<PAGE>   1
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION

                       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 June 30, 1997

[ ] Transition Report Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934. 

For the transition period from __________________to________________.





                           Commission file no. 0-24303


                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)


<TABLE>
<S>                                                                   <C>       
                   Delaware                                                         11-2162982
(State of Incorporation or Other Jurisdiction                         (I.R.S. Employer Identification No.)
       of Incorporation of Organization)

 44084 Riverside Parkway, Landsdowne Business Center, Leesburg, VA                     22075
           (Address of Principal Executive Offices)                                  (Zip Code)
</TABLE>

Registrant's Telephone Number Including Area Code:      (703) 729-6400


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 August 8, 1997:


   Class                                          Number of Shares Outstanding

Common Stock, Par Value $.01 Per Share                   15,272,522 Shares






<PAGE>   2
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION



                                                                        PAGE

                          PART I: FINANCIAL INFORMATION


ITEM 1:  FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
  June 30, 1997 (Unaudited) and December 31, 1996......................   3


CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three and Six Months Ended June 30, 1997 and 1996......................   4


CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)......................   5
  Six Months Ended June 30, 1997 and 1996


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited).................   6


ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS..................   7-9


                           PART II: OTHER INFORMATION


ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K...............................   10

SIGNATURES.............................................................   11

EXHIBIT- 11 COMPUTATION OF NET INCOME PER SHARE........................   12

EXHIBIT- 27 FINANCIAL DATA SCHEDULE....................................   13


                                       2


<PAGE>   3
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                      (AMOUNTS IN THOUSANDS EXCEPT SHARES)

<TABLE>
<CAPTION>
                                                           
                                                                               JUNE 30,       DECEMBER 31,
       ASSETS                                                                    1997             1996
                                                                               -------          -------
                                                                             (UNAUDITED)
<S>                                                                          <C>              <C>    
Current assets:
       Cash and cash equivalents                                               $10,659          $ 9,251
       Short term investments                                                    7,699            7,518
       Accounts receivable - trade, less allowances
           ($708-1997 and $684 -1996)                                           15,041           10,065
       Inventories                                                               3,256            3,301
       Other current assets                                                      1,204            1,109
                                                                               -------          -------
         Total current assets                                                   37,859           31,244

Property, plant and equipment
       Building and leasehold improvements                                         411              314
       Machinery and equipment                                                   6,253            5,115
       Furniture and fixtures                                                    1,068              970
                                                                               -------          -------
                                                                                 7,732            6,399
       Less accumulated depreciation                                             3,390            2,577
                                                                               -------          -------
                                                                                 4,342            3,822
Other long term assets                                                           2,361            2,492
                                                                               -------          -------
       Total Assets                                                            $44,562          $37,558
                                                                               =======          =======
       LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
       Accounts payable                                                        $ 1,217          $   733
       Accrued expenses                                                          2,755            2,675
       Income taxes payable                                                      2,181            2,184
                                                                               -------          -------
         Total current liabilities                                               6,153            5,592

Non-current liabilities:
       Deferred taxes                                                              167              167
                                                                               -------          -------
       Total liabilities                                                         6,320            5,759
                                                                               -------          -------
Stockholders' equity:
       Common stock, par value $.01 a share; authorized - 100,000,000
         shares; issued and outstanding,15,243,000 shares - 1997
         and 15,128,000 shares - 1996                                              152              151
       Additional paid-in capital                                               11,064           10,657
       Retained earnings (from December 31, 1993)                               27,026           20,991
                                                                               -------          -------
       Total stockholders' equity                                               38,242           31,799
                                                                               -------          -------
       Total Liabilities and Stockholders' Equity                              $44,562          $37,558
                                                                               =======          =======
</TABLE>

   See accompanying notes to the unaudited consolidated financial statements.


