<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


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


                                   FORM 10-QSB

Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of
1934 for the Quarterly Period Ended April 30, 1999.


Commission file number 0-6649


                             Jilco Industries, Inc.
------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


                  California                                95-2075885
------------------------------------------------------------------------------
         (State or other jurisdiction of                (I.R.S. Employer
         incorporation or organization)                Identification No.)

 P. O. Box 10539, Beverly Hills, California                   90213
------------------------------------------------------------------------------
  (Address of principal executive offices)                  (Zip Code)

                                 (310) 274-1986
------------------------------------------------------------------------------
                           (Issuer's telephone number)

                                 Not Applicable
------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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   .
                                                               ---    ---
449,991 shares of the issuer's common stock, no par value, are outstanding as
of April 30, 1999.

Transitional Small Business Disclosure Format:
         Yes          No   X  .
             ---          ---




<PAGE>   2

ITEM 1.

                                                          JILCO INDUSTRIES, INC.
                                                                  BALANCE SHEETS
                        JULY 31, 1998 (UNAUDITED) AND APRIL 30, 1999 (UNAUDITED)

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


                                     ASSETS
<TABLE>
<CAPTION>

                                                                                    April 30,          July 31,
                                                                                      1999               1998
                                                                                ---------------    ----------------
<S>                                                                             <C>                <C>

CURRENT ASSETS
     Cash and cash equivalents                                                  $         1,864    $          2,049
                                                                                ---------------    ----------------

                  TOTAL CURRENT ASSETS                                          $         1,864    $          2,049
                                                                                ===============    ================


                      LIABILITIES AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES
     Note payable to shareholder                                                $        53,250    $         53,250
     Note payable                                                                        57,500              48,000
     Accrued interest                                                                    65,143              58,222
     Other accrued expenses                                                                 800                 800
                                                                                ---------------    ----------------

         Total current liabilities                                                      176,693             160,272
                                                                                ---------------    ----------------

SHAREHOLDERS' DEFICIT
     Common stock, no par value
         1,500,000 shares authorized
         449,991 shares issued and outstanding                                          749,950             749,950
     Accumulated deficit                                                               (924,779)           (908,173)
                                                                                ---------------    ----------------

              Total shareholders' deficit                                              (174,829)           (158,223)
                                                                                ---------------    ----------------

                  TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT                   $         1,864    $          2,049
                                                                                ===============    ================
</TABLE>



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

                                       1


<PAGE>   3

                                                         JILCO INDUSTRIES, INC.
                                 STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
        FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 1999 AND 1998 (UNAUDITED)

-------------------------------------------------------------------------------
<TABLE>
<CAPTION>


                                                      Three Months Ended                 Nine Months Ended
                                                           April 30,                          April 30,
                                               ---------------------------------  ---------------------------------
                                                     1999             1998              1999             1998
                                               ---------------  ----------------  ---------------  ----------------
<S>                                             <C>              <C>               <C>              <C>

OPERATING EXPENSES
   Professional fees                           $             -  $         19,240  $         4,175  $         25,993
   Printer fees                                          1,220             1,538            3,647            12,432
   Sundry                                                   37               107               91               146
                                               ---------------  ---------------   ---------------  ----------------

     Total operating expenses                            1,257            20,885            7,913            38,571
                                               ---------------  ----------------  ---------------  ----------------

LOSS FROM OPERATIONS                                    (1,257)          (20,885)          (7,913)          (38,571)

OTHER EXPENSE
   Interest expense                                     (2,382)           (1,904)          (6,921)           (4,918)
                                               ---------------  ----------------  ---------------  ----------------

LOSS BEFORE PROVISION FOR INCOME
   TAXES                                                (3,639)          (22,789)         (14,834)          (43,489)

PROVISION FOR INCOME TAXES                                   -                 -            1,772               800
                                               ---------------  ----------------  ---------------  ----------------

NET LOSS                                                (3,639)          (22,789)         (16,606)          (44,289)

