<PAGE>   1
]                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB

(Mark One)

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

                      FOR THE QUARTER ENDED MARCH 31, 1999


                                       OR


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


COMMISSION FILE NUMBER 0-17293


                            COLLEGIATE PACIFIC, INC.
             (Exact name of registrant as specified in its charter)

         Pennsylvania                                        22-2795073 
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                           Identification No.)


                             13950 SENLAC DR., #200
                               DALLAS, TEXAS 75234
                    (Address of principal executive offices)

                         TELEPHONE NUMBER (972) 243-8100
              (Registrant's telephone number, including area code)


          Securities Registered Pursuant to Section 12(b) of the Act:


        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
requirements for the past 90 days.

                                YES [X]    NO [ ]

        As of May 10, 1999, there were 17,041,833 shares of the Registrant's
Common Stock, with a par value of $0.01 par share, outstanding.



<PAGE>   2
                            COLLEGIATE PACIFIC, INC.

                                      INDEX




                         PART I - FINANCIAL INFORMATION

<TABLE>
<CAPTION>
                                                                                 Page
                                                                                 ----
<S>                                                                              <C>
ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

           Condensed Consolidated Balance Sheets
                March 31, 1999 (Unaudited) and June 30, 1998                       3

           Condensed Consolidated Statement of Operations
                Three and nine months ended March 31, 1999 and 1998
                (Unaudited)                                                        4

           Condensed Consolidated Statement of Cash Flows
                Nine months ended March 31, 1999 and 1998 (Unaudited)              5

           Notes to Condensed Consolidated Financial Statements
                (Unaudited)                                                        6


ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS                                             8


                           PART II. OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS                                                      11

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K                                       11

           SIGNATURES                                                             11
</TABLE>



                                       2
<PAGE>   3

                            COLLEGIATE PACIFIC, INC.

                      CONDENSED CONSOLIDATED BALANCE SHEET


<TABLE>
<CAPTION>
                                                                      March 31,        June 30, 
                                    ASSETS                              1999             1998 
                                                                     -----------      -----------
                                                                     (Unaudited)
<S>                                                                  <C>              <C>        
CURRENT ASSETS
     Cash and cash equivalents                                       $   449,119      $   514,494
     Accounts receivable, net of the allowance for doubtful
         accounts of $25,698 and $15,743, respectively                   664,870          685,974
     Inventories                                                       1,970,043        2,149,020
     Prepaid expenses and other assets                                   270,100           40,064
                                                                     -----------      -----------

                  Total current assets                                 3,354,132        3,389,552

PROPERTY AND EQUIPMENT                                                   242,582          187,042
     Less accumulated depreciation                                       (88,203)         (66,416)
                                                                     -----------      -----------
                                                                         154,379          120,626
OTHER ASSETS
     License agreements, net of accumulated amortization of
         $40,325 and $12,418, respectively                               251,342          279,258
     Goodwill, net of accumulated amortization of $34,502
         and $7,590, respectively                                        517,244          544,156
     Other assets, net                                                    54,626           54,552
                                                                     -----------      -----------

                                                                     $ 4,331,723      $ 4,388,144
                                                                     ===========      ===========
         LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
     Accounts payable                                                $   260,137      $   552,618
     Accrued interest - shareholder                                       78,839          145,165
     Accrued expenses and other current liabilities                       71,422          106,266
     Note payable - stockholder                                             --            754,671
                                                                     -----------      -----------

                  Total current liabilities                              410,398        1,558,720

NOTE PAYABLE - STOCKHOLDER                                             1,082,649             --   

STOCKHOLDERS' EQUITY
     Common stock, $.01 par value; authorized 50,000,000 shares;
         issued and outstanding, 17,041,833 and
         17,016,833 shares, respectively                                 170,418          170,168
     Additional paid-in capital                                        3,326,804        3,320,804
     Accumulated deficit                                                (626,926)        (629,928)
                                                                     -----------      -----------
                                                                       2,870,296        2,861,044
         Less notes receivable from stockholders                         (31,620)         (31,620)
                                                                     -----------      -----------
                  Total stockholders' equity                           2,838,676        2,829,424
                                                                     -----------      -----------

                                                                     $ 4,331,723      $ 4,388,144
                                                                     ===========      ===========
</TABLE>

        See accompanying notes to these consolidated financial statements


                                       3
<PAGE>   4
                            COLLEGIATE PACIFIC, INC.

