<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              450 Fifth Street, NW
                             Washington, D.C. 20549

                                   FORM 10-QSB



(Mark One)

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

                                          For the quarterly period ended 3/31/02

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

                         For the transition period from __________ to __________

                                                  Commission file number 2-69336



                                  CRAMER, INC.

A Kansas Corporation                             IRS Employment I.D. #48-0638707
625 Adams Street
Kansas City, Kansas  66105                          Telephone No. (913) 621-6700

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 4,041,246 shares of common stock, no
par value as of April 30, 2002.


<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                                  CRAMER, INC.
                                  BALANCE SHEET
                                    UNAUDITED
                    (Amounts in Thousands, Except Share Data)

<Table>
<Caption>
ASSETS
                                                                                 3/31/02        12/31/01
                                                                              ------------    ------------
<S>                                                                           <C>             <C>
CURRENT ASSETS:
     Cash                                                                                0             282
     Accounts receivable, net of allowance of $30                                      814             563
     Inventories, net of allowance of $105                                             679             721
     Prepaid expenses and other current assets                                         295             325
                                                                              ------------    ------------
              Total current assets                                                   1,788           1,891

PROPERTY, PLANT AND EQUIPMENT
     At cost                                                                         6,224           6,215
     Accumulated depreciation                                                       (5,623)         (5,595)
                                                                              ------------    ------------
                                                                                       600             630
OTHER ASSETS:
     Intangible pension asset                                                            0               4
                                                                              ------------    ------------


              Total Assets                                                    $      2,388    $      2,525
                                                                              ============    ============

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES:
     Cash overdrafts                                                          $         53    $          0
     Note payable                                                                    2,320           2,320
     Accounts payable                                                                  464             485
     Accounts payable- related party                                                   149             101
     Accrued liabilities                                                               636             801
                                                                              ------------    ------------
              Total current liabilities                                              3,622           3,707

NONCURRENT LIABILITIES:
     Pension benefits payable                                                          287             326
     Other                                                                             223             218
                                                                              ------------    ------------
              Total noncurrent liabilities                                             510             544

STOCKHOLDERS' EQUITY (DEFICIT):
     Common stock, no par value; authorized, 6,000,000 shares; issued and
         outstanding 4,041,246 shares at April 30, 2002
         and 4,041,400 at December 31, 2001                                          3,820           3,820
     Accumulated deficit                                                            (5,212)         (5,198)
                                                                              ------------    ------------
                                                                                    (1,392)         (1,378)
     Minimum pension liability adjustment                                             (352)           (348)
                                                                              ------------    ------------
              Net stockholders' equity (deficit)                                    (1,744)         (1,726)
                                                                              ------------    ------------

              Total Liabilities and Stockholders' Equity (Deficit)            $      2,388    $      2,525
                                                                              ============    ============
</Table>


                   See Notes to Condensed Financial Statements



                                      -2-
<PAGE>



                                  CRAMER, INC.
                              STATEMENTS OF INCOME
                                    UNAUDITED
                  (Amounts in Thousands, Except Per Share Data)


<Table>
<Caption>
                                                                      THREE MONTHS ENDED
                                                                   3/31/02           4/1/01
                                                               --------------    --------------
<S>                                                            <C>               <C>
NET SALES                                                      $        2,032    $        3,298
COST OF SALES                                                           1,326             2,574
                                                               --------------    --------------
              Gross profit                                                706               724

OPERATING EXPENSES:
     Selling expenses                                                     378               524
     General and administrative                                           312               297
                                                               --------------    --------------
              Total operating expenses                                    690               821
                                                               --------------    --------------

              Income (loss) from operations                                16               (97)

OTHER EXPENSE:
     Interest expense, net                                                (30)              (54)
     Other, net                                                            (0)               (0)
                                                               --------------    --------------
              Total other expense                                         (30)              (54)
                                                               --------------    --------------

INCOME (LOSS) BEFORE INCOME TAXES                                         (14)             (151)
INCOME TAX EXPENSE (BENEFIT)                                                0                 0
                                                               --------------    --------------

NET INCOME (LOSS)                                              $          (14)   $         (151)
                                                               ==============    ==============

