<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q
                 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


For the quarter ended:  March 31, 1998               Commission File No. 1-6963


                               ORIOLE HOMES CORP.
 -------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                    Florida                              59-1228702
         -------------------------------             -------------------
         (State or other jurisdiction of               (IRS Employer
         incorporation or organization)              Identification No.)


   1690 S. Congress Ave., Suite 200 Delray Beach, Fl.             33445
----------------------------------------------------------      -----------
        (Address of principal executive offices)                (Zip Code)


       Registrant's telephone number, including area code: (561) 274-2000



------------------------------------------------------------------------------
         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, 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 issuers classes of
common stock, as of the close of the period covered by this report.

                   Class                          Outstanding at May 11, 1998
   ----------------------------------------       --------------------------
    Common Stock, Class A, par value $.10                 1,864,149
    Common Stock, Class B, par value $.10                 2,761,375






<PAGE>   2
                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                                     ASSETS

<TABLE>
<CAPTION>
                                                   March 31,        December 31,
                                                     1998               1997
                                                  (Unaudited)         (Audited) 
                                                 -------------      ------------
<S>                                              <C>                <C> 
Cash and cash equivalents                         $ 21,343,656      $ 19,830,523
                                                  ------------      ------------
Receivables
  Mortgage notes                                       266,770           267,323
  Income taxes                                         765,437           765,437
                                                  ------------      ------------
                                                     1,032,207         1,032,760
Inventories
  Land                                              54,798,664        58,120,681
  Houses and condominiums completed or
    under construction                              35,196,347        42,007,641
  Model houses and condominiums                      4,923,455         4,871,304
                                                  ------------      ------------
                                                    94,918,466       104,999,626

  Less estimated costs of completed
    included in inventories                          9,635,535        11,597,567
                                                  ------------      ------------
                                                    85,282,931        93,402,059
                                                  ------------      ------------

Property and equipment, at cost
  Land                                                 654,181           654,936
  Buildings                                          4,335,741         4,338,159
  Furniture, fixtures and equipment                  3,604,089         3,339,242
                                                  ------------      ------------
                                                     8,594,011         8,332,337
  Less accumulated depreciation                      4,186,593         4,055,564
                                                  ------------      ------------
                                                     4,407,418         4,276,773
                                                  ------------      ------------

Property and equipment held for sale, at cost       12,104,889        12,264,126

Investments in and advances to joint ventures        3,916,313         4,495,000

Other
  Prepaid expenses                                   2,186,516         2,275,569
  Unamortized debt issuance costs                    1,399,493         1,552,227
  Land held for investment, at cost                  2,127,009         2,354,398
  Other assets                                       3,133,486         3,576,695
                                                  ------------      ------------
                                                     8,846,504         9,758,889
                                                  ------------      ------------

Total assets                                      $136,933,918      $145,060,130
                                                  ============      ============

</TABLE>




See notes to consolidated financial statements


                                      -1-
<PAGE>   3
                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                      LIABILITIES AND SHAREHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                   March 31,        December 31,
                                                     1998               1997
                                                  (Unaudited)         (Audited) 
                                                 -------------      ------------
<S>                                              <C>                <C> 
Liabilities          
  Line of credit                                 $     10,000       $     10,000
  Mortgage notes payable                           12,385,378         12,438,445
  Accounts payable and accrued liabilities          8,984,777         13,141,491
  Customer deposits                                 6,187,840          6,389,145
  Senior notes                                     62,442,621         66,184,074
                                                 ------------       ------------      

    Total liabilities                              90,010,616         98,163,155

Shareholders' equity
  Class A common stock, $.10 par value
   Authorized - 10,000,000 shares
   Issued and outstanding -
     1,864,149 in 1998 and 1,863,349 in 1997          186,415            186,335
  Class B common stock, $.10 par value
   Authorized - 10,000,000 shares
   Issued and outstanding -
     2,761,375 in 1998 and 2,762,175, in 1997         276,138            276,218
  Additional paid-in capital                       19,267,327         19,267,327
  Retained earnings                                27,193,422         27,167,095 
                                                 ------------       ------------      