                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                                   (Unaudited)




<TABLE>
<CAPTION>
                                              Three months ended                  Nine months ended 
                                                   March 31,                          March 31, 
                                        ------------------------------      ------------------------------
                                            1999              1998              1999              1998 
                                        ------------      ------------      ------------      ------------
<S>                                     <C>               <C>               <C>               <C>         
Revenues                                $  1,784,826      $    803,080      $  4,133,851      $  1,361,731
Cost of sales                              1,001,826           433,345         2,553,672           769,376
                                        ------------      ------------      ------------      ------------

Gross margin                                 783,000           369,735         1,580,179           592,355

Selling, general and administrative
     expenses                                539,498           555,967         1,503,579         1,159,024
                                        ------------      ------------      ------------      ------------

Operating profit (loss)                      243,502          (186,232)           76,600          (566,669)

Interest expense                             (29,455)          (58,467)          (79,037)         (131,495)

Other income                                   1,440             2,331             5,439             7,446
                                        ------------      ------------      ------------      ------------

Net earnings (loss)                     $    215,487      $   (242,368)     $      3,002      $   (690,718)
                                        ============      ============      ============      ============

Net earnings (loss) per share -
     basic and diluted                  $       0.01      $      (0.01)     $       0.00      $      (0.04)
                                        ============      ============      ============      ============

Shares used in computing net loss
     per share (basic and diluted)        17,041,833        16,605,269        17,035,838        16,469,090
</TABLE>



        See accompanying notes to these consolidated financial statements


                                       4
<PAGE>   5
                            COLLEGIATE PACIFIC, INC.

                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)






<TABLE>
<CAPTION>
                                                                     Nine months ended 
                                                                        March 31, 
                                                                ----------------------------
                                                                   1999             1998 
                                                                -----------      -----------
<S>                                                             <C>              <C>         
Operating activities
     Net earnings (loss)                                        $     3,002      $  (690,718)
     Adjustments to reconcile net loss to net cash used
         in operating activities
             Depreciation and amortization                           79,024           28,530
             Changes in operating assets and liabilities           (426,089)      (1,606,749)
                                                                -----------      -----------

                  Net cash used in operating activities            (344,063)      (2,268,937)

Investing activities
     Purchase of property and equipment                             (55,540)         (99,005)

Financing activities
     Proceeds from borrowings                                       327,978        2,492,283
     Proceeds from issuance of common stock                           6,250           69,000
                                                                -----------      -----------

                  Net cash provided by financing activities         334,228        2,561,283
                                                                -----------      -----------

Net decrease in cash and cash equivalents                           (65,375)         193,341

Cash and cash equivalents at beginning of period                    514,494          638,011
                                                                -----------      -----------

Cash and cash equivalents at end of period                      $   449,119      $   831,352
                                                                ===========      ===========
</TABLE>

        See accompanying notes to these consolidated financial statements



                                       5
<PAGE>   6
                            COLLEGIATE PACIFIC, INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - GENERAL AND BACKGROUND

     The accompanying unaudited condensed consolidated financial statements have
     been prepared in accordance with generally accepted accounting principles
     ("GAAP") for interim financial information. Accordingly, they do not
     include all of the information and footnotes required by GAAP for complete
     financial statements. The condensed consolidated financial statements as of
     March 31, 1999 and the periods ended March 31, 1999 and 1998 are unaudited
     and reflect all adjustments which are, in the opinion of management,
     necessary for a fair presentation of the financial position and operating
     results for the interim period. The condensed financial statements should
     be read in conjunction with the consolidated financial statements and notes
     thereto, for the year ended June 30, 1998 together with management's
     discussion and analysis of financial condition and results of operations,
     contained in the Form 10-KSB filed with the Securities and Exchange
     Commission. The results of operations for the three and nine months ended
     March 31, 1999 are not necessarily indicative of the results for the entire
     fiscal year.