     Net income (loss) per share based on weighted
         average number of common equivalent
         shares outstanding - basic and diluted                $         0.00    $        (0.04)

     Weighted Average Common Equivalent
         Shares Outstanding: Basic                                  4,041,246         4,041,400
                             Diluted                                4,041,246         4,041,400
</Table>



                   See Notes to Condensed Financial Statements



                                      -3-
<PAGE>



                                  CRAMER, INC.
                            STATEMENTS OF CASH FLOWS
                                    UNAUDITED
                             (Amounts in Thousands)

<Table>
<Caption>
                                                                                 Three Months Ended
                                                                                3/31/01       4/1/01
                                                                              ----------    ----------
<S>                                                                           <C>           <C>
Cash flows from operating activities:
     Net income (loss)                                                        $      (14)   $     (151)
     Adjustments to reconcile net income (loss) to net cash
         flows from operating activities:
         Depreciation and amortization                                                39            51
         Changes in operating assets and liabilities:
              Accounts receivable                                                   (251)          334
              Inventories                                                             42           266
              Prepaid expenses and other assets                                       30           (13)
              Intangible pension asset                                                 4             0
              Accounts payable and accrued expenses                                 (138)         (450)
              Noncurrent pension benefits payable                                    (43)            0
              Other noncurrent liabilities                                             5            11
                                                                              ----------    ----------

                      Net cash flows from operating activities                      (326)           48
                                                                              ----------    ----------

Cash flows from investing activities:
     Capital expenditures                                                             (9)          (17)
                                                                              ----------    ----------


                      Net cash flows from investing activities                        (9)          (17)
                                                                              ----------    ----------

Cash flows from financing activities:
     Principal payments on notes payable                                               0           (31)
     Increase in cash overdrafts                                                      53             0
                                                                              ----------    ----------

                      Net cash flows from financing activities                        53           (31)
                                                                              ----------    ----------

Net increase (decrease) in cash                                                     (282)            0
Cash at beginning of year                                                            282             0
                                                                              ----------    ----------

Cash at end of quarter                                                        $        0    $        0
                                                                              ==========    ==========

Supplemental disclosures:
     Cash paid during the period for:
         Interest                                                             $       30    $       54
                                                                              ==========    ==========
         Income tax                                                           $        0    $        0
                                                                              ==========    ==========
</Table>


                   See Notes to Condensed Financial Statements



                                      -4-
<PAGE>



                                  CRAMER, INC.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.       Interim Financial Statements

The condensed interim financial statements included herein have been prepared by
Cramer, Inc. (the "Company"), without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission (the "Commission"). The
financial statements reflect adjustments of a normal recurring nature that are,
in the opinion of management, necessary to present fairly such information.
Although the Company believes that the disclosures are adequate to make the
interim information presented not misleading, certain information and footnote
disclosures, including significant accounting policies, normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations. These interim financial statements should be read in conjunction
with the financial statements and the notes thereto included in the Annual
Report on Form 10-KSB filed by the Company with the Commission for fiscal year
ended December 31, 2001. Quarterly operating results may vary significantly and
are not necessarily indicative of the results for the full year or any future
period.

2.       Legal Proceedings

The Company is a defendant in several lawsuits relating to product liability
claims arising from accidents allegedly occurring in connection with the use of
its products. The claims are covered by insurance and are being defended by the
Company's independent counsel or by counsel assigned by the Company's insurance
carriers. One such claim currently outstanding alleges damages of $375,000. The
Company has included a complete discussion of product liability claims and
related accruals in Part II, Item 1 "Legal Proceedings" below.

The Company believes their products are safe and reliable when assembled, used
and maintained in a reasonable manner, and believes it adequately reserves
against its reasonably likely exposure under these claims based upon past
experience.

3.       Use of Estimates

Accounting estimates are an integral part of the financial statements and are
based on management's knowledge and experience about past and current events and
assumptions about future events. Certain accounting estimates are particularly
sensitive because of their significance to the financial statements and because
of the possibility that future events affecting them may differ significantly
from those expected. The most sensitive estimates affecting the financial
statements were the warranty and product liability accruals, and the inventory
reserve.

