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

                                 FORM 10/K No. 1

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

     For the fiscal year ended June 28, 1997 Commission file number 0-15506
                                                                    -------

                            SCHULT HOMES CORPORATION
                            ------------------------
            (Exact name of registration as specified in its charter)


<TABLE>
<S><C>
                 Indiana                                            35-1608892
     -------------------------------                    ------------------------------------
     (State or other jurisdiction of                    (I.R.S. Employer Identification No.)
         Incorporation or Organization)

     P.O. Box 151, Middlebury, IN  46540                            (219) 825-5881 
     ------------------------------------               ------------------------------------
    (Address of Principal Executive Offices)                   (Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:


           Title of each class                                  Name of each exchange on
                                                                       which registered
         Common Shares no par value per share                           AMERICAN
        -------------------------------------                   ------------------------
</TABLE>


Securities registered pursuant to Section 12(g) of the Act:

                                      None
 -----------------------------------------------------------------------------
                                (Title of Class)

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
                                 ---            ---       
As of September 9, 1997, the aggregate market value of the registrant's common
shares held by non-affiliates was $65,781,412 (3,680,079 shares at the closing
price on AMERICAN of $17 7/8).  The number of shares of common shares
outstanding at that date was 4,507,435 shares.


<TABLE>
<CAPTION>
Documents Incorporated by Reference:                                    Part    Item
                                                                        ----    ----
<S>                                                                     <C>    <C>
1.  Schult Homes Corporation 1997 Annual Report to Shareholders          II     6,7,8
2.  Schult Homes Corporation Proxy Statement with respect to its
    October 23, 1997 Annual Meeting                                      III  10,11,12
</TABLE>

<PAGE>   2
                                      
                                      
                            CROSS-REFERENCE SHEET

<TABLE>
<CAPTION>
ITEM                                                                                            PAGE
<S>                                                                                             <C>
1.   Business ...............................................................................    3

2.   Properties..............................................................................    9

3.   Legal Proceedings.......................................................................   10

4.   Submission of Matters to a Vote of Security Holders.....................................   10

5.   Market for Registrant's Common Equity and Related Stockholder Matters...................   11

6.   Selected Financial Data.................................................................   12

7.   Management's Discussion and Analysis of Financial Condition and Results
     of Operations...........................................................................   12

8.   Financial Statements and Supplementary Data.............................................   12

9.   Changes in and Disagreements with Accountants on Accounting and
     Financial Disclosure....................................................................   12

10.  Directors and Executive Officers of the Registrant......................................   12

11.  Executive Compensation..................................................................   12

12.  Security Ownership of Certain Beneficial Owners and Management..........................   12

13.  Certain Relationships and Related Transactions..........................................   13

14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K........................   13
</TABLE>

                                      2
<PAGE>   3


                                   PART I

                   SCHULT HOMES CORPORATION AND SUBSIDIARIES

ITEM 1. BUSINESS

GENERAL

     Schult Homes Corporation, founded in 1934, is the country's oldest and
eighth largest producer of factory built homes.  The Company's factory-built
homes include both homes manufactured to meet the national building code
administered by the U.S. Department of Housing and Urban Development
("manufactured homes") and homes produced to meet building codes, similar to
building codes applicable to site-built homes, administered by state and local
authorities ("modular homes").  At June 28, 1997, the Company operated ten
manufacturing facilities located in seven states.  These facilities produce
manufactured homes sold in 42 states.  The Company's modular homes are
currently produced in all ten of the Company's facilities and are sold in 29
states.  The Company's manufactured homes are sold through 784 independent
dealers, 183 of which solely market the Company's modular homes.   For the
fiscal year ended June 28, 1997, modular homes accounted for 14.4% of the
Company's net sales.

     The Company focuses on the middle to higher price range of the
manufactured housing market and the lower to middle price range of the modular
housing market.  Schult's factory-built homes range in size from approximately
547 to 4,400 square feet and sell at retail, excluding land, for prices ranging
from $25,000 to $250,000.

     Schult concentrates its marketing efforts on maintaining and developing
consumer loyalty and dealer support by emphasizing design, quality and service.
In recent years, the Company has focused its product development efforts on
multi-section manufactured homes and modular homes which meet regional consumer
preferences and match site-built home specifications and features.  The Company
has developed engineering and operating systems which permit it to customize
its products to meet the desires of individual home buyers, but has also
provided standard homes with few options, at lower prices.  Schult believes
that its market assistance and after-sale assistance position it to appeal to
the over-45 age segment, a growing population with more discretionary financial
resources than the typical first-time home buyer.