    Total shareholders' equity                     46,923,302         46,896,975
                                                 ------------       ------------      

Total liabilities and shareholders' equity       $136,933,918       $145,060,130
                                                 ============       ============

</TABLE>

See notes to consolidated financial statements      



                                      -2-

<PAGE>   4
                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OR OPERATIONS
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                         March 31,
                                                               -------------------------------
                                                                   1998               1997
                                                               -------------      ------------
<S>                                                            <C>                <C> 
Revenues                                          
  Sales of houses and condominiums                              $25,332,278       $ 19,778,548
  Sales of land                                                          --              5,500
  Other operating revenues                                          880,908            735,378
  Interest, rentals and other income                              1,021,534            903,505
  Gain on sale of property and land held for investment, net        190,913                113
                                                                -----------      ------------
                                                                 27,425,633         21,423,044
                                                                -----------      ------------
Costs and expenses
  Cost of houses and condominiums sold                           22,014,200         17,798,157
  Inventory valuation adjustment                                         --          8,700,000
  Cost of land sold                                                      --              3,246
  Costs relating to other operating revenues                        788,998            713,423
  Selling, general and administrative expenses                    4,282,075          4,365,101
  Interest costs incurred                                         2,318,145          2,587,415
  Interest capitalized (deduct)                                  (2,004,112)        (2,399,802)
                                                                -----------       ------------
                                                                 27,399,306         31,767,540
                                                                -----------       ------------

Income (loss) before benefit from income taxes                       26,327       (10,344,496) 

Benefit from income taxes                                                --          (649,580)
                                                                -----------       ------------

Net income (loss)                                               $    26,327       $ (9,694,916)
                                                                ===========       ============

Net income (loss) per Class A and B common share
  available for common stockholders - Basic                     $       .01       $      (2.10)
                                                                ===========       ============
Weighted average number of common stock
  outstanding - Basic                                             4,625,524          4,625,524
                                                                ===========       ============
Net income (loss) per Class A and B common share
  available for common stockholders - Diluted                   $       .01       $      (2.10)
                                                                ===========       ============
Weighted average number of common stock
  outstanding - Diluted                                           4,714,224          4,625,524
                                                                ===========       ============
</TABLE>


See notes to consolidated financial statements


                                      -3-
<PAGE>   5
                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                        Three Months Ended
                                                                             March 31,
                                                                   -------------------------------
                                                                        1998               1997
                                                                   -------------      ------------
<S>                                                                <C>                <C> 
Cash flows from operating activities
  Net income (loss)                                                  $    26,327        $(9,694,616)

  Adjustments to reconcile net income (loss) to net
   cash provided to (used in) operating activities
     Depreciation                                                        306,277            345,571
     Amortization                                                        261,281            134,150
     Deferred income taxes                                                    --            500,872
     Gain on sale of property and land held for investment, net         (190,913)              (113)
  (Increase) decrease in operating assets
     Receivables                                                             553                968
     Inventories                                                       8,123,759         (3,575,586)
     Inventory valuation adjustment                                           --          8,700,000
     Other assets                                                        532,262         (1,978,737)
  Increase (decrease) in operating liabilities
     Accounts payable and accrued liabilities                         (4,156,714)        (2,441,325)
     Customer deposits                                                  (201,305)         3,474,399
                                                                    ------------       ------------
       Total adjustments                                               4,675,200          5,160,199
                                                                    ------------       ------------
         Net cash provided by (used in) operating activities           4,701,527         (4,534,717)
                                                                    ------------       ------------
Cash flows from investing activities
  Return on investment in joint ventures                                 578,687            266,000
  Capital expenditures                                                  (285,850)          (245,345)
  Proceeds from the sale of property and equipment                       421,836             69,825
                                                                    ------------       ------------
         Net cash provided by investing activities                       714,673             90,480
                                                                    ------------       ------------
Cash flows from financing activities
  Payment of mortgage note                                               (53,067)           (49,415)
  Borrowings under line of credit agreement                                   --          8,100,000
  Repayments under line of credit agreement                                   --         (3,500,000)
  Repurchase of senior notes                                          (3,850,000)                --
                                                                    ------------       ------------
         Net cash (used in) provided by financing activities          (3,903,067)         4,550,585
                                                                    ------------       ------------

