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


                                   FORM 10-QSB

   Quarterly Report under Section 13 or 15(d) of  the Securities Exchange
   Act of 1934

   For the quarterly period ended June 30, 1997

   Commission file number 0-29236


                         MARINE MANAGEMENT SYSTEMS, INC.
        (Exact Name of Small Business Issuer as Specified in Its Charter)

      Delaware                                        06-0886588
(State or Other Jurisdiction of                    (I.R.S. Employer
Incorporation or Organization)                  Identification Number)

                      470 West Avenue, Stamford, CT, 06902
                    (Address of Principal Executive Offices)

                                 (203) 327-6404
                (Issuer's Telephone Number, Including Area Code)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

Yes  _x_   No  ___

Number of Shares of Issuer's Common Stock, $.002 par value outstanding as of
August 10, 1997 was 4,421,120

Transitional Small Business Disclosure Format (check one):

Yes  __  No  _x_






<PAGE>   2


                         MARINE MANAGEMENT SYSTEMS, INC.
                                   Form 10-QSB
                                TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION                                          Page No.

Item 1.     Financial Statements  (unaudited, except as noted)            3-9

      Balance Sheets, June 30, 1997 and December 31, 1996 (audited)         3

      Statements of Operations, Three Months and  Six Months Ending         4
      June 30, 1997 and June 30, 1996

      Statement of Cash Flows,  Six Months Ending  June 30, 1997 and        5
      June 30, 1996

      Notes to Financial Statements                                         6

Item 2.     Management's Discussion and Analysis or Plan of Operation      10


PART II - OTHER INFORMATION

Item 6.  -   Exhibits and Reports on Form 8-K                              15
Signatures                                                                 16
Exhibit 11.   Computation of Earnings Per Share
Exhibit  27.  Financial Data Schedule





<PAGE>   3
PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

                         MARINE MANAGEMENT SYSTEMS, INC.

                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                             6/30/97           12/31/96
                                                                           (unaudited)
<S>                                                                        <C>              <C>         
Assets
Current:
  Cash                                                                     $  2,195,976     $     58,117
  Accounts receivable                                                         1,280,221          954,480
  Inventories                                                                    47,221           22,307
  Prepaid expenses and other                                                     74,380           44,865
                                                                           ------------     ------------

     Total current assets                                                     3,597,798        1,079,769
Property and Equipment, net of accumulated depreciation                         213,740          210,449
     of $216,998 and of $170,340
Computer software costs, net of accumulated amortization
     of $1,456,426 and $1,306,426                                             2,664,919        2,002,281
Deferred registration costs                                                           0          314,141
Other                                                                             5,912            5,914
                                                                           ------------     ------------

                                                                           $  6,482,369     $  3,612,554
                                                                           ============     ============


Liabilities and Stockholders' equity (deficit) Current:
  Short-term borrowings                                                    $    475,000     $    975,000
  Accounts payable and accrued expenses                                         590,020          812,914
  Subordinated debt - related parties                                                 0          410,000
  Billings in excess of costs on uncompleted contracts                           84,152           81,704
  Deferred revenue                                                              172,093          275,226
  Customer deposits                                                              82,591           79,240
  Current portion of long-term debt and capital lease obligations               111,768          296,767
                                                                           ------------     ------------

     Total current liabilities                                                1,515,624        2,930,851
Long-term debt and capital lease obligations, less current portion              156,391          266,292
Subordinated debt - related parties                                             666,000          666,000
                                                                           ------------     ------------

     Total liabilities                                                        2,338,015        3,863,143
                                                                           ------------     ------------

Redeemable preferred stock, $100 par value, 8% cumulative, 7,500 shares
  authorized, none and 7,500 shares issued and outstanding                            0          750,000
                                                                           ------------     ------------


Stockholders' equity (deficit):
  Common stock, $.002 par value, 9,000,000 shares authorized,
    4,421,120 and 2,701,110 issued and outstanding                                8,842            5,402
  Additional paid-in capital                                                 11,535,485        5,333,475
  Loans receivable officers                                                           0         (388,837)
  Accumulated deficit                                                        (7,399,973)      (5,950,629)
                                                                           ------------     ------------
     Total stockholders' equity (deficit)                                     4,144,354       (1,000,589)

                                                                           $  6,482,369     $  3,612,554
                                                                           ============     ============
</TABLE>

                 See accompanying Notes to Financial Statements


                                                                               3
<PAGE>   4
                         MARINE MANAGEMENT SYSTEMS, INC.
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                             Six Months Ended June 30,      Three Months Ended June 30,
                                            ---------------------------     ---------------------------
                                               1997            1996            1997            1996
                                            -----------     -----------     -----------     -----------
<S>                                         <C>             <C>             <C>             <C>        
Revenues
  Software                                  $ 1,252,600     $ 1,046,869     $   730,057     $   441,772
  Hardware                                      429,733       1,068,250         279,994         832,521
  Contract                                      179,458         633,021         100,726         445,926
                                            ---------------------------     ---------------------------
                                              1,861,791       2,748,140       1,110,777       1,720,219

