<PAGE>   1


                                    FORM 10-K
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
   (Mark One)
       [X]       ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 1997

                                       OR

        [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
              THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

             For the transition period from _________ to __________

                          Commission file number 1-5325

                                HUFFY CORPORATION
             (Exact name of registrant as specified in its charter)

                  OHIO                                   31-0326270
     (State or other jurisdiction of                  (I.R.S. Employer
     incorporation or organization)                   Identification No.)

225 Byers Road, Miamisburg, Ohio                             45342
(Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code: (937) 866-6251

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class              Name of each exchange on which registered
     -------------------              -----------------------------------------

Common Stock, $1.00 Par Value                   New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

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
                                       ---   ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]

The aggregate market value of the Common Stock held by non-affiliates of the
registrant, as of February 27, 1998, was $183,821,293.

The number of shares outstanding of each of the registrant's classes of Common
Stock, as of February 27, 1998, was 12,474,310.


                  "Index of Exhibits" at page 16 of this Report

                                       -1-

<PAGE>   2



                       DOCUMENTS INCORPORATED BY REFERENCE
                       -----------------------------------


1.      The Huffy Corporation Annual Report to Shareholders for the year ended
        December 31, 1997. Only such portions of the Annual Report as are
        specifically incorporated by reference under Parts I, II and IV of this
        Report shall be deemed filed as part of this Report.

2.      The Huffy Corporation Proxy Statement for its Annual Meeting of
        Shareholders on April 17, 1998. Only such portions of the Proxy
        Statement as are specifically incorporated by reference under Part III
        of this Report shall be deemed filed as part of this Report.





                                       -2-

<PAGE>   3



                                     PART I

ITEM 1.    BUSINESS

Huffy Corporation, an Ohio corporation, and its subsidiaries (collectively
called "Huffy" or the "Company") are engaged in the design, manufacture and sale
of Consumer Products and the furnishing of Services for Retail. The Company's
executive offices are located in Miamisburg, Ohio and its principal business
offices and/or manufacturing facilities are located in San Diego, California,
Farmington, Missouri, Miamisburg and Celina, Ohio, Camp Hill and Harrisburg,
Pennsylvania, Sussex, Wisconsin, and Whites Cross, Cork, Ireland.

The general development of business within each business segment (Consumer
Products and Services for Retail) is discussed in more detail below. See also
Part IV herein for financial information relating to each such business segment.

         CONSUMER PRODUCTS

         Huffy Bicycle Company, Huffy Sports Company, Royce Union Bicycle
         Company, and True Temper Hardware Company comprise the Consumer
         Products segment of the Company. Principal products within this
         business segment include bicycles, basketball backboards and related
         products, and lawn and garden tools. Sales of bicycles represented 44.4
         percent, 43.2 percent, and 45.0 percent of consolidated revenues of the
         Company for the years ended December 31, 1997, 1996 and 1995. Sales of
         basketball backboards, poles, goals and related products represented
         13.2 percent, 12.7 percent, and 15.2 percent of consolidated revenues
         of the Company for the years ended December 31, 1997, 1996, and 1995.
         Sales of lawn and garden tools represented 16.4 percent, 17.6 percent,
         and 14.8 percent of consolidated revenues of the Company for the years
         ended December 31, 1997, 1996, and 1995. Although to date the export
         business is not significant, the companies in the Consumer Products
         segment participate in various foreign markets and are actively
         involved in expanding export volume. On April 21, 1997, Huffy sold the
         assets of Gerry Baby Products Company and Gerry Wood Products Company
         to Evenflo Company, Inc.

         a.     Products, Marketing and Distribution
                ------------------------------------

                Huffy Bicycle Company: The Huffy(R) bicycle brand is the largest
                selling brand of bicycles sold in the United States. The full
                line of Huffy(R) bicycles is produced by Huffy Bicycle Company,
                a division of the Company, whose manufacturing facilities are
                located in Celina, Ohio, and Farmington, Missouri. In 1994,
                Huffy Bicycle Company opened the bicycle manufacturing facility
                in Farmington, Missouri to increase manufacturing flexibility
                and to reduce costs. Included in the Huffy(R) bicycle line are
                adult all purpose bicycles; adult all terrain bicycles; a series
                of innovative boys' and girls' 20" bicycles; a series of popular
                children's 12" and 16" sidewalk bicycles; and tricycles. In
                addition, in 1996, the Company purchased the Rebike business
                which produces a line of recumbent style bicycles and in
                December, 1997, the Company acquired the assets of Royce Union
                Bicycle Company, Inc. which holds a leading market position in
                the growing sporting goods distribution channel. Huffy(R)
                bicycles are extensively advertised and are sold predominantly
                through national and regional high volume retailers, a
                distribution network accounting for approximately 75 percent of
                all bicycles sold in the United States. Approximately 90 percent
                of Huffy Bicycle Company's bicycles are sold under the Huffy(R)
                brand name with the balance being sold under private label
                brands.

                Huffy Sports Company: Huffy Sports Company, a division of the
                Company located in Sussex, Wisconsin, is the leading supplier of
                basketball backboards, poles, goals, and related products and
                juvenile indoor portable basketball units for use at home. In
                1997, the Company purchased the business and assets of Sure
                Shot(TM)/Hydra-Rib(TM) which 

                                       -3-

<PAGE>   4



                produces basketball units for institutional and in-arena use.
                Huffy Sports Company products, many of which bear the logo of
                the National Basketball Association ("NBA") as well as the Huffy
                Sports(R) trademark, are sold predominately through national and
                regional high volume retailers in the United States.

