<PAGE>   1
                                          
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

                                     [LOGO]

(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 29, 1997

                                       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 0-23036

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

            California                                           77-0096788
 -------------------------------------------------------------------------------
  (State or other jurisdiction                                (I.R.S. Employer
of incorporation or organization)                            Identification No.)

                  120 Stone Pine Road, Half Moon Bay, CA 94019
              (Address and zip code of principal executive offices)
                                 (650) 726-1888
                         (Registrant's telephone number)


              (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check [X] whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 Yes [X] No [ ]

        Indicate the number of shares outstanding of each of the issuer's
          classes of common stock, as of the latest practicable date:

Common Stock, no par value                              5,047,169 shares
--------------------------                              ----------------
        (Class)                                 (Outstanding at January 6, 1998)



<PAGE>   2



                                                                          [LOGO]

                                  ODWALLA, INC.

                                    FORM 10-Q
                FOR THE QUARTERLY PERIOD ENDED NOVEMBER 29, 1997


                                      INDEX
<TABLE>
<CAPTION>

                                                                          PAGE
                                                                          ----

PART I.  FINANCIAL INFORMATION

<S>                                                                       <C> 
    Item 1.    Financial Statements

               Consolidated Balance Sheets as of August 31, 1997
               and November 29, 1997...................................      3

               Consolidated Statements of Operations for the three-month
               and thirteen-week periods ended November 30, 1996
               and November 29, 1997...................................      4

               Consolidated Statements of Cash Flows for the three-month
               and thirteen-week periods ended November 30, 1996
               and November 29, 1997...................................      5

               Notes to Consolidated Financial Statements..............      6

    Item 2.    Management's Discussion and Analysis of Financial Condition
               and Results of Operations...............................      8

Part II.  Other Information

    Item 1.    Legal Proceedings.......................................     17

    Item 6.    Exhibits and Reports on Form 8-K........................     19
</TABLE>


                                       2
<PAGE>   3


                                                                          [LOGO]
PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

                                  ODWALLA, INC.
                           CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>

                                                                       AUGUST 31,   NOVEMBER 29,
                                                                             1997           1997
                                                                         --------       --------
<S>                                                                    <C>          <C>
         Current assets
             Cash and cash equivalents                                   $  2,217       $  3,277
             Short term investments                                         1,008             --
             Trade accounts receivable, less allowance for doubtful
                accounts of $592 and $607                                   4,610          4,953
             Inventories (Note 2)                                           3,910          3,791
             Refundable income taxes                                          660             --
             Prepaid expenses and other                                       730            892
             Deferred tax assets, current                                   1,095          1,120
                                                                         --------       --------
                   Total current assets                                    14,230         14,033
                                                                         --------       --------

         Plant, property and equipment, net (Note 3)                       13,875         13,557
                                                                         --------       --------

         Other assets
             Officer and shareholder loans                                    117            117
             Excess of cost over net assets acquired, net                   1,333          1,306
             Covenants not to compete, net                                    738            704
             Deferred tax assets, non-current                                 410            410
             Other noncurrent                                                 303            299
                                                                         --------       --------
                   Total other assets                                       2,901          2,836
                                                                         --------       --------
         Total assets                                                    $ 31,006       $ 30,426
                                                                         ========       ========

         Current liabilities
             Accounts payable                                            $  5,395       $  5,132
             Accrued payroll and related items                              1,263          1,508
             Line of credit                                                 2,014          2,070
             Other accruals                                                 3,947          3,439
             Current maturities of capital lease obligations                  212            214
             Current maturities of long-term debt                              99             91
                                                                         --------       --------
                   Total current liabilities                               12,930         12,454

         Capital lease obligations, less current maturities                   162            109
         Long-term debt, less current maturities                              262            256
         Other                                                                 17             17
                                                                         --------       --------
         Total liabilities                                                 13,371         12,836
                                                                         --------       --------

         Shareholders' equity
            Preferred stock, no par value, shares authorized,
             5,000,000; no shares issued and outstanding
            Common stock, no par value, shares authorized,
             15,000,000; shares issued and outstanding,
             5,024,000 and 5,046,000                                       29,310         29,440
            Retained earnings (deficit)                                   (11,675)       (11,850)
                                                                         --------       --------
         Total shareholders' equity                                        17,635         17,590
                                                                         --------       --------
         Total liabilities and shareholders' equity                      $ 31,006       $ 30,426
                                                                         ========       ========
</TABLE>

           See accompanying notes to consolidated financial statements



                                        3
<PAGE>   4

                                                                          [LOGO]

                                  ODWALLA, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>

                                                      THREE      THIRTEEN
                                                     MONTHS         WEEKS
                                                      ENDED         ENDED
                                               NOVEMBER 30,  NOVEMBER 29,
                                                       1996          1997
                                               ------------   -----------
<S>                                            <C>            <C>    
Net sales                                          $ 14,101       $14,150

Cost of sales                                         7,004         7,111
                                                   --------       -------

    Gross profit                                      7,097         7,039
                                                   --------       -------

Operating expenses
    Sales and distribution                            6,239         4,756
    Marketing                                           678           569
    General and administrative                        2,121         1,839
    Recall and related costs (Note 5)                 3,840             -
                                                   --------       -------

          Total operating expenses                   12,878         7,164
                                                   --------       -------

Loss from operations                                 (5,781)         (125)

Other (expense) income
    Other                                                (5)          (15)
    Interest income (expense), net                       82           (61)
                                                   --------       -------

Loss before income taxes                             (5,704)         (201)

Income tax benefit                                      860            26
                                                   --------       -------

Net loss                                           $ (4,844)      $  (175)
                                                   ========       =======

Net loss per common share                          $  (0.98)      $ (0.03)
                                                   ========       =======

Weighted average common shares outstanding            4,958         5,033
                                                   ========       =======
</TABLE>


           See accompanying notes to consolidated financial statements


                                       4
<PAGE>   5

                                                                          [LOGO]

