<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                                    FORM 10-Q

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2001.

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the Transition Period from ___________________ to ________________.


                         Commission File Number: 0-23397

                                U.S. VISION, INC.
             (Exact name of registrant as specified in its charter)


                DELAWARE                               22-3032948
     (State or other jurisdiction of               (I.R.S. Employer
      incorporation or organization)              Identification No.)


1 HARMON DRIVE, GLEN OAKS INDUSTRIAL PARK, GLENDORA, NEW JERSEY       08012
         (Address of principal executive offices)                   (Zip Code)


                                 (856) 228-1000

              (Registrant's telephone number, including area code)

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 [ ]

As of June 1, 2001 there were 7,802,942 shares of the registrant's common stock
outstanding.
<PAGE>   2
                                U.S. VISION, INC.
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                           Page
                                                                          Number
<S>                                                                       <C>
PART I. FINANCIAL INFORMATION

 Item 1. Financial Statements

         Condensed Consolidated Balance Sheets (Unaudited)
         April 30, 2001 and January 31, 2001 ..............................   1

         Condensed Consolidated Statements of Income (Unaudited)
         Three Months Ended April 30, 2001 and 2000........................   2

         Condensed Consolidated Statements of Cash Flow (Unaudited)
         Three Months Ended April 30, 2001 and 2000........................   3

         Notes to Condensed Consolidated Financial Statements (Unaudited)..   4

 Item 2. Management's Discussion and Analysis of
         Financial Condition and Results of Operations.....................   6


PART II. OTHER INFORMATION

 Item 6. Exhibits and Reports on Form 8-K..................................   9


SIGNATURES.................................................................  10
</TABLE>
<PAGE>   3
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                                U.S. VISION, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                      April 30,       January 31,
                                                                         2001             2001
                                                                      ---------       -----------
<S>                                                                   <C>              <C>
     ASSETS
     Current assets:
              Cash                                                    $     251        $     240
              Accounts receivable                                        10,686           10,879
              Finished goods inventory                                   20,322           20,954
              Prepaid expenses and other                                  1,025            1,130
                                                                      ---------        ---------
     Total current assets                                                32,284           33,203
     Property, plant, and equipment, net                                 39,545           40,524
     Goodwill, net of accumulated amortization of
       $1,304 and $1,217, respectively                                    6,269            6,356
     Other                                                                  869              995
                                                                      ---------        ---------
                                                                      $  78,967        $  81,078
                                                                      =========        =========

     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities:
              Accounts payable -- trade                               $   7,896        $   4,865
              Accrued expenses                                            4,355            6,483
              Current portion of obligations under capital lease          1,010              945
              Current portion of long-term debt                             436              450
                                                                      ---------        ---------
     Total current liabilities                                           13,697           12,743
     Obligations under capital lease                                      2,086            2,272
     Long-term debt, less current portion                                11,759           16,112
     Other long-term liabilities                                            505              505
     Shareholders' equity:
              Common stock, $0.01 par value:
                 Authorized shares -- 15,000,000, issued and
                 outstanding shares -- 7,802,942                             78               78
              Additional paid-in capital                                115,766          115,766
              Accumulated deficit                                       (64,924)         (66,398)
                                                                      ---------        ---------
     Total shareholders' equity                                          50,920           49,446
                                                                      ---------        ---------
     Total liabilities and shareholders' equity                       $  78,967        $  81,078
                                                                      =========        =========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.