ACCUMULATED DEFICIT, BEGINNING OF
   PERIOD                                             (921,140)         (879,868)        (908,173)         (858,368)
                                               ---------------  ----------------  ---------------   ---------------

ACCUMULATED DEFICIT, END OF PERIOD             $      (924,779) $       (902,657) $      (924,779)  $      (902,657)
                                               ===============  ================  ===============   ===============

BASIC LOSS PER SHARE                           $         (0.01) $          (0.03) $         (0.04) $          (0.10)
                                               ===============  ================  ===============  ================

DILUTED LOSS PER SHARE                         $         (0.01) $          (0.03) $         (0.04) $          (0.10)
                                               ===============  ================  ===============  ================

WEIGHTED-AVERAGE COMMON SHARES
   OUTSTANDING                                         449,991           449,991          449,991           449,991
                                               ===============  ================  ===============  ================
</TABLE>



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

                                       2


<PAGE>   4

                                                         JILCO INDUSTRIES, INC.
                                                       STATEMENTS OF CASH FLOWS
        FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 1999 AND 1998 (UNAUDITED)

-------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                      Three Months Ended                   Nine Months Ended
                                                           April 30,                            April 30,
                                               ---------------------------------  ---------------------------------
                                                     1999             1998              1999              1998
                                               ---------------  ----------------  ---------------  ----------------
<S>                                             <C>              <C>              <C>              <C>

CASH FLOWS FROM OPERATING ACTIVITIES
   Net loss                                    $        (3,639) $        (22,789) $       (16,606) $        (44,289)
   Increase (decrease) in
     Accrued interest                                    2,382             1,904            6,921             4,918
     Other accrued expenses                                  -                 -                -               800
                                               ---------------  ----------------  ---------------  ----------------

Net cash used in operating activities                   (1,257)          (20,885)          (9,685)          (38,571)
                                               ---------------  ----------------  ---------------  ----------------

CASH FLOWS FROM FINANCING ACTIVITIES
   Proceeds from notes payable                           2,000            21,000            9,500            38,000
                                               ---------------  ----------------  ---------------  ----------------

Net cash provided by financing
   activities                                            2,000            21,000            9,500            38,000
                                               ---------------  ----------------  ---------------  ----------------

Net increase (decrease) in cash and
   cash equivalents                                        743               115             (185)             (571)

CASH AND CASH EQUIVALENTS,
   BEGINNING OF PERIOD                                   1,121               290            2,049               976
                                               ---------------  ----------------  ---------------  ----------------

CASH AND CASH EQUIVALENTS, END OF
   PERIOD                                      $         1,864  $            405  $         1,864  $            405
                                               ===============  ================  ===============  ================


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

   INTEREST PAID                               $             -  $              -  $             -  $              -
                                               ===============  ================  ===============  ================

   INCOME TAXES PAID                           $             -  $              -  $             -  $              -
                                               ===============  ================  ===============  ================
</TABLE>



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

                                       3



<PAGE>   5

                                                         JILCO INDUSTRIES, INC.
                                                  NOTES TO FINANCIAL STATEMENTS
                       JULY 31, 1998 (UNAUDITED) AND APRIL 30, 1999 (UNAUDITED)

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


NOTE 1 - THE COMPANY

         Jilco Industries, Inc. (the "Company") has been inactive since April 2,
         1968 when it was discharged from bankruptcy under its previous name of
         Sportways, Inc. The expenses the Company has incurred represent those
         necessary to keep the Company in good standing in its state of
         residence.

         Fair Value of Financial Instruments
         -----------------------------------

         For certain of the Company's financial instruments including cash and
         accrued expenses, the carrying amounts approximate fair value due to
         their short maturities. The amounts shown as notes payable also
         approximate fair value because current interest rates and terms offered
         to the Company for notes payable of similar maturities are
         substantially the same.

         Cash and Cash Equivalents
         -------------------------

         For the purpose of reporting cash flows, the Company includes cash on
         deposit, cash on hand, and financial instruments purchased with an
         original maturity of three months or less to be cash equivalents.

