<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C., 20549

                                   FORM 10-Q/A

             [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                    For Quarterly Period Ended March 31, 1998

                                       OR

              [ ] TRANSITION REPORT PURUSANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                        Commission File Number: 333-18859


                                   ----------

                         INTERNATIONAL HOME FOODS, INC.
             (Exact name of registrant as specified in its charter)


              DELAWARE                                    13-3377322
  (State of other jurisdiction of                       (I.R.S. Employer
   incorporation or organization)                      Identification No.)

 1633 LITTLETON ROAD, PARSIPPANY, N.J.                       07054
(Address of principal executive offices)                   (Zip Code)

       Registrant's telephone number, including area code: (973) 359-9920

                                   ----------

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 [ ]

The number of shares outstanding of registrant's common stock, par value $0.01
per share, at March 31, 1998 was 77,330,852.






                                       1
<PAGE>   2
                         INTERNATIONAL HOME FOODS, INC.

                               INDEX TO FORM 10-Q



<TABLE>
<CAPTION>
                                                                      Page No.
                                                                      --------
<S>                                                                   <C>
PART I  FINANCIAL INFORMATION

Item 1.      Financial Statements (unaudited)

             Condensed Consolidated Statements of Income                  3
                Three Months Ended March 31, 1998 and 1997

             Condensed Consolidated Balance Sheets                        4
                March 31, 1998 and December 31, 1997

             Condensed Consolidated Statements of Cash Flows              5
                Three Months Ended March 31, 1998 and 1997

             Condensed Consolidated Statements of                         6
                Comprehensive Income
                  Three Months Ended March 31, 1998 and 1997

             Notes to Condensed Consolidated Financial Statements         7

Item 2.      Management's Discussion and Analysis of                      17
                Financial Condition and Results of Operations

PART II      OTHER INFORMATION

Item 6.      Exhibits and Reports on Form 8-K                             21

Signatures                                                                22

Exhibit 12.  Computation of Consolidated Ratio of                         
                Earnings to Fixed Charges

Exhibit 27.  Financial Data Schedule                                      
</TABLE>







                                       2
<PAGE>   3
                         INTERNATIONAL HOME FOODS, INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
           (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND SHARE AMOUNTS)


<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                         March 31,
                                                                   1998             1997
                                                               ------------     ------------
                                                                        (unaudited)
<S>                                                            <C>              <C>         
Net sales                                                      $    388,451     $    244,550
Cost of sales                                                       201,762          115,659
                                                               ------------     ------------
        Gross profit                                                186,689          128,891

Marketing expenses                                                   81,014           52,775
Selling, general, and administrative expenses                        51,441           38,669
                                                               ------------     ------------
       Income from operations                                        54,234           37,447

Interest expense                                                     22,922           25,907
Interest income and other, net                                          600              752
                                                               ------------     ------------
       Income before provision for income taxes                      31,912           12,292
Provision for income taxes                                           12,605            4,746
                                                               ------------     ------------
       Net income                                              $     19,307     $      7,546
                                                               ============     ============

Basic earnings per share (1):
       Net income                                              $       0.25     $       0.12
                                                               ------------     ------------
       Shares used in computing basic earnings per share         77,226,185       61,922,990
                                                               ------------     ------------

Diluted earnings per share (1):
       Net income                                              $       0.24     $       0.12
                                                               ------------     ------------
       Shares used in computing diluted earnings per share       81,078,048       61,922,990
                                                               ------------     ------------
</TABLE>

(1)  Per share and share amounts are restated to give effect to the 5.3292 for
     one reverse stock split on November 17, 1997.


See accompanying notes to condensed consolidated financial statements.


                                       3
<PAGE>   4
                         INTERNATIONAL HOME FOODS, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
           (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND SHARE AMOUNTS)


<TABLE>
<CAPTION>
                                                                 March 31,       December 31,
ASSETS                                                             1998              1997
                                                               ------------      ------------
                                                                (unaudited)
<S>                                                            <C>               <C>         
Current Assets:
      Cash and cash equivalents                                $     19,842      $     11,872
      Accounts receivable, net of allowances                        113,470           108,132
      Inventories                                                   218,488           220,565
      Prepaid expenses and other current assets                      23,309            16,661
      Deferred income taxes                                          21,102            21,102
                                                               ------------      ------------
          Total current assets                                      396,211           378,332

Property, plant and equipment, net                                  220,715           210,195
Intangible assets, net                                              324,410           308,846
Deferred income taxes                                               331,293           338,611
Other assets                                                         25,279            26,066
                                                               ------------      ------------
              Total assets                                     $  1,297,908      $  1,262,050
                                                               ============      ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

      Due to banks                                             $     13,290      $     12,228
      Current portion of long-term debt                              33,900            27,400
      Revolving credit facility                                      50,000            40,000
      Accounts payable                                               48,267            38,871
      Accrued salaries, wages and benefits                           15,447            16,591
      Accrued advertising and promotion                              54,586            50,308
      Accrued interest                                               18,103             7,844
      Other accrued liabilities                                      31,383            36,954
                                                               ------------      ------------
          Total current liabilities                                 264,976           230,196

