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

                                 FORM 10-KSB/A

            [X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                    THE SECURITIES AND EXCHANGE ACT OF 1934

            [_]  TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

       FOR THE TRANSITION PERIOD FROM ______________ TO ________________

                       COMMISSION FILE NUMBER:  1-11883

                                EMB CORPORATION
                                ---------------
                (NAME OF SMALL BUSINESS ISSUER IN ITS CHARTER)

                 HAWAII                                  95-3811580
      ------------------------------        -----------------------------------
     (STATE OR OTHER JURISDICTION OF        (I.R.S. EMPLOYER IDENTIFICATION NO.)
     INCORPORATION OR ORGANIZATION)

        3200 BRISTOL AVENUE, 8/TH/ FLOOR, COSTA MESA, CALIFORNIA  92626
        ---------------------------------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

ISSUER'S TELEPHONE NUMBER:  (714) 437-0715

SECURITIES REGISTERED UNDER SECTION 12(B) OF THE EXCHANGE ACT:
 
                                            NAME OF EACH EXCHANGE ON WHICH
         TITLE OF EACH CLASS                          REGISTERED
--------------------------------------  --------------------------------------
                                      
                 N/A                                     N/A


SECURITIES REGISTERED UNDER SECTION 12(G) OF THE EXCHANGE ACT:

                          COMMON STOCK, NO PAR VALUE

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 ___

     Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.  [X]

     State issuer's revenues for its most recent fiscal year:  $4,156,193
     The aggregate market value of voting stock held by non-affiliates of the
     registrant as of January 9, 1998:
          Common stock, no par value:  $11,795,818
     The number of shares of the registrant's common stock outstanding as of
December 31, 1997: 8,641,42 shares

     Documents incorporated by reference: Certain exhibits to the Form 10-KSB
for the fiscal year ended September 30, 1996, and the Registration Statement on
Form SB-2 (File No. 333-21719) and amendments thereto of the registrant are
incorporated herein by reference.

     Transitional Small Business Disclosure Format:

                      Yes _______               No    X
                                                    -------
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ITEM 13.   EXHIBITS AND REPORTS ON FORM 8-K.
           --------------------------------

           (a)    Exhibits:
                  --------

                  27.*   Financial Data Schedule.

                  ---------------------
                  *Filed herewith









         
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                                  SIGNATURES

               In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant has caused this Amendment to its 10-KSB report to be signed on its
behalf by the undersigned, thereunto duly authorized.



Registrant:         EMB CORPORATION


               By:  /s/ James E. Shipley
                    _______________________________________
                    James E. Shipley, President


               In connection with the Exchange Act, this report has been signed
below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.


Date: January 15, 1998                  
                                        
                                        
By:   /s/ James E. Shipley                 /s/ William V. Perry
      -----------------------------        -------------------------------------
      James E. Shipley                     William V. Perry
      Director and President               Director and Executive Vice President
                                        
                                        
      /s/ B. Joe Wimer                     /s/ Bruce J. Brosky
      -----------------------------        -------------------------------------
      B. Joe Wimer                         Bruce J. Brosky
      Director, Secretary, Treasurer,      Director and Vice President-Marketing
       Chief Financial Officer and          and Public Relations
       Principal Accounting Officer                     
                                        
                                        
      /s/ Joseph K. Brick                  /s/ Michael P. Roth
      -----------------------------        -------------------------------------
      Joseph K. Brick                      Michael P. Roth
      Director and Vice President          Director and Vice President
       of EMB Mortgage Corporation      

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