     Being in the right markets with the right products has produced strong
sales growth for the Company.  To meet customer demand in the Midwest and
Southwest, the Company began expansions during fiscal 1997 at our Buckeye,
Arizona and Etna Green, Indiana facilities.  Those additions should come on
line in fiscal 1998 and contribute to further growth.

INDUSTRY

     The factory-built housing industry has historically served as a more
affordable alternative to the home buyer.  Because of the relatively lower cost
of construction as compared to site-built homes, manufactured homes
traditionally have been one of the means for first-time home buyers to overcome
the obstacles of large down payments and higher monthly mortgage payments.  The
Company believes that the cost advantages associated with the construction of
modular homes present a more affordable alternative to buyers seeking the
characteristics of site-built homes, and that modular homes offer better
control of costs for builders and developers with scattered lots or small
subdivisions.  Factory-built homes also present an affordable alternative to
site-built homes for retirees and the over-45 age segment desiring a lifestyle
in which home ownership is less burdensome than is the case with site-built
homes.  The Company believes that because of changing demographics, this market
segment should expand throughout the rest of the decade.

                                      3
<PAGE>   4

     The factory-built housing industry is cyclical and affected by the
availability of alternative housing such as apartments, townhouses and
condominiums.  In addition, interest rates, availability of financing, regional
population and employment trends and general and regional economic conditions
affect the sale of factory-built homes.  Industry shipments during 1996 were up
by 7% following a 12% increase in 1995 and a 20% increase in 1994, although the
Manufactured Housing Institute reported that industry shipments during the
first six months of 1997 were down by 2.9%.  There are several factors driving
industry growth.  Mortgage interest rates, which have remained moderate over
the past three years, are enabling consumers to buy homes.  The relative
scarcity of apartment housing makes manufactured housing an attractive
alternative.  Finally, more empty-nesters are choosing manufactured homes
because they offer the quality and features empty-nesters require at prices
that are becoming increasingly favorable as the cost of site-built homes
escalates.

OPERATING STRATEGY

     The Company believes its basic operating and competitive strategy is best
described as "product differentiation."  Schult offers a broad range of
factory-built homes both in terms of price levels and in design and
specifications.

     The Company's design and engineering personnel design homes in
consultation with divisional management, sales representatives and dealers, and
evaluate new materials and construction techniques in a continuing program of
development and enhancement. The Company uses computer-aided design technology
and has developed order-entry and engineering systems which permit customizing
of homes to meet the individual needs of prospective buyers.  These systems
allow the Company to make modifications such as increasing the length of a
living room, moving a partition, changing the size and location of a window or
installing custom cabinets without excessive reductions in manufacturing
productivity.  The Company believes that its ability to customize, along with
the Company's marketing assistance and after-sale service tailored to the needs
of individual consumers, and its development of standard homes with few
options, position it to appeal to the over-45 age segment, a growing population
with more discretionary financial resources than the typical first-time home
buyer.

     In recent years, the Company has developed and marketed products which
compete in quality and appearance with site-built homes and which match
regional customer tastes and preferences.  In part, the Company has
substantially increased the proportion of its production devoted to
multi-section manufactured homes.  As another part of its long-term strategy,
the Company is implementing a detailed plan to increase the production and sale
of modular homes.

     The following table sets forth information concerning the Company's sales
of multi-section homes as a percentage of the total number of factory-built
homes sold by the Company:


<TABLE>
<CAPTION>
--------------------------------------------------------
                   FISCAL YEAR ENDED
--------------------------------------------------------
June 27,  June 26,  July 2,  July 1,  June 29,  June 28,
  1992      1993     1994     1995      1996      1997
--------------------------------------------------------
<S>       <C>       <C>      <C>      <C>       <C>
 61.4%     59.7%     64.1%    65.3%    62.7%     68.1%
--------------------------------------------------------
</TABLE>

PRODUCTS

     Schult offers both manufactured homes and modular homes in a total of 717
different floor plans.  Included in the Company's modular homes are a limited
number of commercial structures, primarily school rooms, produced under modular
building codes.  For the fiscal year ended June 28, 1997, the percentages of
the Company's net sales attributable to the sale of manufactured homes and
modular homes were 85.6% and 14.4%, respectively.