The Company offers product warranties with terms of up to fifteen years. The
majority of the Company's warranty claims relate to failed seating parts. The
Company estimates its accrual for future warranty costs based on durability
testing, engineering studies, actual costs incurred in prior years and
historical sales data.



                                      -5-
<PAGE>



The warranty accrual decreased from $232,000 at December 31, 2001 to $218,000 at
March 31, 2002. This decrease was the result of declining warranty costs in
the first quarter of 2002. This decrease can be attributed to more aggressive
management of warranty claims, which has resulted in fewer claims and lower
costs.

The reserve for obsolete and slow-moving inventory is based on management's
analysis of inventory turns, historical write-offs, future production plans
including any product line changes, and sales trends. The decrease in inventory
reserves from $110,000 at December 31, 2001 to $105,000 as of March 31, 2002 was
the result the write-off of certain inventory items for which a reserve had been
recorded at December 31, 2001.

A discussion of the product liability accrual is included in Part II, Item 1,
Legal Proceedings.



                                      -6-
<PAGE>



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS


         RESULTS OF OPERATIONS

         Sales for the quarter decreased $1,266,000 or 38%. The recent recession
         and intense competition resulted in a decline in seating sales of over
         $1M, or 54%. In addition, ladder product sales were down $194,000 due
         to weaker catalog performance. These declines were offset by a $94,000
         increase in Kik-step sales, reflecting this product's strong brand and
         market penetration.

         Gross margins decreased from $724,000 in the first quarter of 2001 to
         $704,000 in the first quarter of 2002. However, gross margins as a
         percentage of net sales in the first quarter of 2002 improved to 35%
         compared to 25% in the first quarter of 2001. Increased margins as a
         percent of sales were the combined result of lower material costs and
         significant overhead reductions. These overhead reductions included a
         decrease in utilities and plant supplies, due in part to increased
         outsourcing of the manufacture of certain products in 2002.

         Selling expenses decreased from $528,000 in the first quarter of 2001
         to $378,000 in the first quarter of 2002, a reduction of $150,000. Of
         this amount, $102,000 represented a decrease in commissions as a result
         of declining sales. The remaining decrease was related primarily to
         staff reductions and lower travel costs.

         General and administrative expenses increased during the first quarter
         of 2002 by $15,000 or 5% compared to the same period in 2001. Fees
         related to Rotherwood's provision of a letter of credit as security for
         the bank line totaled $40,000 in the first quarter of 2002 and were not
         in effect during the first quarter 2001. This increase was offset by
         lower labor costs in the first quarter of 2002.

         Interest expense totaled $30,000 in the first quarter of 2002, compared
         to $54,000 in the comparable period last year. This reduction was the
         result of lower interest rates in 2002.

         The Company incurred a net operating loss before tax of $14,000 in the
         first quarter of 2002, compared to a loss of $151,000 in the first
         quarter of 2001. Operating losses improved, despite declining sales,
         due to reductions in overhead and improved margins.


         FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

         Cash flow from operations reduced cash by $326,000 in the first quarter
         of 2002, compared to a surplus of $48,000 in 2001.

         Accounts receivable totaled $814,000 at March 31, 2002 compared to
         $516,000 at December 31, 2001. The increase was a result of an increase
         in sales in January of 2002 over December of 2001.



                                      -7-
<PAGE>



         Inventories declined from $721,000 at December 31, 2001 to $629,000 at
         March 31, 2002, a 13% decrease. More aggressive purchasing and
         inventory controls contributed to the decline.

         Accounts payable and accrued expenses declined $138,000 in the first
         quarter of 2002 as a result of more aggressive purchasing controls and
         a decrease in accrued insurance premiums.

         Capital expenditures of $9,000 during the first quarter of 2002 related
         to the purchase of additional tooling.

         The outstanding balance under the Company's bank line of credit
         remained $2,320,000, the maximum amount allowed under the agreement,
         throughout the first quarter of 2002. The combined facility is secured
         by a $2,000,000 letter of credit from Rotherwood, the Company's parent,
         and security interests in the assets of both Cramer and Pacer
         Corporation, a company owned by Rotherwood. Cramer and Pacer are
         co-borrowers on the total amount of the credit facility. In exchange
         for Rotherwood's financial accommodation to the Company, the Company
         agreed to pay Rotherwood a fee equal to 2% per quarter of the total
         amount of the letter of credit until the letter of credit expires. As
         of March 31, 2002, the Company had accrued $80,000 of such fees. The
         Company plans to pay for these fees by issuing common stock (see Note 3
         to the Financial Statements and Management's Discussion and Analysis in
         the 2001 Form 10-KSB for additional discussion of the credit facility
         and related matters).