Net increase in cash and cash equivalents                              1,513,133            106,348
                                                                    ------------       ------------
Cash and cash equivalents at beginning of period                      19,830,523          2,409,376
                                                                    ------------       ------------
Cash and cash equivalents at end of period                          $ 21,343,656       $  2,515,724
                                                                    ============       ============
Supplemental disclosures of cash flow information
Cash paid during the period for:
  Interest (net of amount capitalized)                              $  2,471,271       $  2,254,672
  Income taxes                                                      $      2,627       $         --

</TABLE>

See notes to consolidated financial statements




                                      -4-

<PAGE>   6

                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.     The consolidated balance sheet as of March 31, 1998 and the related
       statements of operations and cash flows for the three months ended March
       31, 1998 and 1997 of Oriole Homes Corp. and its subsidiaries have been
       prepared by the Company without audit. In the opinion of management of
       the Company, all adjustments (consisting of normal recurring accruals)
       necessary for a fair presentation of the unaudited interim periods have
       been reflected herein.

       Certain footnote disclosures normally included in financial statements
       prepared in accordance with generally accepted accounting principles have
       been omitted. It is suggested that these consolidated financial
       statements be read in conjunction with the financial statements and notes
       thereto included in the Company's December 31, 1997 annual report on Form
       10K.

       Certain reclassifications have been made to conform to the current year
       presentation.

2.     The results of operations for the three months ended March 31, 1998 are
       not necessarily indicative of the results for the entire year.

3.     Inventory valuation adjustment

       Statement of Financial Accounting Standards ("SFAS") No. 121 requires
       that long-lived assets held and used by the Company be reviewed for
       impairment whenever events or changes indicate that the net book value of
       the asset may not be recoverable. An impairment loss is recognized if the
       sum of the undiscounted expected future cash flows from the use of the
       assets is less than the net book value of the asset. The Company
       periodically reviews the carrying value of its assets and, if such
       reviews indicate the potential for lack of recovery of the net book
       value, adjusts the assets accordingly.

       In this regard, the Company recorded in the first quarter of 1997 a
       non-cash inventory valuation adjustment totaling $8,700,000 or $1.88 per
       common share, reducing certain land inventory to its estimated fair value
       less cost to sell. The inventory adjustment pertained to land for
       approximately 1,000 unsold housing units located in five developments.

       Deteriorating market conditions during the first quarter of 1997 caused
       the Company to lower selling prices in order to maintain current sales
       levels and move current inventory, resulting in the inventory valuation
       adjustment.

4.     The inventory adjustment was based in part on management estimates and
       assumptions that affected the reported valuation of assets, and amounts
       of revenues and expenses. Actual future results could differ from these
       estimates.




                                      -5-
<PAGE>   7


                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (Continued)

5.      Backlog of contracts for sales of houses and condominiums

<TABLE>
<CAPTION>

                                                     March 31, 1998                       December 31, 1997
                                           -----------------------------------     -----------------------------
                                                 Units            Amounts              Units           Amounts
                                             ---------------   ---------------       -----------   -------------
<S>                                               <C>            <C>                     <C>         <C>        
        Single-family homes                       145            $25,630,732             152         $27,683,438
        Multi-family                              111             15,246,489              91          12,730,745
                                             ---------------     -----------         -----------     -----------

        Total                                     256            $40,877,221             243         $40,414,183
                                             ==============      ===========         ===========     ===========
</TABLE>

6.      Earnings (loss) per share:

        Statement of Financial Accounting Standards ("SFAS") No. 128 " Earnings
        Per Share" requires dual presentation of basic and diluted earnings per
        share on the face of the income statement. The reconciliation between
        the computations is as follows:

<TABLE>
<CAPTION>

        Period       Income            Basic                                 Diluted             Diluted
        Ending       (Loss)           Shares          Basic EPS              Shares                EPS
        ------       ------           ------          ---------             ---------            -------
        <S>           <C>            <C>                <C>                 <C>                    <C> 
        3/31/98       26,327         4,625,524              .01              4,714,224                .01
        3/31/97                      4,625,52494,916)    (2.10)              4,625,524             (2.10)
</TABLE>

        Included in diluted shares for March 31, 1998 are common stock
        equivalents relating to options of 88,700.