                                      4
<PAGE>   5

     The Company's factory-built homes typically include two or three bedrooms,
a family room, kitchen, dining room, living room, and two full bathrooms,
together with central heating, cooking range, refrigerator, hot water
heater, carpeting and draperies.  Buyers may also choose optional items
including fireplaces; appliances such as dishwashers, washers, dryers, garbage
disposals, microwave ovens and stereo systems; energy conservation options such
as additional insulation and 2" x 6" wall systems; furniture, cabinets,
built-in millwork and specialty bay windows; extra baths and closets; and
upgrades to specified roofing, floor covering, sliding doors, trim moldings,
appliances, light fixtures and draperies.

     Manufactured Homes.  The Company's manufactured homes are built in
accordance with the national building code administered by the U.S. Department
of Housing and Urban Development.  This code is a performance-based code which
allows any material or construction process to be used as long as the
performance criteria of the code are met.  This differs from most state and
local building codes which specify types of materials and construction methods
that must be used in home construction.

     The Company designs and manufactures a variety of manufactured homes, with
a wide selection of materials, floor plans and decors, primarily for the middle
to higher price segment of the market.  Manufactured homes are marketed under
the "Schult" and "Marlette" brands with a variety of model names, including:
Desert Manor, Supreme Value, Supreme Value Elite, Concept 2001, Classic,
Horizon, Grand Villa II, Pacesetter, Chelsea II, Essex II, Premier,
Presidential, Heritage, Dynasty, Residential, Westview, Desert Villa, Imperial,
Smart Buy, Stanton, Value Edition, Pacifica, Lake Crest, New Generation, First
Edition, and others.  Many of the Company's multi-section manufactured homes
have exterior design features, including asphalt shingle roofs and wood, vinyl
or aluminum siding which, when complemented by on-site customizing and
landscaping, result in homes similar in appearance to site-built homes.

     The Company's single-section manufactured homes range in size from 547
square feet to 1,419 square feet and sell at retail, excluding land, from
$25,000 to $45,000.  The Company's multi-section manufactured homes range in
size from 1,056 square feet to 2,331 square feet and sell at retail, excluding
land, from $30,000 to $110,000.

     The Company's manufactured homes have some design limitations imposed by
the constraints of efficient production and over-the-road transit.  Delivery
expense, borne by the dealer, limits the effective competitive shipping range
of the Company's manufactured homes to approximately 400 to 600 miles.

     Production of standard homes, with few options, are expected to increase
efficiency and extend the market area.

     Modular Homes.  The Company's modular homes are built in accordance with
state or local building codes and therefore are similar in specifications and
design to site-built homes.  The Company's "Crest" line of modular homes is
specifically designed to compete in design and appearance with site-built homes
and differs significantly from most manufactured homes.  This line of modular
homes includes a variety of single-story ranch homes, one and a half story
homes, two-story homes, townhouses and duplex units, all of which can include
attached garages built at the site by others.  A portion of the Company's
modular homes are sold under the "Schult" and "Marlette" brand names.  These
modular homes are typically two-section, single-story ranch homes which are
based on manufactured home designs but are built to modular specifications.

     The Company focuses on the lower to middle price segment of the modular
housing market.  The Company's modular homes range in size from 960 square feet
to 3,355 square feet and sell at retail, excluding land, from $40,000 to
$250,000.

     The Company's modular homes have design and transportation limitations
similar to manufactured homes.

                                      5
<PAGE>   6

MANUFACTURING OPERATIONS

     The Company operates ten manufacturing facilities ranging in size from
72,500 square feet to 210,115 square feet.  These facilities are located in
Middlebury, Indiana (2 facilities); Etna Green, Indiana; Plainville, Kansas;
Navasota, Texas; Buckeye, Arizona; Redwood Falls, Minnesota; Lewistown,
Pennsylvania; Milton, Pennsylvania; and Hermiston, Oregon.  Each facility
produces models designed for its regional market area, but no single
manufacturing facility produces all of the 717 models offered by the Company.

     The Company's products are manufactured in sections, which are
individually transported to their destination by truck.  The finished products
may consist of one or more sections.  Multi-section products, including one or
two-story homes, are joined at their destination.

     The Company's manufacturing facilities generally operate one shift per day
for a five-day week, and on that basis have the capacity to produce an
aggregate of approximately 382 sections per week.  During fiscal 1997, the
average production was 322 sections per week compared to 295 during fiscal 1996
and 269 during fiscal 1995.  The following table sets forth the total number of
sections sold by the Company for the periods indicated:


<TABLE>
<CAPTION>
--------------------------------------------------------
                   Fiscal Year Ended
--------------------------------------------------------
June 27,  June 26,  July 2,  July 1,  June 29,  June 28,
  1992      1993     1994     1995      1996      1997
--------------------------------------------------------
<S>        <C>     <C>      <C>       <C>       <C>
 10,140    11,505   13,071   13,973    15,349    16,748
--------------------------------------------------------
</TABLE>

     The principal materials used in the production of the Company's homes
include steel, vinyl siding, wood, wood products, shingles, gypsum wallboard,
fiberglass, carpet, vinyl floor covering, fasteners and hardware items,
appliances, furniture, electrical items, windows and doors.  In general,
materials are ordered so that they are received five days prior to the time
they are incorporated into the homes.  Some of the Company's facilities are in
areas where a number of manufactured housing producers and suppliers are
located, and these materials generally are readily available from a number of
sources.  No one supplier accounted for more than 5% of the Company's annual
purchases in fiscal 1997.

