<PAGE>   1

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A
                                 AMENDMENT NO. 3


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

For the fiscal quarter ended March 26, 1999

                               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 0-25246


                            WINSLOEW FURNITURE, INC.
             (Exact name of registrant as specified in its charter)


<TABLE>
<CAPTION>
             FLORIDA                                  63-1127982
             -------                                  ----------
<S>                                        <C>
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

160 VILLAGE STREET, BIRMINGHAM, ALABAMA                   35242
---------------------------------------                 ---------
(Address of principal executive offices)                (Zip Code)
</TABLE>


       (Registrant's telephone number, including Area Code) (205) 408-7600

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 the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
<TABLE>
<CAPTION>
                                                            Shares Outstanding
        Class                                                at June 14, 1999
        -----                                                ----------------
<S>                                                         <C>
   $ .01 par value                                              7,181,908
</TABLE>
<PAGE>   2
                                EXPLANATORY NOTE

         This Amendment No. 3 on Form 10-Q/A amends and restates Item 1 of Part
I in its entirety of the Quarterly Report on Form 10-Q filed by WinsLoew
Furniture, Inc. on April 30, 1999, as amended by Amendment No. 1 on Form 10-Q/A
filed on May 5, 1999, as amended by Amendment No. 2 on Form 10-Q/A filed on June
4, 1999.



                            WINSLOEW FURNITURE, INC.

                                      INDEX


<TABLE>
<CAPTION>
PART I.          FINANCIAL INFORMATION                                                               PAGE
                                                                                                     ----
<S>                                                                                                 <C>
Item 1.  Financial Statements
         Consolidated Balance Sheets...........................................................       3
         Consolidated Statements of Income.....................................................       4
         Consolidated Statements of Cash Flows.................................................       5
         Notes to Consolidated Financial Statements............................................      6-8

Signatures.....................................................................................        9
</TABLE>




                                       2
<PAGE>   3
                         PART II. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS



                    WINSLOEW FURNITURE, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)


(In thousands except share and per share amounts)
<TABLE>
<CAPTION>
                                                                                            MARCH 26,           DECEMBER 31,
                                                                                              1999                 1998
                                                                                             -------              -------
<S>                                                                                         <C>                 <C>
Assets:
Cash and cash equivalents                                                                    $   963              $   475
Cash in escrow                                                                                 1,000                1,000
Accounts receivable, less allowances for doubtful accounts                                    31,278               23,647
Inventories                                                                                   12,926               12,206
Prepaid expenses and other current assets                                                      3,891                4,638
                                                                                             -------              -------
         Total current assets                                                                 50,058               41,966

Property, plant and equipment, net                                                            13,684               13,948
Goodwill, net                                                                                 26,955               27,176
Other assets                                                                                   1,129                1,463
                                                                                             -------              -------
                                                                                             $91,826              $84,553
                                                                                             =======              =======

Liabilities and Stockholders' Equity:
Current portion of long-term debt                                                            $    35              $    47
Accounts payable                                                                               4,598                4,377
Other accrued liabilities                                                                     10,673                9,952
Net liabilities of discontinued operations                                                     1,715                1,750
                                                                                             -------              -------
         Total current liabilities                                                            17,021               16,126

Long-term debt, net of current portion                                                         6,669                1,400
Deferred income taxes                                                                            912                  801
                                                                                             -------              -------
         Total liabilities                                                                    24,602               18,327
                                                                                             -------              -------

Commitments and contingencies

Stockholders' equity:
   Preferred stock, par value $.01 per share, 5,000,000
     shares authorized, none issued                                                               --                   --
   Common stock, par value $.01 per share, 20,000,000 shares
     authorized, 7,181,908 and 7,294,408 shares issued and outstanding
     at March 26, 1999 and December 31, 1998                                                      72                   73
   Additional paid-in capital                                                                 16,612               19,797
   Retained earnings                                                                          50,540               46,356
                                                                                             -------              -------
         Total stockholder's equity                                                           67,224               66,226
                                                                                             -------              -------
                                                                                             $91,826              $84,553
                                                                                             =======              =======
</TABLE>


                             See accompanying notes.