                True Temper Hardware Company: True Temper Hardware Company, a
                wholly-owned subsidiary of the Company, is headquartered in Camp
                Hill, Pennsylvania. True Temper Hardware Company is one of three
                leading suppliers of non-powered lawn and garden tools and snow
                tools; products include long-handled shovels, hoes, forks,
                wheelbarrows, snow shovels, and rakes for use in the home and in
                agricultural, industrial and commercial businesses. In 1994,
                True Temper Hardware Company discontinued manufacturing
                spreaders and pruning tools and sold the assets used to produce
                such products, including its Anderson, South Carolina
                manufacturing facility. Manufacturing facilities are located in
                Camp Hill and Harrisburg, Pennsylvania. True Temper Hardware
                Company also owns four sawmill facilities located in Indiana,
                New York, Pennsylvania, and Vermont. In addition, True Temper
                Limited, an Irish Corporation and a wholly-owned subsidiary of
                the Company, has offices and a manufacturing facility in Whites
                Cross, Cork, Ireland. True Temper Hardware products are sold
                both directly, and through wholesale distributors, to national
                and regional high volume retailers and hardware stores. Over 88
                percent of True Temper Hardware's products are sold under the
                True Temper(R) and Jackson(R) names; the remainder are sold
                under other names or under private labels. In 1996, True Temper
                acquired the Meaford wheelbarrow product line, solidifying True
                Temper Hardware Company's position as the manufacturer of the
                largest selling brand of wheelbarrows in North America. During
                1994 and 1995, the Company substantially completed a plan to
                restructure the True Temper lawn and garden tool business to
                address inefficiencies in the manufacturing process and to
                improve future profitability of True Temper Hardware Company.

         b.     Suppliers
                ---------

                Basic materials such as raw steel, steel and aluminum tubing,
                plastic, wood, fabric, resins, ash timber, and welding materials
                used in the manufacturing operations are purchased primarily
                from domestic sources. Alternate sources are available for all
                critical products and components, but the sudden loss of any
                major supplier could, on a temporary basis, cause a negative
                effect on the segment's operations.

         c.     Patents, Trademarks and Licenses
                --------------------------------

                The patents, trademarks (including the registered trademarks
                "Huffy", "Huffy Sports", "Royce Union", "True Temper" and
                "Jackson"), licenses (including the license to use the NBA logo)
                and other proprietary rights of the companies in this segment
                are deemed important to the Company. The loss by the Company of
                its rights under any individual patent, trademark (other than
                "Huffy" or "True Temper"), license or other proprietary right
                used by this segment would not have a material adverse effect on
                the Company or the segment. The loss of the registered trademark
                "Huffy" or "True Temper" could have a material adverse effect on
                the Company and this segment. The Company has no reason to
                believe that anyone has rights to either the "Huffy" or "True
                Temper" trademarks for the products for which the Company uses
                such trademarks.



                                       -4-

<PAGE>   5



         d.     Seasonality and Inventory
                -------------------------

                Due to the relatively short lapse of time between placement of
                orders for products and shipments, the Company normally does not
                consider its backlog of orders as significant to this business
                segment. Because of rapid delivery requirements of their
                customers, the companies in this segment maintain significant
                quantities of inventories of finished goods to meet their
                customers' requirements. Sales of bicycles are seasonal in that
                sales tend to be higher in the Spring and Fall of each year.
                Basketball products tend to have varying degrees of seasonality,
                none of which are significant to the operations of the Company.
                Sales of lawn and garden products and snow tools tend to be
                higher in the Spring and Winter of each year, respectively.

         e.     Competition and Customers
                -------------------------

                In the high volume retailer bicycle business, Huffy Bicycle
                Company has numerous competitors in the United States market,
                only two of which are deemed significant. Although importers in
                the aggregate provide significant competition, only one
                individual importer is deemed a significant competitor. Even
                though competition among domestic manufacturers and importers of
                bicycles is intense, Huffy Bicycle Company believes it is cost
                competitive in the high volume retailer bicycle market and
                maintains its position through continued efforts to improve
                manufacturing efficiency and product value. Huffy Bicycle
                Company's ability to provide its customers with low cost,
                innovative new products has enabled it to maintain its market
                position despite the marketing efforts of domestic competitors
                and competitors from Taiwan, China, and other nations. Huffy
                Sports Company has several competitors, but only one is deemed
                significant. Huffy Sports Company maintains its competitive
                position by offering its customers high quality, innovative
                products at competitive prices and by supporting its products
                with outstanding customer service. True Temper Hardware Company
                has numerous competitors in the United States and Canada, but
                considers only two competitors significant. True Temper Hardware
                Company believes it remains competitive by offering its
                customers in the residential, agricultural, industrial, and
                commercial markets competitively priced, high quality,
                innovative products. The loss by the Consumer Products segment
                of either of its two largest customers could result in a
                material adverse effect on the segment.

         SERVICES FOR RETAIL

         Huffy Service First, Inc. ("HSF") and Washington Inventory Service
         ("WIS") each provide certain services to retailers. Inventory,
         assembly, repair and merchandising services provided by WIS and HSF to
         their customers represented 26.0 percent, 26.5 percent, and 25.0
         percent, of consolidated revenues of the Company for the years ended
         December 31, 1997, 1996, and 1995.

         a.     Products, Marketing and Distribution
                ------------------------------------

                Huffy Service First: HSF, a wholly-owned subsidiary of the
                Company, headquartered in Miamisburg, Ohio, serves the needs of
                major retailers in 50 states, Puerto Rico and the Virgin Islands
                by providing in-store and in-home assembly and repair, and
                in-store display services for a variety of products, including,
                among other things, bicycles, barbeque grills, physical fitness
                equipment, lawnmowers, and furniture. HSF is the only assembly
                service business of this kind available to high volume retailers
                on a nationwide basis. HSF also offers merchandising services
                (product resets and periodic maintenance of displays) to
                manufacturers who supply high volume retailers.