     Since the cost of transporting a manufactured home is significant,
substantially all of the Company's homes are sold to independent dealers within
a 400 to 600 mile radius of the manufacturing facility, although that may be
extended by production of standard homes with few options.  The Company
arranges, at the dealer's expense, for the transportation of finished homes to
dealer sales centers using independent trucking companies.  Customary sales
terms are cash-on-delivery and guaranteed payment from a floor plan financing
source.  Dealers or other independent installers are responsible for placing
the home on site, making utility hookups and providing and installing certain
trim items.

     The Company does not maintain any inventory of unsold completed homes.
All production is initiated against specific orders.  The Company's backlog of
orders for manufactured homes was $30.4 million at June 28, 1997, compared to
$47.4 million at June 29, 1996.  Dealer orders are subject to delays and
cancellation for a variety of reasons, and the Company does not consider the
order backlog to be firm orders.

SALES

     As of June 28, 1997, the Company's manufactured homes were being sold
through 784 independent dealers of which 601 are authorized to sell the
Company's "Schult" and "Marlette" brands of HUD code and modular homes.  An
additional 183 of the Company's independent manufactured home dealers are
actively marketing the Company's "Crest" line of modular homes.


                                      6

<PAGE>   7


     The Company's largest dealer accounted for 5.99% of fiscal 1997 net sales
and the ten largest dealers accounted for 23.4% of such sales.  Of the top 100
dealers, 56 have sold the Company's products for over ten years and 81 for over
five years.

     The Company believes the close working relationship between its regional
management and the dealers they service has been an important factory in the
Company's success.  In light of its commitment to its dealers, the Company,
unlike some of its competitors, does not operate Company-owned retail sales
centers to compete with its independent dealers.  In order to enable dealers to
obtain retail market penetration and provide customer service and to promote
dealer loyalty, only one dealer within a given local market area distributes
the Company's homes.  However, the Company does not have formal marketing
agreements with its dealers and substantially all of the Company's dealers also
sell homes of other manufacturers.

     The Company employs 48 salespersons who, through extensive road travel,
maintain personal contact with the Company's independent dealers.  The Company
also markets its homes through product promotions tailored to specific dealer
needs.  In addition, the Company advertises in various media, and participates
in regional manufactured housing shows.  There are separate sales forces for
manufactured and modular homes.

     Independent dealers of manufactured homes sell from display centers,
rental developments, condominium developments and subdivisions.  Some
independent manufactured housing dealers sell modular homes, but most modular
homes are sold by builder/dealers specializing in modular homes, who may
concentrate on scattered lot placements or small subdivision developments.

PRODUCT FINANCING

     As is customary in the factory-built housing industry, substantially all
of the Company's dealers finance their purchases through floor plan
arrangements.  A bank or finance company loans the dealer all of the purchase
price of the home (secured by the factory-built home) and requires the
manufacturer to agree to repurchase the home for the principal amount of the
floor plan loan outstanding, plus certain expenses, should the dealer default.
The contingent liability under these agreements approximates the amount
financed, reduced by the resale value of any homes which may be repurchased,
and the risk of loss is spread over numerous dealers and financial
institutions.  Losses under these agreements have not been significant in the
recent past.

     The Company's independent dealers make individual arrangements for the
retail financing of the homes they sell without assistance from the Company,
and the Company has no contingent liability for defaults on such consumer
financing.

WARRANTY, QUALITY CONTROL AND SERVICE

     The Company believes the maintenance of quality in materials and
workmanship is an important factor in the market acceptance of its homes.  The
Company maintains a rigorous quality control inspection program at each
production stage, and in addition, in accordance with government regulations
relating to construction and performance standards, an independent third party
performs compliance inspections.  See "Regulation."