         In April 2002, the Company obtained an extension of the credit facility
         through June 28, 2002. The Company is not in compliance with the
         financial net worth covenant in the loan agreement governing the credit
         facility. For this and other reasons, the Company is unable to predict
         whether the bank will renew the credit facility when it matures in
         June, 2002. If the bank does not renew or increase the facility and the
         Company cannot obtain substitute or additional debt financing or obtain
         an equity investment in the Company, the Company may be required to
         seek bankruptcy protection or to cease operations.


         FORWARD LOOKING STATEMENTS

         Except for the historical information contained herein, this report on
         Form 10-QSB contains forward-looking statements that involve risk and
         uncertainties. The Company's actual results could differ materially. In
         connection with the "safe harbor" provisions of the Private Securities
         Litigation Reform Act of 1995, Cramer, Inc. reminds readers that there
         are many important factors that could cause the Company's actual
         results to differ materially from those projected in forward-looking
         statements of the Company made by, or on behalf of, the Company. When
         used in this Form 10-QSB and in other filings by the Company with the
         Securities and Exchange Commission, in the Company's press releases and
         in oral statements made with the approval of an authorized



                                      -8-
<PAGE>



         executive officer, words or phrases such as "will likely result",
         "expects", "are expected to", "will continue", "is anticipated",
         "estimate", "project" or similar expressions are intended to identify
         forward-looking statements. The Company wishes to caution readers not
         to place undue reliance on such forward-looking statements.

         There are a number of reasons why investors should not place undue
         reliance on forward-looking statements. Among the risks and
         uncertainties that could cause the Company's actual results for future
         periods to differ materially from any forward-looking statements made
         are the following:

                  o        The Company's continuing declines in revenues and
                           continuing losses

                  o        Questions about the Company's continuing viability as
                           a going concern and management's plans to address
                           that issue

                  o        Any failure of the Company's turnaround plan to
                           achieve its objectives

                  o        The possibility that the bank will not renew the
                           Company's credit facility and that the Company could
                           not obtain substitute or additional debt financing,
                           or obtain any equity financing

                  o        Fluctuations or reductions in product demand and
                           market acceptance

                  o        The level of product development by the Company

                  o        Capacity, facility and supply constraints or
                           difficulties

                  o        The possibility that Cramer's sister company will
                           borrow more funds than anticipated under the
                           Rotherwood credit facility, which would further
                           reduce the Company's borrowing capacity under the
                           Company's credit facility

                  o        The effect of new laws and regulations

                  o        Unexpected additional expenses or operating losses

                  o        Strong competition

                  o        Reliance on certain vendors for key products and
                           components

                  o        Deferred plant maintenance and the cost of future
                           maintenance

                  o        If product and warranty liability claims exceed the
                           amounts reserved

                  o        Control by insiders

The foregoing list of risks and uncertainties is not meant to be complete.



                                      -9-
<PAGE>



                           PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         The Company is a defendant in several lawsuits relating to product
         liability claims arising from accidents allegedly occurring in
         connection with the use of its products. The claims are covered by
         insurance and are being defended by the Company's independent counsel
         or by counsel assigned by the Company's insurance carriers. These
         claims are subject to deductibles ranging from $0 to $50,000 ($50,000
         is the most common deductible). The Company maintains product liability
         insurance coverage with limits of $1 million per occurrence and $2
         million aggregate, plus $15 million in umbrella coverage. After the
         Company has exhausted its deductible by paying a total of $50,000
         (whether in legal fees and expenses, settlement amounts, damages
         awards, or any combination thereof) on any single claim, its liability
         insurance carrier is obligated to pay any sums owed for legal fees and
         expenses, settlement amounts and damages awards in excess of $50,000
         for that claim. The Company has been able to offset settlement costs
         through amounts paid by co-defendants in certain cases historically.