     The consolidated financial statements for the period ended March 31, 1999
     include the accounts of Collegiate Pacific, Inc. ("CPI") and its wholly
     owned subsidiaries Product Merchandising, Inc. ("PMI") and Vantage Products
     International, Inc. ("VPI") (collectively referred to as the "Company").
     The consolidated financial statements for the period ended March 31, 1998
     include the accounts of "CPI" and its wholly owned subsidiary "VPI". See
     Note 2.

NOTE 2 - BUSINESS COMBINATIONS

     On May 31, 1998 the Company acquired "VPI" by issuing 400,000 shares of its
     common stock in exchange for all outstanding "VPI" common stock. The
     acquisition was accounted for as a pooling of interests and, accordingly,
     the assets and liabilities and results of operations of "VPI" have been
     included in the Company's consolidated financial statements as if the
     transaction occurred on July 1, 1997.

     On April 14, 1998 the Company acquired all common stock of "PMI" for
     $200,000 cash and 137,500 shares of the Company's common stock. The
     acquisition was accounted for as a purchase and accordingly, the net assets
     and results of operation of "PMI" have been included in the Company's
     consolidated financial statements commencing on April 14, 1998.

     Unaudited pro forma financial information for the three and nine months
     ended March 31, 1998 as though the acquisition of "PMI" had occurred on
     July 1, 1997 is as follows:

<TABLE>
<CAPTION>
                                                                      Three months ended         Nine months ended 
                                                                         March 31, 1998             March 31, 1998 
                                                                        ----------------           ----------------
<S>                                                                   <C>                        <C>       
         Revenues                                                          $ 919,236                  $2,042,631
         Net loss                                                           (343,498)                   (755,220)
         Net loss per common share
               (basic and diluted)                                             (0.02)                       (0.05)
</TABLE>



                                       6
<PAGE>   7
                            COLLEGIATE PACIFIC, INC.

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED


NOTE 3 - NOTE PAYABLE TO STOCKHOLDER

     The note payable to stockholder (also the president of the Company) is
     uncollateralized and bears interest at an annual rate of 12%. The note was
     due on demand. On March 31, 1999, the note was converted to a long-term
     obligation due April 10, 2001. Accrued interest on this note totaled
     $78,839 at March 31, 1999, and is included in accrued expenses.




                                       7
<PAGE>   8
                            COLLEGIATE PACIFIC, INC.



ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

The Company is engaged in the national distribution of sports equipment to the
institutional and retail markets realizing the vast majority of its revenues in
response to catalog mailings and telemarketing efforts. The market for this
merchandise is estimated to consist of approximately 250,000 locations, which
have annual expenditures of some $4 billion for sports equipment. The management
of the Company has extensive experience in this business having been the founder
of several successful mail order companies in the sports equipment industry.

On May 31, 1998 the Company acquired Vantage Products International, Inc.
("VPI"). The acquisition was accounted for as a pooling and accordingly, the
assets and liabilities and results of operations of VPI have been included in
the Company's consolidated financial statements as if the transaction occurred
on July 1, 1997.

On April 14, 1998 the Company acquired all common stock of Product
Merchandising, inc. ("PMI"). The acquisition was accounted for as a purchase and
accordingly, the net assets and results of operation of PMI have been included
in the Company's consolidated financial statements commencing on April 14, 1998.

This Report contains certain forward-looking statements such as the Company's or
management's intentions, hopes, beliefs, expectations, strategies, predictions
or any other variation thereof or comparable phraseology of the Company's future
activities or other future events or conditions within the meaning of Section
27A of the Securities Act and Section 21E of the Securities Exchange Act of
1934, as amended, which are intended to be covered by the safe harbors created
thereby. Investors are cautioned that all forward-looking statements involve
risks and uncertainty, including without limitation, variations in quarterly
results, volatility of the company's stock price, entry into the market of new
competitors, the sufficiency of the Company's working capital. Although the
company believes that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be inaccurate, and
therefore, there can be no assurance that the forward-looking statements
included in this Report will prove to be accurate. In light of the significant
uncertainties inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a representation by the
Company or any other person that the objectives and plans of the Company will be
achieved.

The following discussion should be read in conjunction with the Company's Form
10-KSB and consolidated financial statements for the fiscal year ended June 30,
1998, the financial statements and related notes for the periods ended March 31,
1999 and 1998 included herein.