                                       1
<PAGE>   4
                                U.S. VISION, INC
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                     Three Months Ended
                                                          April 30,
                                                    ---------------------
                                                      2001          2000
                                                    -------       -------
<S>                                                 <C>           <C>
     Net sales                                      $36,805       $41,894
     Cost of sales                                   11,148        12,854
                                                    -------       -------
     Gross profit                                    25,657        29,040

     Operating expenses:
              Selling, general, and administrative
                       expenses                      22,529        25,063
              Depreciation and amortization           1,325         1,358
                                                    -------       -------
                                                     23,854        26,421
                                                    -------       -------

     Operating income                                 1,803         2,619
     Interest expense, net                              288           149
                                                    -------       -------

     Income before income tax provision               1,515         2,470
     Income tax provision                                41           125
                                                    -------       -------
     Net income                                     $ 1,474       $ 2,345
                                                    =======       =======
     Net income per share - basic                   $  0.19       $  0.30
                                                    =======       =======
     Net income per share - assuming dilution       $  0.19       $  0.30
                                                    =======       =======
</TABLE>


     See accompanying notes to condensed consolidated financial statements.


                                       2
<PAGE>   5
                                U.S. VISION, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                             Three Months Ended
                                                                  April 30,
                                                            --------------------
                                                              2001        2000
                                                            --------    --------
<S>                                                         <C>         <C>
 CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                                 $  1,474    $  2,345
 Adjustments to reconcile net income to net
 cash provided by (used in) operating
 activities:
     Depreciation and amortization                             1,325       1,358
     Gain on sale of manufacturing facility                     (412)         --
     Changes in operating assets and liabilities:
         Accounts receivable                                     621         749
         Inventory                                               632       1,248
         Other                                                   225        (200)
         Accounts payable - trade                              3,031      (1,606)
         Accrued expenses                                     (2,465)       (338)
                                                            --------    --------
 Net cash provided by operating activities                     4,431       3,556

 CASH FLOWS FROM INVESTING ACTIVITIES:
 Additions to property, plant, and equipment, net               (746)     (1,772)
 Proceeds from sale of manufacturing facility                    899          --
                                                            --------    --------
 Net cash provided by (used in) investing activities             153      (1,772)

 CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds from borrowings:
     Revolving line of credit                                 17,666      19,944
     Other                                                        --         300
 Repayments of borrowings:
     Revolving line of credit                                (21,901)    (21,325)
     Term loans                                                  (96)       (101)
     Other                                                      (242)       (432)
                                                            --------    --------
 Net cash used in financing activities                        (4,573)     (1,614)
                                                            --------    --------
 Net increase in cash                                             11         170
 Cash at beginning of period                                     240         454
                                                            --------    --------
 Cash at end of period                                      $    251    $    624
                                                            ========    ========
</TABLE>


See accompanying notes to condensed consolidated financial statements.


                                       3
<PAGE>   6
                                U.S. VISION, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.       BASIS OF FINANCIAL STATEMENT PRESENTATION

        The accompanying unaudited condensed consolidated financial statements
of U.S. Vision, Inc. and its wholly owned subsidiaries have been prepared in
accordance with accounting principles generally accepted in the United States
for interim financial reporting. Accordingly, they do not include all of the
information and notes required by generally accepted accounting principles for
complete financial statements and should be read in conjunction with the
company's audited consolidated financial statements and notes which are
included in the company's annual report on Form 10-K, as amended, for the
fiscal year ended January 31, 2001. All significant intercompany transactions
and balances have been eliminated in consolidation. In the opinion of
management, all adjustments (consisting only of normal recurring adjustments)
considered necessary for a fair presentation of the interim financial
information have been included. Operating results for the interim period are
not necessarily indicative of results that may be expected for the fiscal year
ending January 31, 2002.

2.       USE OF ESTIMATES

         The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.

3.       INCOME TAXES

         As of January 31, 2001, the Company had net operating loss carry
forwards of approximately $14,100,000 which will begin to expire in the year
2006. Approximately $5,900,000 of these carry forwards are available to offset
future taxable income without limitation and approximately $8,200,000 of these
carry forwards (the "Restricted NOLs") are significantly limited due to
ownership changes. Approximately $780,000 of the Restricted NOLs will become
available for use each year through the year 2008. Approximately $3,400,000 of
the Restricted NOLs are expected to expire unutilized.


                                       4
<PAGE>   7
                                U.S. VISION, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


4.       NET INCOME PER SHARE

         The following table (in thousands except per share data) presents the
calculation of earnings per share for the periods indicated.