         Over the last five fiscal years, the Company has averaged 3.7 new
         claims per year. An average of approximately 50% of those claims
         resulted in defense costs and settlement amounts or awards exceeding
         $50,000. The average total cost of defense and settlement awards paid
         by the Company over that period was $35,000 per claim. The number of
         new claims made or lawsuits filed against the Company during years 2000
         and 2001 were two and three, respectively. The Company's claims history
         has leveled out over the past three years at two to three claims per
         year.

         The Company had six open claims at December 31, 2001 and at March 31,
         2002. During the first quarter of 2002, no new claims were filed
         against the Company. On April 22, 2002, the Company settled one of the
         six claims for $7,500. The total cost of legal fees and settlement
         costs for this claim was $49,500. The Company does not believe the
         remaining open claims will have materially different average results
         than historical experience described above. None of the claims allege
         damages in excess of policy limits. One of the claimants alleges
         damages of $375,000 and is discussed below. While management believes
         the Company has substantial defenses with respect to these claims, the
         ultimate outcome of such litigation cannot be predicted with certainty.
         Such claims are an ordinary aspect of the Company's business and
         industry. The Company believes these products are safe and reliable
         when assembled, used and maintained in a reasonable manner, and
         believes it adequately reserves against its reasonably likely exposure
         under these claims based upon past experience.

         The Company discusses each claim with its product liability counsel to
         determine the merits of the case and the most likely outcome. In some
         cases, it is too early to make that assessment. The Company determines
         a reserve for specific claims based on average claims history, the
         specific



                                      -10-
<PAGE>



         merits of the case, the amount of damages alleged, the costs incurred
         to date and the amount of the insurance deductible. The Company
         recorded a reserve for specific claims of $104,000 at December 31, 2001
         and $109,000 at March 31, 2002.

         In addition to reserves for specific cases, the Company estimates its
         exposure for unasserted claims and records additional reserves using
         the claims history discussed above as well as recent trend insights.
         The Company had received notice of six incidents for which no claims
         had been asserted at December 31, 2001 and did not receive notice of
         any additional unasserted claims during the first quarter of 2002. The
         Company maintained a reserve for unasserted claims of $113,000 at
         December 31, 2001 and at March 31, 2002. The underlying assumptions
         regarding claims history and average costs per claim did not change
         during the first quarter of 2002. Accordingly, the Company did not
         change its reserve for unasserted claims. Although the Company's claims
         history has stabilized in recent years, the Company cannot be certain
         that future claims experience will be consistent with historical claims
         experience. An increase in the frequency or average cost of future
         claims could increase the Company's exposure to product liability
         expense. However, the maximum total legal defense and settlement costs
         for each claim is limited to the $50,000 deductible.

         On February 25, 1998, the Company was served with a suit filed by
         Pauline and Daniel Robitaille ("Plaintiff") in the Superior Court of
         Massachusetts, Norfolk County. On October 20, 2000, the Plaintiff made
         a demand of $375,000 against the Company. The Plaintiff claims she was
         injured when she fell from a three-step ladder manufactured and/or
         distributed by the Company, suffering a foot injury. The Company's
         $50,000 insurance deductible is now exhausted and the Company's
         insurance carrier has assumed defense of this claim. All future legal
         expenses, including attorney's fees, settlement and any verdict against
         the Company, are the responsibility of the Company's insurer, Lexington
         Insurance Company.

         The Company was assessed $117,500 in penalties by OSHA as a result of
         an inspection conducted in 2000 and signed a settlement agreement from
         OSHA which calls for payments of $23,000 (see "Patents, Trademarks and
         Government Regulation" in Item 1 of the 2001 10-KSB).


ITEM 2. CHANGES IN SECURITIES

         None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

         None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None



                                      -11-
<PAGE>



ITEM 5. OTHER INFORMATION

         None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         None.



                                   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.



                                             CRAMER, INC.
                                             (Registrant)



Date: 5-20-02                                /s/ NICHOLAS M. CHRISTIANSON
     -------------------------               -----------------------------------
                                             Nicholas M. Christianson
                                             Interim Chief Financial Officer




                                      -12-