                                       -5-

<PAGE>   6



                Washington Inventory Service: WIS, a wholly-owned subsidiary of
                the Company, headquartered in San Diego, California, provides
                physical inventory services on a nationwide basis to meet the
                financial reporting and inventory control requirements of high
                volume retailers, drug stores, home centers, sporting goods
                stores, specialty stores and grocery stores.

         b.     Seasonality
                -----------

                The demand for services provided by this business segment is
                seasonal in that assembly service demand is generally strongest
                in Spring and at the Winter holiday season, and inventory
                service demand is generally strongest in the first and third
                calendar quarters of the year.

         c.     Competition and Customers
                -------------------------

                Although WIS has numerous competitors in the United States
                market, only one is significant. HSF has numerous competitors in
                the United States market, none of which is deemed significant in
                the in-store and in-home assembly service business; six are
                deemed significant in the merchandising services. WIS and HSF
                believe they remain competitive due to their nationwide network
                of operations, competitive pricing and full service. The loss by
                the Services for Retail Segment of either of its two largest
                customers could result in a material adverse effect on the
                segment.

Sales to two customers aggregated over ten percent or more of the Company's
consolidated revenues from each such customer for the year ended December 31,
1997, and the loss of either one of these customers could have a material
adverse effect on the Company and its subsidiaries as a whole.

The number of persons employed full-time by the Company (excluding seasonal
employees in the Services for Retail Segment) as of December 31, 1997, was 6,770
(2,673 employed by the Consumer Products Segment and 4,097 employed by the
Services for Retail Segment).

ITEM 2.       PROPERTIES: Location and general character of the
              principal plants and other materially important physical
              properties of the Company as of January 1, 1998.

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------
                                                                       Owned or
                                                                      Expiration
                                   Building                 Area         Date
Location                           Description              (Sq. Ft.)  of Lease
--------------------------------------------------------------------------------

<S>                          <S>                            <C>          <C>    
San Diego, California        Offices (Services for Retail)   30,000      2004(1)

Farmington, Missouri         Offices, manufacturing and
                             warehouse facility
                             (Consumer Products)            412,052      2014(2)

Celina, Ohio                 Offices, manufacturing and
                             warehouse facility            
                             (Consumer Products)            822,000      Owned

Miamisburg, Ohio             Offices and display facilities
                             (Corporate and Consumer
                             Products)                       47,000      2003(3)
</TABLE>





                                       -6-

<PAGE>   7


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                                                      Owned or
                                                                      Expiration
                        Building                          Area        Date              
Location                Description                       (Sq. Ft.)   of Lease
--------------------------------------------------------------------------------
<S>                                                      <C>          <C>      
Miamisburg, Ohio        Offices and warehouse             42,682      2001(4)  
                        facility (Services for Retail)                         
                                                                               
Camp Hill,              Offices, manufacturing and       391,690      2012(5)  
Pennsylvania            distribution facility                                  
                        (Consumer Products)                                    
                                                                               
Harrisburg,             Offices and manufacturing        254,329      Owned    
Pennsylvania            facility (Consumer Products)                           
                                                                               
Sussex, Wisconsin       Offices and manufacturing        192,000      2004(6)         
                        facility (Consumer Products)                           
                                                                        
Whites Cross, Cork,     Offices and manufacturing         70,000      Owned
Ireland                 facility (Consumer Products)  

<FN>
(1)  Subject to two consecutive options to renew for additional terms of five
     years each.

(2)  The City of Farmington, Missouri financed the acquisition of the premises
     through the issuance of Industrial Development Revenue Bonds (Huffy
     Corporation Project) Series 1994 in the aggregate principal amount of
     $20,000,000 and leased the premises to the Company. The Company has an
     option to purchase during the term or at expiration of the lease.

(3)  Subject to an option to purchase during the term of or at the expiration of
     the lease, and if the option is not exercised at the expiration of the
     lease, the Company automatically receives an extension of the term for up
     to 12 months or until the property is sold, whichever time period is
     shorter.

(4)  Subject to one option to renew for an additional term of five years.

(5)  Subject to one option to renew for an additional term of five years and an
     option to purchase.

(6)  Subject to an option to purchase during the term of or at the expiration of
     the lease.
</TABLE>

There are no encumbrances on the Celina, Ohio, Harrisburg, Pennsylvania, and
Whites Cross, Cork, Ireland properties which are owned. All of the Company's
facilities are in good condition and are considered suitable for the purposes
for which they are used. The Camp Hill, Pennsylvania, and Celina, Ohio
manufacturing facilities normally operate on a two full shift basis, with third
shift operations scheduled as needed to meet seasonal production requirements.
The Farmington, Missouri, and Harrisburg, Pennsylvania manufacturing facilities
normally operate on a two full shift basis. The Whites Cross, Cork, Ireland and
Sussex, Wisconsin manufacturing facilities normally operate on a one full shift
basis, with second shift operations scheduled as needed at the Sussex, Wisconsin
facility.

ITEM 3.        LEGAL PROCEEDINGS

The Company is not a party, nor is its property subject, to any material pending
legal proceedings.

ITEM 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.




