<PAGE>   1
                                  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 4/1/01

[ ]  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: 4,041,400 shares of common stock, no
par value as of June 30, 2001.


<PAGE>   2
                          PART I. FINANCIAL INFORMATION



ITEM 1.  FINANCIAL STATEMENTS

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

<TABLE>
<CAPTION>
              ASSETS                                                             4/1/01        12/31/00
                                                                                --------       --------
<S>                                                                             <C>            <C>
CURRENT ASSETS:
     Accounts receivable, net of allowance of $50                                  1,175          1,509
     Inventories                                                                   1,292          1,558
     Prepaid expenses                                                                349            336
                                                                                --------       --------
              Total current assets                                                 2,816          3,403

PROPERTY, PLANT AND EQUIPMENT
     At cost                                                                       6,204          6,187
     Accumulated depreciation                                                      5,420          5,369
                                                                                --------      ---------
                                                                                     784            818
OTHER ASSETS:
     Intangible pension asset                                                         56             56
                                                                                --------      ---------


              Total Assets                                                      $   3656      $   4,277
                                                                                ========      =========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
     Cash overdrafts                                                            $    202      $     282
     Note payable                                                                  2,271          2,302
     Accounts payable                                                                673          1,004
     Accrued liabilities                                                             625            664
                                                                                --------      ---------
              Total current liabilities                                            3,771          4,252

NONCURRENT LIABILITIES:
     Pension benefits payable                                                        310            316
     Other                                                                           202            185
                                                                                --------      ---------
              Total noncurrent liabilities                                           512            501

STOCKHOLDERS' EQUITY:
     Common stock, no par value; authorized, 6,000,000 shares; issued and
         outstanding 4,041,400 shares at June 30, 2001
         and 4,051,400 at December 31, 2000                                        3,824          3,824
     Accumulated deficit                                                          (4,147)        (3,996)
                                                                                --------      ---------
                                                                                    (323)          (172)
     Minimum pension liability adjustment                                           (304)          (304)
                                                                                --------      ---------
              Net stockholders' equity                                              (627)          (476)
                                                                                --------      ---------

              Total Liabilities and Stockholders' Equity                        $  3,656      $   4,277
                                                                                ========      =========
</TABLE>


<PAGE>   3
                                  CRAMER, INC.
                              STATEMENTS OF INCOME
                                    UNAUDITED
                  (Amounts in Thousands, Except Per Share Data)


<TABLE>
<CAPTION>
                                                                                                     THREE MONTHS ENDED
                                                                                                4/1/01               4/02/00
                                                                                               ---------             --------
<S>                                                                                            <C>                   <C>
NET SALES                                                                                      $   3,298             $  3,483
COST OF SALES                                                                                      2,574                2,529
                                                                                               ---------             --------
              Gross profit                                                                           724                  954

OPERATING EXPENSES:
     Selling expenses                                                                                524                  676
     General and administrative                                                                      297                  314
                                                                                               ---------             --------
              Total operating expenses                                                               821                  990
                                                                                               ---------             --------

              Income (loss) from operations                                                          (97)                 (36)

OTHER EXPENSE:
     Interest expense, net                                                                           (54)                 (45)
     Other, net                                                                                       (0)                  (2)
                                                                                               ---------             --------
              Total other expense                                                                    (54)                 (47)
                                                                                               ---------             --------

INCOME (LOSS) BEFORE INCOME TAXES                                                                   (151)                 (83)
INCOME TAX EXPENSE (BENEFIT)                                                                           0                    0
                                                                                               ---------             --------

NET INCOME (LOSS)                                                                             $     (151)            $    (83)
                                                                                              ==========             ========

     Net income (loss) per share based on weighted
         average number of common equivalent
         shares outstanding - basic and diluted                                                    (0.04)            $  (0.02)

     Weighted Average Common Equivalent
         Shares Outstanding:       Basic                                                       4,041,400            4,051,400
                                   Diluted                                                     4,041,400            4,051,400
</TABLE>





These interim financial statements include all adjustments required for them not
to be misleading.