Long-term debt                                                      922,400           942,600
Postretirement benefits obligation                                   20,272            19,545
Other noncurrent liabilities, primarily accrued royalties             1,952             2,079
                                                               ------------      ------------
               Total liabilities                                  1,209,600         1,194,420
                                                               ------------      ------------

Commitments and contingencies

STOCKHOLDERS' EQUITY (1)

Preferred stock - par value $.01 per share; authorized,
      100,000,000 shares; no shares issued or outstanding      $         --      $         --
Common stock - par value $.01 per share; authorized,
      300,000,000 shares; issued and outstanding
      77,330,852 and 77,155,550 shares                                  773               772
Additional paid-in capital                                           54,165            52,202
Retained earnings                                                    37,341            18,034
Accumulated other comprehensive income (loss)                        (3,971)           (3,378)
                                                               ------------      ------------
          Total stockholders' equity                                 88,308            67,630
                                                               ------------      ------------
      Total liabilities and stockholders' equity               $  1,297,908      $  1,262,050
                                                               ============      ============
</TABLE>


(1)  Per share and share amounts are restated to give effect to the 5.3292 for
     one reverse stock split on November 17, 1997.


See accompanying notes to condensed consolidated financial statements.


                                       4
<PAGE>   5
                         INTERNATIONAL HOME FOODS, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                         March 31,
                                                                   1998              1997
                                                               ------------      ------------
                                                                        (unaudited)
<S>                                                            <C>               <C>         
OPERATING ACTIVITIES:
Net income                                                     $     19,307      $      7,546
Adjustments to reconcile net income to net cash
provided by operating activities:
    Depreciation and amortization                                     9,198             6,865
    Deferred income taxes                                             7,688             4,215
Changes in assets and liabilities, net of acquisitions:
    Accounts receivable                                              (5,338)            3,343
    Inventories                                                       3,992            11,821
    Other current assets                                             (6,648)            4,119
    Accounts payable                                                  9,396                87
    Accrued liabilities                                               8,151            21,260
    Other                                                             4,249           (10,168)
                                                               ------------      ------------
        Net cash provided by operating activities                    49,995            49,088
                                                               ------------      ------------

INVESTING ACTIVITIES:
    Purchases of plant and equipment, net                            (5,984)           (4,930)
    Purchase of businesses, net of cash acquired                    (34,463)               --
                                                               ------------      ------------
        Net cash used in investing activities                       (40,447)           (4,930)
                                                               ------------      ------------

FINANCING ACTIVITIES:
    Increase (Decrease) in due to banks                               1,062            (5,362)
    Repayment of long-term debt                                     (13,700)          (13,000)
    Borrowings from revolving credit facility                        35,000                --
    Repayment of borrowings from revolving credit facility          (25,000)               --
    Payment to minority stockholder                                      --           (16,556)
    Proceeds from exercise of stock options                           1,967                --
                                                               ------------      ------------
        Net cash used in financing activities                          (671)          (34,918)
                                                               ------------      ------------

Effect of exchange rate changes on cash                                (907)               (3)

Increase in cash and cash equivalents                                 7,970             9,237

Cash and cash equivalents at beginning of period                     11,872            45,859
                                                               ------------      ------------
Cash and cash equivalents at end of period                     $     19,842      $     55,096
                                                               ============      ============
Cash paid during the period for:
    Interest                                                         11,466            10,369
    Income taxes                                                      3,395               625
</TABLE>


See accompanying notes to condensed consolidated financial statements.


                                       5
<PAGE>   6
                         INTERNATIONAL HOME FOODS, INC.
            CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                                March 31,
                                                           1998          1997
                                                         --------      --------
                                                              (unaudited)
<S>                                                      <C>           <C>     
Net income                                               $ 19,307      $  7,546

Other comprehensive income, net of tax:
    Foreign currency translation                             (593)         (135)
                                                         --------      --------

      Total other comprehensive income (loss)                (593)         (135)
                                                         --------      --------

Comprehensive income                                     $ 18,714      $  7,411
                                                         ========      ========
</TABLE>


See accompanying notes to condensed consolidated financial statements.


                                       6
<PAGE>   7
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


1.       ACCOUNTING POLICIES

         Interim Financial Statements

         In the opinion of International Home Foods, Inc. ("the Company"), the
         accompanying condensed consolidated financial statements contain all
         adjustments (consisting only of normal recurring adjustments) necessary
         to present fairly the Company's financial position as of March 31, 1998
         and the results of operations and cash flows for the three months ended
         March 31, 1998 and 1997. The results of operations for the three month
         period are not necessarily indicative of the results to be expected for
         the full year. The accompanying condensed consolidated financial
         statements should be read in conjunction with the consolidated
         financial statements and notes thereto included in the Company's 1997
         Annual Report on Form 10-K and Form 10-K/A.

         The March 31, 1998 financial statements included herein have been
         restated from those previously issued. The restatement, which reported
         the effects of a reduction in the 1997 writeoff of deferred financing
         costs previously reported, resulted in a decrease in net income of $506
         or $0.01 basic earnings per share for the quarter ended March 31, 1998.
         The restatement had no effect on previously reported diluted earnings
         per share for the quarter ended March 31, 1998.