                                     PART II

ITEM 5.        MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
               MATTERS

The market information and other related security holder matters pertaining to
the Common Stock of the Company set forth in Exhibit 13 under (i) the captions
entitled Common Stock and Shareholder Information, and (ii) notes 7 and 8
(Preferred Stock, and Common Stock and Common Stock Plans) to 


                                      -7-

<PAGE>   8

the consolidated financial statements, are contained in the Company's Annual
Report to Shareholders for the year ended December 31, 1997, and are hereby
incorporated herein by reference.

ITEM 6.        SELECTED FINANCIAL DATA

Selected unaudited financial data for each of the last 10 calendar years set
forth in Exhibit 13 under the caption entitled Ten-Year Financial and Operating
Review (Unaudited) is contained in the Company's Annual Report to Shareholders
for the fiscal year ended December 31, 1997, and is hereby incorporated herein
by reference.

ITEM 7.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
               RESULTS OF OPERATIONS

Discussion and analysis of financial condition and results of operations set
forth in Exhibit 13 under the caption entitled Management's Discussion and
Analysis of Financial Conditions and Results of Operations and note 6 (Lines of
Credit and Long-Term Obligations) to the consolidated financial statements, are
contained in the Company's Annual Report to Shareholders for the year ended
December 31, 1997, and are hereby incorporated herein by reference.

ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial information set forth in Exhibit 13 under the captions entitled
Independent Auditor's Report and Consolidated Balance Sheets, Consolidated
Statements of Operation, Consolidated Statements of Cash Flows, Consolidated
Statements of Shareholders' Equity, and Notes to Consolidated Financial
Statements, is contained in the Company's Annual Report to Shareholders for the
year ended December 31, 1997, and is hereby incorporated herein by reference.
See also the information contained in Item 14 of Part IV of this Report.

ITEM 9.        CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
               FINANCIAL DISCLOSURE

Not applicable.

                                    PART III

ITEM 10.       DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Directors of the Company
------------------------

The name, age and background information for each of the Company's Directors is
set forth in the section entitled ELECTION OF DIRECTORS and the table therein
contained in the Company's Proxy Statement for its 1998 Annual Meeting of
Shareholders, and is hereby incorporated herein by reference.



                                       -8-

<PAGE>   9



Executive Officers of the Company
---------------------------------

The Executive Officers are elected annually to their respective positions,
effective at the April meeting of the Board of Directors. The Executive Officers
of the Company at March 9, 1998, were as follows:

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

    Name               Age           Position                    Officer Since

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

Stanley H. Davis        53       Vice President - Human          July, 1997     
                                 Resources and Organization                     
                                 Development                                    
                                                                                
Thomas A. Frederick     43       Vice President - Finance and    December, 1994 
                                 Chief Financial Officer                        
                                                                                
Don R. Graber           54       Chairman of the Board,          July, 1996     
                                 President and Chief             
                                 Executive Officer            
                                 

Timothy G. Howard       51       Vice President - Controller     September, 1978

Nancy A. Michaud        51       Vice President - General        February, 1993
                                 Counsel and Secretary


Prior to being elected Vice President-Human Resources and Organization
Development, Mr. Davis was Vice President-Human Resources and Organization
Development of Triangle Wire and Cable, Inc. and Vice President Administration
of Ocean View Capital, Inc. Prior to being elected an Executive Officer in 1994,
Mr. Frederick was President and General Manager of Huffy Service First, Inc.
Prior to being elected Chairman, President and Chief Executive Officer in 1997,
Mr. Graber was President and Chief Operating Officer since 1996; prior thereto,
Mr. Graber was President of Worldwide Household Products Group and Group Vice
President of The Black and Decker Corporation from 1994; prior thereto, Mr.
Graber was President of the International Group of The Black and Decker
Corporation from 1991 to 1994. Prior to being elected Vice President - General
Counsel and Secretary in 1994, Ms. Michaud was Vice President - General Counsel
and Assistant Secretary of the Company; prior thereto, Ms. Michaud was General
Counsel and Assistant Secretary of the Company in 1993.

ITEM 11.       EXECUTIVE COMPENSATION

Information on executive compensation set forth in the section entitled
EXECUTIVE COMPENSATION and the tables therein, is contained in the Company's
Proxy Statement for its 1998 Annual Meeting of Shareholders, and is hereby
incorporated herein by reference. Notwithstanding anything to the contrary set
forth herein or in any of the Company's previous filings under the Securities
Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended,
that might incorporate future filings, including this Form 10-K, the section
entitled REPORT OF COMPENSATION COMMITTEE and the Performance Graph which is set
forth in the Company's Proxy Statement for its 1998 Annual Meeting of
Shareholders are not deemed to be incorporated by reference in this Form 10-K.



                                       -9-

<PAGE>   10



ITEM 12.       SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The number of shares of Common Stock of the Company beneficially owned by each
Director and by all Directors and Officers as a group as of January 2, 1998, set
forth in the section entitled SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT, and the table therein, is contained in the Company's Proxy
Statement for its 1998 Annual Meeting of Shareholders, and is hereby
incorporated herein by reference.

ITEM 13.       CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Information on certain transactions with management set forth in the section
entitled CERTAIN RELATIONSHIPS AND OTHER RELATED TRANSACTIONS is contained in
the Company's Proxy Statement for its 1998 Annual Meeting of Shareholders, and
is hereby incorporated herein by reference.


                                     PART IV

ITEM 14.       EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)    Documents

       (1)    The following Consolidated Financial Statements of the Company
              included in the Company's Annual Report to Shareholders are
              incorporated by reference as part of this Report at Item 8 hereof:

                      Consolidated Balance Sheets as of December 31, 1997, and
                      1996.

                      Consolidated Statements of Operations for the years ended
                      December 31, 1997, 1996, and 1995.