         Interim Financial Information
         -----------------------------

         The interim financial statements reflect all adjustments (which include
         only the normal recurring adjustments) necessary for a fair
         presentation of financial position, results of operations, and cash
         flows for such periods. The results of operations for the nine months
         ended April 30, 1999 are not necessarily indicative of the results that
         may be expected for the entire year ending July 31, 1999, or any other
         future periods.

         Estimates
         ---------

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect the reported amounts of assets and
         liabilities at the date of the financial statements, as well as the
         reported amounts of expenses during the reporting period. Accordingly,
         actual results could differ from those estimates.

         Income Taxes
         ------------

         The Company utilizes Statement of Financial Accounting Standards
         ("SFAS") No. 109, "Accounting for Income Taxes," which requires the
         recognition of deferred tax assets and liabilities for the expected
         future tax consequences of events that have been included in the
         financial statements or tax returns. Under this method, deferred income
         taxes are recognized for the tax consequences in future years of
         differences between the tax bases of assets and liabilities and their
         financial reporting amounts at each period end based on enacted tax
         laws and statutory tax rates applicable to the periods in which the
         differences are expected to affect taxable income. Valuation allowances
         are established, when necessary, to reduce deferred tax assets to the
         amount expected to be realized. The provision for income taxes
         represents the tax payable for the period and the change during the
         period in deferred tax assets and liabilities.



                                       4


<PAGE>   6

                                                         JILCO INDUSTRIES, INC.
                                                  NOTES TO FINANCIAL STATEMENTS
                       JULY 31, 1998 (UNAUDITED) AND APRIL 30, 1999 (UNAUDITED)

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


NOTE 2 - LOSS PER SHARE

         The Company calculates basic loss per share using the weighted-average
         number of shares outstanding for the period. Diluted loss per share
         includes both the weighted-average number of shares and any common
         share equivalents such as options or warrants in the calculation. As
         the Company had no common share equivalents outstanding during any
         periods presented, basic and diluted loss per share are the same.


NOTE 3 - NOTES PAYABLE TO SHAREHOLDER

         Notes payable to shareholder consisted of the following:
<TABLE>
<CAPTION>

                                                                                    April 30,          July 31,
                                                                                      1999               1998
                                                                                ---------------    ----------------
                  <S>                                                           <C>                <C>

                  Revolving note payable, interest accrues at 9%
                      per annum.  Principal and accrued interest
                      are due on demand.                                        $        40,000    $         40,000
                  Revolving note payable, interest accrues at 11%
                      per annum.  Principal and accrued interest
                      are due on demand.                                                  8,250               8,250
                  Revolving note payable, interest accrues at 10%
                      per annum.  Principal and accrued interest
                      are due on demand.                                                  5,000               5,000
                                                                                ---------------    ----------------

                           TOTAL                                                $        53,250    $         53,250
                                                                                ===============    ================
</TABLE>


NOTE 4 - NOTE PAYABLE

          The note payable is due on demand. Interest accrues at 8% per annum
          and is payable on December 31 of each year.



                                       5
<PAGE>   7


                             JILCO INDUSTRIES, INC.


ITEM 2.             MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                    CONDITION AND RESULTS OF OPERATIONS

       Registrant has not conducted any business operations during the last five
(5) fiscal years, except that during the above fiscal years it has incurred
expenses necessary to keep its good standing in its state of residence and to
comply with the periodic reporting requirements of the Exchange Act.


                           PART II. OTHER INFORMATION

       None of Items 1 through 5 of Part II are applicable.


ITEM 6.             EXHIBITS AND REPORTS ON FORM 8-K

       (a)    Exhibits

              Exhibit No.                   Description
              -----------                   -----------

                  27                        Financial Data Schedule

       (b)   No reports on Form 8-K were filed during the quarter.



                                   SIGNATURES

       In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                                JILCO INDUSTRIES, INC.


Date:   June 11, 1999                           /s/ Martha J. Kretzmer
                                                ---------------------------
                                                Martha J. Kretzmer,
                                                President