         Accumulated Other Comprehensive Income (Loss)     

         In the first quarter of 1998, the Company adopted Statement of
         Financial Accounting Standards No. 130 ("SFAS 130"), "Reporting
         Comprehensive Income", which required the Company to reclassify, for
         financial reporting purposes only, certain amounts shown below which
         were previously included as a separate component of stockholders'
         equity, and are now reported as Accumulated other comprehensive income
         (loss) on the Condensed Consolidated Balance Sheets. Pursuant to SFAS
         130, the following amounts are included in Accumulated other
         comprehensive income (loss) at March 31, 1998 and December 31, 1997:


<TABLE>
<CAPTION>
                                                        March 31,   December 31,
                                                          1998          1997
                                                        --------      --------
         <S>                                            <C>         <C>      
         Foreign currency translation                   $ (3,971)     $ (3,378)
                                                        --------      --------
             Accumulated other comprehensive
                income (loss)                           $ (3,971)     $ (3,378)
                                                        ========      ========
</TABLE>


                                       7
<PAGE>   8
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


         Accumulated Other Comprehensive Income (Loss) Continued

         The changes in other comprehensive income (loss), and the related tax
         effects, are as follows:


<TABLE>
<CAPTION>
                                                                       Amount
                                             Amount       Income Tax   Net of
                                          Before Taxes     Benefit     Taxes
                                          ------------    ----------   ------
         <S>                              <C>             <C>          <C>    
         For the three months ended
           March 31, 1998

           Foreign currency translation   $       (963)   $      370   $ (593)
                                          ------------    ----------   ------
             Total other comprehensive
               income (loss)              $       (963)   $      370   $ (593)
                                          ============    ==========   ======

         For the three months ended
           March 31, 1997

           Foreign currency translation   $       (135)   $       --   $ (135)
                                          ------------    ----------   ------
            Total other comprehensive
              income (loss)               $       (135)   $       --   $ (135)
                                          ============    ==========   ======
</TABLE>


2.       DESCRIPTION OF BUSINESS, MERGER, AND ACQUISITION

         Background and Basis of Presentation

         The Company was previously an indirect wholly-owned subsidiary of
         American Home Products Corporation ("American Home Products"). On
         September 5, 1996, American Home Products entered into an agreement
         pursuant to which an affiliate ("Hicks Muse Holding") of Hicks, Muse,
         Tate & Furst Equity Fund III, L.P. ("Hicks Muse") acquired (the "IHF
         Acquisition") an 80% interest in the Company. The IHF Acquisition was
         consummated on November 1, 1996.

         In connection with the IHF Acquisition, the Company received equity
         financing of $264,000 from Hicks Muse Holding and incurred indebtedness
         of approximately $1,070,000. These aggregate proceeds were used, in
         part, to (i) effect a $264,000 distribution to American Home Products,
         (ii) redeem shares of the Company's common stock held by American Home
         Products for approximately $962,000, and (iii) pay fees and expenses
         incurred in connection with the IHF Acquisition. Immediately following
         consummation of the IHF Acquisition, including the redemption effected
         in connection therewith, Hicks Muse Holding and American Home Products
         beneficially owned 80% and 20%, respectively, of the Company's
         outstanding shares of common stock. In connection with the Company's
         initial public offering of common stock consummated in November 1997,
         both of these ownership percentages have decreased.


                                       8
<PAGE>   9
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


         Background and Basis of Presentation (Continued)

         The IHF Acquisition was accounted for as a leveraged recapitalization.
         Accordingly, the Company's assets and liabilities retained their
         historical bases for financial reporting purposes. For tax purposes,
         the IHF Acquisition was treated as a taxable business combination
         resulting in a "step-up" in the tax bases of the Company's assets and
         liabilities.

         Immediately after the IHF Acquisition and effective November 1, 1996,
         the Company acquired Heritage Brands Holdings, Inc. and subsidiaries
         ("Heritage") from an affiliate of Hicks Muse for approximately $70,800,
         including the assumption of approximately $40,800 of debt which was
         repaid immediately following consummation of the acquisition, in a
         transaction accounted for using the purchase method of accounting. The
         excess of the purchase price of Heritage over the fair value of assets
         acquired and liabilities assumed resulted in goodwill and other
         intangible assets of approximately $59,100 which are being amortized
         over 20 years.

         The accompanying financial statements have been prepared in accordance
         with generally accepted accounting principles and necessarily include
         amounts based on judgments and estimates made by management. Actual
         results could differ from these estimates. Estimates are used when
         accounting for potential bad debts, inventory obsolescence and
         spoilage, trade and promotion allowances, coupon redemptions,
         depreciation and amortization, stock option compensation, deferred
         income taxes and tax valuation allowances, restructuring charges, and
         contingencies, among other items.

         Business

         The Company operates in one business segment which manufactures and
         markets a diversified portfolio of shelf-stable food products including
         entrees, side dishes, spreadable fruit products, snacks and canned
         fish, among others. The Company sells its products primarily in the
         United States, Canada and Mexico, and is not dependent on any single or
         major group of customers for its sales.