Cost of Revenues:
  Software                                      466,994         624,969         270,271         417,922
  Software amortization                         150,000         128,672          75,000          53,119
  Hardware                                      326,684         847,288         225,811         691,629
  Contract                                      150,418         356,680          71,686         169,585
                                            ---------------------------     ---------------------------
                                              1,094,096       1,957,609         642,768       1,332,255


     Gross profit                           $   767,695     $   790,531     $   468,009     $   387,964

Operating expenses:
  Research and development                       92,040          97,266          15,434          48,633
  Selling and administrative                  1,708,628         970,726       1,041,524         437,913
  Depreciation and amortization                  46,657          32,424          26,129          19,203
                                            ---------------------------     ---------------------------
                                              1,847,325       1,100,416       1,083,087         505,749

Loss from operations                         (1,079,630)       (309,885)       (615,078)       (117,785)

Other income (expense):
  Interest expense, net of interest inc        (369,714)       (111,870)       (306,412)        -65,047



Net loss                                    $(1,449,344)    $  (421,755)    $  (921,490)    $  (182,832)
                                            ===========================     ============================

Loss per share of common stock and
     common stock equivalents               $     (0.39)    $     (0.12)    $     (0.22)    $     (0.05)

Weighted average number of common
     shares outstanding                       3,562,020       2,474,115       4,035,354       2,558,594
</TABLE>

                 See accompanying Notes to Financial Statements


                                                                               4
<PAGE>   5
                         MARINE MANAGEMENT SYSTEMS, INC.
                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                     Six Months Ended June 30,
                                                                     -------------------------

                                                                           1997            1996
<S>                                                                 <C>             <C>         
Cash flows from operating activities:
Net (loss)                                                          $(1,449,344)    $  (421,755)
    Adjustments to reconcile net loss to net cash
    used in operating activities:
      Depreciation and amortization                                     196,657         161,096
    Changes in Assets and Liabilities
      Accounts receivable                                              (325,741)       (448,739)
      Inventory                                                         (24,914)        (58,310)
      Prepaid expenses                                                  (29,515)        (73,274)
      Accounts payable and accrued expenses                            (882,894)        938,940
      Other                                                                              14,172
      Billings in excess, deferred revenue and customer deposits        (97,334)       (154,369)
                                                                    -----------     -----------

NET CASH USED IN OPERATING ACTIVITIES                               $(2,613,085)    $   (42,239)

Cash flows from investing activities:
      Capitalized computer software costs                              (812,638)       (404,126)
      Acquisitions of property and equipment - net                      (49,948)        (26,592)
                                                                    -----------     -----------

NET CASH USED IN INVESTING ACTIVITIES                               $  (862,586)    $  (430,718)

CASH FLOWS FROM FINANCING ACTIVITIES:
      Proceeds from line of credit                                                       25,000
      Proceeds from advances payable                                                     75,000
      Long-term debt and capitalized lease obligations                 (294,900)        (84,295)
      Contributions to capital, 1996                                                    566,750
      Net proceeds from 1997 IPO                                      5,908,430
                                                                    -----------     -----------

NET CASH PROVIDED BY FINANCING ACTIVITIES                           $ 5,613,530     $   582,455
                                                                    -----------     -----------

NET INCREASE IN CASH                                                  2,137,859         109,498

CASH, BEGINNING OF PERIOD                                                58,117          15,350
                                                                    -----------     -----------

CASH, END OF PERIOD                                                 $ 2,195,976     $   124,848
                                                                    ===========     ===========


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid For:
    Interest                                                        $   148,762     $    33,093
Supplemental disclosure of non-cash investing and
     financing activity:
     Discount of subordinated short term loan                       $   146,000
     Conversion of debt for equity                                  $ 1,000,000
</TABLE>

                 See accompanying Notes to Financial Statements


                                                                               5
<PAGE>   6
                         MARINE MANAGEMENT SYSTEMS, INC.

                          NOTES TO FINANCIAL STATEMENTS

                                    UNAUDITED


NOTE 1. NATURE OF BUSINESS

      Marine Management Systems, Inc. (the "Company") provides a variety of
products and services related to ship operations and maintenance management. The
Company develops and sells computer software programs, information systems and
computer equipment, as well as provides support and engineering services related
to these products throughout the world.

