<PAGE>   1

                                                                 PAGE  1  OF  14
                                     INDEX TO EXHIBITS  - PAGE   13   OF   14   

                       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        NOVEMBER 30, 1995           

                                       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     0-14057  
                                                 -------


                          MET-COIL SYSTEMS CORPORATION
-------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

             DELAWARE                                            42-1027215
------------------------------------                       ---------------------
(State or Other Jurisdiction of Incorporation)             (I.R.S. Employer No.)

5486 SIXTH STREET SW,  CEDAR RAPIDS,  IOWA                         52404
------------------------------------------                 ---------------------
(Address of Principal Executive Offices)                         (Zip Code)

Registrant's telephone number, including area code:    (319) 363-6566


                                 NOT APPLICABLE
--------------------------------------------------------------------------------
  (Former Name, Former Address and Former Fiscal Year, If Changed Since Last
                                    Report)


  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 _______

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

  Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.    Yes ________     No ________

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date  3,035,706
<PAGE>   2

                                                                    Page 2 of 14




                          MET-COIL SYSTEMS CORPORATION

                                     INDEX


PART I.  FINANCIAL INFORMATION
<TABLE>
<CAPTION>
                                                                                                                     PAGE
                                                                                                                     ----
<S>                                                                                                               <C>
  ITEM 1. FINANCIAL STATEMENTS

    Consolidated condensed balance sheets, November 30, 1995
    (unaudited) and May 31, 1995  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . .   3

    Consolidated condensed statements of operations,
    three months and six months ended November 30, 1995 and 1994 (unaudited)   . . . . . . . . . . . . . . . . . . . .   4

    Consolidated condensed statements of cash flows,
    six months ended November 30, 1995 and 1994 (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5

    Notes to consolidated financial statements  (unaudited)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6

  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  9


PART II.  OTHER INFORMATION

  ITEM 2. CHANGES IN SECURITIES   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

  ITEM 3. DEFAULTS UPON SENIOR SECURITIES   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

  ITEM 6. EXHIBITS    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

  INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13


    Exhibit 11  -  Computation of loss per common
                       and common equivalent shares   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
                                                                                                                            
</TABLE>
<PAGE>   3

                                                                   Page 3 of 14

MET-COIL SYSTEMS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
(In thousands, except shares)                              November 30,          May 31,
                                                               1995              1995*
                                                           (Unaudited)
----------------------------------------------------------------------------------------
<S>                                                      <C>              <C>
Current assets
 Cash                                                    $       866        $       159
 Cash, restricted for debt repayment                             505                750
 Trade receivables, net                                        6,010              8,436
 Notes and other receivables                                     787                968
 Inventories                                                  13,336             13,265
 Prepaid expenses                                              1,255              1,413
---------------------------------------------------------------------------------------
 Total current assets                                         22,759             24,991

Property and equipment, net                                    6,798              7,953
Cash, restricted for debt repayment                              ---                236
Investments and other assets                                   2,504              2,471
Intangibles, net                                               2,864              3,084
---------------------------------------------------------------------------------------
TOTAL ASSETS                                             $    34,925        $    38,735
=======================================================================================

Current liabilities
 Notes payable to banks and current maturities of 
   long-term debt                                        $    16,824        $    18,445
 Accounts payable and accrued liabilities                      7,794              9,449
 Customer deposits and progress billings                       3,226              2,367
---------------------------------------------------------------------------------------
 Total current liabilities                                    27,844             30,261

Long-term debt                                                 3,960              3,838
Other                                                            799                783

Preferred stock, convertible and redeemable at $13 per 
   share                                                       3,583              3,457

Stockholders' Equity (Deficit):
Common stock, $.01 par value, authorized 10,000,000 
   shares;                                                        31                 29
  1996 issued 3,063,783; 1995 issued 2,932,573
Additional paid-in capital                                    16,088             15,809
Retained earnings (deficit)                                  (17,397)           (15,570)
Foreign currency translation                                     146                257
Common stock in treasury, at cost, 28,000 shares                (129)              (129)
---------------------------------------------------------------------------------------
Net equity (deficit)                                          (1,261)               396
---------------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)     $    34,925        $    38,735
=======================================================================================
</TABLE>


* Condensed from audited financial statements

See notes to consolidated financial statements
<PAGE>   4
                                                                    Page 4 of 14




