SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997

                                       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: 0-22352


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

               Delaware                                   31-1288751
   _______________________________                    ___________________
   (State or other jurisdiction of                     (I.R.S. Employer
    incorporation or organization)                    Identification No.)


                              250 East Broad Street
                                   Suite 1400
                                 Columbus, Ohio
                                      43215
              ____________________________________________________
                    (Address of principal executive offices)

                                 (614) 224-3134
              ____________________________________________________
               Registrant's telephone number, including area code




     Indicate by check mark whether the  registrant (1) has filed all reports to
be filed by Section 13 or Section 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 [ ]


     The number of shares  outstanding of registrant's  Common Stock as of March
31, 1997: 11,355,418



<PAGE>

                              HOLOPHANE CORPORATION
                                    FORM 10-Q
                      FOR THE QUARTER ENDED MARCH 31, 1997



                                      INDEX



PART I.    FINANCIAL INFORMATION

           Condensed Consolidated Statements of Income for the
           three months ended March 31, 1997 and March 31, 1996            
           (unaudited)................................................... 1


           Condensed Consolidated Balance Sheets as of March 31,
           1997 (unaudited) and December 31, 1996........................ 2



           Condensed Consolidated Statements of Cash Flows for the
           three months ended March 31, 1997 and March 31, 1996            
           (unaudited)................................................... 3


           Condensed Consolidated Statement of Stockholders' Equity
           as of March 31, 1997 (unaudited).............................. 4



           Notes to Condensed Consolidated Financial Statements.......... 5



           Management Discussion and Analysis......................       6



PART II.   OTHER INFORMATION.......................................       7



           Signature...............................................       8



                                      -2-
<PAGE>

HOLOPHANE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands except per share data)

                                                       Three Month Period Ended
                                                       _________________________
                                                        March 31,      March 31,
                                                          1997           1996
________________________________________________________________________________

Net Sales                                               $ 46,408       $ 38,056
Cost of Goods Sold                                        28,526         24,144
                                                        --------       --------
Gross Margin                                              17,882         13,912
Selling and Administrative Expenses                       10,871          8,937
Research and Development                                   1,467          1,435
Other Expenses                                               168            (37)
                                                        --------       --------
Operating Income                                           5,376          3,577
Interest Expense                                             478            576
Interest Income                                              (97)          (170)
                                                        --------       --------
Income Before Income Taxes                                 4,995          3,171
Provision for Income Taxes                                 1,885          1,218
                                                        --------       --------
Net Income                                                 3,110          1,953
================================================================================
Primary Earnings Per Share                              $   0.26       $   0.17
--------------------------------------------------------------------------------
Fully Diluted Earnings Per Share                        $   0.26       $   0.17
--------------------------------------------------------------------------------
Weighted Average Number of Shares Outstanding             11,794         11,824
--------------------------------------------------------------------------------


The  accompanying  notes are an integral  part of these  consolidated  financial
statements.


                                      -3-
<PAGE>

HOLOPHANE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands)                                      (Unaudited)
                                                        March 31     December 31
                                                          1997          1996
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
Cash and Equivalents                                   $  8,888       $  8,072
Receivables                                              28,672         33,104
Inventory                                                13,571         13,302
Prepaid and Other Deferred Expenses                       3,707          3,848
------------------------------------------------------------------------------
Total Current Assets                                     54,838         58,326
------------------------------------------------------------------------------
Property, Plant and Equipment, Net                       38,966         39,413
Goodwill                                                 20,806         21,276
Other Assets                                              5,650          4,952
------------------------------------------------------------------------------
Total Assets                                           $120,260       $123,967
==============================================================================
Liabilities and Stockholders' Equity
------------------------------------------------------------------------------
Current Liabilities                                    $ 29,743       $ 31,137
Long Term Debt                                           15,714         18,866
Other Long Term Liabilities                               6,757          6,820
Stockholders' Equity                                     68,046         67,144
------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity             $120,260       $123,967
==============================================================================


The  accompanying  notes are an integral  part of these  consolidated  financial
statements.


                                      -4-
<PAGE>


HOLOPHANE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited $ in thousands)
                                                        Three Month Period Ended
                                                         March 31,     March 31,
                                                           1997          1996
--------------------------------------------------------------------------------

   Net cash flow provided by operating activities          9,215          3,683
--------------------------------------------------------------------------------
   Net cash used in investing activities                  (2,304)        (2,339)
--------------------------------------------------------------------------------
   Financing activities:
     Principal payments of long term debt                 (3,149)           (24)
     Purchase of treasury shares                          (2,971)          (991)
     Proceeds from the sales of treasury shares                2            261
                                                          ------        -------
   Net cash used in financing activities:                 (6,118)          (754)
--------------------------------------------------------------------------------
   Effects of exchange rate changes on cash                   23              8
--------------------------------------------------------------------------------
   Net increase in cash and equivalents                      816            598
--------------------------------------------------------------------------------
   Cash and equivalents at beginning of period             8,072         13,356
--------------------------------------------------------------------------------
   Cash and equivalents at end of period                   8,888         13,954
--------------------------------------------------------------------------------


The  accompanying  note is an  integral  part of  these  consolidated  financial
statements.


