated deficit)                                (3,079,043)
                                                                           ------------
           TOTAL STOCKHOLDERS' EQUITY                                         9,663,867
                                                                           ------------

                                                                           $ 16,900,435
                                                                           ============
</TABLE>


                 See notes to consolidated financial statements


<PAGE>   3

                        CVF CORPORATION AND SUBSIDIARIES
                        --------------------------------

                      CONSOLIDATED STATEMENT OF OPERATIONS
                      ------------------------------------

                                   (UNAUDITED)
                                   -----------


<TABLE>
<CAPTION>
                                                          Three months ended June 30,                Six months ended June 30,
                                                       ---------------------------------         ---------------------------------
                                                           1998                1997                  1998                 1997
                                                       ------------         ------------         ------------         ------------
                                                                              (Restated)                               (Restated)

<S>                                                    <C>                  <C>                  <C>                  <C>         
SALES                                                  $    856,611              293,386         $  1,504,364         $    555,241

COST OF SALES                                               452,800               52,282              873,335              137,950
                                                       ------------         ------------         ------------         ------------

GROSS PROFIT                                                403,811              241,104              631,029              417,291
                                                       ------------         ------------         ------------         ------------

EXPENSES:
      Selling, general and administrative                 1,861,431              751,124            4,701,795            1,569,170
      Research and development                                    0                  340                    0               11,919
                                                       ------------         ------------         ------------         ------------
           TOTAL EXPENSES                                 1,861,431              751,464            4,701,795            1,581,089
                                                       ------------         ------------         ------------         ------------

INCOME (LOSS) FROM OPERATIONS                            (1,457,620)            (510,360)          (4,070,766)          (1,163,798)
                                                       ------------         ------------         ------------         ------------

OTHER INCOME AND (EXPENSES):
      Interest income (expense), net                         98,042               91,152              388,977              167,263
      Other income (expense), net                          (150,952)             (62,061)             107,799              134,838
      Income (loss) from equity affiliates                 (501,236)             205,664             (803,709)              39,884
      Gain (loss) on sale of investments                     13,968              171,798              386,262           18,332,223
      Minority interest                                      30,296                    0              358,324                    0
                                                       ------------         ------------         ------------         ------------
           TOTAL OTHER INCOME AND (EXPENSES)               (509,882)             406,553              437,653           18,674,208
                                                       ------------         ------------         ------------         ------------

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES          (1,967,502)            (103,807)          (3,633,113)          17,510,410

      Provision (benefit) for income taxes                 (904,586)            (605,460)            (984,386)           6,689,430
                                                       ------------         ------------         ------------         ------------

NET INCOME (LOSS)                                      $ (1,062,916)        $    501,653         $ (2,648,727)        $ 10,820,980
                                                       ============         ============         ============         ============

NET INCOME (LOSS) PER SHARE - BASIC                    $      (0.19)        $       0.08         $      (0.46)        $       1.82
                                                       ============         ============         ============         ============
NET INCOME (LOSS) PER SHARE - DILUTED                  $      (0.19)        $       0.08         $      (0.46)        $       1.69
                                                       ============         ============         ============         ============

WEIGHTED SHARES USED IN COMPUTATION - BASIC               5,764,628            5,928,889            5,756,583            5,928,889
                                                       ============         ============         ============         ============
WEIGHTED SHARES USED IN COMPUTATION - DILUTED             5,764,628            6,395,753            5,756,583            6,395,753
                                                       ============         ============         ============         ============
</TABLE>



                 See notes to consolidated financial statements.

<PAGE>   4

                        CVF CORPORATION AND SUBSIDIARIES
                        --------------------------------

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                      ------------------------------------

                                   (UNAUDITED)
                                   -----------

<TABLE>
<CAPTION>
                                                                                       Six Months Ended June 30,
                                                                                   ---------------------------------
                                                                                       1998                 1997
                                                                                   ------------         ------------
                                                                                                          (Restated)
<S>                                                                                <C>                  <C>         
CASH FLOW FROM OPERATING ACTIVITIES:
      Net income (loss)                                                            $ (2,648,727)        $ 10,820,980
                                                                                   ------------         ------------

      Adjustments to reconcile net income (loss) to net cash from operating
      activities:
           Depreciation and amortization                                                198,106              140,081
           (Income) loss from equity affiliates                                         803,709              (39,884)
           Gain on sale of investments                                                 (386,262)         (18,332,223)
           Deferred tax benefit                                                        (115,614)                   0
           Minority interest in earnings (losses) of subsidiaries                      (358,324)                   0