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<PAGE>   4
                    WINSLOEW FURNITURE, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)



(In thousands except per share amounts)
<TABLE>
<CAPTION>
                                                                                                       FOR THE QUARTERS ENDED
                                                                                                       ----------------------
                                                                                                     MARCH 26,             MARCH 27,
                                                                                                      1999                  1998
                                                                                                     -------               -------
<S>                                                                                                  <C>                   <C>
Net sales                                                                                             $32,910                $27,576
Cost of sales                                                                                          20,031                 17,946
                                                                                                      -------                -------
       Gross profit                                                                                    12,879                  9,630
Selling, general and administrative expenses                                                            5,725                  4,515
Amortization                                                                                              316                    244
                                                                                                      -------                -------
       Operating income                                                                                 6,838                  4,871
Interest expense                                                                                          123                    333
                                                                                                      -------                -------
Income before income taxes                                                                              6,715                  4,538
Provision for income taxes                                                                              2,531                  1,665
                                                                                                      -------                -------
       Net income                                                                                     $ 4,184                $ 2,873
                                                                                                      =======                =======
Basic earnings per share                                                                              $  0.58                $  0.38
                                                                                                      =======                =======
Weighted average number of shares                                                                       7,220                  7,535
                                                                                                      =======                =======
Diluted earnings per share                                                                            $  0.56                $  0.37
                                                                                                      =======                =======
Weighted average number of shares and common stock equivalents                                          7,434                  7,683
                                                                                                      =======                =======
</TABLE>



                             See accompanying notes.



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<PAGE>   5
                    WINSLOEW FURNITURE, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                                                                          FOR THE QUARTERS ENDED
                                                                                                           ----------------------
                                                                                                         MARCH 26,         MARCH 27,
                                                                                                           1999                1998
                                                                                                           ----                ----
<S>                                                                                                     <C>                <C>
Cash flows from operating activities:
Net income                                                                                              $ 4,184             $ 2,873
Adjustments to reconcile net income to net cash provided by (used in)
   operating activities:
Depreciation and amortization                                                                               692                 607
Provision for losses on accounts receivable                                                                 377                  79
Change in net assets held for sale                                                                           --                 805
Changes in operating assets and liabilities, net of effects from acquisitions
   and dispositions:
   Accounts receivable                                                                                   (8,008)             (6,540)
   Inventories                                                                                             (720)               (272)
   Prepaid expenses and other current assets                                                                747               2,635
   Other assets                                                                                             239                (715)
   Accounts payable                                                                                         221               1,203
   Other accrued liabilities                                                                                686                 485
   Deferred income taxes                                                                                    111                (622)
                                                                                                         ------              ------
     Total adjustments                                                                                   (5,655)             (2,335)
                                                                                                         ------              ------
     Net cash provided by (used in) operating activities                                                 (1,471)                538
                                                                                                         ------              ------
Cash flows from investing activities:
     Capital expenditures, net of disposals                                                                (112)               (334)
                                                                                                         ------              ------
     Net cash used in investing activities                                                                 (112)               (334)
                                                                                                         ------              ------
Cash flows from financing activities:
     Net borrowings under revolving credit agreements                                                     5,257                 795
     Proceeds from issuance of common stock, net                                                             --                 168
     Repurchase and cancellation of stock                                                                (3,186)                 --
                                                                                                         ------              ------
   Net cash provided by financing activities                                                              2,071                 963
                                                                                                         ------              ------
     Net increase in cash and cash equivalents                                                              488               1,167
   Cash and cash equivalents at beginning of year                                                           475                 707
                                                                                                         ------              ------
   Cash and cash equivalents at end of period                                                           $   963             $ 1,874
                                                                                                         ======              ======
   Supplemental disclosures:
     Interest paid                                                                                      $    28             $   259
     Income taxes paid                                                                                  $   155             $    28
                                                                                                         ======              ======
</TABLE>


                             See accompanying notes.




                                       5
<PAGE>   6
                            WINSLOEW FURNITURE, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.       BASIS OF PRESENTATION

         The accompanying unaudited consolidated financial statements of
         WinsLoew Furniture, Inc. and subsidiaries (the "Company" or "WinsLoew")
         that are for interim periods do not include all disclosures provided in
         the annual consolidated financial statements. These unaudited
         consolidated financial statements should be read in conjunction with
         the annual consolidated financial statements and notes thereto
         contained in the Company's Annual Report on Form 10-K for the year
         ended December 31, 1998, as filed with the Securities and Exchange
         Commission.

         All material intercompany balances and transactions have been
         eliminated. The preparation of the consolidated financial statements
         requires the use of estimates in the amounts reported.

         In the opinion of the Company, the accompanying unaudited consolidated
         financial statements contain all adjustments (which are of a normal
         recurring nature) necessary for a fair presentation of the results for
         the interim periods. The results of operations are presented for the
         Company's first quarter, which is from January 1 through March 26,
         1999. The results of operations for this period are not necessarily
         indicative of the results to be expected for the full year.