                      Consolidated Statements of Cash Flows for the years ended
                      December 31, 1997, 1996, and 1995.

                      Consolidated Statements of Shareholders' Equity for the
                      years ended December 31, 1997, 1996, and 1995.

                      Notes to Consolidated Financial Statements.

              The Annual Report to Shareholders for the year ended December 31,
              1997, is not deemed to be filed as part of this Report, with the
              exception of the items incorporated by reference in Items 1, 5, 6,
              7 and 8 of this Report and those financial statements and notes
              thereto listed above.

       (2)    The Accountants' Report on Consolidated Financial Statements and
              the following Financial Statement Schedule of the Company is
              included as part of this Report at Item 8 hereof:

              Schedule II.   Valuation and Qualifying Accounts - years ended 
                             December 31, 1997, 1996, and 1995.



                                      -10-

<PAGE>   11



              All other schedules for which provision is made in the applicable
              accounting regulations of the Securities and Exchange Commission
              are not required under the related instructions or are
              inapplicable and, therefore, have been omitted.

       (3) The exhibits shown in "Index to Exhibits" are filed as a part of this
Report.

(b)    Reports on Form 8-K
       -------------------

During the fiscal quarter ended December 31, 1997, the Company filed no report
on Form 8-K.


                                      -11-

<PAGE>   12



                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

HUFFY CORPORATION


By /s/ Don R. Graber                                   Date: March 6, 1998
   ----------------------------
     Don R. Graber
     Chairman of the Board, President
     and Chief Executive Officer
     (Principal Executive Officer)
     and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.



/s/ Thomas A. Frederick                                Date: March 6, 1998
----------------------------------------
Thomas A. Frederick
Vice President - Finance and Chief
Financial Officer (Principal
Financial Officer)


/s/ Timothy G. Howard                                  Date: March 6, 1998
----------------------------------------
Timothy G. Howard
Vice President - Controller
(Principal Accounting Officer)


/s/ William A. Huffman                                 Date: February 12, 1998
----------------------------------------
William A. Huffman, Director


/s/ Linda B. Keene                                     Date: February 12, 1998
----------------------------------------
Linda B. Keene, Director


/s/ Jack D. Michaels                                   Date: February 12, 1998
----------------------------------------
Jack D. Michaels, Director


/s/ Donald K. Miller                                   Date: February 12, 1998
----------------------------------------
Donald K. Miller, Director


/s/ James F. Robeson                                   Date: February 12, 1998
----------------------------------------
James F. Robeson, Director



                                      -12-

<PAGE>   13



/s/ Patrick W. Rooney                                  Date: February 12, 1998
----------------------------------------
Patrick W. Rooney, Director


/s/ Geoffrey W. Smith                                  Date: February 12, 1998
----------------------------------------
Geoffrey W. Smith, Director


/s/ Thomas C. Sullivan                                 Date: February 12, 1998
----------------------------------------
Thomas C. Sullivan, Director


/s/ Joseph P. Viviano                                  Date: February 12, 1998
----------------------------------------
Joseph P. Viviano, Director




                                      -13-

<PAGE>   14



                          INDEPENDENT AUDITORS' REPORT
                          ----------------------------
                         ON FINANCIAL STATEMENT SCHEDULE
                         -------------------------------

The Board of Directors,
Huffy Corporation:

Under date of February 6, 1998, we reported on the consolidated balance sheets
of Huffy Corporation and subsidiaries as of December 31, 1997, and 1996, and the
related consolidated statements of operations, shareholders' equity, and cash
flows for each of the years in the three-year period ended December 31, 1997, as
contained in the 1997 Annual Report to Shareholders. These consolidated
financial statements and our report thereon are incorporated by reference in the
Annual Report on Form 10-K for the year 1997. In connection with our audits of
the aforementioned consolidated financial statements, we also have audited the
related consolidated financial statement schedule as listed in Part IV, Item
14(a)(2) of Form 10-K. The financial statement schedule is the responsibility of
the Company's management. Our responsibility is to express an opinion on the
financial statement schedule based on our audits.

In our opinion, such financial statement schedule, when considered in relation
to the basic consolidated financial statements taken as a whole, presents
fairly, in all material respects, the information set forth therein.

                                              /S/ KPMG PEAT MARWICK LLP
                                              ---------------------------------
                                              KPMG PEAT MARWICK LLP
Cincinnati, Ohio
March 18, 1998

                          INDEPENDENT AUDITORS' CONSENT
                          -----------------------------


The Board of Directors,
Huffy Corporation:

We consent to the incorporation by reference in the Registration Statements, and
the Prospectuses constituting part thereof, of (i) the Form S-8 Registration
Statement (No. 33-25487) pertaining to the 1988 Stock Option Plan and Restricted
Share Plan; (ii) the Form S-8 Registration Statement (No. 33-25143) pertaining
to the 1987 Director Stock Option Plan; (iii) the Form S-8 Registration
Statement (Nos. 33-28811 and 33-42724) pertaining to the 1989 Employee Stock
Purchase Plan; (iv) the Form S-8 Registration Statement (No. 33-44571)
pertaining to five company savings plans and (v) the Form S-8 Registration
Statement (No. 33-60900) pertaining to the W.I.S. Savings Plan of our report
dated February 6, 1998, relating to the consolidated balance sheets of Huffy
Corporation and subsidiaries as of December 31, 1997 and 1996 and the related
consolidated statements of operations, shareholders' equity, and cash flows for
each of the years in the three-year period ended December 31, 1997, which report
appears in the 1997 Annual Report to Shareholders, which is incorporated by
reference in the Company's 1997 Annual Report on Form 10-K and our report dated
February 6, 1998, relating to the financial statement schedule for each of the
years in the three-year period ended December 31, 1997, which report appears in
the Company's 1997 Annual Report on Form 10-K.