                                       3
<PAGE>   4
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION
                        CONSOLIDATED STATEMENTS OF INCOME
                 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                 (Unaudited)              (Unaudited)
                                             Three Months Ended         Six Months Ended
                                                   June 30,                 June 30,
                                            ---------------------     ---------------------
                                              1997         1996         1997         1996
                                            --------     --------     --------     --------
<S>                                         <C>          <C>          <C>          <C>     
Net sales                                   $ 17,768     $ 13,165     $ 33,775     $ 24,274

Cost of sales                                  6,559        4,804       12,058        8,891
                                            --------     --------     --------     --------
Gross profit                                  11,209        8,361       21,717       15,383
                                            --------     --------     --------     --------

Expenses:
     Selling                                   2,949        2,105        5,988        3,760
     Product development and engineering       2,328        1,696        4,234        2,904
     General and administrative                1,311        1,106        2,528        2,055
     Interest income, net                       (270)        (106)        (463)        (225)
                                            --------     --------     --------     --------
Total expenses                                 6,318        4,801       12,287        8,494
                                            --------     --------     --------     --------
Pre-tax income                                 4,891        3,560        9,430        6,889

Income tax expense                             1,761        1,280        3,395        2,491
                                            --------     --------     --------     --------
     Net income                             $  3,130     $  2,280     $  6,035     $  4,398
                                            ========     ========     ========     ========
 Net income per common share                $   0.20     $   0.15     $   0.39     $   0.28
                                            ========     ========     ========     ========
 Average common shares outstanding            15,520       15,478       15,515       15,466
                                            ========     ========     ========     ========
</TABLE>

   See accompanying notes to the unaudited consolidated financial statements.


                                       4
<PAGE>   5
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (AMOUNTS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                    (UNAUDITED)
                                                                  SIX MONTHS ENDED
                                                                      JUNE 30,
                                                               ---------------------
                                                                 1997         1996
                                                               --------     --------
<S>                                                            <C>          <C>     
OPERATING ACTIVITIES:

Net income                                                     $  6,035     $  4,398

Adjustments to reconcile net income
  to cash from operating activities:

     Depreciation and amortization                                  935          567

Changes provided by (used in) operating activities:
      Receivables                                                (4,976)      (3,173)
      Inventories                                                    45       (1,354)
      Other current assets and other assets                         (86)         317
      Accounts payable                                              484         (176)
      Accrued expenses                                               80         (158)
      Income taxes payable                                           (3)        (205)
                                                               --------     --------
Cash provided by operating activities                             2,514          216
                                                               --------     --------
Investing activities:
     Decrease in notes receivable from related parties, net          --        6,125
     Purchase of short term investments                            (181)
     Expenditures for property, plant and equipment              (1,333)      (1,009)
                                                               --------     --------
Cash provided by (used in) investing activities                  (1,514)       5,116
                                                               --------     --------
Financing activities:
     Exercise of stock options                                      408          350
     Decrease in notes payable                                       --       (1,249)
                                                               --------     --------

Cash provided by (used in) financing activities                     408         (899)
                                                               --------     --------
Increase in cash and cash equivalents                             1,408        4,433

Cash and cash equivalents- beginning of period                    9,251        3,352
                                                               --------     --------
Cash and cash equivalents - end of period                      $ 10,659     $  7,785
                                                               ========     ========
Supplemental disclosure of cash flow information
  Cash paid for:
     Interest                                                  $     --     $     48
     Income taxes                                              $  3,026     $  2,726
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>   6

                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(A)   BASIS OF PRESENTATION

         The consolidated balance sheet as of June 30, 1997, the consolidated
      statements of income for the three and six months ended June 30, 1997 and
      1996, and the consolidated statements of cash flows for the six months
      ended June 30, 1997 and 1996 have been prepared in accordance with
      generally accepted accounting principles by the Company without audit. In
      the opinion of management, all adjustments (which include only normal
      recurring adjustments) necessary to present fairly the financial position,
      results of operations and changes in cash flows for all periods presented
      have been made. Interim results are not necessarily indicative of results
      expected for the full year.

         These financial statements do not include all disclosures associated
      with annual financial statements. Accordingly, these statements should be
      read in conjunction with the Company's financial statements and notes
      thereto contained in the Company's Form 10-K for the year ended December
      31, 1996.