                                  ODWALLA, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>

                                                                     THREE      THIRTEEN
                                                                    MONTHS         WEEKS
                                                                     ENDED         ENDED
                                                              NOVEMBER 30,   NOVEMBER 29,
                                                                      1996          1997
                                                                   -------       -------
<S>                                                           <C>            <C>
         Cash flows from operating activities
            Net loss                                               $(4,844)      $  (175)
            Adjustments to reconcile net loss to net
              cash provided by (used in) operating
              activities:
                 Depreciation and amortization                         540           577
                 Deferred taxes                                       (860)          (26)
                 Changes in assets and liabilities
                   Trade accounts receivable                         1,745          (343)
                   Inventories                                        (820)          119
                   Refundable income taxes                              --           660
                   Prepaid expenses and other current assets           326          (161)
                   Other noncurrent assets                              38            --
                   Accounts payable                                     80          (264)
                   Accrued payroll and related items                   882           245
                   Other accrued liabilities                         1,002          (508)
                   Income taxes payable                               (203)           --
                                                                   -------       -------
         Net cash provided by (used in) operating activities        (2,114)          124
                                                                   -------       -------

         Cash flows from investing activities
            Capital expenditures                                    (1,458)         (194)
            Proceeds from short-term investments, net                  389         1,008
                                                                   -------       -------
         Net cash provided by (used in) investing activities        (1,069)          814
                                                                   -------       -------

         Cash flows from financing activities
            Principal payments under long-term debt                    (22)          (14)
            Net borrowings under line of credit                         --            56
            Payments of obligations under capital leases               (50)          (50)
            Sale of common stock                                       130           130
                                                                   -------       -------
         Net cash provided by financing activities                      58           122
                                                                   -------       -------

         Net increase (decrease) in cash and cash equivalents       (3,125)        1,060

         Cash and cash equivalents, beginning of period              5,975         2,217
                                                                   -------       -------

         Cash and cash equivalents, end of period                  $ 2,850       $ 3,277
                                                                   =======       =======
</TABLE>


           See accompanying notes to consolidated financial statements


                                       5
<PAGE>   6



                                  ODWALLA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.  SUMMARY OF ACCOUNTING POLICIES AND BASIS OF PRESENTATION

    Change in Accounting Period. Effective September 1, 1997, the Company
changed its reporting period from the twelve months ended August 31 to the 52 or
53 week period ending on the Saturday nearest August 31. This change does not
result in the restatement of any information previously provided and does not
have a material impact on the comparability of the quarterly information
presented herein.

    Basis of Presentation. The accompanying consolidated balance sheet of
Odwalla, Inc. and its subsidiary (the "Company") at November 29, 1997 and the
related consolidated statements of operations and cash flows for each of the
three-month and thirteen-week periods ended November 30, 1996 and November 29,
1997 have not been audited by independent accountants. However, in the opinion
of management, they include all adjustments (which include only normal recurring
adjustments) necessary for a fair presentation of the financial position and the
results of operations for the periods presented. The statements have been
prepared by the Company pursuant to the rules and regulations of the Securities
and Exchange Commission. Accordingly, certain information and footnote
disclosure normally included in financial statements prepared in conformity with
generally accepted accounting principles have been condensed or omitted pursuant
to such rules and regulations. The operating results for the interim periods are
not necessarily indicative of results to be expected for an entire year. The
aforementioned statements should be read in conjunction with the consolidated
financial statements for the year ended August 31, 1997 appearing in the
Company's 1997 Annual Report on Form 10-K.

2.  INVENTORIES

    Inventories consist of the following (in thousands):
<TABLE>
<CAPTION>


                                                   August 31,  November 29,
                                                        1997           1997
                                                    --------      ---------

<S>                                                 <C>           <C>      
        Raw materials                               $  2,657      $   2,684
        Packaging supplies and other                     420            408
        Inventory deposits                               329            222
        Finished product                                 504            477
                                                    --------      ---------

        Total                                       $  3,910      $   3,791
                                                    ========      =========
</TABLE>

3.      PLANT, PROPERTY AND EQUIPMENT

        Plant, property and equipment consist of the following (in thousands):
<TABLE>
<CAPTION>

                                                   August 31,  November 29,
                                                        1997           1997
                                                    --------      ---------
<S>                                                 <C>           <C>      
        Land                                        $  1,046      $   1,046
        Buildings and building improvements            7,097          7,120
        Leasehold improvements                         2,441          2,441
        Machinery and equipment                        6,612          6,769
        Vehicles                                         530            530
        Other                                          2,667          2,681
                                                    --------      ---------
                                                      20,393         20,587
        Less accumulated depreciation 
          and amortization                            (6,518)        (7,030)
                                                      ------      ---------

        Plant, property and equipment, net          $ 13,875      $  13,557
                                                    ========      =========
</TABLE>

                                       6

<PAGE>   7
                                 ODWALLA, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)



4.      EARNINGS PER COMMON SHARE

    In February 1997, the Financial Accounting Standards Board issued Statement
No. 128 ("FAS 128"), Earnings Per Share. FAS 128 establishes new accounting
standards for the computation and manner of presentation of the Company's
earnings per share. The Company will be required to adopt the provisions of FAS
128 for the quarter ending February 28, 1998. Earlier application is not
permitted. The Company does not believe the adoption of FAS 128 will have a
material impact on earnings per share data.

5.      RECALL AND RELATED COSTS

        On October 30, 1996, the Company was notified by the State of Washington
Environmental Health Services of an epidemiological link between several cases
of E. coli O157:H7 and Odwalla's apple juice products. The Company immediately
implemented a recall (the "Recall") of all Odwalla products containing apple
juice. On October 31, 1996, Odwalla expanded the Recall to include its carrot
and vegetable products because such products were processed on the same
production line as the apple juice. In December 1996, Odwalla reintroduced all
apple juice-based products to the market and, in October 1997, reintroduced its
carrot product.