<TABLE>
<CAPTION>
                                                Three Months Ended
                                                     April 30,
                                                ------------------
                                                 2001       2000
                                                ------     ------
<S>                                             <C>        <C>
 Net income                                     $1,474     $2,345
                                                ======     ======

 Basic average common shares outstanding         7,803      7,803

 Effect of dilutive securities:

          Options                                  149         --
                                                ------     ------


 Diluted average common shares outstanding       7,952      7,803
                                                ======     ======

 Net income per share - basic                   $ 0.19     $ 0.30

 Net income per share - assuming dilution       $ 0.19     $ 0.30
</TABLE>


                                       5
<PAGE>   8
                                U.S. VISION, INC.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

RESULTS OF OPERATIONS

         The following table sets forth selected statement of operations data
expressed as a percentage of net sales for the periods indicated:

<TABLE>
<CAPTION>
                                                       Three Months Ended
                                                             April 30,
                                                      --------------------
                                                        2001         2000
                                                      -------       ------
<S>                                                   <C>           <C>
Net sales                                               100.0%       100.0%
Cost of sales                                            30.3         30.7
                                                      -------       ------
     Gross profit                                        69.7         69.3
Operating expenses:
     Selling, general and administrative                 61.2         59.8
     Depreciation and amortization                        3.6          3.2
                                                      -------       ------
Operating income                                          4.9          6.3
Interest expense, net                                     0.8          0.4
                                                      -------       ------
Income before income tax provision                        4.1          5.9
Income tax provision                                      0.1          0.3
                                                      -------       ------
Net income                                                4.0%         5.6%
                                                      =======       ======
</TABLE>


THREE MONTHS ENDED APRIL 30, 2001 COMPARED TO THREE MONTHS ENDED APRIL 30, 2000

         Net sales decreased $5.1 million, or 12.1%, from $41.9 million for the
three months ended April 30, 2000 to $36.8 million for the three months ended
April 30, 2001. The decrease was the result of a decrease in sales of $3.7
million caused by the closure of 88 unprofitable stores since May 2000 and a
3.7% decrease in comparable-store sales.

        Cost of sales, as a percentage of net sales, decreased by 0.4%, from
30.7% for the three months ended April 30, 2000 to 30.3% for the three months
ended April 30, 2001. The decrease is a result of the savings in labor and
material costs.

        Selling, general and administrative expenses, as a percentage of net
sales, increased by 1.4% from 59.8% for the three months ended April 30, 2000 to
61.2% for the three months ended April 30, 2001 due to the lower sales volume.
The expense decreased $2.5 million from $25.0 million for the three months ended
April 30, 2000 to $22.5 million for the three months ended April 30, 2001. The
reduction in expense is principally attributable to reduced salary expense as a
result of store closings, lower rent expense due to the lower sales volume, and
a $0.4 million gain from the cessation of operations in the company's Miami,
Florida frame manufacturing facility.

        Interest expense increased $139,000 from $149,000 for the three months
ended April 30, 2000 to $288,000 for the three months ended April 30, 2001. As
of February 1, 2001, the company completed the development stage of its point of
sale system and must now expense, instead of capitalize, all costs


                                       6
<PAGE>   9
                               U.S. VISION, INC.


incurred in connection with the completion of the point of sale system.
Additionally, interest expense was lower during the quarter due to a lower
outstanding balance on the revolving line of credit.


LIQUIDITY AND CAPITAL RESOURCES

        The company's primary source of cash for the first three months of
fiscal 2001 was from operations. Cash and working capital at April 30, 2001 were
$251,000 and $18.6 million, respectively, compared to $240,000 and $20.5
million, respectively, at January 31, 2001.

        For the three months ended April 30, 2001, cash provided by operating
activities was $4.4 million compared to $3.5 million for the three months ended
April 30, 2000. The $0.9 million increase resulted primarily from favorable
changes in working capital, offset by a decrease in net income and accrued
expenses.