     The Company provides the initial retail purchaser of its factory-built
homes with a one-year limited warranty covering manufacturing defects in
materials and workmanship.  Manufacturers of appliances and other materials
installed in the Company's homes generally provide their own direct warranties
to the purchaser.  The Company employs trained servicemen at each of its plants
who provide on-site warranty service to retail customers, as a backup to
warranty service provided by dealers.


                                      7

<PAGE>   8


COMPETITION

     The manufactured housing industry is highly competitive at both the
manufacturing and retail levels, with competition based on price (including
freight costs), product features, quality, warranty repair service and the
terms of dealer and retail customer financing.  According to industry data, as
of June 28, 1997, there were 98 firms producing manufactured homes from 313
facilities.  A number of these companies are larger than the Company and
possess greater financial resources.  Some of these companies are strengthened
and partially insulated from competitive conditions in the manufactured housing
industry by virtue of substantial operations in related industries.  The
capital requirements of entry into the manufactured housing industry are
relatively small, and both start-ups and failures are common.

     The product differentiation strategy used by the Company has also been
successfully employed by some private regional firms.  Among the large,
publicly-owned manufacturers of manufactured homes, two other competitive
strategies have enjoyed success.  One of these is the "low-cost producer"
approach, based on delivering a good value at the lower end of the price range
through high volume, low margins and limited product offerings.  Another
strategy has been vertical integration, in which firms control not only the
production of manufactured homes, but own some or all of their retail
distribution points, do some land development and have captive mortgage banking
and insurance operations.

     Competition in the modular housing industry is fragmented with no dominant
manufacturer.  While there are a number of small regional modular home
manufacturers, the Company's principal competition for modular housing is the
traditional site-builder.  The Company believes it has a price advantage in
competing with builders in small subdivisions and on scattered lots and in
remote areas.  Large tract-builders enjoy economies of scale which make their
products comparable in price to modular homes and large tract-builders
therefore have no incentive to buy modular homes.

     Manufactured and modular homes compete with each other and also compete
directly with apartments, townhouses, condominiums, existing site-built homes
and existing manufactured homes.

REGULATION

     Factory-built homes, like site-built homes, are subject to a number of
federal, state and local laws.  The Company believes such regulations benefit
the industry and its customers by ensuring minimum quality standards, thereby
improving consumer trust and acceptance of manufactured and modular homes.

     Construction of manufactured homes is governed by the National
Manufactured Housing Construction and Safety Standards Act of 1974.  In 1975,
the Department of Housing and Urban Development ("HUD") issued regulations
under this act establishing comprehensive national construction standards
preempting conflicting state and local regulations.  The HUD regulations cover
all aspects of manufactured home construction, including structural integrity,
fire safety, wind loads, thermal efficiency and ventilation.  As required by
the HUD regulations, all plans and specifications for the Company's
manufactured homes are reviewed by a HUD-approved independent third party, and
each home is required to be inspected by a different HUD-approved third party
prior to its completion.  These inspections are in addition to the Company's
own rigorous inspection program.  Failure to comply with HUD regulations would
expose the Company to a wide variety of sanctions, ranging from repair or
repurchase of any home deemed defective or hazardous, to intensive inspection
of manufacturing facilities, or to closing the Company's plants.  The Company
believes its manufactured homes meet or surpass all present HUD requirements.
Modular homes are subject to state or local building codes, similar to the
codes applicable to site-built homes, rather than the HUD regulations.

     Legislation has been proposed, from time to time, which, if enacted, would
significantly affect the regulatory climate for manufactured and modular homes.
One proposal would turn regulation of manufactured homes 

                                      8
<PAGE>   9

back to state authority, and another would impose preemptive federal
legislation over modular homes.  The outcome or effect of legislative action
cannot be predicted.

     Certain components of manufactured and modular homes are subject to
regulation by the Consumer Product Safety Commission ("CPSC"), which is
empowered to ban the use of component materials believed to be hazardous to
health and to require the repair of defective components.  The CPSC, the
Environmental Protection Agency and other governmental agencies are evaluating
the effects of formaldehyde.  Manufactured, modular and site-built homes are
all built with particleboard, paneling and other products that contain
formaldehyde resins.  Since February 1985, HUD has regulated the allowable
concentration of formaldehyde in certain products used in manufactured homes
and required manufacturers to warn purchasers concerning
formaldehyde-associated risks.  The Company currently uses materials in its
manufactured homes that meet HUD standards for formaldehyde emissions and
otherwise comply with HUD regulations in this regard.  See "Legal Proceedings."

     A number of states require manufactured and modular home producers to post
bonds to ensure the satisfaction of consumer warranty claims.  A number of
states have adopted procedures governing the installation of manufactured
homes.  The location of manufactured homes is sometimes subject to
discriminatory local zoning ordinances.  Utility connections are subject to
state and local regulation, and must be complied with by the builder/dealer or
other person installing the home.