        To date, there have been twenty personal injury claims and legal
proceedings filed against the Company seeking monetary damages and other relief
relating to the Recall. There has also been one legal proceeding alleging
fraudulent business acts and practices relating to the recall products. Eleven
of these claims and proceedings have been settled. In addition, other claims for
damages resulting from the Recall were presented to the Company's insurance
carrier and almost all of those claims have been settled. Settlement of these
personal injury legal proceedings and claims was covered under the Company's
insurance policy. At this time, the Company is unable to determine the potential
liability from the remaining legal proceedings and claims. However, the Company
believes its insurance coverage is adequate to cover such claims and legal
proceedings, but there can be no assurance that the remaining coverage will be
adequate.

        In early 1997, the Company was informed that it is the subject of a
federal grand jury investigation concerning events of 1996 and before, including
the E. coli O157:H7 incident. The Company has responded to a subpoena and is
cooperating fully with the government. At this time, the Company cannot predict
the outcome of the investigation.

        The Company incurred significant costs related to the Recall, including
legal and professional fees, cost of the product recalled (including the labor
and freight involved in the recall process), destruction of unsold product and
now obsolete packaging supplies, advertising and public relations costs, costs
of leased sales and distribution equipment in excess of current volume
requirements, costs of reformulating products and costs associated with the
flash-pasteurization process. Total Recall and related costs incurred in fiscal
1997 were $6,518,000, including the $3,840,000 recorded as of November 30, 1996.
The Company will continue to assess whether additional costs should be recorded.
No additional costs were recorded for the thirteen weeks ended November 29,
1997.

        The Company maintains insurance coverage for product recall, product
adulteration, lost income and other first party business risks. During fiscal
1997 a claim for product recall costs was presented to its insurance carriers as
were additional claims in both fiscal 1997 and 1998 for business losses incurred
due to the Recall. However, the amount and timing of proceeds, if any, from the
claims and any future insurance claims cannot be presently determined.


                                       7

<PAGE>   8





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

        The following Management's Discussion and Analysis of Financial
Condition and Results of Operations contains forward-looking statements relating
to future events or the future financial performance of the Company, which
involve risks and uncertainties. The Company's actual results could differ
materially from those anticipated in these forward looking statements as a
result of certain important factors, including those set forth in this section,
in the Company's Annual Report on Form 10-K for the year ended August 31, 1997,
and in other documents the Company files from time to time with the Securities
and Exchange Commission. The following discussion and analysis should be read in
conjunction with the accompanying consolidated financial statements and notes
thereto and the consolidated financial statements and related notes contained in
the Company's Annual Report on Form 10-K.

OVERVIEW

        Odwalla is the leading supplier of fresh-squeezed and nutritionally
fortified juices and smoothies in the western United States. The Company also
supplies all-natural meal replacement beverages and geothermal natural spring
water. These products compose what the Company calls "Nourishing Beverages." The
Company's Nourishing Beverages provide the consumer with easy access to natural,
great tasting nutrition. The Company believes that its Nourishing Beverages
appeal to many consumers because of the superior taste of fresh and minimally
processed beverages and the greater nutritional value of Nourishing Beverages
compared to juice from concentrate or with artificial flavors. Except for its
100% fresh squeezed citrus line, all of Odwalla's juices are flash-pasteurized.
These products are currently sold in California, Washington, Oregon, Colorado,
New Mexico, Nevada, Texas and Illinois.

        The Company's net sales are generated by sales to supermarkets,
specialty retail stores, natural food stores, warehouse outlets and
institutional food service trade partners, primarily restaurants. Net sales are
net of product returns and allowances. The Company sells products to most of its
trade partners on a guaranteed basis and takes back expiring or expired product
for credit. The Company's net sales grew from $35.9 million in fiscal 1995 to
$59.2 million in fiscal 1996 and, despite the significant impact of the Recall,
were $52.6 million in fiscal 1997. The Company's growth and sales strength has
come predominantly from continued penetration in existing markets, sales of new
products and expansion into new markets. The Company believes that its sales
have been positively affected, both through growth and through a return to near
pre-Recall levels, by continued strong support for the Company's brand and
products, new product innovation, including a new category, and better placement
on store shelves.

        A significant portion of the Company's cost of sales is the cost of raw
materials. Although a portion of the cost of certain purees and other raw
materials is fixed on an annual basis, the majority of the Company's fresh fruit
and vegetable purchases and other key ingredients are made on the open market.
Consequently, the Company is subject to wide fluctuations in prices for the
fruits, vegetables and other nutritious products it purchases.

        The Company has historically distributed its products primarily through
its direct-store-delivery ("DSD") system, which is serviced by route sales
people who deliver products directly to and merchandise products directly in the
retail display shelves of the Company's trade partners, using primarily leased
delivery trucks. This distribution system, although more expensive than using
independent distributors, has allowed the Company to optimally manage delivery
schedules, efficiently control its product mix, keep store shelves or its own
coolers stocked with fresh products and have a greater influence on determining
in-store location and merchandising of its products. At the end of fiscal 1997,
the Company expanded its distribution channel by transferring approximately 40%
of its Northern California trade partner account base (which represented a
significantly smaller percentage of its Northern California sales volume) to an
independent distributor. This distribution channel, with merchandising support
provided by the 


                                       8
<PAGE>   9
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS, continued:

Company, provides an opportunity to expand product distribution. The Company
expects that future growth and expansion will utilize either both, or a
combination of, the DSD and independent distributor systems, although there can
be no assurance that this will occur or that it will occur on favorable terms.

        The Company has historically experienced significant quarterly
fluctuations in operating results and anticipates that these fluctuations will
continue in future periods. These fluctuations have been the result of changes
in the price of fruit and vegetables due to seasonality and other factors, new
product introductions, start-up costs associated with new facilities, expansion
into new markets, sales promotions and competition. Future operating results may
fluctuate as a result of these and other factors, including the continued impact
of the Recall, negative press and media reports, increased energy costs, the
introduction of new products by the Company's competitors, changes in the
Company's customer mix, and overall trends in the economy. The Company's
business is also significantly affected by weather patterns, and unseasonably
cool or rainy weather can adversely impact the Company's sales. A significant
portion of the Company's expense levels is relatively fixed, and the timing of
increases in expense levels is based in large part on the Company's forecasts of
future sales. If sales are below expectations in any given period, the adverse
impact on results of operations may be magnified by the Company's inability to
adjust spending quickly enough to compensate for the sales shortfall. The
Company also may choose to reduce prices or increase spending in response to
competition, which may have an adverse effect on the Company's results of
operations.