        Cash provided by investing activities in the first three months of
fiscal 2001 was $153,000 compared to cash used in investing activities of $1.8
million in the first three months of fiscal 2000. Capital expenditures during
the first three months of fiscal 2001 of $746,000 were primarily for new store
openings and new laboratory equipment.

        The company's principal external source of liquidity is its $20.0
million revolving line of credit with Commerce Bank, N.A. The revolving line of
credit facility bears interest at the lower of the prime rate as published in
the Wall Street Journal or the thirty (30) day rate for United States Treasury
Bills plus 250 basis points, which was 7.20% as of April 30, 2001, and matures
in December 2002. As of April 30, 2001, the company had $7.8 million outstanding
under its revolving line of credit and $12.2 million of availability. The loan
agreement prohibits the payment of dividends to stockholders and the company
must maintain certain financial ratios including a specified net worth level,
current ratio, and a fixed charge ratio. As of January 31, 2001, the company was
in compliance with all the financial covenants. We do not believe that the
financial covenants set forth in our revolving line of credit will have an
adverse impact on our operations or future plans.

        We have commitments from Commerce BankLease, a unit of Commerce Bank,
N.A., for a $2,000,000 five-year equipment lease financing facility. During
fiscal 2000 and 1999, we executed the agreement and leased approximately
$382,000 and $922,000, respectively of laboratory equipment and furniture and
fixtures, which will be paid for over a period of 60 months. The leased
laboratory equipment and furniture and fixtures have been recorded as a capital
lease on the consolidated balance sheet.


CAUTION REGARDING FORWARD-LOOKING STATEMENTS

        The company occasionally makes forward-looking statements concerning its
plans, goals, product and service offerings, store openings and closings and
anticipated financial performance. These forward-looking statements may
generally be identified by introductions such as "outlook" for an upcoming
period of time, or words and phrases such as "should", "expect", "hope" ,
"plans", "projected", "believes", "forward-looking" (or variants of those words
and phrases) or similar language indicating the expression of an opinion or view
concerning the future.


                                       7
<PAGE>   10
                                U.S. VISION, INC.


        These forward-looking statements are subject to risks and uncertainties
based on a number of factors and actual results or events may differ materially
from those anticipated by such forward-looking statements. These factors
include, but are not limited to: the company's ability to maintain its
relationship with its host stores such as J.C. Penney and Sears, as well as with
Cole National Corporation, a competitor of the company and the owner of the
Vision One managed vision care plan in which the company participates; the
growth rate of the company's revenue and market share; the company's ability to
effectively manage its business functions while growing the company's business
in a rapidly changing environment; and the quality of the company's plans and
strategies, and the ability of the company to execute such plans and strategies.

        In addition, forward-looking statements concerning the company's
expected revenue or earnings levels are subject to many additional uncertainties
applicable to competitors generally and to general economic conditions over
which the company has no control, such as the performance of its host stores.
The company does not plan to generally publicly update prior forward-looking
statements for unanticipated events or otherwise and, accordingly, prior
forward-looking statements should not be considered to be "fresh" simply because
the company has not made additional comments on those forward-looking
statements.


                                       8
<PAGE>   11
                                U.S. VISION, INC.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

A. EXHIBITS

        The following exhibits are filed as a part of this report:

        Exhibit
        Number      Exhibit
        -------     -------

        3.1*        Restated Certificate of Incorporation of the Company
        3.2*        Bylaws of the Company
        10.1*       Loan and Security Agreement between the Company and
                    Commerce Bank, as amended
        10.2*       Stock Option Plan, including form of Stock Option Agreement
        10.3*****   Amendment to Stock Option Plan
        10.4**      Subordinated Note Purchase Agreement
        10.5**      Amendment to Subordinated Note Purchase Agreement
        10.6**      J.C. Penney License Agreement
        10.7**      Vision Care Agreement
        10.8***     Employment Agreement for William A. Schwartz, Jr.
        10.9***     Form of Employment Severance Agreement
        10.10**     Form of Non-Statutory Option Agreement
        10.11**     Form of Indemnification Agreement
        10.12**     Stockholders' Agreement
        10.13**     Form of Sears Lease
        10.14**     Commerce Bank Mortgages and Schedules
        10.15**     DRPA Loan Documentation
        10.16****   Form of Warrant