     The Company does not provide retail financing and is indirectly affected
by regulations on consumer finance.  In particular, the Company cooperates with
dealers in assisting retail customers in obtaining Veterans Administration and
Federal Housing Administration guaranteed loans.  In connection with such
transactions, the Company must make representations regarding certain aspects
of its wholesale pricing policies.  If the Company were to engage in consumer
financing, the Company would be subject to additional regulatory requirements.

     The Company is subject to the Magnuson-Moss Warranty Federal Trade
Commission Improvement Act, which regulates the description of warranties.  The
description and substance of the Company's warranties are also subject to
various state laws and regulations.

EMPLOYEES

     On June 28, 1997, the Company had 2,563 full-time employees, of which 197
were in management, 236 were in administrative and clerical areas, 2,082 were
in production, and 48 were in sales.  The Company's personnel requirements are
primarily for semi-skilled production labor; these employees are typically
compensated on an incentive basis, based on the achievement of production
goals.  There are no collective bargaining agreements covering any of the
Company's employees.  The Company considers its employee relations to be good.


ITEM 2. PROPERTIES

     The Company presently owns ten operating manufacturing facilities.  In
addition, the Company owns a 112,000 square foot warehouse in Elkhart, Indiana,
and two idle manufacturing facilities.  The Company's idle facility in
Ellaville, Georgia is for sale.  The Company's idle facility in Elkton,
Maryland is currently used only as a sales and service office, but production
could resume there if economic conditions and markets so warrant.



                                      9
<PAGE>   10


     The Company's manufacturing facilities are as follows:


<TABLE>
<CAPTION>
------------------------------------------------------------------------------
                            BUILDING                                Building
     LOCATION       ACRES  SQUARE FEET       Location       Acres  Square Feet
------------------------------------------------------------------------------
<S>                <C>      <C>        <C>                 <C>     <C>
Middlebury, IN #1   62.5     174,400    Milton, PA          13.0      86,800
------------------------------------------------------------------------------
Plainville, KS      29.3     149,700    Lewistown, PA       18.7     144,870
------------------------------------------------------------------------------
Navasota, TX        20.0     210,115    Hermiston, OR       40.3     206,464
------------------------------------------------------------------------------
Buckeye, AZ         44.0     72,500     Middlebury, IN  #2  18.4      93,960
------------------------------------------------------------------------------
Redwood Falls, MN   19.2     119,320    Etna Green, IN      13.2     116,182
------------------------------------------------------------------------------
</TABLE>

     The Company's corporate headquarters are located at the Middlebury,
Indiana #1 facility.

     All of the properties described above are well maintained, generally in
good repair, adequately insured and suitable for the purposes for which they
are being used.


ITEM 3. LEGAL PROCEEDINGS

     Since 1978, many producers of manufactured homes, including the Company,
have experienced a number of product liability claims based on the presence of
formaldehyde in components purchased from independent suppliers and used in the
manufacture of homes.  Although the Company has experienced a decrease in the
number of formaldehyde claims initiated in recent years, such claims are
expected to continue for the foreseeable future.  Schult is currently named as
a defendant in five lawsuits involving formaldehyde.  While Schult believes it
has meritorious defenses to all of these actions, no prediction can be made as
to the outcome of these cases.

     The Company carries product liability insurance but bears a substantial
portion of the cost of liability claims and settlements.  The Company currently
has primary insurance coverage of $5.0 million per occurrence and in the
aggregate, after payment of $100,000 of damages or expenses per occurrence.
The Company has umbrella coverage of $20.0 million per occurrence and in the
aggregate, after payment by the Company of $10,000 per occurrence.

     In late 1991, the Company was named by the Maryland Department of the
Environment, along with 50 other persons, as a potentially responsible person
for soil and water pollution at a site in which its Elkton, Maryland facility
is located.  The affected site is 1,360 acres, and includes a former U.S. Navy
munitions factory.  The U.S. Department of the Navy is one of the named
potentially responsible persons.  Under the law, the Company and each of the
other persons named is potentially responsible for remediation of the site
without regard to determination of the source of pollution.  The investigation
is in a preliminary stage, and the ultimate resolution cannot now be
determined.  The Company has no reason to believe, however, that it has been a
major contributor to the pollution of soil or groundwater.


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

     No matters were submitted to a vote of the shareholders of the Company
during the fourth quarter of fiscal 1997.