        On October 30, 1996, the Company was notified by the State of Washington
Environmental Health Services of an epidemiological link between several cases
of E. coli O157:H7 and Odwalla's apple juice products. The Company immediately
implemented a recall of all Odwalla products containing apple juice. On October
31, 1996, Odwalla expanded the Recall to include its carrot and vegetable
products because such products were processed on the same production line as the
apple juice. In December 1996, Odwalla reintroduced all apple juice-based
products to the market and, in October 1997, reintroduced its carrot product.
Although the Company experienced a significant reduction in sales following the
Recall, as of November 29, 1997, the Company's sales have returned to near their
pre-Recall level.

        To date, there have been twenty personal injury claims and legal
proceedings filed against the Company seeking monetary damages and other relief
relating to the Recall. There has also been one legal proceeding alleging
fraudulent business acts and practices relating to the recall products. Eleven
of these claims and proceedings have been settled. In addition, other claims for
damages resulting from the Recall were presented to the Company's insurance
carrier and almost all of those claims have been settled. Settlement of these
personal injury legal proceedings and claims was covered under the Company's
insurance policy. At this time, the Company is unable to determine the potential
liability from the remaining legal proceedings and claims. However, the Company
believes its insurance coverage is adequate to cover such claims and legal
proceedings, but there can be no assurance that the remaining coverage will be
adequate. In early 1997, the Company was informed that it is the subject of a
federal grand jury investigation concerning events of 1996 and before, including
the E. coli O157:H7 incident. The Company has responded to a subpoena and is
cooperating fully with the government. At this time, the Company cannot predict
the outcome of the investigation. The response to the legal proceedings and the
grand jury investigation has required a significant amount of management time
and has caused the Company to incur significant legal fees. The Company expects
to continue to require significant management time in the future relating to
these matters.

        The Company incurred significant costs related to the Recall, including
legal and professional fees, cost of the product recalled (including the labor
and freight involved in the recall process), destruction of unsold product and
now obsolete packaging supplies, advertising and public relations costs, costs
of leased sales and distribution equipment in excess of current volume
requirements, costs of reformulating products and costs associated with the
flash-pasteurization process. Total Recall and related costs incurred in fiscal
1997 were $6,518,000. The Company maintains insurance coverage for product
recall, product adulteration, lost income and other first party business risks.
During fiscal 1997, a 



                                       9

<PAGE>   10
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS, continued:

claim for product recall costs was presented to its insurance carriers as were
additional claims in both fiscal 1997 and 1998 for business losses incurred due
to the Recall. However, the amount and timing of proceeds, if any, from the
claims and any future insurance claims cannot be presently determined.

        When reviewing the results of operations for the three-month and the
thirteen-week periods ended November 30, 1996 and November 29, 1997, it is
important to note that the months of September and October, 1996 continued the
net sales growth trend that the Company had reported in fiscal 1996 and
positively impacted the results of operations for the first quarter of fiscal
1997.

RESULTS OF OPERATIONS

        The following table sets forth, as a percentage of net sales, certain
statements of operations data for the three-month and the thirteen-week periods
ended November 30, 1996 and November 29, 1997. These operating results are not
necessarily indicative of the results for any future period.
<TABLE>
<CAPTION>

                                                      THREE        THIRTEEN
                                                     MONTHS           WEEKS
                                                      ENDED           ENDED
                                               NOVEMBER 30,     NOVEMBER 29,
                                                       1996            1997
                                               ------------     -----------
<S>                                                   <C>            <C>   
Net sales                                            100.0%         100.0%
Cost of sales                                         49.7           50.3
                                                      ----           ----
Gross margin                                          50.3           49.7
                                                      ----           ----
Operating expenses
  Sales and distribution                              44.2           33.6
  Marketing                                            4.8            4.0
  General and administrative                          15.1           13.0
  Recall and related costs                            27.2              -
                                                      ----           ----
Loss from operations                                 (41.0)          (0.9)
Interest and other income (expense), net               0.6           (0.5)
Income tax benefit                                     6.1            0.2
                                                       ---           ----
Net loss                                             (34.3)%         (1.2)%
                                                     =====           ====
</TABLE>

THIRTEEN WEEKS ENDED NOVEMBER 29, 1997 COMPARED TO THE THREE MONTHS ENDED
NOVEMBER 30, 1996

        NET SALES. Net sales for the first quarter of fiscal 1998 increased 0.3%
to $14.2 million compared to $14.1 million in the first quarter of fiscal 1997.
Net sales of the Company's Nourishing Beverage products, which increased 1% from
the prior year quarter, were offset by a decline in peel and by-product sales.
Nourishing Beverage products are sold to third party distributors at a lower
price than to retail trade partners, as the third party distributors incur the
distribution costs. As the Company expands the use of such distributors, net
sales growth comparisons to fiscal 1997 may be slightly impacted due to this
difference. The Company believes that the increase from the first quarter in
fiscal 1997, which included two of the highest sales months in the Company's
history, demonstrates strength of the brand in existing markets despite the
impact of the Recall and the negative impact of news media. However, sales
volume has not returned to pre-Recall levels and the Company is unable to
determine when sales will return to such levels.

        COST OF SALES. Cost of sales increased to $7.1 million in the third
quarter of fiscal 1998 compared to $7.0 million for the same period during
fiscal 1997. Gross margin as a percentage of net sales was 49.7% in the first
quarter of fiscal 1998, a decrease from 50.3% during the first quarter of fiscal
1997. Gross margin decreased primarily due to (a) increases in labor and
operating expenses as a percentage of net sales resulting from process changes
and the cost of plant improvements since the first quarter of fiscal 1997, (b)
an increase in product returns, and (c) changes in labeling, offset to some
extent by (d) more favorable fruit pricing and yield. 