Met-Coil Systems Corporation
Consolidated Condensed Statements of Operations (Unaudited)
(In thousands, except per share amounts)


<TABLE>
<CAPTION>
                                       Three Months Ended           Six Months Ended
                                          November 30,                 November 30,
                                        1995        1994           1995           1994
                                                  (Restated)                   (Restated)
------------------------------------------------------------------------------------------
<S>                                  <C>        <C>            <C>           <C>
Net revenues                         $11,161    $ 11,049       $ 20,815      $    20,507

Cost of goods sold                     8,628       8,510         16,742           15,230
Operating expenses                     2,120       2,493          4,361            4,727
Interest expense, net                    698         576          1,391            1,192
Other (income) expense, net               87         (67)            40              (88)
----------------------------------------------------------------------------------------


Loss before income taxes                (372)       (463)        (1,719)            (554)
Income taxes                             ---         ---            ---              ---
----------------------------------------------------------------------------------------

Net loss                             $  (372)   $   (463)      $ (1,719)     $      (554)

Preferred stock dividends                 54          24            108               48
----------------------------------------------------------------------------------------

Net loss applicable to common        
  stock                              $  (426)   $   (487)      $ (1,827)     $      (602)
========================================================================================

Weighted average common and
common equivalent shares               3,002       2,814          2,997            2,800
========================================================================================


Net loss per common share and
common equivalent share              $ (0.14)   $  (0.17)      $  (0.61)     $     (0.22)
========================================================================================
</TABLE>










See notes to consolidated financial statements



<PAGE>   5
                                                                    Page 5 of 14



MET-COIL SYSTEMS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
<TABLE>
<CAPTION>
                                                                            Six Months Ended
                                                                               November 30,
                                                                       1995                    1994
                                                                                           (Restated)
<S>                                                               <C>                     <C>
-----------------------------------------------------------------------------------------------------
NET CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                            $ (1,719)                $  (554)
Adjustments to reconcile net loss to net cash flows from operating 
  activities:
  Depreciation                                                           798                     820
  Amortization                                                           220                     220
  Accretion of discount on debt and preferred stock                      336                     285
  Undistributed (earnings) loss of affiliate                               7                    (128)
-----------------------------------------------------------------------------------------------------
                                                                        (358)                    643

  Changes in assets and liabilities:
     Trade receivables                                                 2,426                    (991)
     Notes and other receivables                                         181                      (6)
     Inventories                                                         (71)                 (1,653) 
     Accounts payable and accrued liabilities                         (1,655)                  1,300
     Customer deposits and progress billings                             859                      56
     Prepaid expenses and other                                          158                     (65)
-----------------------------------------------------------------------------------------------------

  Net cash flows from operating activities                             1,540                    (716)
-----------------------------------------------------------------------------------------------------

NET CASH FLOWS FROM INVESTING ACTIVITIES  
  Purchase of property and equipment                                    (128)                   (212)
  Other, net                                                             (27)                    563
-----------------------------------------------------------------------------------------------------

  Net cash flows from investing activities                              (155)                    351
-----------------------------------------------------------------------------------------------------

NET CASH FLOWS FROM FINANCING ACTIVITIES
  Net repayments under revolving credit agreements                      (863)                   (489)
  Repayments of long-term debt                                          (846)                 (1,001) 
  Use of restricted cash for debt repayment                              750                     745
  Reduction in Employee Stock Ownership Plan debt guarantee              ---                     167
  Dividends on preferred stock                                           ---                     (53)
  Issuance of common stock                                               281                     239
-----------------------------------------------------------------------------------------------------

  Net cash flows from financing activities                              (678)                   (392)
-----------------------------------------------------------------------------------------------------

CASH
  Increase (decrease)                                                    707                    (757)
  Beginning balance                                                      159                   1,304
-----------------------------------------------------------------------------------------------------

  Ending balance                                                    $    866                $    547
=====================================================================================================
</TABLE>


See notes to consolidated financial statements





<PAGE>   6

                                                                    Page 6 of 14

                          MET-COIL SYSTEMS CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)

NOTE 1.  PRESENTATION OF FINANCIAL INFORMATION

         The condensed unaudited consolidated financial statements have been
         prepared by the Company in accordance with the instructions for
         Securities and Exchange Commission's Form 10-Q and do not include all
         of the information and footnotes required by generally accepted
         accounting principles for audited financial statements.  The condensed
         unaudited consolidated financial statements include the accounts of the
         Company and its subsidiaries.  All material intercompany items and
         transactions have been eliminated in the consolidation.  In the
         preparation of the unaudited amounts, all adjustments (consisting
         solely of normal recurring adjustments) have been made which are, in
         the opinion of management, necessary for a fair statement of the
         results for the interim periods.  The results for the interim periods
         are not necessarily indicative of the results of operations that may be
         expected for the year.  It is suggested that the condensed unaudited
         consolidated financial statements contained herein be read in
         conjunction with the consolidated statements and notes included in the
         Company's Annual Report on Form 10-K for the year ended May 31, 1995.