<PAGE>   4
                                  CRAMER, INC.
                            STATEMENTS OF CASH FLOWS
                                    UNAUDITED
                             (Amounts in Thousands)
<TABLE>
<CAPTION>
                                                                                          Three Months Ended
                                                                                         4/1/01        4/02/00
                                                                                         ------        -------
<S>                                                                                     <C>           <C>
Cash flows from operating activities:
     Net income (loss)                                                                   $ (151)       $  (83)
     Adjustments to reconcile net income to net cash
         provided by (used in) operating activities:
         Depreciation and amortization                                                       51            53
         Changes in operating assets and liabilities:
              Accounts receivable                                                           334          (354)
              Inventories                                                                   266          (277)
              Prepaid expenses                                                              (13)          (90)
              Other assets                                                                    0            12
              Accounts payable and accrued expenses                                        (450)          236
              Other noncurrent liabilities                                                   11           (46)
                                                                                         --------      --------

                      Net cash provided by operating activities                              48          (549)
                                                                                         --------      --------

Cash flows from investing activities:
     Capital expenditures                                                                   (17)          (98)
                                                                                         --------      --------


                      Net cash used by investing activities                                 (17)          (98)
                                                                                         --------      --------

Cash flows from financing activities:
     Principal payments on notes payable                                                    (31)       (3,621)
     Proceeds from issuance of notes payable                                                  0         4,342
                                                                                         --------      --------

                      Net cash provided by financing activities                             (31)          721
                                                                                         --------      --------

Net increase (decrease) in cash                                                               0            74
Cash at beginning of year                                                                     0            49
                                                                                         --------      --------

Cash at end of quarter                                                                   $    0        $  123
                                                                                         ========      ========

Supplemental disclosures:
     Cash paid during the period for:
         Interest                                                                        $   54        $   45
                                                                                         ========      ========
         Income tax                                                                      $    0        $    0
                                                                                         ========      ========
</TABLE>


<PAGE>   5


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS

A.       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 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:

              -    Fluctuations or reductions in product demand and market
                   acceptance
              -    The level of product development by the Company
              -    Capacity and supply constraints or difficulties
              -    The results of financing efforts
              -    The effect of new laws and regulations
              -    Unexpected additional expenses or operating losses
              -    Competition
              -    The Company's reliance on certain vendors for key components.
         The foregoing list of risks and uncertainties is not meant to be
         complete.


B.       SUMMARY OF OPERATIONS

         Sales for the quarter decreased $185,000 or 5.3% due to an overall
         slowing in the marketplace. A decline in the company's catalog sales
         comprised $177,000 of the sales decrease.

         As a percentage of net sales, gross margins in the first quarter of
         2001 were 21.9% as compared to 27.3% in the first quarter of 2000.
         Manufacturing costs increased slightly over last year, resulting in the
         decline in margin. Materials cost increased approximately $17,000 over
         the previous quarter.



<PAGE>   6

         Selling expenses in the first quarter of 2001, exclusive of
         commissions, decreased $152,000 or 22.4% as compared to the same period
         in 2000. Approximately $95,000 of the decrease can be attributed to
         elimination of payment for direct costs for the Minneapolis sales
         office.

         General and administrative expenses during the first quarters of 2001
         decreased by $17,000 or 5.4% as compared to the same period in 2000.

         Interest expense of $54,000 increased 20% over the comparable period
         last year.

         Sales volumes and margins decreased during the first quarter of 2001 as
         compared to the same period in 2000, resulting in a loss of $151,000
         for the quarter.


C.       FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

         The Company's trade accounts receivable decreased by $334,000 or 22.1%
         from December 31, 2000 to March 31, 2001. The decrease reflects the
         reduced sales level and an overall increase in collections.

         Inventories decreased by $266,000 or 17.0% during the first quarter of
         2001. The Company is maintaining a reduced stock of materials
         reflecting emphasis on just in time inventory management.

         Capital expenditures aggregated $17,000 during the first quarter of
         2001 and consisted primarily of computer hardware and software
         purchases, as well as tooling and facility modifications relating to
         production.

         The Company's accounts payable decreased by $331,000 from the December
         31, 2000 balance. The company's purchasing activity declined with the
         decrease in sales for the quarter.

         Notes payable decreased by $31,000 or 1.3% for the quarter. The Company
         continues to participate in a consolidated cash management and credit
         facility with its parent, Rotherwood Ventures LLC.

                           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 insurance carriers, but are
              subject to deductibles ranging from $0 to $100,000. A number of
              the claimants allege substantial damages. While management
              believes the Company has substantial


<PAGE>   7

              defenses with respect to the claims, the ultimate outcome of such
              litigation cannot be predicted with certainty. The Company has
              reasonably estimated and accrued in its financial statements its
              portion of the deductible as a product liability contingency. Such
              claims are an ordinary aspect of the Company's business.



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

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: July 25, 2001                            /s/ Greg Coward
                                               -------------------------------
                                               Greg Coward
                                               Interim Chief Financial Officer