                                     10

<PAGE>   11


                                   PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERS MATTERS

     Stock prices reflect the Company's six-for-five stock split on February
28, 1997.

     The following table sets forth the high and low closing sale price of the
Common Shares as reported on the American Stock Exchange:


<TABLE>
<CAPTION>
                                        ---------------------------
                                            HIGH           LOW
--------------------------------------------------------------------
FISCAL YEAR ENDED JULY 1, 1995
--------------------------------------------------------------------
<S>                                     <C>            <C>
First Quarter                           $ 12  5/8        $  10  5/16
--------------------------------------------------------------------
Second Quarter                            11  7/8            8  7/8
--------------------------------------------------------------------
Third Quarter                             10  3/4            8  1/8
--------------------------------------------------------------------
Fourth Quarter                             9 13/16           8  5/16
====================================================================
FISCAL YEAR ENDED JUNE 29, 1996
--------------------------------------------------------------------
First Quarter                           $ 12  3/16       $   9  1/16
--------------------------------------------------------------------
Second Quarter                            14 13/16          11 11/16
--------------------------------------------------------------------
Third Quarter                             15  3/16          12 13/16
--------------------------------------------------------------------
Fourth Quarter                            17  3/16          13  7/16
--------------------------------------------------------------------
FISCAL YEAR ENDED JUNE 28, 1997
--------------------------------------------------------------------
First Quarter                           $ 17  3/8        $  13  5/16
--------------------------------------------------------------------
Second Quarter                            20 15/16          16  3/4
--------------------------------------------------------------------
Third Quarter                             19  1/2           16  1/8
--------------------------------------------------------------------
Fourth Quarter                            18  1/2           15  1/2
====================================================================
</TABLE>

On June 28, 1997, there were more than 2,000 shareholders of record of the
Company's Common Shares.
On August 22, 1997, the Board of Directors authorized the purchase of up to
100,000 Common Shares on the open market, considering the sahres to be an
appropriate investment.

DIVIDEND POLICY

     Historically, it has been the policy of the Company to reinvest earnings
in the Company's business.  On June 10, 1992, the Company announced the
inception of a regular quarterly dividend.  The first such dividend was paid on
September 14, 1992.  The Company intends to continue to pay a regular quarterly
dividend.  However, the payment of future cash dividends will depend upon the
Company's financial condition, capital requirements, results of operations and
other factors deemed relevant by the Company.


                                     11

<PAGE>   12



ITEM 6.  SELECTED FINANCIAL DATA

     Schult Homes Corporation incorporates by reference inside front cover of
the Schult Homes Corporation 1997 Annual Report to Shareholders under the
heading, "11 Year Financial Summary."


     Schult Homes Corporation incorporates by reference page 24 of the Schult
Homes Corporation 1997 Annual Report to Shareholders under the heading,
"Summary of Quarterly Results."


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
         RESULTS OF OPERATIONS

     Schult Homes Corporation incorporates by reference pages 14 through 16 of
the Schult Homes Corporation 1997 Annual Report to Shareholders under the
heading, "Management's Discussion and Analysis."


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     Schult Homes Corporation incorporates by reference "Consolidated Financial
Statements and Notes" on pages 17 through 23 of the Schult Homes Corporation
1997 Annual Report to Shareholders.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

     None.


                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     Schult Homes Corporation incorporates by reference the information on
pages 4 and 5 of the Schult Homes Corporation Proxy Statement dated September
26, 1997, filed pursuant to Section 14(a) of the Securities Exchange Act of
1934, as amended, under the heading, "Election of Directors."  Also, page 12 of
the above mentioned Proxy Statement under the heading, "Executive Officers."


ITEM 11.  EXECUTIVE COMPENSATION

     Schult Homes Corporation incorporates by reference the information on
pages 6 through 9, 11 and 12 of the Schult Homes Corporation Proxy Statement
dated September 26, 1997, filed pursuant to Section 14(a) of the Securities
Exchange Act of 1934, as amended, under the headings, "Report of the
Compensation Committee," "Executive Compensation" and "Employee Plans."


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     Schult Homes Corporation incorporates by reference the information on page
3 of the Schult Homes Corporation Proxy Statement dated September 26, 1997,
filed pursuant to Section 14(a) of the Securities Exchange Act of 1934, as
amended, under the heading, "Principal Shareholders."


                                     12
<PAGE>   13


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Not applicable.