(B)   INVENTORIES

          Inventories are stated at the lower of cost, on a FIFO basis, or
      market and consist of the following:

<TABLE>
<CAPTION>
          ($000's)                 JUNE 30,       DECEMBER 31,
                                     1997            1996
                                   --------       ------------
          <S>                      <C>            <C>   
          Raw materials             $2,235          $2,263
          Work-in-progress             487             786
          Finished goods               534             252
                                    ------          ------
                                    $3,256          $3,301
                                    ======          ======
</TABLE>

(C)   OTHER ASSETS

         In June 1996, the Company exercised its Warrants to purchase 1,380,304
(as adjusted for stock split) preferred shares of Seattle Silicon, using a
$1,000,000 note due from Seattle Silicon to fund the purchase. The Company
re-negotiated the remaining $400,000 note from Seattle Silicon (dated July 14,
1994) to defer payment until December 31, 1997. The interest accrued on the
$400,000 note, at 7%, is paid to the Company monthly.


                                       6
<PAGE>   7
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION

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

      RESULTS OF OPERATIONS

      Net sales for the quarter ended June 30, 1997 increased 35% compared to
the same period in 1996. Net income increased by 37%, primarily the result of
higher sales which have been partially offset with increased operating expenses.
While operating expenses increased overall, they remained relatively flat as a
percentage of revenue.

The following table sets forth, for the periods indicated, selected statements
of income data as a percentage of net sales:

<TABLE>
<CAPTION>
                                                                THREE MONTHS ENDED               SIX MONTHS ENDED
                                                                      JUNE 30,                        JUNE 30,
                                                               --------------------            --------------------
                                                               1997            1996            1997            1996
                                                               ----            ----            ----            ----
            <S>                                                <C>             <C>             <C>             <C> 
            Net Sales
                  Transmission products                          94%             85%             93%             85%
                  Teleconferencing products                       6              15               7              15
                                                               ----            ----            ----            ----
                  Total net sales                               100             100             100             100

                  Cost of sales                                  37              36              36              37
                                                               ----            ----            ----            ----
            Gross Profit                                         63              64              64              63

            Operating expenses
                  Selling                                        17              16              18              15
                  Product development and engineering            13              13              13              12
                  General and administrative                      7               9               7               9
                  Interest income, net                           (1)             (1)             (1)             (1)
                                                               ----            ----            ----            ----
                  Total expenses                                 36              37              36              35
                                                               ----            ----            ----            ----
                  Pre-tax income                                 28%             27%             28%             28%
                                                               ====            ====            ====            ====
</TABLE>

      Sales of transmission products increased by 49% over the prior year for
    the quarter and 52% for the six month period. The majority of the
    transmission product increases came from the integrated and EC-6000 product
    lines, which together, increased 53% over the prior year for the quarter and
    67% for the six month period. Sales growth was particularly strong in the
    Europe, Pacific Rim and North America. The revenue increases were
    attributable to large shipments to several large customers in Europe and
    North America.

      Teleconferencing sales decreased from the second quarter of 1996 by 44%
    and 36% for the six month period. Sales declined 39% and 43% for the quarter
    and six month period for the Conference Master, and there was a 90% and 68%
    decline in Callport sales for the quarter and six month period,
    respectively. These were partially offset by a 33% and 36% increase in
    Voicecrafter sales for the same periods. Sales declines for these product
    lines were primarily due to increased competition in this marketplace.


                                       7
<PAGE>   8
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION

      Backlog as of June 30, 1997 was $10.0 million compared to December 31,
    1996 of $5.7 million. Backlog may fluctuate since transmission products
    represent capital purchases for the Company's customers and may be affected
    by seasonal and other business cycles and order cancellation. The Company
    typically fills orders for its products within 7 to 60 days of the receipt
    of the purchase order. Customers usually purchase products on an as-needed
    basis, and accordingly, the Company generally has less than two-months net
    sales in backlog. Backlog consists of purchase orders received by the
    Company with a schedule of deliveries within twelve months of the purchase
    order date. Written commitments without delivery schedules are not
    considered in calculating backlog.

