<PAGE>   1

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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D.C.  20549

                           -------------------------
                                  FORM 10-Q/A
                           -------------------------
                               (Amendment No. 1)

(Mark One)

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

                 For the quarterly period ended March 31, 1997

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

               For the transition period from ________ to ________
                        Commission file number 000-21193

                           -------------------------

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

               Maryland                              95-4582157
        (State of incorporation)                 (I.R.S. Employer
                                                 Identification No.)

                       1875 South Grant Avenue, Suite 650
                          San Mateo, California 94402
          (Address of principal executive offices, including zip code)

                                 (650) 312-7171
              (Registrant's telephone number, including area code)

                           -------------------------

         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.
                                             [x] Yes  [ ] No


         Number of shares of common stock outstanding of the issuer's Common
Stock, par value $0.01 per share, as of March 31, 1997: 19,890,841

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                    Signature Resorts, Inc. and Subsidiaries

                                     INDEX


<TABLE>
<S>         <C>                                                                            <C>
PART I.     FINANCIAL INFORMATION

Item 1      Financial Statements

            Consolidated statements of operations for the three months ended
                March 31, 1997 and March 31, 1996   . . . . . . . . . . . . . . . . . .      1

            Consolidated balance sheets as of March 31, 1997 and December 31, 1996  . .      2

            Consolidated statements of cash flows for the three months ended 
                March 31, 1997 and March 31, 1996 . . . . . . . . . . . . . . . . . . .      3

            Notes to the consolidated financial statements  . . . . . . . . . . . . . .      4

            Signatures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      5
</TABLE>
<PAGE>   3
                         PART I.  FINANCIAL INFORMATION

Item 1. Financial Statements

        Item 1 of the Company's Quarterly Report on Form 10-Q for the quarter
ended March 31, 1997, filed with the Securities and Exchange Commission on May
14, 1997 is hereby amended and restated in its entirety as follows:

                    Signature Resorts, Inc. and Subsidiaries
                     Consolidated Statements of Operations
                   Three Months Ended March 31, 1997 and 1996
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                              March 31,         March 31,
                                                                1997              1996
                                                            ------------     ------------
<S>                                                         <C>              <C>         
Revenues:
   Interval sales                                           $ 45,796,000     $ 19,890,000
   Interest income                                             5,393,000        2,489,000
   Other income                                                2,366,000        1,648,000
                                                            ------------     ------------
Total Revenues                                                53,555,000       24,027,000

Costs and Operating expenses:
   Interval cost of sales                                     12,061,000        5,036,000

   Advertising sales and marketing                            20,760,000        9,456,000
   Loan portfolio:
        Interest expense - treasury                            2,341,000        1,541,000
        Other expenses                                           844,000          410,000
        Provision for doubtful accounts                        2,057,000          717,000

   General and administrative                                  7,122,000        4,134,000
   Depreciation and amortization                                 919,000          601,000
   Merger costs                                                1,693,000               --
                                                            ------------     ------------
Total Costs and Operating Expenses                            47,797,000       21,895,000
                                                            ------------     ------------
Net Operating Income                                           5,758,000        2,132,000

Other interest expense (net of capitalized
interest of $494,000, $847,000 at March 31, 1997
and 1996, respectively)                                        1,337,000          834,000

Minority interest in income of consolidated                                                
limited partnership                                               24,000               --
Equity loss on investment in joint venture                        70,000            1,000
                                                            ------------     ------------
Income before taxes                                            4,327,000        1,297,000
Provision for income taxes                                     1,731,000         (414,000)
                                                            ------------     ------------
Net Income                                                  $  2,596,000     $  1,711,000
                                                            ============     ============

Weighted average number of common and common
    equivalent shares outstanding                             19,990,454       12,237,741

Earnings per common and common equivalent share             $       0.13     $       0.14
                                                            ============     ============
</TABLE>




        See accompanying notes to the consolidated financial statements.