                                       10
<PAGE>   11

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

The Company anticipates that the gross margin will increase as a percentage of
net sales as volume is restored to pre-Recall levels; however, there can be no
assurance that gross margin as a percentage of net sales will increase as sales
volume increases or that such increase will approach pre-Recall levels. The
Company expects a slight decrease in gross margin in the second quarter of
fiscal 1998, primarily due to the end of the favorable fruit pricing which
provided a benefit in the first quarter.

        SALES AND DISTRIBUTION. Sales and distribution expenses were $4.8
million in the first quarter of fiscal 1998 compared to $6.2 million in the
first quarter of fiscal 1997, and decreased as a percentage of net sales to
33.6% from 44.2% last year (which included November 1996, a month of severely
reduced sales) and 37.3% in the fourth quarter of fiscal 1997. The reduction, in
both absolute dollars and as a percentage of net sales, results from
consolidation of certain distribution operations and geographic
responsibilities, sales route restructuring, selective use of third party
distributors, and other cost control measures implemented in fiscal 1997. Future
decisions regarding growth and expansion consistent with long-term strategic
objectives may increase sales and distribution costs as a percentage of net
sales as compared to their pre-Recall levels. Sales and distribution expenses as
a percentage of net sales are expected to increase in the second quarter of
1998, partly to invest in selective infrastructure changes for future growth.

        MARKETING. Marketing expenses decreased to $569,000 in the first quarter
of fiscal 1998 compared to $678,000 in the first quarter of fiscal 1997, and
decreased as a percentage of net sales. Marketing activities in the first
quarter of fiscal 1998 included reintroduction of the Company's carrot product,
but involved minimal outside resources. Marketing expenses are expected to
significantly increase in absolute dollars and as a percentage of net sales in
the second quarter of fiscal 1998, partly due to advertising and the launch of a
new product. Marketing expenses are also expected to increase during the
remainder of fiscal 1998 as the Company works to reinforce the existing consumer
base and attract new consumers to the brand and Nourishing Beverages, expand
outside communications, develop and launch new products, and expand consumer
research, although there can be no assurance that an increase will occur.

        GENERAL AND ADMINISTRATIVE. General and administrative expenses
decreased to $1.8 million in the first quarter of fiscal 1998 from $2.1million
in the first quarter of fiscal 1997, and decreased as a percentage of net sales.
The change was primarily due to a decrease in outside professional services and
payroll. The Company does not expect general and administrative costs during the
remainder of fiscal 1998 to increase significantly in absolute dollars from the
first quarter of fiscal 1998. However, there can be no assurance that general
and administrative costs will not increase significantly in absolute dollars.
The Company will continue to invest in infrastructure, particularly in
information systems and research and development, to provide for sustainable
growth and will continue to incur legal fees not directly related to the Recall
in excess of fiscal 1997 levels.

        RECALL AND RELATED COSTS. Recall and related costs were $3.8 million in
the first quarter of fiscal 1997. This total represents the costs directly
associated with the Recall, including: advertising and public relations costs;
legal and professional fees; costs of the product recalled, including the labor
and freight involved in the recall process; destruction of unsold product and
obsolete packaging supplies; costs of leased equipment in excess of volume
requirements; costs of reformulating products; and costs associated with the
flash-pasteurization process. In the fourth quarter of fiscal 1997, changes in
recall related matters and further analysis of the Company's claim for business
losses resulting from the Recall indicated that significant additional
professional fees were expected to be incurred. Accordingly, the Company
recorded a $2.2 million charge to operations to establish a liability for future
professional fees related to the Recall. However, there can be no assurance that
the actual liability established is adequate. At the end of the first quarter of
fiscal 1998, the Company determined that no further adjustment to this liability
was necessary at this time. However, the Company will continue to assess this
liability and will make appropriate adjustments if circumstances change.


                                       11

<PAGE>   12
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS, continued:

        INTEREST AND OTHER EXPENSE (INCOME). Odwalla had net interest and other
expense of $76,000 in the first quarter of fiscal 1998 compared to net interest
and other income of $77,000 in the first quarter last year. The net expense in
fiscal 1998 results primarily from borrowings under the line of credit and other
existing debt; the net income in fiscal 1997 resulted from investment income
offset slightly by the interest expense of debt prior to the line of credit.

        INCOME TAX EXPENSE (BENEFIT). The $26,000 income tax benefit for the
first quarter of fiscal 1998 and the $860,000 income tax benefit for the first
quarter of fiscal 1997 results from the tax benefit associated with the
operating loss. The effective tax benefit rate varies from the federal statutory
tax rate primarily due to the effect of establishing a deferred tax asset
valuation allowance. The Company has provided the valuation allowance for a
portion of its net deferred tax assets due to uncertainty as to the ultimate
realization of such assets. The Company will assess the valuation allowance as
additional information regarding the impact of the Recall on the Company's
future profitability is available.

LIQUIDITY AND CAPITAL RESOURCES

        At November 29, 1997, the Company had working capital of $1.6 million
compared to working capital of $1.3 million at August 31, 1997. The increase
resulted primarily from cash flow from operating activities. At November 29,
1997, the Company had cash, cash equivalents and short term investments of $3.3
million compared to $3.2 million at August 31, 1997.

        Net cash provided by operating activities for the quarter ended November
29, 1997 was $124,000. This consisted of the net loss plus depreciation and
amortization, decreases in refundable income taxes and inventory offset by
increases in accounts receivable and deferred income taxes and decreases in
accounts payable and other accrued expenses. Net cash provided by investing
activities for the quarter was $814,000, consisting primarily of sale of
short-term investments offset by capital expenditures for production equipment
at the Dinuba plant. Net cash provided by financing activities for the quarter
was $122,000, consisting primarily of borrowings under the line of credit and
the sale of common stock through the exercise of stock warrants and options
offset by payments of long-term debt and capital lease obligations.