      Changes in operating assets and liabilities (net of acquisitions):
           (Increase) decrease in accounts receivable                                  (467,323)             174,554
           (Increase) decrease in inventory                                            (257,460)             (20,426)
           (Increase) decrease in prepaid expenses and other                           (142,748)            (328,677)
           (Increase) decrease in income taxes receivable                            (1,100,000)                   0
           Increase (decrease) in accounts payable and accrued expenses                 (33,756)            (254,663)
           Increase (decrease) in income taxes payable                               (1,820,598)           2,761,666
                                                                                   ------------         ------------
                                                                                     (3,680,270)         (15,899,572)
                                                                                   ------------         ------------

CASH PROVIDED (USED) IN OPERATING ACTIVITIES                                         (6,328,997)          (5,078,592)
                                                                                   ------------         ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Purchase of property and equipment                                               (195,089)                   0
      Investments in and advances to equity affiliates                                 (599,375)            (724,189)
      Repayments from equity affiliates                                                  42,292              321,200
      Purchase of marketable securities                                                (118,118)                   0
      Proceeds from sale of investments                                                 382,952           19,097,838
                                                                                   ------------         ------------

CASH PROVIDED (USED) IN INVESTING ACTIVITIES                                           (487,338)          18,694,849
                                                                                   ------------         ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
      Borrowings (payments) of debt                                                           0               42,615
      Decrease in restricted cash                                                        11,829                    0
      Sale of common stock                                                              360,000                    0
      Borrowings (payments) of debt to related parties                                        0               63,135
      Purchase of treasury stock                                                       (556,162)          (1,133,580)
                                                                                   ------------         ------------

CASH PROVIDED (USED) IN FINANCING ACTIVITIES                                           (184,333)          (1,027,830)
                                                                                   ------------         ------------

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
      CASH EQUIVALENTS                                                                 (283,769)                   0
                                                                                   ------------         ------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                 (7,284,437)          12,588,427

CASH AND CASH EQUIVALENTS - beginning of period                                       9,931,906            1,895,276
                                                                                   ------------         ------------

CASH AND CASH EQUIVALENTS - end of period                                          $  2,647,469         $ 14,483,703
                                                                                   ============         ============
</TABLE>



                 See notes to consolidated financial statements

<PAGE>   5


                        CVF CORPORATION AND SUBSIDIARIES
                        --------------------------------

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

                         SIX MONTHS ENDED JUNE 30, 1998
                         ------------------------------
                                   (UNAUDITED)
                                   -----------



1.       BASIS OF PRESENTATION
         ---------------------

                  The accompanying financial statements are unaudited, but
         reflect all adjustments which, in the opinion of management, are
         necessary for a fair presentation of financial position and the results
         of operations for the interim periods presented. All such adjustments
         are of normal and recurring nature. The results of operations for any
         interim period are not necessarily indicative of the results attainable
         for a full fiscal year.

2.       INCOME (LOSS) PER SHARE
         -----------------------

   
                  Basic earnings (loss) per share is computed by dividing net
         income (loss) available to common stockholders by the weighted average
         number of common shares outstanding during the period. Diluted earnings
         (loss) per share reflects the per share amount that would have resulted
         if diluted potential common stock had been converted to common stock, 
         as prescribed by SFAS 128.         
    

3.       INVESTMENTS
         -----------

                  The following table gives certain summarized unaudited
         financial information related to the Company's equity basis holdings:


<TABLE>
<CAPTION>
                                                          Six Months Ended
                                                               June 30,
                                               ----------------------------------------
                                                   1998                         1997
                                               ----------------------------------------
<S>                                            <C>                         <C>        
Net sales                                      $     786,824               $   876,183

Gross profit on sales                                 89,525                    28,208

Income (loss) from continuing operations
                                                  (1,635,501)                1,481,996

Net income (loss)                                 (1,635,501)                1,481,996
</TABLE>



<PAGE>   6



4.       INTERIM FINANCIAL STATEMENT DISCLOSURES
         ---------------------------------------

                  Certain information and footnote disclosures normally included
         in financial statements presented in accordance with generally accepted
         accounting principles have been condensed or omitted from the
         accompanying unaudited interim financial statements. Reference is made
         to the Company's audited financial statements for the year ended
         December 31, 1997 included in the Company's Annual Report on Form
         10-KSB/A filed with the Securities and Exchange Commission on April 29,
         1998.