REVENUES

For the quarter ended March 31, 1999 revenues rose 122%, from $803,080 to
$1,784,826, and for the nine months rose 204%, from $1,361,731 to $4,133,851.
The Company attributes the growth in revenues to an increase in marketing
activity, the acquisition of PMI and the growth in its customer base. As the
result of expanded operations the Company believes future revenues will rise
materially from current levels.



                                       8
<PAGE>   9
                            COLLEGIATE PACIFIC, INC.


GROSS MARGIN

For the quarter ended March 31, 1999, gross margin decreased from 46% to 44%,
and for the nine months ended March 31, 1999, decreased from 43% to 38%. The
decreases were primarily the result of lower product selling prices as the
Company completes its start up phase which includes the introduction of new
products below traditional selling prices. The Company anticipates that gross
margins will improve in the fourth quarter.

OPERATING EXPENSES

Selling, general and administrative (SG&A) expenses decreased by 3% for the
quarter ended March 31, 1999. As a percentage of sales, SG&A expenses decreased
from 69% to 30%. For the nine months ended March 31, 1999, SG&A expenses
increased by 30%, but as a percentage of sales decreased from 85% to 36%. The
decrease in SG&A expense as a percentage of sales is due to the Company's
establishing an infrastructure in 1997 capable of handling substantially higher
sales volume.

LIQUIDITY AND SOURCES OF CAPITAL

The Company has no commercial bank debt but has recently received two proposals
from nationally recognized institutions offering to fund its future operations
and expansion and is evaluating these proposals.

Cash and cash equivalents totaled $449,000 at March 31, 1999 compared to
$514,000 at June 30, 1998. Cash used in operations of $344,000 in the nine
months ended March 31, 1999 resulted primarily the use of cash to pay current
liabilities. For the comparable 1998 period, cash used in operations of
$2,269,000 resulted primarily from the Company's net loss and increases in
inventory.

Current assets totaled $3,354,000 at the end of the second quarter, providing
the Company with working capital of $2,944,000.

Longer-term cash requirements, other than normal operating expenses, are
anticipated for the enhancement of existing products, financing anticipated
growth and the possible acquisition of other businesses complimentary to the
company's business. The Company believes that its existing cash and cash
equivalents and anticipated cash generated from operations will be sufficient to
satisfy its currently anticipated cash requirements for fiscal year 1999.

The Company's principal commitments at March 31, 1999 consisted of obligations
under operating leases for facilities.



                                       9
<PAGE>   10
                            COLLEGIATE PACIFIC, INC.


YEAR 2000 ISSUE

The Company's assessment of its Year 2000 issues is not complete; however, the
Company has taken actions to assess the nature and extent of the work required
to make its systems, products and infrastructure Year 2000 ready. The Company
intends to work toward making its internal information technology Year 2000
ready, which may include replacing or updating existing computer systems as
needed. Additionally, the Company plans to evaluate the Year 2000 readiness of
its consultants, vendors and suppliers. Where the Company determines that
critical consultants, vendors or suppliers are not Year 2000 ready, the Company
will monitor their progress and take appropriate actions. The Company believes
it is taking the necessary steps to resolve year 2000 issues and, based on
current progress and future plans, the Company believes that the Year 2000 date
change will not significantly affect the Company's ability to deliver services
to its customers on a timely basis; however, given the uncertain consequences of
failure to resolve significant year 2000 issues, there can be no assurance that
any one or more such failures would not have a material adverse effect on the
Company. The Company has not determined the cost of completing its compliance
with the Year 2000.


                                       10
<PAGE>   11
                            COLLEGIATE PACIFIC, INC.


PART II  - OTHER INFORMATION


ITEM 1.           LEGAL PROCEEDINGS

                  None


ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

EXHIBITS

        27.1      Financial Date Schedule

REPORTS ON FORM 8-K

None


                                   SIGNATURES

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


COLLEGIATE PACIFIC, INC.




By:  /s/ MIKE BLUMENFELD                             Dated:  May 17, 1999
   -----------------------------------------               --------------------
     Mike Blumenfeld
     President and Chief Financial Officer




                                       11
<PAGE>   12

                                INDEX TO EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT 
  NO.           DESCRIPTION
------          -----------
<S>             <C>
   27.1         Financial Data Schedule
</TABLE>