<PAGE>   1
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM IO-Q


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


For the quarterly period ended:     December 31, 1996

Commission file number:  33-24464-NY

                             SPECTRUM EQUITIES, INC.
                             -----------------------
             (Exact name of registrant as specified in its charter)

        Delaware                                             11-2958856
------------------------                                 -------------------
(State of Incorporation)                                   (IRS Employer
                                                         Identification No.)

9942 N.W. 6th Place, Plantation, FL                               33324
----------------------------------------                      ------------
(Address of principal executive offices)                       (zip code)

Registrant's Telephone No. including area code:  (954) 967-4916
                                                -------------------------------

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  X  No
                                              ---    ---

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

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

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 250,000,000 shares as of
February 12, 1997.


Transitional Small Business Format:  no
                                     --
<PAGE>   2
                         PART I - FINANCIAL INFORMATION

Item 1.           Financial Statements

                  Registrant's Financial Statements filed herewith begin on page
3.

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

         The Company is still in the developmental stage since emerging from
Chapter 11 in October 1995. The Company anticipates that it will require minimal
working capital in order to continue the search for an operating company to
acquire. Since emerging from bankruptcy all of its minimal working capital needs
were met by its shareholders. There can be no assurance that the Company will be
able to successfully complete the transition from a development stage company to
an operating company.

                           PART II - OTHER INFORMATION

Item 6.           Exhibits and Reprts of Form 8-K

         (a)      Exhibit No. 27                     Financial Data Schedule

         (b)      There were no reports on Form 8-K during the quarter reported
                  on.

                                   SIGNATURES

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

                                      SPECTRUM EQUITIES, INC.



                                      By:   s/Robert Harris
                                         ---------------------------------------
                                           Robert Harris
                                           President and chief financial officer

February 12, 1997
<PAGE>   3
                             SPECTRUM EQUITIES, INC.
               FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
                       STATEMENTS OF SHAREHOLDERS' EQUITY
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                          COMMON STOCK           PAID        RETAINED         SHARE-
                                                                  IN         EARNINGS        HOLDERS'
                                      SHARES          AMOUNT    CAPITAL      (DEFICIT)        EQUITY
                                    -----------      -------    -------      ---------       --------
<S>                                 <C>              <C>        <C>          <C>             <C>
Balance September 30, 1995          243,901,667      $   244    $78,613      $(76,715)       $ 2,142

Contribution to
  Paid in Capital                                                 3,000                        3,000
                                    -----------      -------    -------      --------        -------

Balance December 31, 1996           243,901,667      $   244    $81,613      $(76,715)       $ 5,142
                                    ===========      =======    =======      ========        =======
</TABLE>








                        See Notes to Financial Statements
<PAGE>   4
                             SPECTRUM EQUITIES, INC.
               FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
                                  BALANCE SHEET



<TABLE>
<CAPTION>
                                                        DECEMBER 31, SEPTEMBER 30,
                                                            1996         1996
                                                        (UNAUDITED)
                                                        ------------ -------------
<S>                                                       <C>          <C>


                                     ASSETS
                                     ------


CURRENT ASSETS
--------------
Cash                                                      $    547     $    -0-
                                                          --------     --------

OTHER ASSETS
------------
Organization Costs                                           4,595        2,142
                                                          --------     --------


     Total Assets                                         $  5,142     $  2,142
                                                          ========     ========



                         LIABILITIES AND OWNERS' EQUITY
                         ------------------------------


Shareholders' Equity
--------------------
Common Stock - Par Value $.000001,
  250,000,000 Shares Authorized,
  243,901,667 Shares Issued                                    244          244
Paid in Capital                                             81,613       78,613
Retained Earnings - Deficit                                (76,715)     (76,715)
                                                          --------     --------

     Total Shareholders' Equity                              5,142        2,142
                                                          --------     --------

     Total Liabilities and
       Shareholders' Equity                               $  5,142     $  2,142
                                                          ========     ========
</TABLE>






                       See Accountants' Compilation Report
<PAGE>   5
                             SPECTRUM EQUITIES, INC.
               FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
                            STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                        THREE MONTHS               YEAR
                                            ENDED                  ENDED
                                         DECEMBER 31,          SEPTEMBER 30,
                                             1996                  1996
                                         (UNAUDITED)
                                        -------------          -------------

<S>                                        <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
-------------------------------------

Income (Loss) for the Periods              $   -0-                (37,991)
                                           -------               --------

     Cash Flows Used by Operating
       Activities                              -0-                (37,991)
                                           -------               --------

CASH FLOWS FROM FINANCING ACTIVITIES:
-------------------------------------

Increase - Organization Cost                (2,453)                (2,142)
Proceeds from Borrowing                        -0-                 39,013
Increase - Paid in Capital                   3,000                    922
Sale of Common Stock                           -0-                    198
                                           -------               --------

     Cash Flows from Financing
       Activities                              547                 37,991
                                           -------               --------

Increase (Decrease) in Cash                    547                    -0-

Cash - Beginning                               -0-                    -0-
                                           -------               --------

Cash - Ending                              $   547               $    -0-
                                           =======               ========


NON-CASH TRANSACTIONS
---------------------

Debt Converted to Equity                   $   -0-               $ 39,013
                                           =======               ========
</TABLE>






                        See Notes to Financial Statements
<PAGE>   6
                             SPECTRUM EQUITIES, INC.
               FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
                         STATEMENT OF INCOME AND EXPENSE
                           FOR THE THREE MONTHS ENDED


<TABLE>
<CAPTION>
                                     DECEMBER 31,               DECEMBER 31,
                                        1996                       1995
                                     (UNAUDITED)                (UNAUDITED)
                                     ------------               ------------
<S>                                     <C>                        <C>  
Sales                                   $ -0-                      $ -0-

Selling and General Expenses              -0-                        -0-
                                        -----                      -----

   NET INCOME (LOSS)                    $ -0-                      $ -0-
                                        =====                      =====


   EARNINGS PER SHARE                   $ -0-                      $ -0-
                                        =====                      =====
</TABLE>




                        See Notes to Financial Statements
<PAGE>   7
                             SPECTRUM EQUITIES, INC.
               FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)




1.                BASIS OF PRESENTATION

                  The accompanying financial statements reflect all adjustments
which, in the opinion of management, are necessary for a fair presentation of
the financial position and the results of operations for the interim period
presented.

                  Certain financial information which is normally included in
financial statements prepared in accordance with generally accepted accounting
principals, but which is not required for interim reporting purposes has been
condensed or omitted. The accompanying financial statements should be read in
conjunction with the financial statements and notes thereto as of September 30,
1996 contained in the Company's Form 10-K.



2.                EARNINGS (LOSS) PER SHARE

                  Per share information is computed on the weighted average
number of shares outstanding during the period.