5.       RESTATEMENT
         -----------

                  The financial statements for the quarter ended June 30, 1997
         have been restated to reflect the retroactive adoption of SFAS No. 128,
         "Earnings per Share" and for the effect of a change in accounting
         previously reported in the Company's Form 10-KSB/A for the year ended
         December 31, 1997.

6.       COMPREHENSIVE INCOME
         --------------------

                  During the quarter ended March 31, 1998, the Company adopted
         SFAS No. 130, "Reporting Comprehensive Income". Statement No. 130
         requires the reporting of comprehensive income in addition to net
         income from operations. Comprehensive income is a more inclusive
         financial reporting methodology that includes disclosures of certain
         financial information that historically has not been recognized in the
         calculation of net income. Other comprehensive income for the six
         months ended June 30, 1998 consisted of $685,040 of unrealized gains
         from available for sale securities and a $389,485 in loss on foreign
         currency translation totaling to $1,074,525. The amounts for the six
         months ended June 30, 1997 consisted of $846,441 of unrealized gains
         from available for sale securities and a $277,252 in loss on foreign
         currency translation, totaling to $1,123,693.

7.       AMALGAMATION OF DANTEC CORPORATION
         ----------------------------------

                  Dantec Corporation (Dantec) was created on June 30, 1998 on
         the amalgamation of Dantec Electronics Limited, a wholly-owned
         subsidiary, with Dantec Systems Corporation, a company in which CVF had
         a 41% interest. Dantec is an industrial automation company based in
         Waterloo, Ontario that uses proprietary advanced process-control
         algorithms to develop, manufacture and market a range of automated
         precision moisture-detection, measurement and manufacturing control
         systems. CVF Corporation owns, directly and indirectly, 4,845,000
         common shares of Dantec, representing 54% of the total outstanding
         voting securities of Dantec.

8.       SUBSEQUENT EVENT
         ----------------

                  In July 1998, CVF Corporation issued 997,230 

<PAGE>   7



         shares pursuant to a Canadian public offering at a gross price of U.S.
         $5 per share for net cash proceeds of U.S. $4,937,498.






<PAGE>   8
                          PART II - OTHER INFORMATION

Item 1.    Legal Proceedings.
           ------------------

           None.


Item 2.    Changes in Securities.
           ------------------------------------------

           On June 3, 1998 the Company issued 25,570 Common Shares of the
Company to C.A. Misener Enterprises, Inc., a Canadian Corporation, in exchange 
for 720,000 class A shares in Gemprint. The transaction was exempt under 
Regulation S under the Securities Act of 1933.

           On July 31, 1998 the Company completed its public offering filed on
July 6, 1998 with security regulators in all of the provinces of Canada (except
Quebec). 997,230 common shares were sold in this offering, with the Company
receiving net proceeds from the underwriter, HSBC James Capel Canada Inc., of
U.S. $4,937,498 (Cdn. $7,355,391). Approximately U.S. $715,000 (Cdn. $1,051,000)
of estimated issue costs are yet to be paid out of the proceeds. All of the
payments, of issue costs, are direct payments, to others; none are to officers,
directors, ten percent holders or affiliates of the issuer. About half of the
proceeds would be used to fund the growth of CVF Companies in order to enable
them to meet their respective business plans and the other half will be used for
the purpose of strategic mergers and acquisitions of business that are directly
related to the existing CVF Companies. The SEC file number on this prospectus is
333-51757. In addition to the 997,230 common shares sold for the Company, 25,570
common shares were sold for C.A. Misener Enterprises Inc. for US $137,321 (Cdn
$204,560) and 100,000 common shares were sold for Murray Sinclair for US
$537,040 (Cdn $800,000). These two transactions represent the complete sale of
the secondary offering.

Item 3.    Defaults Upon Senior Securities.
           --------------------------------

           None.


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

           None.

<PAGE>   9



   


                                  SIGNATURES




        In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


DATED:  September 24, 1998

                                        CVF CORPORATION


                                        By:       /s/ Jeffrey Dreben           
                                           ----------------------------------  
                                        Name:  Jeffrey Dreben                  
                                        Title: Chairman of the Board, President
                                               and Chief Executive Officer      

                

                                        By:       /s/ Robert Nally             
                                           ----------------------------------  
                                        Name:  Robert Nally                    
                                        Title: Secretary and Treasurer