3.       INVENTORIES


<TABLE>
<CAPTION>
         Inventories consist of:                    March 31,      December 31,
                                                      1998             1997
                                                  ------------     ------------
<S>                                               <C>              <C>         
         Raw materials                            $     52,664     $     46,127
         Work in progress                               16,314           20,770
         Finished goods                                149,510          153,668
                                                  ------------     ------------
              Total                               $    218,488     $    220,565
                                                  ============     ============
</TABLE>


                                       9
<PAGE>   10
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


4.       INCOME TAXES

         For federal and state income tax purposes, the IHF Acquisition (Note 2)
         is a taxable business combination and is a qualified stock purchase.
         The buyer and seller have elected jointly to treat the IHF Acquisition
         as an asset acquisition under Section 338(h)(10) of the Internal
         Revenue Code of 1986, as amended. A preliminary allocation of the
         purchase price to the tax bases of assets and liabilities based on
         their respective estimated fair values at November 1, 1996 was made for
         income tax purposes. During 1997, finalization of the purchase price
         allocation resulted in an increase of $2,220 in additional paid-in
         capital. In connection with the IHF Acquisition, the Company recorded a
         deferred tax asset related to future tax deductions for the net excess
         of the tax bases of the assets and liabilities over the financial
         statement carrying amounts with a corresponding credit to additional
         paid-in capital.

         Historically, the Company has generated operating income and
         realization of the deferred tax assets is dependent upon the Company's
         ability to generate sufficient future taxable income which management
         believes is more likely than not. The Company anticipates future
         taxable income sufficient to realize the recorded deferred tax assets.
         Future taxable income is based on management's forecasts of the
         operating results of the Company and there can be no assurance that
         such results will be achieved.

         Management continually reviews such forecasts in comparison with actual
         results and expected trends. In the event management determines that
         sufficient future taxable income may not be generated to fully realize
         the deferred tax assets, the Company will provide a valuation allowance
         by a charge to income tax expense in the period of such determination.

         The Company intends to permanently reinvest the undistributed earnings
         of the Canadian operations; accordingly, deferred income taxes, which
         would not be significant, have not been provided for the repatriation
         of such undistributed earnings.

5.       COMMITMENTS AND CONTINGENCIES

         The Company has ongoing royalty arrangements with several parties,
         primarily representing licensing agreements for its wet spices business
         and for the use of characters in the Company's canned pasta business.
         The accompanying condensed consolidated statements of income include
         royalty costs which amounted to $107 and $528 for the three months
         ended March 31, 1998 and 1997, respectively.

         In 1995, the water treatment plant in Mayaguez, Puerto Rico that is 30%
         owned by the Company entered into a consent decree pursuant to which it
         agreed to implement remedial capital improvements to improve its
         waste-water discharge. The Company will be responsible for 30% of the
         costs of these improvements, which are not expected to be material to
         the Company.


                                       10
<PAGE>   11
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


         Commitments and Contingencies (Continued)

         Based upon its experience to date, the Company believes that the future
         cost of compliance with existing environmental laws, including the
         Comprehensive Environmental Response, Compensation and Liability Act,
         commonly known as Superfund, regulations and decrees and liability for
         known environmental claims, will not have a material adverse effect on
         the Company's financial statements as a whole. However, future events,
         such as changes in existing laws and regulations or their
         interpretation, and more vigorous enforcement policies of regulatory
         agencies, may give rise to additional expenditures or liabilities that
         could be material.

         In the ordinary course of business, the Company enters into contracts
         for the purchase of certain of its raw materials and is involved in
         various pending or threatened litigation and claims. Although the
         outcome of any legal proceeding cannot be predicted with certainty,
         management believes that any liability arising from, or the resolution
         of any pending or threatened litigation or claims, in the aggregate
         will not have a material adverse effect on the consolidated financial
         position, results of operations or cash flows of the Company.

6.       RELATED PARTY TRANSACTIONS


         Effective November 1, 1996, the Company entered into a 10-year
         monitoring and oversight agreement with an affiliate of its majority
         stockholder. The agreement provides for an annual fee of the greater of
         $1,000 or 0.1% of the budgeted consolidated net sales of the Company
         for the current year. In addition, effective November 1, 1996, the
         Company entered into a financial advisory agreement with the affiliate
         under which the affiliate will be entitled to a fee of 1.5% of the
         transaction value, as defined, for each add-on transaction, as defined.
         The Company incurred monitoring and oversight fees of $400 and $250 and
         financial advisory fees of $744 and $0 for the three months ended March
         31, 1998 and 1997, respectively.


                                       11
<PAGE>   12
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


7.       GUARANTOR FINANCIAL DATA

         The Company's Senior Subordinated Notes are fully unconditionally
         guaranteed by each of the Company's subsidiaries on a joint and several
         basis. The Company has not presented separate financial statements and
         other disclosures concerning each of the subsidiary guarantors because
         management has determined that such information is not material to the
         holders of the Senior Subordinated Notes. Presented below is summarized
         combined financial information of the subsidiary guarantors:


<TABLE>
<CAPTION>
                                            March 31, 1998   December  31, 1997
                                            --------------   ------------------
                                             (unaudited)
         <S>                                <C>              <C>               
         Current assets                     $      270,796   $          262,531

         Noncurrent assets                         444,942              426,396

         Current liabilities                        93,865               80,108

         Noncurrent liabilities                    277,753              269,591
</TABLE>


<TABLE>
<CAPTION>
                                                 For the Three Months Ended
                                              March 31, 1998    March 31, 1997
                                              --------------    --------------
                                                        (unaudited)
         <S>                                  <C>               <C>           
         Net sales                            $      176,415    $       37,363

