<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 JULY 31, 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)

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


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 September 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)
              July 31, 2001 and January 31, 2001 .............................................    1

              Condensed Consolidated Statements of Operations (Unaudited)
              Three and Six Months Ended July 31, 2001 and 2000...............................    2

              Condensed Consolidated Statements of Cash Flows (Unaudited)
              Six Months Ended July 31, 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    ................................................................................   11
</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>
                                                                         July 31,    January 31,
                                                                           2001          2001
                                                                        ---------    -----------
<S>                                                                     <C>          <C>
ASSETS

Current assets:
      Cash                                                              $     404      $     240
      Accounts receivable                                                  11,032         10,879
      Finished goods inventory                                             21,417         20,954
      Prepaid expenses and other                                              786          1,130
                                                                        ---------      ---------
Total current assets                                                       33,639         33,203
Property, plant, and equipment, net                                        39,359         40,524
Goodwill, net of accumulated amortization of  $1,391 and
 $1,217, respectively                                                       6,182          6,356
Other                                                                         724            995
                                                                        ---------      ---------
                                                                        $  79,904      $  81,078
                                                                        =========      =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
      Accounts payable -- trade                                         $   7,120      $   4,865
      Accrued expenses                                                      5,021          6,483
      Current portion of obligations under capital lease                    1,017            945
      Current portion of long-term debt                                       368            450
                                                                        ---------      ---------
Total current liabilities                                                  13,526         12,743
Obligations under capital lease                                             1,870          2,272
Long-term debt, less current portion                                       13,398         16,112
Other long-term liabilities                                                   383            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                                                 (65,117)       (66,398)
                                                                        ---------      ---------
Total shareholders' equity                                                 50,727         49,446
                                                                        ---------      ---------
Total liabilities and shareholders' equity                              $  79,904      $  81,078
                                                                        =========      =========

</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                        1

<PAGE>   4
                                U.S. VISION, INC
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                      Three Months Ended          Six Months Ended
                                                           July 31,                   July 31,
                                                    ----------------------     ---------------------
                                                      2001          2000         2001         2000
                                                    --------      --------     --------     --------
<S>                                                 <C>           <C>          <C>          <C>
Net sales                                           $ 33,471      $ 36,771     $ 70,276     $ 78,665
Cost of sales                                          9,979        11,161       21,127       24,015
                                                    --------      --------     --------     --------
Gross profit                                          23,492        25,610       49,149       54,650

Operating expenses:
   Selling, general, and administrative
       expenses                                       22,073        23,326       44,602       48,389
   Depreciation and amortization                       1,324         1,135        2,649        2,493
                                                    --------      --------     --------     --------
                                                      23,397        24,461       47,251       50,882
                                                    --------      --------     --------     --------

Operating income                                          95         1,149        1,898        3,768
Interest expense, net                                    288            98          576          247
                                                    --------      --------     --------     --------

Income (loss) before income tax provision               (193)        1,051        1,322        3,521
Income tax provision                                       -            57           41          182
                                                    --------      --------     --------     --------
Net income (loss)                                   $   (193)     $    994     $  1,281     $  3,339
                                                    ========      ========     ========     ========
Net income (loss) per share - basic                 $  (0.02)     $   0.13     $   0.16     $   0.43
                                                    ========      ========     ========     ========
Net income (loss) per share - assuming dilution     $  (0.02)     $   0.13     $   0.16     $   0.43
                                                    ========      ========     ========     ========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

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

<TABLE>
<CAPTION>
                                                        Six Months Ended
                                                            July 31,
                                                     ----------------------
                                                       2001          2000
                                                     --------      --------
<S>                                                  <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                           $  1,281      $  3,339
Adjustments to reconcile net income to net cash
provided by operating activities:
   Depreciation and amortization                        2,649         2,493
   Gain on sale of manufacturing facility                (412)            -
   Changes in operating assets and liabilities:
     Accounts receivable                                  275         1,178
     Inventory                                           (463)        1,152
     Other                                                604          (116)
     Accounts payable - trade                           2,255          (877)
     Accrued expenses                                  (1,921)         (484)
                                                     --------      --------
Net cash provided by operating activities               4,268         6,685