2.       INVENTORIES

         Inventories consisted of the following:

<TABLE>
<CAPTION>
(In thousands)                                   March 26,        December 31,
                                                   1999               1998
                                                   ----               ----
<S>                                              <C>               <C>
Raw materials                                     $  9,739           $  9,288
Work in process                                      1,619              1,521
Finished goods                                       1,568              1,397
                                                   -------            -------
                                                   $12,926            $12,206
                                                   =======            =======
</TABLE>



3.       LONG-TERM DEBT

         WinsLoew's amended senior credit facility provides the Company with a
         variable amount available under the revolving line of credit. The
         amount available under its revolving credit line is $20 million between
         July 1 each year through December 31. The Company may, at its option,
         elect to increase the revolving credit line at January 1 through the
         following June 30 to a maximum of $40 million. At January 1, 1999, the
         Company elected to set the maximum amount available under the revolving
         credit line at $35 million.

4.       CAPITAL STOCK

         In January 1998, WinsLoew's Board of Directors approved a plan to
         acquire up to 1,000,000 shares of the Company's common stock. The
         purchases are being funded by the Company's senior credit facility (see
         Note 3 above). At December 31, 1998, there were 704,000 shares
         available under the plan. Since December 31, 1998 and as of March 26,
         1999, the Company has acquired 112,500 shares for $3.2 million.


                                       6
<PAGE>   7
5.       DISCONTINUED OPERATIONS

         At March 26, 1999, there have not been any material changes in the net
         liabilities of discontinued operations as compared to December 31,
         1998.

6.       SEGMENT INFORMATION

         The Company has three segments organized and managed based on the
         products sold. The Company evaluates performance and allocates
         resources based on gross profit. There are no intersegment
         sales/transfers. Export revenues are not material.

<TABLE>
<CAPTION>
                                                                                                           Three Months Ended
                                                                                                           ------------------
                                                                                                     March 26,            March 27,
                                                                                                         1999                   1998
                                                                                                      -------                -------
<S>                                                                                                  <C>                  <C>
         REVENUES:
         Casual products                                                                              $13,634                $ 9,630
         Contract seating products                                                                     15,885                 15,498
         Ready to assemble products                                                                     3,391                  2,448
                                                                                                      -------                -------
                  Total revenues                                                                      $32,910                $27,576
                                                                                                      =======                =======

         SEGMENT GROSS PROFIT:
         Casual products                                                                              $ 6,467                $ 4,354
         Contract seating products                                                                      5,619                  4,769
         Ready to assemble products                                                                       793                    507
                                                                                                      -------                -------
                  Total segment gross profit                                                           12,879                  9,630
         Reconciling items:
         Selling, general and administrative expenses                                                   5,725                  4,515
         Amortization                                                                                     316                    244
                                                                                                      -------                -------
                  Operating Income                                                                      6,838                  4,871
         Interest expense-net                                                                             123                    333
                                                                                                      -------                -------
         Income from continuing operations before income taxes                                        $ 6,715                $ 4,538
                                                                                                      =======                =======

         SEGMENT ASSETS:
         Casual products                                                                              $60,104                $51,880
         Contract seating products                                                                     22,808                 23,486
         Ready to assemble products                                                                     7,241                  6,496
                                                                                                      -------                -------
                  Total                                                                                90,153                 81,862
         Reconciling items:
         Corporate                                                                                      1,673                  2,691
                                                                                                      -------                -------

                  Total consolidated assets                                                           $91,826                $84,553
                                                                                                      =======                =======
</TABLE>



7.       SUBSEQUENT EVENT

         On March 30, 1999, WinsLoew and Trivest Furniture Corporation (the
         "Purchaser), a Florida corporation formed by Earl W. Powell of Trivest,
         Inc., who is also the Chairman of the Company's Board of Directors,
         amended their Agreement and Plan of Merger to, among other things, (1)
         increase the per share cash purchase price from $30.00 per share to
         $33.00 per share, (2) increase the "break-up" fee, and (3) eliminate
         the Purchaser's financing condition. The amendment to the Agreement and
         Plan of Merger was approved by WinsLoew's Board of Directors, as well
         as the Special Committee of the Board appointed to evaluate the initial
         Trivest proposal and possible strategic alternatives.



                                       7
<PAGE>   8
         Pursuant to the amended agreement, the proposed merger is subject,
         among other things, to (1) shareholder approval and (2) compliance with
         all applicable regulatory and governmental requirements. Accordingly,
         there can be no assurance that the merger will be consummated.









                                       8
<PAGE>   9
                                   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.



                                WINSLOEW FURNITURE, INC.



July 14, 1999                   By: /s/ Bobby Tesney
                                    -----------------------------
                                     Bobby Tesney
                                     President and Chief Executive Officer





July 14, 1999                   By: /s/ Vincent A. Tortorici, Jr.
                                    -----------------------------
                                     Vincent A. Tortorici, Jr.
                                     Chief Financial Officer







                                       9