      Gross profit as a percentage of net sales was 63% and 64% for the quarter
    and the six month period ended June 30, 1997, respectively, as compared to
    64% for the quarter and 63% for the comparable six month period in 1996.
    Despite price competition and the introduction of the product in new
    territories the increase of integrated and software products has enabled the
    Company to maintain its margins.

      Selling and marketing expenses increased for the three and six months
    ended June 30, 1997 by $844 and $2,228, respectively, at 17% of net sales
    for the quarter and 18% for the six months ended June 30, 1997 compared to
    16% and 15% of net sales in the comparable periods in 1996. The increase in
    selling and marketing expenses was a result of the acceleration in hiring in
    China, Singapore and Japan. There was also additional hiring related to the
    Technical Assistance Center and the addition of product managers as compared
    to last year.

      Product development expenses increased for the three and six months ended
    June 30, 1997 by $632 and $1,330, while increasing as a percentage of net
    sales to 13% for the quarter and six month period as compared to 12% for the
    quarter ended and six month period in 1996. Most of this increase was due to
    the continued investment in the Consortium(TM) product, new product
    development and the hiring of consultants. Recruitment activities have
    increased significantly as the Company has added experienced personnel to
    the department.

      General and administrative expense increased for the three and six months
    ended June 30, 1997 by $205 and $473, respectively, at 7% of net sales for
    the three and six months ended June 30, 1997 compared to 9% in the
    comparable periods in 1996. There has been an increase in general and
    administrative personnel to support the overall Company growth, including
    Investor Relations, Director of Mergers and Acquisitions and additional MIS
    personnel.

      In light of the anticipated development of new wireless service markets,
    the Company will increase its operating expenses to position the Company for
    future growth, especially in the United States, Latin America and Asia. The
    Company intends to increase expenses in personnel and related operating
    expenses only to the extent that it is able to maintain the current return
    on sales. The Company's forward looking statements of expected growth
    revenue are subject to various risks, such as an unanticipated general
    decline in infrastructure investment in developing countries or worldwide
    reductions in telecommunications expenditures.

    LIQUIDITY AND CAPITAL RESOURCES

      The Company has cash and short term investments totaling $18.4 million.
    Short term investments are generally limited to obligations of the U.S.
    Government and its agencies with a maturity of less than one year. The
    Company continues to generate sufficient cash from operations to fund its
    working capital needs and capital expenditures. The Company generated $1.4
    million for six months ended June 30, 1997 as compared to generating cash of
    $4.4 million for the six months during the same period in 1996. The increase
    in net income and slightly lower levels of inventory were offset by
    increased accounts receivable levels and capital expenditures. Days
    outstanding in accounts receivable increased from approximately 40 days at
    December 31, 1996 to 58 days for the quarter ended June 30, 1997 due to
    various administrative processing delays in collections from several major
    customers. As of July 31, 1997 days outstanding decreased to 52 days.
    Inventory turns improved to approximately 8.

      Capital expenditures for the quarter ended June 30, 1997 were $0.5
    million. Year to date expenses have been $1.3 million. Management
    anticipates that capital expenditures for 1997 will approximate three to
    five million dollars, predominantly for the investment in product
    development, management information systems and improvements related to the
    new facility, as described below.


                                       8
<PAGE>   9
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION

        The Company has agreed to lease a new facility for its worldwide
     headquarters in Leesburg, Virginia. Construction of the facility commenced
     in September 1996 and is expected to be completed in September 1997. The
     Company's lease will be for a term of 15 years, beginning upon the
     completion date of the facility. The Company has terminated the lease of
     the existing Virginia headquarters in accordance with the lease provision
     and is not subject to significant cancellation costs.