7.      Senior notes

        On January 13, 1993, the Company issued its 12 1/2% Senior Notes
        ("Notes"), due January 15, 2003. The Notes had an original face value of
        $70,000,000 and were issued at a discount of $1,930,600. The Notes are
        senior unsecured obligations of the Company subject to redemption at the
        Company's option on or after January 15, 1998 at 105% of the principal
        amount and thereafter at prices declining annually to 100% of the
        principal amount on or after January 15, 2001.

        The indenture under which the Notes were issued requires sinking fund
        payments of $17,500,000 on January 15, 2001 and January 15, 2002. The
        indenture contains provisions restricting the amount and type of
        indebtedness the Company may incur, the purchase by the Company of its
        stock and the payment of cash dividends. At March 31, 1998, dividend
        payments are restricted and will be restricted until the Company posts
        cumulative net income in excess of $62,200,000.

        During the first quarter of 1998, the Company purchased $3,850,000 
        Notes to be used as part of the sinking fund.

8.      Line of credit

       A revolving loan agreement (line of credit) with a bank, collateralized
       by land, provides up to $10,000,000 of borrowings, at an interest rate of
       prime plus 1.5%, of which $9,990,000 is available at March 31, 1998. The
       agreement expires June 30, 1999.

       The line of credit can be used to finance ongoing development and
       construction of residential real estate and short-term capital needs and
       only requires monthly interest payments. The agreement has no
       compensating balance arrangements and contains typical restrictions and
       covenants, the most restrictive of which include that:

         a.      the Company shall maintain, at all times through the life of
                 the loan, its consolidated tangible net worth at not less than
                 $42,000,000, and;

         b.      the Company's ability to incur additional debt is restricted.




                                      -6-
<PAGE>   8



9.      Income taxes

        At March 31, 1998, the Company has no deferred tax benefit related to
        its net operating loss as the Company's ability to realized these
        benefits is not "more likely than not" as defined by FASB Statement No.
        109 "Accounting for Income Taxes".

10.     New accounting pronouncements

        The Financial Accounting Standards Board has issued Statement of
        Financial Standards Nos. 130 ("SFAS 130"), "Reporting Comprehensive
        Income", and 131 ("SFAS 131"), "Disclosures about Segments of an
        Enterprise and Related Information". SFAS 130 prescribes standards for
        reporting comprehensive income and its components. SFAS 131 establishes
        guidance as to the required disclosure for reporting segment
        information. The Company has adopted these standards, which have no
        impact on the Company.

11.     Commitments and contingencies

        The Company is involved, from time to time, in litigation arising in the
        ordinary course of business, none of which is expected to have a
        material adverse effect on the Company's consolidated financial position
        or results of operations.

        The Company is also subject to the normal obligations associated with
        entering into contracts for the purchase, development and sale of real
        estate in the routine conduct of its business.




                                      -7-
<PAGE>   9


                                         Grant Thornton LLP
                                         Certified Public Accountants
                                         200 East Broward Boulvevard, Suite 2000
                                         Fort Lauderdale, Florida 33301



Board of Directors
Oriole Homes Corp.

We have reviewed the accompanying consolidated balance sheet of Oriole Homes
Corp. and Subsidiaries as of March 31, 1998, and the related consolidated
statements of operations and cash flows for the three-month period then ended.
These financial statements are the responsibility of the company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical review procedures to
financial data, and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying consolidated financial statements for them to be in
conformity with generally accepted accounting principles.