                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL RELATIONSHIPS AND RELATED TRANSACTIONS

     (a) The following documents are filed as a part of this report:
         1.  Schult Homes Corporation incorporates herein by
             reference from the fiscal year 1993 Form 10-K the 
             following exhibits:
                Incentive Bonus Plan, Form S-2 dated 6/11/92;
                Gain Sharing (401(k)) Plan, Form S-2 dated 6/11/92;
                Incentive Stock Option Plan, Form S-2 dated 6/11/92;
                Employee Share Purchase Plan, Form S-8 dated 3/8/90.
         13. Schult Homes Corporation "Consolidated Financial Statements
             and Notes" on pages 17 through 23 of the Schult Homes Corporation
             1997 Annual Report to Shareholders.
     (b) Through June 28, 1997, no reports on Form 8-K were
         filed subsequent to the Registrant's Quarterly Report on Form
         10-Q for the quarter ended March 29, 1997.  On August 22,
         1997, a Form 8-K was filed, disclosing a decision by the
         Board of Directors to purchase up to 100,000 Common Shares on
         the open market.
     (c) Exhibits required by Item 601 of Regulation S-K
         which are incorporated by reference from the fiscal year 1993
         Form 10-K:
                Amended and Restated Articles of Incorporation of the Company;
                Bylaws of the Company;
                Form of Common Share Certificate;
                Revised Credit Facility with NBD Bank and NBD Bank, N.A.
     (d) There are no financial statements to be filed under
         Regulation S-X which are excluded from the annual report to
         shareholders pursuant to Rule 14a-3(b).

                                     13

<PAGE>   14


                                 SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) 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.

                                                     SCHULT HOMES CORPORATION
                                                     Registrant


                                                     By /s/ Walter E. Wells
                                                        -----------------------
                                                        Walter E. Wells
                                                        President, Chief 
                                                        Executive Officer

Date:    October 2, 1997

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.


<TABLE>
<CAPTION>

SIGNATURE                                                       TITLE                                   DATE
---------                                                       -----                                   ----
<S>                                                             <C>                                     <C>
/s/ Walter E. Wells
----------------------------                                    President, Chief Executive              October 2, 1997
Walter E. Wells                                                 Office and Director

/s/ Francis M. Kennard
----------------------------                                    Senior Vice President of                October 2, 1997
Francis M. Kennard                                              Product Group and Director

/s/ John P. Guequierre
----------------------------                                    President of Manufactured               October 2, 1997
John P. Guequierre                                              Housing Group and Director

/s/ Ervin L. Bontrager
----------------------------                                    Executive Vice President of             October 2, 1997
Ervin L. Bontrager                                              Manufactured Housing and Director

/s/ Frederick A. Greenawalt
----------------------------                                    Vice President of Finance and           October 2, 1997
Frederick A. Greenawalt                                         Chief Accounting Officer

/s/ Todd Goodwin 
----------------------------                                    Director                                October 2, 1997
Todd Goodwin

/s/ Robert J. Deputy
----------------------------                                    Director                                October 2, 1997
Robert J. Deputy

/s/ Donald R. Pletcher
----------------------------                                    Director                                October 2, 1997
Donald R. Pletcher
</TABLE>



                                     14
<PAGE>   15





                   SCHULT HOMES CORPORATION AND SUBSIDIARIES
                                   FORM 10-K
            FINANCIAL STATEMENTS SUBMITTED IN RESPONSE TO ITEM 14(a)
                            Year ended June 28, 1997


                                                  The consolidated financial
statements, together with the related notes and the report thereon of KPMG Peat
Marwick LLP, dated August 8, 1997, appearing on pages 17 to 23 of the
accompanying 1997 Annual Report to shareholders, are hereby incorporated by
reference and made a part hereof.  With the exception of the aforementioned
items incorporated by reference and specific references made herein, the 1997
Annual Report to Shareholders is not deemed to be filed as a part of this
filing.



                         INDEPENDENT AUDITORS' CONSENT


The Board of Directors and Shareholders of
Schult Homes Corporation:


                                                  We consent to incorporation by
reference in Registration Statement No. 33-42434 on Form S-8 of Schult Homes
Corporation, of our report dated August 8, 1997, relating to the consolidated
balance sheets of Schult Homes Corporation and subsidiaries as of the end of
fiscal years 1997 and 1996, and the related consolidated statements of
operations, cash flows and shareholders' equity for each of the fiscal years
1997, 1996, and 1995 as contained in the Annual Report to Shareholders for the
fiscal year 1997.  These consolidated financial statements and our report
thereon are incorporated by reference in the annual report on Form 10-K for the
fiscal year 1997.

KPMG Peat Marwick LLP



Chicago, Illinois
September 26, 1997



                                       15