        At November 29, 1997, the Company had $323,000 outstanding in capital
lease obligations, primarily related to leasing of production equipment,
delivery vehicles and in-store coolers. The Company has used, and expects to
continue to use, capital lease financing as necessary to obtain needed
production assets, primarily equipment. The Company does not have an existing
leasing agreement, although the Company is currently exploring additional
leasing or lease financing sources to obtain future commitments for cooler and
computer equipment. There can be no assurance that the Company will be able to
obtain such lease financing and the failure to do so may have an adverse effect
on the Company's business or results of operations.

        The Company anticipates that the increased costs associated with
recovering from the impact of the Recall may cause the Company to pursue
additional financing that may be dilutive to current investors or result in a
higher debt-to-equity ratio than would otherwise be the case. There can be no
assurance that such financing will be available on terms favorable to the
Company, if at all.

        Based upon information currently available, the Company believes that
its current borrowing capability under the Agreement and Loan Agreement will be
adequate to meet its obligations as they become due through November 1998.



                                       12
<PAGE>   13
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS, continued:

CERTAIN FACTORS WHICH MAY AFFECT FUTURE OPERATING RESULTS

        OPERATIONS. Although the Company believes that its management, working
capital, existing debt arrangements, financial and management systems and
controls will be adequate to address its current needs, there can be no
assurance that its management, working capital and such systems will be adequate
to address future requirements of the Company's business. The Company's results
of operations will be adversely affected if revenues do not return to pre-Recall
levels, including planned expansion, and there can be no assurance that
post-Recall events will not adversely affect the Company's ability to continue
to improve and expand its management and financial control systems, to attract,
retain and motivate key employees, and to raise additional capital.

        PRODUCTS, DISTRIBUTION AND TRADE PARTNERS. Odwalla strives for
consistent "day-of-juicing quality" in its products. Shelf life standards for
its products are based primarily on maintaining the flavor quality and nutrient
integrity of its beverages. The shelf life of Odwalla's fruit and vegetable
based products is typically limited at the retail outlet. The Company believes
that its shelf life standards for each product maintain the flavor and
nutritional integrity that consumers associate with freshly produced fruit and
vegetable beverages. The Company's policy is to have all products removed from
trade partners' shelves on or before their Odwalla-established expiration date.
In addition, because of the Company's "day of juicing" quality standards, the
Company's products reflect the seasonal changes in fruit varieties in color and
taste. Odwalla's production methods are designed to minimize adverse effects of
processing. The Company's product line includes several different types of
Nourishing Beverages and varies over time as a result of seasonal and new
products.

         At most of its DSD accounts, Odwalla maintains responsibility for
stocking, ordering and merchandising its products at the point of sale, and
Odwalla credits the trade partner for unsold product. This full service
relationship allows Odwalla to avoid paying slotting fees for shelf space as
well as other handling fees, and it also allows the Company to maintain control
over presentation of its products. Odwalla provides a lesser degree of service
to certain trade partners who are responsible for stocking, ordering and
merchandising the Company's products. These trade partners do not receive credit
for unsold products.

        The Company also uses third party distributors in certain geographic
locations and for certain trade partners. This distribution channel, with
merchandising support provided by the Company, provides an opportunity to expand
product distribution, increase DSD efficiency, and still maintain relationships
with trade partners. In November 1997, expansion into the Chicago market began
with the use of a third party distributor. Odwalla sells directly to the third
party distributors under these arrangements. Third party distributors generally
do not receive credit for unsold product.

        RAW MATERIALS. Producing and selling Nourishing Beverages entails
special requirements in fruit sourcing, beverage production, distribution and
sales in order to preserve and maximize their freshness and flavor quality.
Fruits and vegetables must be sourced and selected to meet established criteria,
including variety, quality, ripeness and other factors. Transportation and
processing of the fruit and vegetables must be performed in a manner that
preserves fresh flavors and consistency. Odwalla has focused on each of these
elements in an effort to achieve its goal of providing the safest, best tasting
and most nutritious Nourishing Beverages for consumers.

        Odwalla buys fruits and vegetables according to stringent
specifications. Fruits and vegetables are purchased using different schedules
and methods depending on the type of produce. Because various types of fruit and
vegetable crops are harvested at different times of the year, the Company
obtains and produces different juices on a seasonal basis. The Company purchases
most of its fruits and vegetables in the open market on a negotiated basis.
Historically, oranges, apples and carrots are the commodities purchased in
largest volume by the Company. All three are subject to volatility in supply,
price and 


                                       13


<PAGE>   14

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


quality that could materially and adversely affect the Company's business and
results of operations, as could the availability, price and quality of other
ingredients.

        Odwalla also obtains a number of fruits, such as tropical fruits, from
foreign suppliers in the form of frozen fruit puree. A puree is whole fruit that
has been finely cut and fresh-frozen for shipment. A puree is not a concentrate.
Purees are combined with the fresh, flash-pasteurized juices of other fruits in
a number of the Company's products. Purees used by the Company are heat-treated
which minimally affects the fresh fruit quality but increases safety. Most
purees are purchased under annual price contracts.

        As with most agricultural products, supply and price of raw materials
used by the Company can be affected by a number of factors beyond the control of
the Company, such as frosts, droughts, floods and other natural disasters, other
weather conditions, economic factors affecting growing decisions, various plant
diseases and pests. The heavy rains and flooding that occurred in California in
the first and second quarters of fiscal 1995 resulted in higher costs of fruit
and lower yields from the California orange crop in the last quarter of fiscal
1995 and the first quarter of fiscal 1996. The Company is aware that the
occurrence of significant El Nino conditions and other weather patterns may have
an adverse effect on the prices and availability of produce.