         
NOTE 2.  PRIOR PERIOD ADJUSTMENT

         The Company has restated its previously issued fiscal 1994 financial
         statements and its previously issued fiscal 1995 quarterly financial
         statements to increase cost of goods sold and decrease work-in-process
         inventory at May 31, 1994 and at November 30, 1994, as a result of
         improperly relieving inventory for the cost of items shipped to
         customers.  In addition, the second quarter of fiscal 1995 reflects an
         adjustment to increase a reserve for an environmental matter that had
         previously been reduced.  These adjustments reduced previously
         reported November 30, 1994 retained earnings by $1,499,000 and reduced
         previously reported income for the three month and six month periods
         ended November 30, 1994 by $778,000 or $.28 per common share and
         $921,000 or $.33 per common share respectively.

NOTE 3.  INVENTORIES

         The composition of the inventories, using the FIFO method, which
         approximates replacement cost, is as follows: 

                                                                             
<TABLE>
<CAPTION>                                                                    
                                                                        (in thousands) 
                                                            November 30,               May 31,
                                                               1995                     1995      
                                                         ----------------         ---------------
                          <S>                             <C>                       <C>                      
                          Raw materials & parts . . . . .      $9,859                    $9,840
                          Work in process . . . . . . . .       2,620                     2,507
                          Finished goods  . . . . . . . .         766                       827
                                                              -------                  -------- 
                                                              $13,245                   $13,174
                          Increase to LIFO basis  . . . .          91                        91
                                                              -------                   ------- 
                                                              $13,336                   $13,265
                                                              =======                   =======     
</TABLE>

<PAGE>   7

                                                                    Page 7 of 14

NOTE 4.  INVESTMENT IN AFFILIATE

         The Company is accounting for its investment in Met-Coil Ltd. (50%
         owned) by the equity method of accounting.  Selected financial
         information of the investment in affiliate is as follows (in
         thousands):
<TABLE>
<CAPTION>
                                                                           Three Months Ended            Six Months Ended
                                                                               November 30,                November 30,
                                                                           1995          1994          1995                1994
                                                                         ------------------------      ----------------------------
                 <S>                                                  <C>             <C>            <C>             <C>
                 Net revenues . . . . . . . . . . . . . . .            $   4,028       $   2,795      $   5,523          $  5,403
                 Gross profit . . . . . . . . . . . . . . .                  940             954          1,363             1,946
                 Operating income (loss). . . . . . . . . .                  128             267            (67)              525
                 Net income . . . . . . . . . . . . . . . .                   92             136              8               256
                                                                       =========       =========      =========          ========
                 Income from equity investments,
                    included in net revenues. . . . . . . .            $      46       $      68      $       4          $    128
                                                                       =========       =========      =========          ========
</TABLE>


NOTE 5.    DEBT

           Revolving lines of credit:
              At May 31, 1995 the Company had revolving credit agreements with
           two banks under which it could borrow up to $2,000,000 from each
           bank in current notes payable.  Borrowings, which can be utilized in
           the form of a letter of credit facility, are limited pursuant to a
           borrowing base formula (primarily a certain percentage of eligible
           trade receivables), bear interest at the banks' prime rate plus
           1.5%, require compensating balances of 5% of the committed revolving
           lines of credit and require the payment of certain fees.  The credit
           agreements originally expired on September 30, 1995.  As of May 31,
           1995 and November 25, 1995,  the Company was not in compliance with
           various debt covenants.  The Company has been obtaining monthly
           extensions from the banks and currently the credit agreements expire
           on January 25, 1996.  In connection with the extensions each bank
           has reduced its lending availability to the Company to $1,400,000.
           The Company has borrowings of $2,700,000 under these revolving
           credit agreements at November 30, 1995.