         Gross profit                                 62,226            15,632

         Net income                                    5,666                71

         Net cash provided by                         18,616            15,085
                operating activities

         Net cash used in                             (3,924)           (1,837)
                  investing activities

         Net cash used in                            (12,950)          (12,326)
                financing activities
</TABLE>


8.       IMPACT OF RECENT ACCOUNTING STANDARDS

         In June 1997, SFAS 131 "Disclosures About Segments of an Enterprise and
         Related Information", was issued to establish standards for public
         business enterprises reporting information regarding operating segments
         in annual and interim financial statements issued to shareholders. It
         also establishes standards for related disclosures about products and
         services, geographic areas and major customers. This statement is
         effective for financial statements for periods beginning after December
         15, 1997. In the initial year of application, comparative information
         for earlier years is to be restated. The Company is currently
         evaluating the reporting requirements of this statement and the impact
         on its existing segment reporting.


                                       12
<PAGE>   13
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


         Impact of Recent Accounting Standards (Continued)

         In February 1998, SFAS 132, "Employers' Disclosures about Pensions and
         Other Postretirement Benefits", was issued to standardize employers'
         disclosures about pension and other postretirement benefit plans. This
         Statement is effective for fiscal years beginning after December 15,
         1997. The Company is currently evaluating the impact of adoption of
         this Statement on its financial statements, and anticipates compliance
         in 1998.

         On March 4, 1998 Statement of Position (SOP) No. 98-1, "Accounting for
         the Cost of Computer Software Developed or Obtained for Internal Use",
         was issued. The SOP was issued to address diversity in practice
         regarding whether and under what conditions the costs of internal-use
         software should be capitalized. SOP 98-1 is effective for financial
         statements for years beginning after December 15, 1998. The Company is
         currently evaluating the impact of adoption of this SOP on its
         financial statements, and anticipates compliance in 1999.

9.       ACQUISITIONS

         Effectively July 1, 1997, the Company consummated the acquisition of
         substantially all of the assets (the "Assets") of Bumble Bee Seafoods,
         Inc. and its wholly-owned subsidiaries, Bumble Bee International, Inc.,
         Santa Fe Springs Holding Company and Commerce Distributing Company
         (collectively, the "Sellers"), pursuant to the terms of an Asset
         Purchase and Sale Agreement dated as of May 1, 1997 (the "Agreement")
         by and among the Sellers, the Company and its wholly-owned subsidiary,
         Bumble Bee Acquisition Corporation. The aggregate consideration paid
         for the Assets was approximately $163,000 in cash and the assumption of
         certain liabilities of the Sellers, including trade payables and
         certain accrued liabilities. The Assets consist primarily of inventory,
         accounts receivable, property, plant and equipment and trademarks
         formerly used by the Sellers for the processing and marketing of canned
         seafood products, principally tuna and salmon, including processing
         facilities in Puerto Rico, Ecuador and California. The transaction was
         approved by an order of the Federal Bankruptcy Court for the Southern
         District of California on June 19, 1997, as part of the bankruptcy
         proceedings of the Sellers. The Company financed the purchase of the
         Assets with approximately $110,000 borrowings under its Senior Bank
         Facilities and the balance of the purchase price from the Company's
         available cash balances as of the date of the closing.

         On October 1, 1997, the Company acquired Productos Del Monte (PDM) from
         an affiliate of Hicks Muse for 3,127,415 shares of Common Stock. The
         shares issued for PDM were valued at their estimated fair value of
         approximately $40,000, which approximated the purchase price that the
         Hicks Muse affiliate paid for PDM in 1996. PDM is a leading
         manufacturer and marketer of branded catsup, canned vegetables and
         bottled salsa in Mexico. The acquisition of PDM was treated as a
         combination of


                                       13
<PAGE>   14
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


         Acquisitions (Continued)

         entities under common control. Accordingly, the historical accounting
         values of PDM were carried over for financial accounting purposes. In
         February 1998, the Company received $5,000 in settlement of a dispute
         between the Hicks Muse affiliate and PDM's former owners. The
         settlement has been recorded as a reduction of the purchase price paid
         by the Hicks Muse affiliate.

         On October 1, 1997, the Company acquired all of the stock of Creative
         Products, Inc. of Rossville ("Creative Products") for approximately
         $52,000 in cash. Creative Products is the leading manufacturer of
         cooking spray sold to private label customers and food service
         operators. In addition, Creative Products manufactures on a contract
         basis a number of health and beauty aid products, including hair
         mousses, hair sprays and deodorants. On November 21, 1997 the Company
         acquired substantially all of the assets of Orleans Seafood, Inc. for
         $26,900, including transaction fees. Orleans is a specialty canned
         seafood manufacturer and marketer. The acquisitions were funded through
         borrowings under the Company's Senior Bank Facilities.

         On March 9, 1998, the Company, through its Canadian subsidiary,
         International Home Foods (Canada), Inc., purchased certain assets
         relating to the Puritan stews and canned meats business from Unilever's
         T. J. Lipton Canada division for a total purchase price of
         approximately $35.2 million ($CN 50.8 million). The Company entered
         into a Canadian dollar forward contract on January 26, 1998 to hedge
         the purchase of the Puritan acquisition. The gain on the transaction
         (approximately $600) was recorded as a reduction of the cost of the
         acquisition. The acquisition was funded with borrowings under the
         Company's revolving credit facility. Puritan is the largest processor
         and marketer of canned stews and meats in Canada, with products
         marketed under the Puritan and Fraser Farms brand names.