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<PAGE>   4
                    Signature Resorts, Inc. and Subsidiaries
                          Consolidated Balance Sheets
                                 (Unaudited)

<TABLE>
<CAPTION>
                                                                         March 31,        December 31,
                                                                           1997               1996
                                                                       -------------      -------------
<S>                                                                    <C>                <C>          
ASSETS
Cash and cash equivalents                                              $ 106,545,000      $   7,244,000
Cash in escrow                                                             2,333,000          1,281,000
Mortgages receivable, net of an allowance of $11,116,000
    and $9,840,000 at March 31, 1997 and
    December 31, 1996, respectively                                      167,547,000        148,488,000
Due from related parties                                                   7,180,000          7,333,000
Other receivables, net                                                     4,925,000          7,903,000
Prepaid expenses and other assets                                          7,932,000          9,683,000
Investment in joint venture                                                7,327,000          7,397,000

Real estate and development costs                                        132,422,000        122,821,000
Property and equipment, net                                               11,465,000          9,922,000
Intangible assets, net                                                     6,532,000          3,156,000
                                                                       -------------      -------------
     Total assets                                                      $ 454,208,000      $ 325,228,000
                                                                       =============      =============


LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable                                                       $  15,201,000      $  20,490,000
Accrued liabilities                                                       27,890,000         32,737,000
Due to related parties                                                       718,000          1,656,000
Income taxes payable                                                       2,285,000            438,000
Deferred taxes                                                             4,990,000          5,493,000
Notes payable to financial institutions                                  110,586,000        165,934,000
Convertible Subordinated Notes                                           138,000,000                 -- 
                                                                       -------------      -------------
     Total liabilities                                                 $ 299,670,000      $ 226,748,000

Partners' equity                                                           1,545,000          1,538,000

Stockholders' equity:
     Preferred stock (25,000,000 shares authorized                                --                 --
              and none outstanding)
     Common stock ($0.01 par value, 50,000,000
               shares  authorized and 19,890,841
               and 18,275,241 outstanding as of
               March 31, 1997 and
               December 31, 1996, respectively)                              199,000            183,000
     Additional paid in capital                                          153,597,000        100,158,000

     Accumulated deficit                                                    (803,000)        (3,399,000)
                                                                       -------------      -------------
Total stockholders' equity                                               152,993,000         96,942,000
                                                                       -------------      -------------


Total liabilities and equity                                           $ 454,208,000      $ 325,228,000
                                                                       =============      =============
</TABLE>




        See accompanying notes to the consolidated financial statements.



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<PAGE>   5
                    Signature Resorts, Inc. and Subsidiaries
                     Consolidated Statements of Cash Flows
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                           Three Months Ended
                                                                    --------------------------------
                                                                      March 31,          March 31,
                                                                        1997                1996
                                                                    -------------      -------------
<S>                                                                 <C>                <C>          
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

Net income                                                          $   2,596,000      $   1,711,000
Adjustments to reconcile net income to net
  cash provided by operating activities:
  Depreciation and amortization                                           919,000            601,000
  Provision for bad debt expense                                        2,057,000            717,000
  Minority interest in profits of limited partnership                      24,000                 --
  Equity loss on investment in joint venture                               70,000              1,000
Changes in operating assets and liabilities:
  Cash in escrow                                                       (1,052,000)           (22,000)
  Due from related parties                                                153,000           (223,000)
  Prepaid expenses and other assets                                     1,751,000         (2,422,000)
  Real estate and development costs                                    (9,601,000)       (13,130,000)
  Other receivables                                                     2,978,000          1,468,000
  Accounts payable                                                     (5,289,000)         2,397,000
  Accrued liabilities                                                  (4,847,000)         5,098,000
  Income taxes payable                                                  1,847,000           (200,000)
  Deferred taxes payable                                                 (503,000)          (816,000)
  Due to related parties                                                 (938,000)            42,000
                                                                    -------------      -------------
Net cash used in operating activities                                  (9,835,000)        (4,778,000)
                                                                    -------------      -------------
CASH FLOWS USED IN INVESTING ACTIVITIES
  Expenditures for property and equipment                              (1,945,000)        (3,287,000)
  Expenditures for intangible assets                                   (3,893,000)          (106,000)