                                              /S/ KPMG PEAT MARWICK LLP
                                              ---------------------------------
                                              KPMG PEAT MARWICK LLP
Cincinnati, Ohio
March 18, 1998

                                      -14-

<PAGE>   15



                                HUFFY CORPORATION
                  CONSOLIDATED FINANCIAL STATEMENT SCHEDULE II
                        VALUATION AND QUALIFYING ACCOUNTS
                          (DOLLAR AMOUNTS IN THOUSANDS)

<TABLE>
<CAPTION>


                                                         BALANCE AT       ADDITIONS CHARGED                    BALANCE
                                                         BEGINNING          TO COSTS AND       DEDUCTIONS      AT END
                                                         OF PERIOD            EXPENSES           (NOTE)      OF PERIOD
                                                         ---------        ----------------      ---------    ----------
<S>                                                        <C>                 <C>              <C>           <C>  
Reserves deducted from assets to which they apply: 
 Allowance for doubtful accounts:

    Year ended December 31, 1997                           $1,437              2,085            (1,060)       2,462

    Year ended December 31, 1996                           $1,449              1,197            (1,209)       1,437

    Year ended December 31, 1995                           $1,493                943              (987)       1,449

  Inventory obsolescence:

    Year ended December 31, 1997                           $2,181              2,541            (1,947)       2,775

    Year ended December 31, 1996                           $1,891              3,059            (2,769)       2,181

    Year ended December 31, 1995                           $2,160              1,191            (1,460)       1,891

  Reserves which support the balance sheet
  caption, Reserves
  Restructuring Reserve:

    Year ended December 31, 1997                                -                  -                  -           -

    Year ended December 31, 1996                           $1,830                  -            (1,830)           -

    Year ended December 31, 1995                           $2,033              2,152[1]         (2,355)       1,830
</TABLE>

Note:   Represents accounts written off, less recoveries for allowance for
        doubtful accounts. Represents inventory written off, less scrap value
        for inventory obsolescence.


[1]  Represents net restructure charge for personnel reductions and the
     negotiation of a concessionary labor contract.


                                      -15-

<PAGE>   16



                                INDEX TO EXHIBITS
                                -----------------


Exhibit                                                          Form 10-K
   No.                                                            Exhibits
-------       -------------------------------------------------  ----------

  3.a         Amended Articles of Incorporation, dated June 16,       *
              1995, incorporated by reference to Exhibit (3)(i)
              to Form 10-Q for the quarter ended June 30, 1995

  3.b         Code of Regulations, as amended, dated April 28,        *
              1995, incorporated by reference to Exhibit (3)(ii)
              to Form 10-Q for the quarter ended June 30, 1995

  4.a         Specimen Common Stock Certificate of Huffy              ***
              Corporation 

  4.b         Note Purchase Agreement, dated June 24, 1988,           *
              among Huffy Corporation, The Prudential Insurance
              Company of America and Pruco Life Insurance
              Company, incorporated by reference to Exhibit (4)
              to Form 10-Q for the fiscal quarter ended June 30,
              1988 

  4.c         Amendment, dated as of December 20, 1993, to Note       *
              Purchase Agreement, dated June 24, 1988, among
              Huffy Corporation, The Prudential Insurance
              Company of America and Pruco Life Insurance
              Company, incorporated by reference to Exhibit
              (4)(c) to Form 10-K for the fiscal year ended
              December 31, 1993

  4.d         Second Amendment, dated as of December 30, 1997,        ***
              to Note Purchase Agreement, dated June 24, 1988,
              among Huffy Corporation, The Prudential Insurance
              Company of America and Pruco Life Insurance
              Company

  4.e         Rights Agreement, dated as of December 16, 1988,        *
              between Huffy Corporation and Bank One,
              Indianapolis, National Association, incorporated
              by reference to Exhibit (4)(n) to Form 10-K for
              the fiscal year ended December 31, 1988

  4.f         Amendment, dated as of August 23, 1991, to Rights       *
              Agreement, dated as of December 16, 1988, between
              Huffy Corporation and Bank One, Indianapolis,
              National Association, incorporated by reference to
              Form 8-K, dated August 23, 1991

  4.g         Amendment, dated as of December 9, 1994, to Rights      *
              Agreement, dated as of December 16, 1988, as
              amended August 23, 1991, between Huffy Corporation
              and Bank One, Indianapolis, National Association,
              incorporated by reference to Form 8-K, dated
              December 22, 1994 

  4.h         Note Agreement, dated as of December 1, 1990,           *
              among Huffy Corporation and Nationwide Life
              Insurance Company, Employees Life Insurance
              Company of Wausaw and Financial Horizons Life
              Insurance Company in connection with the issuance
              and sale of $30,000,000 Huffy Corporation 9.62%
              Senior Notes, Series A, due December 1, 2000,
              incorporated by reference to Exhibit (4)(j) to
              Form 10-K for the fiscal year ended December 31,
              1990

  *  Indicates that the exhibit is incorporated by reference into this Annual
     Report on Form 10-K from a previous filing with the Commission.

***  Indicates that the exhibit is included as part of this Annual Report on
     Form 10-K for the year ended December 31, 1997.