         The excess of cost over fair value of net assets acquired for the above
         acquisitions will be amortized over 40 years. The information below
         includes non-cash investing and financing activities supplemental to
         the consolidated statements of cash flows.


                                       14
<PAGE>   15
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


Acquisitions (Continued)

These acquisitions have been accounted for using the purchase method of
accounting, and the operating results of the acquired companies have been
included in the consolidated financial statements from the dates of acquisition.
A summary of the excess of cost over fair value of net assets acquired resulting
from preliminary purchase price allocations for the acquisitions is as follows:


<TABLE>
<CAPTION>
                                       Bumble Bee     Productos          Creative         Orleans
                                     Seafoods, Inc.   Del Monte       Products, Inc.   Seafoods, Inc.   Puritan
                                     --------------   ---------       --------------   --------------   -------
<S>                                  <C>              <C>             <C>              <C>              <C>    
Cost of acquisition, including
     transaction fees                $      163,058   $  40,000 (1)   $       51,924   $       26,920   $35,207
Less: acquired assets:
     Current assets                          94,129      24,903               12,858           12,866     3,586
     Property, plant and equipment           18,986       4,210                4,133              215     6,473
     Intangible assets including
          tradenames                         20,941      21,077                   --              810        --
     Other assets                             2,718          --                   18               --        --
Add: Liabilities assumed                     36,169      10,190                4,253              557        --
                                     --------------   ---------       --------------   --------------   -------
Excess of cost over net assets
     acquired                        $       62,453   $         (1)   $       39,168   $       13,586   $25,148
                                     ==============   =========       ==============   ==============   =======
</TABLE>


(1)  Productos Del Monte was acquired from an entity under common control and
     accordingly, the historical values were carried over for financial
     accounting purposes.

The following unaudited proforma consolidated results of operations have been
prepared as if the acquisitions of Bumble Bee and the Other Acquisitions (PDM,
Creative Products and Orleans Seafood) had occurred as of the beginning of 1997:


<TABLE>
<CAPTION>
                                             For the Three Months Ended
                                                   March 31, 1997
                                   ---------------------------------------------
                                                       Other
                                    Bumble Bee      Acquisitions        Total
                                   ------------     ------------     -----------
<S>                                <C>              <C>              <C>        
Net sales                          $    334,610     $     27,725     $   362,335

Net income                         $      3,564     $      1,528     $     5,092

Earnings per share:
     Basic                         $       0.06     $       0.02     $      0.08
     Diluted                       $       0.06     $       0.02     $      0.08
</TABLE>


The proforma consolidated results do not purport to be indicative of results
that would have occurred had the acquisitions been in effect for the period
presented, nor do they purport to be indicative of the results that will be
obtained in the future. The acquisition of Puritan was not significant, and
accordingly proforma financial information has not been provided.


                                       15
<PAGE>   16
                         INTERNATIONAL HOME FOODS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


10.      EARNINGS PER SHARE

         Basic Earnings Per Share ("EPS") is based upon the weighted average
         number of common shares outstanding during the period. Diluted EPS
         reflects the potential dilution that would occur if options to issue
         common stock are assumed to be exercised or converted into common
         stock.

         The EPS computations are based on the following amounts:


<TABLE>
<CAPTION>
                                                      For the Three Months Ended
                                                              March 31,
                                                         1998          1997
                                                      -----------   -----------
         <S>                                          <C>           <C>        
         Basic EPS computation:
              Net income available to common shares   $    19,307   $     7,546
              Average number of shares outstanding     77,226,185    61,922,990
              Basic earnings per share                $      0.25   $      0.12

         Diluted EPS computation:
              Net income available to common shares   $    19,307   $     7,546
              Average number of shares outstanding     77,226,185    61,922,990
              Effect of dilutive stock options          3,851,863            --
                                                      -----------   -----------
              Total number of shares outstanding       81,078,048    61,922,990
              Diluted earnings per share              $      0.24   $      0.12
</TABLE>


11.      SUBSEQUENT EVENTS

         On April 14, 1998 the Company completed the acquisition of Grist Mill
         Co. The total value of the transaction is approximately $105 million.
         The Company financed the acquisition with borrowings under its existing
         revolving credit facility. Grist Mill is a manufacturer and distributor
         of store brand and value-priced branded food products including
         ready-to-eat cereals, fruit snacks, granola bars, fruit-filled cereal
         bars, crisp rice marshmallow bars and preformed pie crusts. For the
         fiscal year ended May 31, 1997, Grist Mill reported net income of $2.8
         million on sales of $108.5 million. For the nine-month period ended
         February 28, 1998, Grist Mill reported net income of $4.0 million on
         sales of $79.9 million.


                                       16
<PAGE>   17
                         INTERNATIONAL HOME FOODS, INC.


                                     Item 2

                     Management's Discussion And Analysis of
                  Financial Condition and Results of Operations


RESULTS OF OPERATIONS - Three Months Ended March 31, 1998 and 1997.