                                      -5-
<PAGE>

<TABLE>

HOLOPHANE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited $ in thousands)
                                                                  Additional                               Cumulative
                                             Common Stock          Paid-in    Retained    Treasury Stock   Translation Stockholders'
                                          Shares       Amount      Capital    Earnings   Shares    Amount  Adjustments    Equity
------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>                 <C>           <C>         <C>         <C>       <C>       <C>        <C>          <C>    
Balance at December 31, 1996            11,895,861    $    119    $ 43,801    $30,527   473,369   ($6,534)   ($  769)     $67,144
====================================================================================================================================
   Net income for the quarter                                                   3,110                                       3,110
   Shares used in acquisition                                           13              (71,725)    1,367                   1,380
   Purchase of treasury shares                                                          140,000    (2,971)                 (2,971)
   Stock options exercised,
      including related tax benefits                                   (15)              (1,201)       18                       3
   Translation adjustments                                                                                      (620)        (620)
------------------------------------------------------------------------------------------------------------------------------------
Balance at March 31, 1997               11,895,861    $    119    $ 43,799    $33,637   540,443   ($8,120)   ($1,389)     $68,046
====================================================================================================================================

</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  financial
statements.


                                      -6-
<PAGE>



                     HOLOPHANE CORPORATION AND SUBSIDIARIES

              Notes to Condensed Consolidated Financial Statements



Basis of Presentation - The condensed consolidated balance sheet as of March 31,
1997,  and the  condensed  consolidated  statements  of  income,  cash flows and
stockholders'  equity for the three  months  ended  March 31, 1997 and March 31,
1996 have been  prepared  by the  Company,  without  audit.  In the  opinion  of
management,  all adjustments,  which include only normal recurring  adjustments,
necessary  to present  fairly the  financial  position,  results of  operations,
changes  in  stockholders'  equity and  changes  in cash  flows for all  periods
presented have been made.

Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with generally accepted accounting  principles
have been condensed or omitted.  These consolidated  financial statements should
be read in conjunction with the financial  statements and notes thereto included
in the Company's  December 31, 1996 annual  report on Form 10-K.  The results of
operations  for the three month period ended March 31, 1997 are not  necessarily
indicative of the operating results for the full year.


Classification of Inventory
___________________________
(in thousands)



                                          (Unaudited)
                                            March 31,    December 31,
                                              1997            1996
                                          -----------    ------------

            Raw Materials                  $  8,658        $  7,997

            Work in Process                   3,389           3,620

            Finished Goods                    2,250           2,374
                                           --------        --------
            Total                            14,297          13,991

            Less Valuation Allowance           (726)           (689)
                                           --------        --------
            Total                          $ 13,571        $ 13,302
                                           ========        ========



                                      -7-
<PAGE>


MANAGEMENT DISCUSSION AND ANALYSIS


Comparison of First Quarter 1997 to First Quarter 1996

Worldwide  net sales for the first  quarter of 1997 were $46.4  million,  up 22%
from first quarter 1996. Approximately one-half of the sales increase was due to
the acquisition of MetalOptics, Inc.

Including the MetalOptics acquisition,  first quarter sales in the United States
increased 28% compared to 1996.  Internal  sales growth in the United States was
up 14%. European sales in local currency were down  approximately 9% compared to
first quarter 1996.  Canadian sales were down 8% in local  currency  compared to
1996.

Operating  income was $5.4  million,  up $1.8 million from 1996 due primarily to
higher volume offset  somewhat by higher  selling and  administrative  expenses.
Total  operating  expenses  in the  quarter  were $12.5  million,  up from $10.3
million in 1996.

Net  interest  expense  decreased  slightly to $0.4 million in 1997 due to lower
outstanding balances. Long-term debt decreased $3.2 million at March 31, 1997.

Net income and  earnings  per share were $3.1  million and $0.26,  respectively,
compared with $2.0 million and $0.17 in 1996.


Capital Resources, Liquidity and Other

Working capital was $25.1 million as of March 31, 1997, down  approximately $2.1
million  from  year-end  1996 due  primarily  to  volume  related  decreases  in
receivables, partially offset by lower current liabilities.

Cash on hand,  funds generated from  operations and amounts  available under the
Credit  Agreement are expected to  adequately  fulfill  Holophane's  anticipated
requirements for the remainder of 1997 and in the foreseeable future.


"Safe Harbor"  Statement under the Private  Securities  Litigation Reform Act of
1995: Except for historical  information contained herein, the matters set forth
in this filing  constitute  forward-looking  statements  that are  dependent  on
certain risks and uncertainties including such factors, among others, as weather
conditions throughout the remainder of the fiscal year, the general state of the
national economy and other risks detailed in the Company's  Securities  Exchange
Act of 1934 filings.


                                      -8-
<PAGE>



PART II.    OTHER INFORMATION


ITEM 1.     Legal Proceedings

            Not Applicable.

ITEM 2.     Changes in Securities

            Not Applicable.

ITEM 3.     Defaults Upon Senior Securities

            Not Applicable.

ITEM 4.     Submission of Matters to a Vote of Security Holders

            Not Applicable.

ITEM 5.     Other Information

            Not Applicable.

ITEM 6.     Exhibits and Reports on Form 8-K

            Not Applicable.



                                      -9-
<PAGE>

                                    SIGNATURE



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



                                          HOLOPHANE CORPORATION
                                       ____________________________
                                              (Registrant)



DATE:  April 17, 1997                 /s/ Bruce A. Philp
                                      ___________________________________
                                          Bruce A. Philp
                                          Vice President, Finance and
                                          Chief Financial Officer