                              -16-

<PAGE>   17



  4.i         Amendment, dated as of December 30, 1997, to Note      ***
              Agreement, dated as of December 1, 1990, among
              Huffy Corporation and Nationwide Life Insurance
              Company, Employees Life Insurance Company of
              Wausaw and Financial Horizons Life Insurance
              Company in connection with the issuance and sale
              of $30,000,000 Huffy Corporation 9.62% Senior
              Notes, Series A, due December 1, 2000 

  4.j         Credit Agreement, dated as of April 21, 1992,          *
              among Huffy Corporation, Bank One, Dayton, N.A.,
              NBD Bank, N.A., Security Pacific National Bank,
              and Society National Bank, individually and as
              agent, in connection with revolving loans up to an
              aggregate amount of $50,000,000 to Huffy
              Corporation, incorporated by reference to Exhibit
              (4)(g) to Form 10-K for the fiscal year ended
              December 31, 1992

10.a          Lease, effective as of October 29, 1992, between       *
              SELCO Service Corporation and Gerry Baby Products
              Company, incorporated by reference to Exhibit
              (10)(b) to Form 10-K for the fiscal year ended
              December 31, 1992
                                                               
10.b          Lease, effective as of December 29, 1993, between      *
              SELCO Service Corporation and Huffy Corporation,
              incorporated by reference to Exhibit (10)(c) to
              Form 10-K for the fiscal year ended December 31,
              1993 

10.c          Special Deferred Compensation Agreements, as           *
              amended, between Huffy Corporation and certain of
              its officers and key employees, in substantially
              the forms incorporated by reference to Exhibit
              (ix) to Form 10-K for the fiscal year ended June
              24, 1977, to Exhibit (2) to Form 10-Q for the
              fiscal quarter ended September 23, 1983, and to
              Exhibit (19)(c) to Form 10-Q for the fiscal
              quarter ended September 30, 1986 

10.d          Deferred Compensation Agreements, as amended,          *
              between Huffy Corporation and certain of its
              officers and key employees, in substantially the
              forms incorporated by reference to Exhibit (vi) to
              Form 10-K for the fiscal year ended June 29, 1979,
              and to Exhibit (3) to Form 10-Q for the fiscal
              quarter ended September 23, 1983 

10.e          Form of Severance Pay Agreements, as revised and       ***
              restated, between Huffy Corporation and its
              Officers

10.f          Description of Executive Medical Reimbursement         *
              Plan between Huffy Corporation and certain
              executive officers and key employees, incorporated
              by reference to Exhibit (10)(n) to Form 10- K for
              the fiscal year ended December 31, 1989                
                                                               
10.g          Long Term Incentive Compensation Program               ***

10.h          Huffy Corporation Capital Accumulation Plan            *
              Participation Agreement, between Huffy Corporation
              and certain of its officers, in substantially the
              forms incorporated by reference to Exhibit (19)(a)
              to Form 10-Q for the fiscal quarter ended
              September 30, 1985, and to Exhibit 19(b) to Form
              10-Q for the fiscal quarter ended September 30,
              1986                                                   

  *  Indicates that the exhibit is incorporated by reference into this Annual
     Report on Form 10-K from a previous filing with the Commission.

***  Indicates that the exhibit is included as part of this Annual Report on
     Form 10-K for the year ended December 31, 1997.

                              -17-

<PAGE>   18



10.i          Huffy Corporation Capital Accumulation Program         *
              Participation Agreement, between Huffy Corporation
              and certain of its directors, in substantially the
              forms incorporated by reference to Exhibit (19)(b)
              to Form 10-Q for the fiscal quarter ended
              September 30, 1985, and to Exhibit 19(b) to Form
              10-Q for the fiscal quarter ended June 30, 1986 

10.j          Description of supplemental group life insurance       *
              arrangement between Huffy Corporation and certain
              officers and key employees, incorporated by
              reference to Exhibit (10)(aa) to Form 10-K for the
              fiscal year ended December 31, 1991 

10.k          Description of financial planning and tax              *
              preparation services between Huffy Corporation and
              certain officers and key employees, incorporated
              by reference to Exhibit (10)(dd) to Form 10-K for
              the fiscal year ended December 31, 1993 

10.l          Performance Incentive Plan of Huffy Corporation        ***
              for 1998 

10.m          Retirement Agreement, dated as of December 22,         ***
              1997, between Huffy Corporation and Richard L.
              Molen 

10.n          Supplemental Benefit Agreement, dated as of June       *
              21, 1996, between Huffy Corporation and Don R.
              Graber, incorporated by reference to Exhibit 10.u
              to Form 10-K for the fiscal year ended December
              31, 1996 

10.o          Supplemental/Excess Benefit Plan, dated as of          *
              January 1, 1988, incorporated by reference to
              Exhibit (10)(aa) to Form 10-K for the fiscal year
              ended December 31, 1987 

10.p          First Amendment to Huffy Corporation                   *
              Supplemental/Excess Benefit Plan, effective as of
              January 1, 1988, incorporated by reference to
              Exhibit (10)(ee) to Form 10-K for the fiscal year
              ended December 31, 1990 

10.q          Second Amendment to Huffy Corporation                  *
              Supplemental/Excess Benefit Plan, dated as of June
              30, 1991, incorporated by reference to Exhibit
              (10)(y) to Form 10-K for the fiscal year ended
              December 31, 1994 

10.r          Third Amendment to Huffy Corporation                   * 
              Supplemental/Excess Benefit Plan, dated as of June
              27, 1994, incorporated by reference to Exhibit
              (10)(2) to Form 10-K for the fiscal year ended
              December 31, 1994 

10.s          Fourth Amendment to Huffy Corporation                  ***
              Supplemental/Excess Benefit Plan dated as of May
              26, 1995                                        
              
10.t          Fifth Amendment to Huffy Corporation                   *
              Supplemental/Excess Benefit Plan, effective as of
              July 15, 1996, incorporated by reference to
              Exhibit 10.z to Form 10-K for the fiscal year
              ended December 31, 1996 

  *  Indicates that the exhibit is incorporated by reference into this Annual
     Report on Form 10-K from a previous filing with the Commission.