        RISKS ASSOCIATED WITH PERISHABLE PRODUCTS. With the exception of its
geothermal spring water and meal replacement beverages, the Company's products
are either fresh or flash-pasteurized and do not contain any preservatives.
Because of this they have a limited shelf life. In order to maintain its "day of
juicing" quality standards, the Company further restricts the shelf life of its
products through early expiration dates. As a result, since the Company is not
able to hold any significant finished goods inventory, its results of operations
are highly dependent on its ability to accurately forecast its near term sales
in order to adjust fresh fruit and vegetable sourcing and production.
Historically, forecasting product demand has been difficult, and in light of the
Recall, the Company expects it to continue as a challenge. Failure to accurately
forecast product demand could result in the Company either being unable to meet
higher than anticipated demand or producing excess inventory that cannot be
profitably sold. In addition, most of the Company's trade partners have the
right to return any products that are not sold by their expiration date. The
inability to meet higher than anticipated demand or excess production or
significant amounts of product returns could have a material adverse effect on
the Company's business and results of operations.

        COMPETITION. In a broad sense, the Company's products compete with all
beverages available to consumers. The beverage market is highly competitive. It
includes national, regional and local producers and distributors, many of whom
have greater resources than the Company, and many of whom have shelf stable
products that can be distributed with significantly less cost. The Company views
its niche as easily accessed nourishing beverages in the super premium juice,
emerging meal replacement beverage and bottled water categories. The Company
believes its current direct competition in this market niche is from nationally,
regionally and locally focused juice producers, certain of which are owned by
major beverage producers and nationally branded meal replacement beverage and
premium bottled water producers. The Company also views juice and smoothie bars
as competition. In addition, a number of major supermarkets and other retail
outlets squeeze and market their own brand of fresh juices that compete with the
Company's products. A large international company, Chiquita Brands
International, Inc. ("Chiquita"), is engaged in this market niche in certain
geographic areas. Odwalla entered the Los Angeles market in September 1995 and
is competing directly with Chiquita's products in that market and in Colorado.
Chiquita and other major food and beverage companies are becoming more active in
the Nourishing Beverage business. A decision by such companies to focus on the
Company's existing markets or target markets could have a material adverse
effect on the Company's business and results of operations. While the Company
believes that it competes favorably with its competitors on factors such as
quality, nutritional value, food safety, merchandising, service, sales and
distribution, flavor categories, brand name recognition and loyalty, the
Company's products are typically sold at prices higher than most other 


                                       14
<PAGE>   15
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS, continued:

competing products. There can be no assurance that the Company will not
experience competitive pricing pressure that could adversely affect its results
of operations.

        DEPENDENCE ON ONE OR A FEW MAJOR TRADE PARTNERS. In fiscal 1997, the
Company's largest account, Safeway, accounted for approximately 12% of the
Company's sales. The Company puts considerable effort into the maintenance of
this and other significant accounts, but there can be no assurance that sales to
these accounts will not decrease or that these trade partners will not choose to
replace the Company's products with those of competitors. The loss of Safeway or
other significant accounts or any significant decrease in the volume of products
purchased by their customers in the future would materially and adversely affect
the Company's business and results of operations. Continuity of trade partner
relationships is important, and events that impact the Company's trade partners,
such as the Recall and labor disputes, may have an adverse impact on the
Company's results of operations.

        GOVERNMENT REGULATION. The production and sales of the Company's
beverages are subject to the rules and regulations of various federal, state and
local food and health agencies, including the FDA. In August, 1997, the FDA
outlined their long term strategy for regulation of the fresh juice industry in
their Notice of Intent. The FDA intends to mandate HACCP for the fresh juice
industry as it has done in the meat, fish and poultry industries. As an interim
measure, the FDA recommended that, in the absence of a HACCP plan, fresh juice
companies should place warning labels on unpasteurized juice. Because the
Company's products are produced at its Dinuba production facility under a HACCP
plan with validated critical control points, Odwalla believes it is already in
full compliance with the FDA's proposed regulations. The Company does not
anticipate significant additional costs associated with FDA regulatory
compliance.

        In addition to laws relating to food products, the Company is subject to
various federal, state and local environmental laws and regulations that limit
the discharge, storage, handling and disposal of a variety of substances.
Operations of the Company are also governed by laws and regulations relating to
workplace safety and worker health, principally the Occupational Safety and
Health Administration Act, as well as similar state laws and regulations. The
Company believes that it presently complies in all material respects with the
foregoing laws and regulations, although there can be no assurance that future
compliance with such laws or regulations will not have a material adverse effect
on the Company's results of operations or financial condition. The Company has
not incurred any significant costs in complying with environmental laws.

        PRODUCT LIABILITY. Since the Company's 100% fresh squeezed citrus
products and certain other citrus-based products are not pasteurized, nuclearly
irradiated or chemically treated, they are highly perishable and contain certain
naturally occurring microorganisms. In addition to the Recall associated with
the E. coli O157:H7 bacteria, the Company has from time to time received
complaints from consumers regarding ill effects allegedly caused by its
products. While such past claims have not resulted in any material liability to
date, there can be no assurance that future claims will not be made or that any
such claim or claims associated with the Recall will not result in adverse
publicity for the Company or monetary damages, either of which could materially
and adversely affect the Company's business and results of operations. The
Company currently maintains $52,000,000 in product liability insurance, which
may not be sufficient to cover the cost of defense or related damages in the
event of a significant product liability claim related to the Recall or
otherwise. See Part II "Item 1. Legal Proceedings."

        GEOGRAPHIC CONCENTRATION. The Company's wholesale accounts and retail
trade partners have their largest concentration in Northern California, with
most located in the metropolitan areas surrounding the San Francisco Bay. As
such, the Company's business and results of operations may be adversely affected
by natural occurrences, economic downturns and other conditions affecting
Northern California.


                                       15
<PAGE>   16
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS, continued:

        VOLATILITY OF STOCK PRICE. The price of the Company's Common Stock has,
at certain times, experienced significant price volatility. The Company believes
that factors such as announcements of developments related to the Company's
business, fluctuations in the Company's operating results, failure to meet
securities analysts' expectations, general conditions in the fruit and vegetable
industries and the worldwide economy, announcements of innovations, new products
or product enhancements by the Company or its competitors, fluctuations in the
level of cooperative development funding, acquisitions, changes in governmental
regulations, developments in patents or other intellectual property rights and
changes in the Company's relationships with trade partners and suppliers could
cause the price of the Company's Common Stock to fluctuate substantially. In
addition, in recent years the stock market in general, and the market for small
capitalization stocks in particular, has experienced extreme price fluctuations
which have often been unrelated to the operating performance of affected
companies. Such fluctuations could adversely affect the market price of the
Company's Common Stock.