        The Company currently anticipates that cash generated from operations,
     existing cash balances and amounts available under an unused, uncommitted
     $10,000,000 bank line of credit will be sufficient to satisfy its operating
     cash needs through 1997. Should the business progress more rapidly than
     expected, the Company believes that additional bank credit would be
     available to fund operating and capital requirements. In addition, the
     Company could consider additional public or private debt or equity
     financing to fund future growth opportunities.

     RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

        In March 1997, the Financial Accounting Standards Board ("FASB") issued
     Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings Per
     Share." This statement establishes standards for computing and presenting
     earnings per share ("EPS") and applies to entities with publicly held
     common stock or potential common stock. This Statement is effective for
     financial statements issued for periods ending after December 15, 1997,
     earlier application is not permitted. This Statement requires restatement
     of all prior-period EPS data presented. The Company is currently evaluating
     the impact, if any, adoption of SFAS No. 128 will have on its financial
     statements.

        In February 1997, the FASB issued SFAS No. 129, "Disclosure of
     Information about Capital Structure." The Company is required to adopt the
     provisions of this statement for the year ending December 31,1998. This
     statement continues the previous requirements to disclose certain
     information about an entity's capital structure found in APB Opinions No.
     10, "Omnibus Opinion-1996," No. 15, "Earnings per Share." And FASB
     Statement No. 47, "Disclosure of Long Term Obligations," for entities that
     were subject to the requirements of those standards. As the Company has
     been subject to the requirements of each of those standards, adoption of
     SFAS No. 129 will have no impact on the Company's financial statements.

        In June 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive
     Income." SFAS No. 130 establishes standards for the reporting and display
     of comprehensive income and its components in the financial statements. The
     Company is required to adopt the provisions of the statement for the year
     ending December 31,1998. Earlier application is permitted; however, upon
     adoption the Company will be required to reclassify previously reported
     annual and interim financial statements. The Company is currently
     evaluating the impact, if any, adoption of SFAS No. 130 will have on its
     financial statements.

     In June 1997, the FASB issued SFAS No. 131, "Disclosures about Segments of
     an Enterprise and Related Information." SFAS No. 131 requires the Company
     to present certain information about operating segments and related
     information, including geographic and major customer data, in its annual
     financial statements and in condensed financial statements for the interim
     periods. The Company is required to adopt the provisions of the statement
     for the year ending December 31, 1998. Earlier application is permitted;
     however, upon adoption the Company will be required to restate previously
     reported annual segment and related information in accordance with the
     provisions of SFAS No. 131. The Company is currently evaluating the impact,
     if any, adoption of SFAS No. 131 will have on its financial statements.


                                       9
<PAGE>   10
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION


PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

            (a)   Exhibits


            Exhibit 10.1- Contract Amendment to Value Added Reseller Agreement
            No. H7810/92 dated April 3,1997 between Nokia Telecommunications Oy
            and the Company*

            Exhibit 11 - Computation of net income per share

            Exhibit 27 - Financial Data Schedule


      (b)   Reports on Form 8-K

            None






No other applicable items.

* Confidential portions of the exhibit have been omitted and filed separately
with the Securities and Exchange Commission pursuant to a request for
confidential treatment.


                                       10
<PAGE>   11
                   COHERENT COMMUNICATIONS SYSTEMS CORPORATION



                                   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.



                                    COHERENT COMMUNICATIONS SYSTEMS
                                    CORPORATION




                                     By: /s/Joan E. Cominski 
                                         ---------------------------------------
                                          Joan E. Cominski 
                                          Principal Financial Officer

    Date: August 12, 1997


                                       11
<PAGE>   12
                                EXHIBIT INDEX
                                      
      Exhibit 10.1- Contract Amendment to Value Added Reseller Agreement
     No. H7810/92 dated April 3,1997 between Nokia Telecommunications Oy
            and the Company*

            Exhibit 11 - Computation of net income per share

            Exhibit 27 - Financial Data Schedule

                          No other applicable items.

* Confidential portions of the exhibit have been omitted and filed separately
with the Securities and Exchange Commission pursuant to a request for
confidential treatment.