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

                                    FORM 10-Q/A










    X        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended March 28, 1998

                                       OR

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


                         Commission File Number 0-24884


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

                DELAWARE                              06-0871823     
     (State or other jurisdiction of               (I.R.S. Employer  
     incorporation or organization)               Identification No.)


                      16 TROWBRIDGE DRIVE, BETHEL, CT 06801
               (Address of principal executive offices, including
                                    zip code)

                                 (203) 749-7000
              (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), Yes X No     and (2) has been subject to such
filing requirements for the past 90 days Yes X No    .

The number of shares outstanding of the issuer's Common Stock, $.01 par value,
as of May 4, 1998 was 8,108,088.


                                       1
<PAGE>   2
                            PART II OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
                                                             PAGE

         (a) Index to Exhibits                                 4

         (b) Reports on Form 8-K
                  None


                                      
<PAGE>   3
                                   SIGNATURES


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

                                         CANNONDALE CORPORATION


Date: May 12, 1998                       /s/  WILLIAM A. LUCA
                                         ------------------------------------
                                         William A. Luca
                                         Vice President of Finance, Treasurer
                                         and Chief Financial Officer
                                         (Principal Financial Officer
                                           and authorized signatory)


            
<PAGE>   4
                                INDEX TO EXHIBITS



EXHIBIT
NUMBER                          DESCRIPTION
------                          -----------

10.1.11*       Credit Agreement, dated February 5, 1998, between Cannondale 
               Europe B.V. and  ABN AMRO Bank N.V.

10.68          Change of Control Employment Agreement, dated February 5, 1998,
               between Cannondale Corporation and William A. Luca.

10.68.1        Change of Control Employment Agreement, dated February 5, 1998,
               between Cannondale Corporation and Joseph S. Montgomery.

10.68.2        Change of Control Employment Agreement, dated February 5, 1998,
               between Cannondale Corporation and John Moriarty.

10.68.3        Change of Control Employment Agreement, dated February 5, 1998,
               between Cannondale Corporation and Daniel C. Alloway.

10.68.4        Cannondale Corporation Change of Control Separation Plan A.

10.68.5        Cannondale Corporation Change of Control Separation Plan B.
 
27*            Financial Data Schedule                                      

__________________
* Filed Previously