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment, net       (1,736)       (3,400)
Proceeds from sale of manufacturing facility              899             -
                                                     --------      --------
Net cash used in investing activities                    (837)       (3,400)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings:
   Revolving line of credit                            37,943        36,294
   Other                                                    -           300
Repayments of borrowings:
   Revolving line of credit                           (40,477)      (38,846)
   Term loans                                            (192)         (190)
   Capital leases and other                              (541)         (843)
                                                     --------      --------
   Net cash used in financing activities               (3,267)       (3,285)
                                                     --------      --------
Net increase in cash                                      164             -
Cash at beginning of period                               240           454
                                                     --------      --------
Cash at end of period                                $    404      $    454
                                                     ========      ========
</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        Six Months Ended
                                                          July 31,                 July 31,
                                                    --------------------     -------------------
                                                     2001          2000        2001        2000
                                                    -------      -------     -------     -------
<S>                                                 <C>          <C>         <C>         <C>
Net income (loss)                                   $  (193)     $   994     $ 1,281     $ 3,339
                                                    =======      =======     =======     =======
Basic average common shares outstanding               7,803        7,803       7,803       7,803

Effect of dilutive securities:
     Options                                              -            -         136           -
                                                    -------      -------     -------     -------

Diluted average common shares outstanding             7,803        7,803       7,939       7,803
                                                    =======      =======     =======     =======
Net income (loss) per share - basic                 $ (0.02)     $  0.13     $  0.16     $  0.43

Net income (loss) per share - assuming dilution     $ (0.02)     $  0.13     $  0.16     $  0.43
</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      Six Months Ended
                                                   July 31,               July 31,
                                              ------------------      ----------------
                                              2001         2000       2001       2000
                                              -----        -----      -----      -----
<S>                                           <C>         <C>         <C>        <C>
Net sales                                     100.0%       100.0%     100.0%     100.0%
Cost of sales                                  29.8         30.4       30.1       30.5
                                              -----        -----      -----      -----
     Gross profit                              70.2         69.6       69.9       69.5
Operating expenses:
     Selling, general and administrative       65.9         63.4       63.4       61.5
     Depreciation and amortization              4.0          3.1        3.8        3.2
                                              -----        -----      -----      -----
Operating income                                0.3          3.1        2.7        4.8
Interest expense, net                           0.9          0.2        0.8        0.3
                                              -----        -----      -----      -----
Income (loss) before income tax provision      (0.6)         2.9        1.9        4.5
Income tax provision                            0.0          0.2        0.1        0.2
                                              -----        -----      -----      -----
Net income (loss)                              (0.6)%        2.7%       1.8%       4.3%
                                              =====        =====      =====      =====
</TABLE>


THREE MONTHS ENDED JULY 31, 2001 COMPARED TO THREE MONTHS ENDED JULY 31, 2000

      Net sales decreased $3.3 million, or 9.0%, from $36.8 million for the
three months ended July 31, 2000 to $33.5 million for the three months ended
July 31, 2001. The decrease in sales was due to the closing of 95 unproductive
stores and a 2.9% decrease in comparable-store sales.

      Cost of sales, as a percentage of net sales, decreased by 0.6%, from 30.4%
for the three months ended July 31, 2000, to 29.8% for the three months ended
July 31, 2001. The decrease was due to a decrease in labor costs.

      Selling, general and administrative expenses ("SG&A"), as a percentage of
net sales, increased by 2.5% from 63.4% for the three months ended July 31, 2000
to 65.9% for the three months ended July 31, 2001 due to the lower sales volume.
SG&A expenses decreased $1.2 million from $23.3 million for the three months
ended July 31, 2000 to $22.1 million for the three months ended July 31, 2001.
The reduction in SG&A expenses was principally due to lower rent expenses based
on the lower sales volume and an overall decrease in operating expenses from the
closing of unproductive stores.

      Interest expense increased $190,000 from $98,000 for the three months
ended July 31, 2000 to $288,000 for the three months ended July 31, 2001. As of
February 1, 2001, the company completed the development stage of its point of
sale system and is expensing, instead of capitalizing, all costs 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 company's revolving line of credit.