           Senior debt:
             The Company has $12,000,000 of senior notes with two insurance
           companies.  Interest is at 11% payable quarterly.  The notes are due
           in annual payments of $1,000,000 in October, each year with the
           remaining principal due in October, 2001.  As of May 31, 1995 and
           November 30, 1995, the Company was not in compliance with various
           covenants of the senior notes.  Since waivers of these covenants
           have not been obtained, the total amount of $12,000,000 of senior
           notes have been classified as current.

           For additional information concerning the Company's loan
           agreements and accompanying terms and restrictions see Note 5 to
           Financial Statements in the Company's Annual Report on Form 10-K for
           the year ended May 31, 1995 herein incorporated by reference thereto.
<PAGE>   8

                                                                    Page 8 of 14

NOTE 6.    PREFERRED STOCK - REDEEMABLE CONVERTIBLE

           The Company has authorized 1,000,000 shares of $1 par value
           preferred stock.  During the years ended May 31, 1995 and 1994 the
           Company issued 200,000 and 162,000 shares of preferred stock
           respectively, at $10 per share ($10 liquidation value per share).
           The preferred stock provides for cumulative annual dividends of 6%
           payable semi-annually.  The preferred stock is convertible into
           three shares of common stock at any time at the option of the
           holder.  After December 31, 1998 either the Company or the holder
           may redeem the preferred stock at a redemption price of $13 per
           share, plus accumulated but unpaid dividends.

           The Company is increasing the carrying amount of the preferred
           stock, using the interest method, so that the carrying amount will
           equal the redemption amount of $4,706,000 at December 31, 1998.


NOTE 7.    LITIGATION SETTLEMENT

           For information concerning the 1992 litigation settlement see Note
           12 to Financial Statements in the Company's Annual Report on Form
           10-K for the year ended May 31, 1995 herein incorporated by
           reference thereto.

NOTE 8.    SUBSEQUENT EVENT

           On January 12, 1996, the Company signed an agreement (expected to
           close on January 31, 1996) to sell certain assets related to two
           product lines currently manufactured at the Rowe facility.  The sale
           would include the "Rowe" name, the technical know how to produce the
           "Press Feed" and "Cut-to-length" product lines and certain working
           capital accounts related to these product lines.  The sales proceeds
           are currently estimated at $4,000,000 and will be used to retire
           debt.  This transaction should result in a gain to the Company in
           excess of $2,000,000 when realized and is subject to lender
           approval.

NOTE 9.    SUPPLEMENTAL CASH FLOW DATA
           Cash paid for Interest . . . . . . . .  $  1,027            $  981
                                                   ========            ======


           During the second quarter of fiscal year 1996, the Company
           received insurance proceeds of $485,000, related to a fire at the
           Rowe facility.  This amount has been placed in a cash collateral
           account and the book value of property and equipment has been reduced
           accordingly.
<PAGE>   9

                                                                    Page 9 of 14


                          MET-COIL SYSTEMS CORPORATION

Item 2.       Management's Discussion and Analysis of Financial Condition and
              Results of Operations

           SECOND QUARTER AND SIX MONTH RESULTS OF OPERATIONS

         Revenues of $11.2 million for the second quarter increased 1% from
         $11.0 million in the second quarter of fiscal year 1995.  The 1996
         second quarter margin of 23% was consistent with the 1995 second
         quarter margin.  Second quarter 1996 operating expenses of $2.1
         million decreased from the prior year second quarter of $2.5 million
         reflecting the Company's effort to trim costs and eliminate duplicity
         in operations.  The increase in interest expense from the prior second
         quarter reflects the accretion of interest on preferred stock issued
         in fiscal 1995.  The second quarter 1996 net loss of $372,000 or $0.14
         loss per common share decreased from the 1995 second quarter net loss
         of $463,000 or $0.17 loss per common share due to the reduction in
         operating expenses.

         For the first half of fiscal 1996 and 1995 reported revenues were
         $20.8 million and $20.5 million respectively.  The 1996 first half
         margin of 20% was down from the 1995 first half margin of 26% due
         primarily to lower margins recognized by the Lockformer subsidiary
         during the first quarter of fiscal 1996 as a result of low margin
         orders on hand at the end of the prior fiscal year.  These low margin
         orders were due to the pricing formula for large distributors
         implemented in the prior year which decreased margins and which went
         undetected until the significant 1995 year end inventory write-down.
         Operating expenses decreased from the prior year due to cost cutting
         measures implemented, and interest expense increased due to preferred
         stock interest accretion.