        ------------------
        *           Previously filed as an exhibit to the Form S-1
                    (Reg. No. 333-35819) filed with the Commission on
                    September 17, 1997.

        **          Previously filed as an exhibit to Amendment No. 1 to the
                    Form S-1 (Reg. No. 333-35819) filed with the Commission on
                    October 29, 1997.

        ***         Previously filed as an exhibit to the company's Form 10-K
                    for the fiscal year ended January 31, 1998, which was filed
                    with the Securities and Exchange Commission on
                    April 30, 1999.

        ****        Previously filed as an exhibit to the company's Form 10-Q
                    for the quarter ended July 31, 2000, which was filed with
                    the Securities and Exchange Commission on
                    September 13, 2000.

        *****       Previously filed as an exhibit to the company's Form 10-K
                    for the fiscal year ended January 31, 2001, which was filed
                    with the Securities and Exchange Commission on
                    April 30, 2001.


B. REPORTS ON FORM 8-K

        On May 4, 2001, the company filed a report on Form 8-K in connection
        with its execution of an amended letter of intent covering the proposed
        acquisition of the company by the Norcross Roberts Group.


                                       9
<PAGE>   12
                                U.S. VISION, INC.

                                   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.


                                   U.S. VISION, INC.
                                   ---------------------------------------------
                                   (Registrant)


June 14, 2001                      /s/George E. McHenry
                                   ---------------------------------------------
                                   George E. McHenry, Chief Financial Officer
                                   (Principal Financial and Accounting Officer)


                                       10
<PAGE>   13
                                U.S. VISION, INC.

                                  EXHIBIT INDEX


<TABLE>
<CAPTION>
Exhibit
Number       Exhibit
-------      -------
<S>          <C>
3.1*         Restated Certificate of Incorporation of the Company
3.2*         Bylaws of the Company
10.1*        Loan and Security Agreement between the Company and
             Commerce Bank, as amended
10.2*        Stock Option Plan, including form of Stock Option Agreement
10.3*****    Amendment to Stock Option Plan
10.4**       Subordinated Note Purchase Agreement
10.5**       Amendment to Subordinated Note Purchase Agreement
10.6**       J.C. Penney License Agreement
10.7**       Vision Care Agreement
10.8***      Employment Agreement for William A. Schwartz, Jr.
10.9***      Form of Employment Severance Agreement
10.10**      Form of Non-Statutory Option Agreement
10.11**      Form of Indemnification Agreement
10.12**      Stockholders' Agreement
10.13**      Form of Sears Lease
10.14**      Commerce Bank Mortgages and Schedules
10.15**      DRPA Loan Documentation
10.16****    Form of Warrant
</TABLE>

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

*        Previously filed as an exhibit to the Form S-1 (Reg. No. 333-35819)
         filed with the Commission on September 17, 1997.

**       Previously filed as an exhibit to Amendment No. 1 to the Form S-1 (Reg.
         No. 333-35819) filed with the Commission on October 29, 1997.

***      Previously filed as an exhibit to the company's Form 10-K for the
         fiscal year ended January 31, 1998, which was filed with the Securities
         and Exchange Commission on April 30, 1999.

****     Previously filed as an exhibit to the company's Form 10-Q for the
         quarter ended July 31, 2000, which was filed with the Securities and
         Exchange Commission on September 13, 2000.

*****    Previously filed as an exhibit to the company's Form 10-K for the
         fiscal year ended January 31, 2001, which was filed with the Securities
         and Exchange Commission on April 30, 2001.