Miami, Florida
May 1, 1998




                                      -8-
<PAGE>   10


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

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 1998 COMPARED TO THREE MONTHS ENDED MARCH 31, 1997

         The Company's revenues from home sales increased $5.6 million (28.1%)
to $25.3 million during the first quarter of 1998 as compared to 1997 primarily
as a result of the number of homes delivered. Oriole delivered 151 homes in the
1998 first quarter compared to 120 in the same period in 1997. The average
selling price of homes delivered in 1998 increased about 2.0%, from $164.8 to
$167.8. The number of contracts signed at 164 and the aggregate dollar value of
those contracts at $25.8 million decreased in the 1998 first quarter from 262
and $40.2 million, respectively, in the same period in 1997.

         Other operating revenues and interest, rentals and other income
increased to $1.9 million in the first quarter of 1998 from $1.6 million in 1997
primarily due to an increase in interest earned on available cash.

         Cost of home sales increased to $22.0 million in 1998 from $17.8
million in 1997 as a result of an increase in the number of homes delivered. As
a percentage of home sales, however, cost of sales decreased to 86.9% from 90.0%
in the initial quarter of 1997, the threefold result of the increase in average
selling price previously mentioned, a reduction in direct construction costs and
the inventory valuation adjustment recognized in 1997.

         Selling, general and administrative expenses decreased to 15.6% of
revenues in the first quarter of 1998 as compared to 20.4% in the same period in
1997. This substantial improvement was the result of the implementation of
certain strategic initiatives designed to enhance operating efficiencies,
including a workforce reduction program and consolidation of facilities.

         In the prior year quarter ended March 31, 1997 there was a net loss of
$9.7 million ($2.10 per share) primarily due to a non-cash pre-tax charge of
$8.7 million to write-down the value of certain land inventory. This compares to
net income of $26,327 ($0.01 per share) for the current period ended March 31,
1998.

LIQUIDITY AND CAPITAL RESOURCES

         The Company's financing needs depend primarily upon sales volume, asset
turnover, land acquisition, construction volume and the market value of
non-residential parcels of land. In the past, the Company has financed its
working capital needs through funds generated by operations, the sale of
investment property held for resale, the periodic issuance of common stock and
long-term borrowings.

         During the first quarter of 1998, the Company used a portion of
available cash provided by increased operating revenues to purchase $3.85
million of senior notes and decrease other liabilities in part by
accelerating payment of payables to its vendors in consideration for discounts
ranging from 2.0% to 6.0%. At March 31, 1998, the Company had approximately
$21.3 million in cash and cash equivalents and the availability of substantially
all of it's $10.0 million revolving line of credit.

         Oriole also has an outstanding balance of about $12.4 million of a
purchase money mortgage at an interest rate of 7.15%, collateralized by land and
buildings. Of this balance, $0.2 million is due in 1998 and the balance is
payable by 2003.

         The Company had no firm commitments for capital expenditures as of the
balance sheet date. The Company believes that current cash resources, cash from
operations and borrowings under its line of credit will be sufficient to meet
anticipated working capital requirements through March 31, 1999.





                                      -9-
<PAGE>   11



                           PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

The March 31, 1998 unaudited Financial Statements included in this form 10-Q
have been reviewed by Grant Thornton LLP in accordance with established
professional standards and procedures for such a review.

Reports on Form 8K

(a)      There were no reports on Form 8-K for the three months ended March 31,
         1998.

(b)      Exhibits

27.0     Financial Data Schedule





                                      -10-
<PAGE>   12


                                   SIGNATURES

Pursuant to the requirements of Section 13, 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.



                                          ORIOLE HOMES CORP.
                                               (Registrant)

DATE: 5/13/98                             /s/ R.D. Levy
--------------------------                -------------------------------------
                                          R.D. Levy,
                                          Chairman of the Board,
                                          Chief Executive Officer,
                                          Director



DATE: 5/13/98                             /s/ J. Pivinski
-------------------------                 -------------------------------------
                                          J. Pivinski, Vice President - Finance,
                                          Treasurer, Chief Financial Officer



                                      -11-