         As discussed in Note 2 to the consolidated financial statements, the
         financial results for the three month and six month periods ended
         November 30, 1994 have been restated.

                        LIQUIDITY AND CAPITAL RESOURCES

         An operating working capital deficit of $5.1 million at November 30,
         1995 was caused by the classification of $11 million of senior notes
         as current (see discussion below) that would have been reflected as
         long-term had the Company been in compliance with loan covenants.  The
         operating working capital deficit was $5.3 million at May 31, 1995.
         The Company generated cash from operating activities of $1.5 million
         for the first half of 1996 compared to a use of $716,000 for the
         corresponding period last year.  Backlog was $18.7 million at 
         November 30, 1995, an increase of  40%  over the November 30, 1994 
         level of $13.4 million.

         As a result of the net loss for the year ended May 31, 1995, the
         Company was in violation of various covenants of the revolving credit
         agreements and senior notes.  Noncompliance with loan covenants permit
         the lenders to declare the Company in default of its loan agreements
         and demand repayment of the loans in full.  The revolving credit
         agreements originally expired on September 30, 1995.  While the
         revolving credit agreements have been amended and extended to January
         25, 1996 the various covenant violations have
<PAGE>   10

                                                                   Page 10 of 14

         not been waived, therefore $11 million of senior notes have been
         classified as current at November 30, 1995.  The Company is engaged in
         discussions with new lenders and has  an oral commitment from the
         local office of a potential new lender, but since national office
         approval is required, a formal commitment letter is currently not in
         place.

         Assuming the current revolving credit agreements are either further
         extended or replaced, cash flows from on hand balances (including cash
         for debt repayment) and from operations are expected to meet the
         Company's operating and debt service requirements through the
         remainder of the current fiscal year.  In the event the revolving
         credit agreements are not extended or replaced, the Company would need
         to raise additional capital in order to continue to meet operating and
         debt service requirements.  There are no assurances that the Company
         would be able to raise additional capital.  If the Company is unable
         to extend or replace the revolving credit agreements or raise
         additional capital, the Company would not be able to continue as a
         going concern without effecting a reorganization or restructuring.

         Dividends of 6% were not paid on the preferred stock when scheduled to
         be paid on September 30, 1995 due to restrictions as a result of the
         loan covenant violations, however, it is the Company's intent to pay
         these dividends when either compliance is achieved or new loan
         agreements are obtained.  The Company continues to omit quarterly
         common stock dividends due to loan covenants, which prohibit the
         payment of common stock dividends.  It is uncertain when, and if, the
         Company will pay common stock dividends in the future.
<PAGE>   11

                                                                   Page 11 of 14


                          MET-COIL SYSTEMS CORPORATION

                          PART II - OTHER INFORMATION


ITEM 2.  CHANGES IN SECURITIES

         On December 15, 1995,  the loan agreements with the Company's
         bank lenders were amended and extended as described in Note 5 to the
         Financial Statements included in Part 1, Item 1 of this Quarterly
         Report.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         At November 30, 1995, the Company was in violation of certain
         financial covenants  contained in its loan agreements.  Since waivers
         of these violations have not been obtained, $12,000,000 of Senior Notes
         have been classified as current in the Financial Statements in Part 1,
         Item 1 of this Quarterly Report. For further information see "Liquidity
         and Capital Resources" in Part 1, Item 2 of this Quarterly Report.

ITEM 6.  EXHIBITS 

      (a)  EXHIBITS -- See Index to Exhibits included elsewhere herein.
<PAGE>   12

                                                                   Page 12 of 14



                                   SIGNATURES

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

         Date:  January  15, 1995               Met-Coil Systems Corporation
                                                Joseph H. Ceryanec
                                                Vice President Finance,
                                                Chief Financial Officer and
                                                Chief Accounting Officer



                                                Joseph H. Ceryanec/s/     
                                                ----------------------
<PAGE>   13

                                                                   Page 13 of 14


                          MET-COIL SYSTEMS CORPORATION

                               INDEX TO EXHIBITS





<TABLE>
<CAPTION>
                                                                                                                        Page      
<S>           <C>                                                                                                       <C>
EXHIBIT 11    Computation of Loss Per Common and
              Common Equivalent Shares    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    14
</TABLE>