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

SIX MONTHS ENDED JULY 31, 2001 COMPARED TO SIX MONTHS ENDED JULY 31, 2000

      Net sales decreased $8.4 million, or 10.7%, from $78.7 million for the six
months ended July 31, 2000 to $70.3 million for the six months ended July 31,
2001. The closure of 106 unproductive stores accounted for 7.4% or $6.0 million
of the decrease in net sales. The remaining decrease in net sales was
attributable to a 3.3% decrease in comparable-store sales.

      Cost of sales, as a percentage of net sales, decreased 0.4%, from 30.5%
for the six months ended July 31, 2000 to 30.1% for the six months ended July
31, 2001. This change is a result of a decrease in labor costs.

      SG&A as a percentage of net sales, increased by 1.9% from 61.5% for the
six months ended July 31, 2000 to 63.4% for the six months ended July 31, 2001.
SG&A expenses decreased $3.8 million from $48.4 million for the six months ended
July 31, 2000 to $44.6 million for the six months ended July 31, 2001. The
reduction in SG&A expense was principally due to reduced salary expense as a
result of the closing of unproductive stores and lower rent expenses based on
the lower sales volume.

      Interest expense increased $329,000 from $247,000 for the six months ended
July 31, 2000 to $576,000 for the six months ended July 31, 2001. As of February
1, 2001, the company completed the development stage of its point of sale system
and is expensing, instead of capitalizing, all costs incurred in connection with
the completion of the point of sale system. Additionally, interest expense was
lower 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 six months of fiscal
2001 was from operations. Cash and working capital at July 31, 2001 were
$404,000 and $20.1 million, respectively, compared to $240,000 and $20.5
million, respectively, at January 31, 2001.

      For the six months ended July 31, 2001, cash provided by operating
activities was $4.3 million compared to $6.7 million for the six months ended
July 31, 2000. The $2.4 million decrease resulted principally from a decrease in
net income.

      Cash used in investing activities in the first six months of fiscal 2001
was $837,000 compared to $3.4 million in the first six months of fiscal 2000.
Capital expenditures during the first six months of fiscal 2001 of $1.7 million
were primarily for new store openings and the beginning of the rollout of a new
point of sale system in our stores.

      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 July 31, 2001, and matures in December
2002. As of July 31, 2001, the company had $9.5 million outstanding under its
revolving line of credit and $10.5 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 July 31, 2001, the company was in compliance
with all the financial covenants. We

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

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.

      The company filed preliminary proxy materials on August 10, 2001 regarding
the previously announced merger agreement with the NOROB Group, Inc. The Company
expects to mail proxy materials to its shareholders sometime in October of this
year and hold a special shareholder meeting to vote on the transaction sometime
in November. Assuming the transaction is approved by our stockholders, the
transaction will close promptly thereafter. The transaction is subject to the
satisfaction of a number of conditions, some of which are beyond the company's
control, and there can be no assurance that the transaction will be consummated
as expected.


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.

      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:

<TABLE>
<CAPTION>
            Exhibit
            Number          Exhibit
            ------          -------
<S>                         <C>
            2.1V*           Agreement and Plan of Merger
            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
            10.3V           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*V         Form of Warrant
</TABLE>

<TABLE>
<S>               <C>
            *     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 report on Form 10-K for the fiscal year ended
                  January 31, 1998, which was filed with the Securities and Exchange Commission on April 30,
                  1999.

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

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

            V*    Previously filed as an exhibit to the company's Form 8-K, which was filed with the Securities and
                  Exchange Commission on July 2, 2001.
</TABLE>

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

B. REPORTS ON FORM 8-K

On July 2, 2001, the company filed a report on Form 8-K in connection with its
entering into an Agreement and Plan of Merger with the Norcross Roberts Group.

                                       10
<PAGE>   13
                                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)


September 13, 2001             /s/George E. McHenry, Jr.
                               ------------------------------------------------
                               George E. McHenry, Jr. Chief Financial Officer
                               (Principal Financial and Accounting Officer)


                                       11