NET SALES - The Company's net sales were $388.5 million for the three months
ended March 31, 1998 as compared to $244.6 million in the comparable 1997
quarter, an increase of $143.9 million, or 58.8%. Approximately $111.2 million,
$14.1 million, $13.5 million, $5.4 million and $1.4 million of the increase was
related to Bumble Bee Seafood, Creative Products, Productos Del Monte, Orleans
Seafood and Puritan sales, respectively, which were not reflected in the 1997
amounts, offset by $1.7 million of lower sales of the Company's existing brands,
due primarily to the timing of product and promotional program initiatives
scheduled for launch in the spring and fall of 1998.

COST OF GOODS SOLD - Cost of goods sold was $201.8 million for the three months
ended March 31, 1998 as compared to $115.7 million in the comparable 1997
quarter. Expressed as a percentage of net sales, cost of goods sold increased to
51.9% from 47.3% in 1997. This was primarily attributable to the inclusion of
the 1997 acquisitions as compared to the Company's historical margins. Excluding
the 1997 acquisitions, cost of sales declined to 42.6% of net sales from 47.3%
of net sales in 1997. This decline in cost of goods sold as a percentage of net
sales primarily resulted from the continuing overall reductions in the Company's
manufacturing costs, which reflect management's continuing cost reduction
initiatives.

TOTAL MARKETING EXPENSES - Total marketing expenses increased to $81.0 million
for the three months ended March 31, 1998 as compared to $52.8 million in 1997.
Expressed as a percentage of net sales, total marketing expenses decreased to
20.9% from 21.6% from the comparable 1997 period. The increase of $28.2 million
was attributable to the inclusion of the newly acquired Companies in 1997,
primarily Bumble Bee Seafood ($22.2 million), Productos Del Monte ($2.3
million), Orleans Seafood ($0.5 million) and Creative Products ($0.3 million) as
well as higher media expenditures in 1998 for existing brands ($7.0 million,
primarily Canned Pasta, Chef Jr., Dennisons, Pam and Polaner), offset by lower
consumer and other marketing expenses ($4.1 million).

TOTAL OTHER OPERATING EXPENSES - Other operating expenses were $51.4 million for
the three months ended March 31, 1998 as compared to $38.7 million in 1997.
Total other operating expenses as a percentage of net sales declined to 13.2% in
the three months ended March 31, 1998 from 15.8% in the comparable 1997 quarter,
primarily reflecting management's cost reduction initiatives.

INTEREST EXPENSE - Interest expense for the three months ended March 31, 1998
was $22.9 million as compared to $25.9 million for the comparable 1997 period.
The decrease in interest expense reflects a lower outstanding debt balance
during the quarter ended March 31, 1998 as compared to the comparable 1997
quarter as well as a lower weighted average interest rate for the period.


                                       17
<PAGE>   18
                         INTERNATIONAL HOME FOODS, INC.


                                     Item 2

                     Management's Discussion And Analysis of
                  Financial Condition and Results of Operations


PROVISION FOR INCOME TAXES - Income taxes increased to $12.6 million for the
three months ended March 31, 1998 from $4.7 million in 1997 due to higher income
before taxes. The effective tax rate increased to 39.5% in 1998 from 38.6% in
1997 due to the impact of non-deductible goodwill and foreign taxes relating to
acquisitions that were not reflected in the 1997 amounts. The Company
anticipates sufficient future income to realize deferred tax assets recorded at
March 31, 1998. In the event management determines that sufficient future
taxable income may not be generated to fully realize the deferred tax assets,
the Company will provide a valuation allowance by a charge to income tax expense
in the period of such determination.

NET INCOME - For the three month period ended March 31, 1998, net income
increased by $11.8 million over the comparable 1997 period, primarily reflecting
the factors discussed above.

Basic earnings per share were $0.25 and $0.12 for the three months ended March
31, 1998 and 1997, respectively, and diluted earnings per share were $0.24 and
$0.12 for the three months ended March 31, 1998 and 1997, respectively.

LIQUIDITY AND CAPITAL RESOURCES

CASH FLOWS - Net cash provided by operating activities for the three months
ended March 31, 1998 was $50.0 million, or $0.9 million higher than the
comparable 1997 period due to higher net income ($12.3 million), additional
depreciation and amortization ($1.5 million) and deferred income taxes ($3.5
million), offset by changes in assets and liabilities ($16.4 million).

The Company through its Canadian subsidiary, International Home Foods (Canada),
Inc., purchased substantially all of the assets relating to the Puritan stews
and canned meats business from Unilever's T. J. Lipton Canada division for
approximately $34.5 million, and invested $6.0 million in capital expenditures
in the three month period ended March 31, 1998, an increase of $1.1 million over
the comparable 1997 period.

Cash used in financing activities was $0.7 million for the three month period
ended March 31, 1998, compared to $34.9 million in the comparable 1997 period.
The Company borrowed $35.0 million to fund the Puritan acquisition and repaid
$25.0 million and $13.7 million under the terms of its Revolving Credit Facility
and its Senior Bank Facilities, respectively.

Management believes that cash generated from operations and borrowings under the
Senior Bank Facilities will be sufficient to satisfy working capital
requirements and required capital expenditures. Further expansion of the
business through acquisitions may require the Company to incur additional
indebtedness or issue equity securities. There can be no assurance that
additional debt or equity will be available to the Company, or if available,
will be on terms acceptable to the Company.