  Mortgages receivable                                                (21,116,000)       (16,097,000)
                                                                    -------------      -------------
  Net cash used in investing activities                               (26,954,000)       (19,490,000)
                                                                    -------------      -------------
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
  Proceeds from notes payable                                          13,444,000         37,825,000
  Payments on notes payable                                           (68,792,000)       (14,651,000)
  Proceeds from convertible notes                                     138,000,000                 --
  Proceeds from notes payable to related parties                               --            205,000
  Payments on notes payable to related parties                                 --           (669,000)
  Proceeds from public offering                                        53,237,000                 --
  Proceeds from exercise of options                                       218,000                 --
  Distributions to limited partners                                       (17,000)                --
                                                                    -------------      -------------
  Net cash provided by financing activities                           136,090,000         22,710,000
                                                                    -------------      -------------
Net increase (decrease) in cash and cash equivalents                   99,301,000         (1,558,000)
Cash and cash equivalents, beginning of period                          7,244,000          6,149,000
                                                                    -------------      -------------
Cash and cash equivalents, end of period                            $ 106,545,000      $   4,591,000
                                                                    -------------      -------------



Supplemental disclosure of cash flow information:
  Interest paid                                                     $   2,464,000      $   3,246,000
  Taxes paid                                                        $     235,000      $     342,000
</TABLE>


        See accompanying notes to the consolidated financial statements.




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<PAGE>   6

                    Signature Resorts, Inc. and Subsidiaries
                 Notes to the Consolidated Financial Statements

     Note 1 - Background

     These consolidated statements reflect the Company's February 1997
acquisition of AVCOM International, Inc. under the pooling of interest method of
accounting for all periods presented (see Note 5) and should be read in
conjunction with the audited consolidated financial statements and footnotes
included in the Company's 1996 Annual Report on Form 10-K (File No. 000-21193).
The accounting policies used in preparing these consolidated financial
statements are the same as those described in the aforementioned annual report.

     In the opinion of management, all adjustments considered necessary for a
fair presentation have been included and are of a normal recurring nature.
Operating results for three months ended March 31, 1997 are not necessarily
indicative of the results that may be expected for the year ending December 31,
1997.

     Note 2 - Pro Form Financial Information

     The following table reflects selected pro forma information for the
Company for the three month period ended March 31, 1996.

<TABLE>
<CAPTION>
                                                                            Three Months Ended
                                                                              March 31, 1996
                                                               Actual      Pro Forma Adjustments(a)     Pro Forma
                                                               ------      ------------------------     ---------
<S>                                                         <C>            <C>                          <C>
Income before taxes                                         $ 1,297,000           $ 1,371,000           $2,668,000

Provision for income taxes                                     (414,000)            1,481,000(b)         1,067,000
                                                            -----------           -----------           ----------
Net income                                                  $ 1,711,000           $  (110,000)          $1,601,000
                                                            ===========           ===========           ==========
Weighted average number of common
   and common equivalent shares outstanding                  12,237,741             6,037,500           18,275,241

Earnings per share:
------------------

Net income                                                  $      0.14                                 $     0.09
                                                            ===========                                 ==========
</TABLE>                                                             
------------

(a)  The pro forma adjustments give effect to the consolidation of the Company's
     predecessor corporations, partnerships and limited liability companies and
     the Company's initial public offering as if they had occurred at the
     beginning of the period ended March 31, 1996. The pro forma adjustments are
     based upon currently available information and certain assumptions that the
     Company's management believes are reasonable under current circumstances.

(b)  Reflects the effect on historical statement of operations data set forth in
     footnote (a) above and assumes the combined Company had been treated as a C
     corporation rather than as limited partnerships and limited liability
     companies for federal and state income tax purposes.

Note 3 - Earnings Per Share

     During February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 128 (SFAS 128), Earnings Per
Share. The statement establishes standards for computing and presenting earnings
per share (EPS) and applies to publicly held common stock or potential common
stock.  The statement simplifies the standards for computing EPS previously
found in APB Opinion No. 15, Earnings Per Share (Opinion 15). It replaces
presentation of primary EPS with a presentation of basic EPS.  It also requires
dual presentation of basic and diluted EPS on the face of the income statement
for all entities with complex capital structures.

     Basic EPS excludes dilution and is computed by dividing income available to
common stockholders by the weighted-average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution that could occur if
securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that then shared
in the earnings of the entity. Diluted EPS is computed similarly to fully
diluted EPS pursuant to Opinion 15.

     The statement requires implementation for the Company during the fourth
quarter of 1997 and does not allow for early implementation. However, if the
Company had implemented SFAS 128, both basic EPS and diluted EPS would have been
$0.13 and $0.14, for the three months ended March 31, 1997 and 1996,
respectively.