***  Indicates that the exhibit is included as part of this Annual Report on
     Form 10-K for the year ended December 31, 1997.

                              -18-

<PAGE>   19



10.u          Sixth Amendment to Huffy Corporation                  ***
              Supplemental/Excess Benefit Plan, effective as of   
              June 15, 1997                                       

10.v          Seventh Amendment to Huffy Corporation                ***
              Supplemental/Excess Benefit Plan, effective as of
              December 22, 1997                                

10.w          Form of Restricted Share Agreements between Huffy     ***
              Corporation and its Officers, subject to           
              shareholder approval of the Huffy Corporation 1998 
              Restricted Share Plan                              

10.x          Huffy Corporation Master Benefit Trust Agreement       *
              as Restated, dated June 9, 1995, incorporated by 
              reference to Exhibit 10.aa for Form 10-K for the 
              fiscal year ended December 31, 1995           
                                                              
10.y          First Amendment to Huffy Corporation Master            *
              Benefit Trust Agreement as Restated, effective as
              of July 25, 1996, incorporated by reference to
              Exhibit 10.bb to Form 10-K for the fiscal year
              ended December 31, 1996                                

10.z          Huffy Corporation 1987 Director Stock Option Plan,     *
              incorporated by reference to Exhibit 19(a) to Form
              10-Q for the fiscal quarter ended June 30, 1988 

10.aa         First Amendment to Huffy Corporation 1987 Director     *
              Stock Option Plan, effective as of April 30, 1991,
              incorporated by reference to Exhibit (10)(nn) to
              Form 10-K for the fiscal year ended December 31,
              1991 

10.bb         Second Amendment to Huffy Corporation 1987             *
              Director Stock Option Plan, effective as of
              December 15, 1991, incorporated by reference to
              Exhibit (10)(oo) to Form 10-K for the fiscal year
              ended December 31, 1991 

10.cc         Third Amendment to Huffy Corporation 1987 Director     *
              Stock Option Plan, effective as of February 15,
              1996, incorporated by reference to Exhibit 10.ff
              to Form 10-K for the fiscal year ended December
              31, 1996 

10.dd         Huffy Corporation 1988 Stock Option Plan and           *
              Restricted Share Plan, as amended, incorporated by
              reference to Exhibit 19(b) to Form 10-Q for the
              fiscal quarter ended June 30, 1988; to Exhibit A
              to the Company's Proxy Statement dated March 13,
              1992 for the Annual Meeting of Shareholders held
              April 24, 1992; and to Annex I to the Company's
              Proxy Statement dated March 7, 1996 for the Annual
              Meeting of Shareholders held April 26, 1996 
              
10.ee         Subscription Agreement between Huffy                   ***
              Corporation and Don R. Graber                          

10.ff         Huffy Corporation 1990 Directors' Retirement Plan      *
              incorporated by reference to Exhibit (10)(qq) to
              Form 10-K for the fiscal year ended December 31,
              1991 

10.gg         First Amendment to Huffy Corporation 1990              *
              Directors' Retirement Plan, effective as of
              February 15, 1996, incorporated by reference to
              Exhibit 10.ii to Form 10-K for the fiscal year
              ended December 31, 1996 

*    Indicates that the Exhibit is incorporated by reference into this Annual
     Report on Form 10-K from a previous filing with the Commission.

***  Indicates that the Exhibit is included as part of this Annual Report on
     Form 10-K for the year ended December 31, 1997.

                              -19-

<PAGE>   20
 

10.hh         Second Amendment to Huffy Corporation 1990             *
              Directors' Retirement Plan, effective as of
              February 15, 1996, incorporated by reference to
              Exhibit 10.jj to Form 10-K for the fiscal year
              ended December 31, 1996

10.ii         Description of Huffy Corporation Executive             *
              Automobile Policy incorporated by reference to
              Exhibit 10(ii) to Form 10-K for the fiscal year
              ended December 31, 1994

                          OTHER FILINGS
                          -------------

13.           Certain sections of the Annual Report to               *** 
              Shareholders for fiscal year ended December 31,
              1997 

19.           Schedule of certain documents substantially            ***
              identical to filed documents with parties thereto
              and other material differing details 

22.           List of all direct and indirect Subsidiaries of
              the registrant:

                                                    Jurisdiction in
              Name of Subsidiary                    which Incorporated
              -------------------                   ------------------
              Hufco Company                         Colorado
              Hufco - Delaware Company              Delaware
              Huffy FSC, Inc.                       Virgin Islands
              Huffy International Finance, N.V.     Netherlands Antilles
              Huffy Risk Management, Inc.           Ohio
              Huffy Service First, Inc.             Ohio
              Huffy Sports, Inc.                    Wisconsin
              Royce Union Bicycle Company           Ohio
              Snugli-Canada, Ltd.                   British Columbia, Canada
              True Temper Hardware Company          Ohio
              True Temper Limited                   Whites Cross, Cork, Ireland
              Washington Inventory Service          California
              
27.           Financial Data Schedules              ***

  *  Indicates that the exhibit is incorporated by reference into this Annual
     Report on Form 10-K from a previous filing with the Commission.

***  Indicates that the exhibit is included as part of this Annual Report on
     Form 10-K for the year ended December 31, 1997.

                              -20-