                                       18
<PAGE>   19
                         INTERNATIONAL HOME FOODS, INC.


                                     Item 2

                     Management's Discussion And Analysis of
                  Financial Condition and Results of Operations


FINANCIAL INSTRUMENTS AND RISK MANAGEMENT STRATEGIES

The Company currently does not use derivative financial instruments for trading
or speculative purposes, nor is the Company a party to leveraged derivatives. In
accordance with the Senior Bank Facilities, the Company is required to enter
into interest rate protection agreements to the extent necessary to provide
that, when combined with the Company's Senior Subordinated Notes, at least 50%
of the Company's aggregate indebtedness is subject to either fixed interest rate
or interest rate protection through December 1998. Accordingly, the Company
entered into an interest rate collar transaction that became effective on
September 8, 1997 and expires on December 8, 1998. The notional amount of the
collar is $135,000 with the cap set at 8% and the floor set at 5.25%.

IMPACT OF RECENT ACCOUNTING STANDARDS

In June 1997, SFAS 130, "Reporting Comprehensive Income", was issued to
establish standards for reporting and displaying of comprehensive income and its
components in a full set of general-purpose financial statements. This statement
requires disclosure of the components of comprehensive income including, among
other things, foreign currency translation adjustments, minimum pension
liability items and unrealized gains and losses on certain investments in debt
and equity securities. The Company adopted the provisions of this statement in
the first quarter of 1998.

In June 1997, SFAS 131 "Disclosures About Segments of an Enterprise and Related
Information", was issued to establish standards for public business enterprises
reporting information regarding operating segments in annual and interim
financial statements issued to shareholders. It also establishes standards for
related disclosures about products and services, geographic areas and major
customers. This statement is effective for financial statements for periods
beginning after December 15, 1997. In the initial year of application,
comparative information for earlier years is to be restated. Historically, the
Company reported one business segment which manufactures and markets a
diversified portfolio of shelf-stable food products. The Company is currently
evaluating the reporting requirements of SFAS 131 and the impact on its existing
segment reporting.

In February 1998, SFAS 132, "Employers' Disclosures about Pensions and Other
Postretirement Benefits", was issued to standardize employers' disclosures about
pension and other postretirement benefit plans. This Statement is effective for
fiscal years beginning after December 15, 1997. The Company is currently
evaluating the impact of adoption of this Statement on its financial statements,
and anticipates compliance in 1998.

On March 4, 1998 Statement of Position (SOP) No. 98-1, "Accounting for the Cost
of Computer Software Developed or Obtained for Internal Use", was issued. The
SOP was issued to address diversity in practice regarding whether and under what
conditions the costs of internal-use software should be capitalized. SOP 98-1 is
effective for financial statements for years beginning after December 15, 1998.
The Company is currently evaluating the impact of adoption of this SOP on its
financial statements, and anticipates compliance in 1999.


                                       19
<PAGE>   20
                         INTERNATIONAL HOME FOODS, INC.


                                     Item 2

                     Management's Discussion And Analysis of
                  Financial Condition and Results of Operations


SUBSEQUENT EVENT

On April 14, 1998 the Company completed the acquisition of Grist Mill Co. The
Company financed the acquisition with borrowings under its existing revolving
credit facility. Grist Mill is a manufacturer and distributor of store brand and
value-priced branded food products including ready-to-eat cereals, fruit snacks,
granola bars, fruit-filled cereal bars, crisp rice marshmallow bars and
preformed pie crusts. For the fiscal year ended May 31, 1997, Grist Mill
reported net income of $2.8 million on sales of $108.5 million. For the
nine-month period ended February 28, 1998, Grist Mill reported net income of
$4.0 million on sales of $79.9 million.


                                       20
<PAGE>   21
                         INTERNATIONAL HOME FOODS, INC.


                                     PART II


ITEM 6          EXHIBITS AND REPORT ON FORM 8-K

      (a)       Exhibits:

                (12)    Statements showing computation of ratio of earnings to
                        fixed charges based on SEC Regulation S-K, Item 503.

                (27)    Financial Data Schedule

      (b)       Reports on Form 8-K:

                Dated March 16, 1998, under Item 5 (Other Events) and Item 7
                (Financial Statements and Exhibits).


                                       21
<PAGE>   22
                         INTERNATIONAL HOME FOODS, INC.
                (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)


                                   SIGNATURES


Pursuant to the requirement 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.

                                       International Home Foods, Inc.
                                               (Registrant)


Date:  July 27, 1998                   /s/ C. DEAN METROPOULOS
                                       -----------------------------------
                                       C. Dean Metropoulos
                                       Chairman of the Board and
                                       Chief Executive Officer

Date:  July 27, 1998                   /s/ N. MICHAEL DION
                                       -----------------------------------
                                       N. Michael Dion
                                       Senior Vice President and
                                       Chief Financial Officer


                                       22
<PAGE>   23
                         INTERNATIONAL HOME FOODS, INC.


INDEX TO EXHIBITS


EXHIBIT
NUMBER                     EXHIBITS
------                     --------


    12   Computation of Consolidated Ratio of Earnings to Fixed Charges

    27   Financial Data Schedule