     Note 4 - Convertible Subordinated Note and Common Stock Offerings

     In February 1997, the Company consummated its offering (the "Convertible
Offering") of $138 million aggregate principal amount of its 5.75% Convertible
Subordinated Notes due 2007 (the "Convertible Notes") and its offering (the
"Stock Offering" and together with the Convertible Offering the "Offerings") of
4.0 million shares of its Common Stock (including 1.6 million primary shares
sold by the Company and 2.4 million secondary shares sold by certain selling
stockholders).

     The net proceeds to the Company from the sale of the 1.6 million primary
shares of Common Stock offered by the Company in the Stock Offering, based on
public offering price of $36.50 per share, and from the sale of the $138 million
aggregate principal amount of 5.75% Convertible Subordinated Notes due 2007
offered by the Company in the Convertible Offering, based on a public price of
100% of the principal amount thereof, in each case after deducting underwriting
discounts and estimated expenses of the Offerings, were $53.1 million and $134.9
million, respectively.

     Note 5 - Merger

     On February 7, 1997, the Company consummated its merger (the "Merger") with
AVCOM International, Inc. AVCOM International, Inc. ("AVCOM") is the parent
company of All Seasons Resorts, a developer, marketer and operator of vacation
ownership resorts with a total of ten resorts located in Arizona, California,
and Texas. Pursuant to the terms of the Merger, AVCOM shareholders of record on
February 7, 1997 received one share of the Company Common Stock for every 6.1538
shares of AVCOM common stock, resulting in a total of 883,036 shares of the
Company Common Stock being issued as consideration in the Merger. The Company
has accounted for the merger under the pooling of interest method of accounting
for business combinations and has eliminated all intercompany transactions for
periods presented.




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<PAGE>   7

     As a result of the Merger, the Company recorded a one-time charge to
earnings of $1.7 million for charges that include fees and expenses payable to
financial advisors, legal fees, and other transaction related expenses related
to the Merger.

     Total revenues of the combined entities were $53,555,000 and $24,027,000
during the three months ended March 31, 1997 and 1996, respectively. AVCOM
contributed $19,794,000 and $6,517,000 to the Company's total revenues for the
three months ended March 31, 1997 and 1996, respectively, and the Company
contributed the remaining $33,761,000 and $17,510,000 of total revenues for the
same periods.

     Net income of the combined entities was $2,596,000 and $1,711,000 during
the three months ended March 31, 1997 and 1996, respectively.  AVCOM contributed
net income of $1,149,000 and a net loss of $774,000 for the three months ended
March 31, 1997 and 1996, respectively, and the Company contributed the remaining
$1,447,000 and $2,485,000 of net income for the periods. The Company's income of
$1,447,000 during the three months ended March 31, 1997 reflects the one time
charge of $1.7 million.

     Total revenues and net income of the combined entities for the month ended
January 31, 1997, the period ending prior to the Merger, were $15,674,000 and
$914,000, respectively.  AVCOM contributed $5,873,000 and $320,000 of total
revenues and net income, respectively, and the Company contributed $9,801,000
and $594,000 of total revenues and net income, respectively, for the month
ended January 31, 1997.

     Note 6 - Commitments

     On March 13, 1997 the Company announced the execution of a definitive
agreement for the acquisition of the Savoy Hotel, located in the South Beach
district of Miami Beach, Florida. Following the acquisition of the Savoy Hotel,
which is expected to close in the second quarter of 1997, the Company intends to
convert the existing 40 completed hotel units and the 28 partially completed
units into approximately 65 studio, one and two bedroom vacation ownership
units. Following the closing and the receipt of necessary governmental
approvals, the Company intends to begin sales of vacation intervals at the Savoy
at South Beach during the third quarter of 1997.





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<PAGE>   8

   
                                   Signatures

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


Date: October 6, 1997               By: /s/ ANDREW D. HUTTON
                                        ---------------------------------
                                    Andrew D. Hutton
                                    Vice President and General Counsel


Date: October 6, 1997               By: /s/ MICHAEL A. DEPATIE
                                        ---------------------------------
                                    Michael A. Depatie
                                    Executive Vice President and
                                    Chief Financial Officer
                                    (Principal Financial Officer)





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