                                       16
<PAGE>   17




PART II - OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS.

        The following personal injury claims and legal proceedings seeking
monetary damages and other relief relating to the Recall are pending against the
Company:

        1. The Beverly Case: A personal injury lawsuit filed in the United
           States District Court, Western District of Washington and served on
           December 3, 1996. The Federal case was dismissed and a companion case
           was filed in King County Superior Court and has a trial date of March
           29, 1999.

        2. The Cate Case: A personal injury case filed in Sonoma Superior Court
           on October 27, 1997. It has not been served on the Company. The
           Company is currently negotiating a settlement.

        3. The McGregor Case: A personal injury lawsuit filed in Santa Clara
           County Superior Court, Santa Clara, California on June 2, 1997 and
           served on June 16, 1997. There is no trial date currently set.

        4. The Eronc Case: A personal injury case filed in San Mateo Superior
           Court on September 30, 1997 and served on December 23, 1997. There is
           no trial date set.

        5. The Hiatt Case: A personal injury lawsuit filed in the United States
           District Court, Western District of Washington and served on August
           14, 1997. The case is set for trial on September 22, 1998.

        6. The Dimock Case: A personal injury lawsuit filed in the United States
           District Court, Western District of Washington and served on August
           14, 1997. The case has a trial date of June 7, 1999.

        7. The Berman Case: A personal injury lawsuit filed in the King County
           Superior Court and served on or about September 20, 1997. The case is
           set for trial on February 8, 1999.

        8. The Sawchuk Case: A personal injury lawsuit filed in the United
           States District Court for the Northern District of California and
           served on or about October 10, 1997. There is no trial date and
           Odwalla has filed a motion to dismiss and transfer the case to
           British Columbia.

        9. The Shaffer Case: A personal injury lawsuit filed in King County
           Superior Court and served on or about October 13, 1997. The case is
           set for trial on March 8, 1999.

        10.The Wright Case: A personal injury case being filed in King County
           Superior Court. There is no trial date.

        The Company maintained commercial general liability insurance totaling
$27,000,000 during the period including the Recall. The Company has notified its
insurance carrier of these events. At this time, the Company is unable to
determine the potential liability on all such lawsuits and claims.

        The following personal injury claims and legal proceedings have been
settled:

        1. The Maris Case: A personal injury case in Denver District Court filed
           on or about November 3, 1997 and served on November 18, 1997.

                                       17
<PAGE>   18


        2. The Starmack Case: A personal injury lawsuit filed in San Diego
           County Superior Court, San Diego, California on January 3, 1997 and
           served on January 24, 1997. The case was settled on December 22,
           1997.

        3. The Kim Case: A personal injury lawsuit filed in King County Superior
           Court, Seattle, Washington, served on November 15, 1996 and settled
           on January 9, 1997.

        4. The Webb Case: A personal injury lawsuit filed in King County
           Superior Court, Seattle, Washington, served on December 9, 1996 and
           settled on January 9, 1997.

        5. The Azizi Case: A personal injury lawsuit filed in Alameda County
           Superior Court, Alameda, California and served on November 20, 1996
           and settled on March 25, 1997.

        6. The Ishida/Peterson Case: A class action lawsuit filed in King County
           Superior Court, Seattle, Washington and served on November 12, 1996
           and settled on April 29, 1997.

        7. The Ali Case: A personal injury lawsuit filed in Los Angeles County
           Superior Court, Los Angeles, California on October 10, 1997 and
           served on October 27, 1997. This case settled on November 20, 1997.

        8. The Curtis Case: A class action lawsuit filed in the United States
           District Court, Western District of Washington and served on November
           15, 1996. On July 7, 1997, the United States District Court denied
           the plaintiffs' motion for class certification. On November 20, 1997,
           the Court granted the plaintiffs motion to dismiss the case without
           prejudice.

        9. The Fisher Case: A personal injury case filed in Los Angeles Superior
           Court in November, 1997 was settled on November 19, 1997.

        10.The Litchmann Case: A personal injury case being filed in Los
           Angeles County Superior Court. The case was dismissed in December
           1997.

        The settlement of the above legal proceedings was covered under the
Company's commercial general liability insurance policy and did not result in
any additional costs to the Company.

        In addition, the Company settled the following claim filed under
California Business and Professions Code Section 17200 et seq. alleging
fraudulent business acts and practices of the Company relating to the recalled
products:

        Roderick P. Bushnell v. Odwalla, Inc.: A lawsuit filed in San Francisco
        County Superior Court, San Francisco, California and served on November
        13, 1996. This lawsuit was settled on January 16, 1997 and received
        court approval on March 19, 1997.

        The Company has been informed that it is the subject of a federal grand
jury investigation (Eastern District of California) concerning events of 1996
and before, including the Recall. The Company has responded to a subpoena and is
cooperating fully with the government. At this time, the Company cannot predict
the outcome of the investigation.


                                       18
<PAGE>   19


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

        A. EXHIBITS

        Exhibit 11.1 -  Statement of Computation of Per Share Earnings
        Exhibit 27.1 -  Financial Data Schedule

        B. REPORTS ON FORM 8-K

        The Company did not file any reports on Form 8-K during the quarter
ended November 29, 1997.


                                       19
<PAGE>   20



                                       SIGNATURE


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


                                        ODWALLA, INC.
                                        (Registrant)




Date: January 12, 1998                  By:  /s/  D. STEPHEN C. WILLIAMSON
                                           -------------------------------
                                           D. Stephen C. Williamson
                                           Chief Executive Officer
                                           (Principal Executive Officer)



Date: January 12, 1998                  By:  /s/  JAMES R. STEICHEN
                                           ------------------------
                                           James R. Steichen
                                           Chief Financial Officer
                                           (Principal Financial and
                                           Accounting Officer)



                                       20