NOTE 2. BASIS OF PRESENTATION

(a) The accompanying unaudited financial statements, which are for interim
periods, except the December 31, 1996 balance sheet, do not include all
information contained in the Company's audited financial statements and the
footnotes thereto for the year ended December 31, 1996 (the "Financial
Statements"). The December 31, 1996 balance sheet was derived from the audited
Financial Statements. Certain information and footnote disclosures included in
the Financial Statements, which are prepared in accordance with generally
accepted accounting principles, have been condensed or omitted. The accompanying
unaudited financial statements were prepared on a basis consistent with the
Financial Statements.

(b) In the opinion of the Company, the accompanying unaudited financial
statements contain all adjustments (which are of a normal recurring nature)
necessary for a fair presentation of the financial statements. The results of
operations for the three months and six months ending June 30, 1997 are not
necessarily indicative of the results to be expected for the full year.

( c ) Computer Software Costs and Amortization

      The Company capitalizes the direct costs and allocated overhead associated
with the development and testing of software programs after technological
feasibility has been established. The annual amortization of the capitalized
costs is the greater of the amount computed using the rates that current gross
revenues for a product or products bear to the total of current and anticipated
future gross revenues for that product or products, or the straight-line method
over the remaining estimated economic life of the product including the period
being presented. The establishment of technological feasibility and the on going
assessment of recoverability of capitalized computer software costs require
considerable judgment by management with respect to certain external factors,
including, but not limited to, anticipated future revenues, estimated economic
life and changes in


                                                                               6
<PAGE>   7
software and hardware technologies. Research and Development expenditures are
expensed in the period incurred.

(d)   Loss Per Share:

      Loss per share of Common Stock is calculated by dividing net loss by the
weighted average number of shares of Common Stock and common stock equivalents,
if dilutive, outstanding during each of the periods presented after giving
retroactive effect to a 1 for 2.7 reverse stock split effected on August 21,
1996. In addition, Common Stock and common stock equivalents issued by the
Company at a price less than the initial public offering price of the common
stock during the twelve months immediately preceding the initial public offering
are treated as outstanding for all periods presented, using the treasury stock
method.


(e)   Revenue and Cost Recognition

      Software revenues are revenues which are derived from the sale of
software, extended warranty and support services to the marine industry
customers. Revenues are recognized in the period when the products are delivered
or the services are rendered. Revenues from the sales of extended warranty
contracts are deferred and recognized on a straight-line basis over the term of
the contract.

      Hardware revenues are revenues which are derived from the sale of hardware
to non-marine and marine industry customers.

      Revenues for contracts with a term in excess of one year are recognized
using the percentage of completion method, measured by percentage of costs
incurred to date to estimated total costs for each contract. Contract costs
include all direct costs and those indirect costs related to contract
performance. Provisions for estimated losses on uncompleted contracts are made
in the period in which such losses are determined. Changes in job performance,
job conditions and estimated profitability may result in revisions to costs and
income and are recognized in the period in which revisions are determined.
Billings in excess of costs and estimated earnings on uncompleted contracts
represent billings in excess of revenues recognized on contracts in progress.
Revenues for contracts with a term of less than one year are recognized when
either the services are performed or when the products are delivered.



(f)   Deferred Registration Costs

      Costs incurred in connection with the Company's Initial Public Offering
were deferred and offset against the proceeds of the Initial Public Offering
effective May 1, 1997.


                                                                               7
<PAGE>   8
NOTE 3.  INITIAL PUBLIC OFFERING

(a) The Company completed an initial public offering (the "Initial Public
Offering") underwritten by Whale Securities Co., L. P. on May 1, 1997 of
1,440,000 of Common Stock of the Company at a price of $5.00 per share and
1,656,000 warrants at a price of $.10 per warrant. Each warrant will be
exercisable effective May 1, 1998, to purchase one share of Common Stock at
$5.50 per share. For further information with respect to the Company and such
securities, reference is made to the Company's Registration Statement on form
SB-2 (File No. 333-21043) and the exhibits and schedules filed as part thereof.


(b) Immediately prior to effectiveness of the Company's Initial Public Offering,
certain officers of the Company satisfied their respective outstanding debt to
the Company in the aggregate amount of $388,837 by selling to the Company 77,767
shares of the Company's Common Stock. As of December 31, 1996, such balances
have been included as a reduction of stockholders' equity.

NOTE 4:  SALE OF INVESTMENT UNITS

       In January 1997, the Company completed the sale of seven investment units
(the "Bridge Units") to six private investors at a price of $50,000 per Bridge
Unit for total gross proceeds of $350,000 (the "Bridge Financing"). Each Bridge
Unit consisted of a 9% promissory note of the Company in the principal amount of
$50,000, maturing upon the consummation, and payable out of the proceeds, of the
Initial Public Offering (each a "Bridge Note") and the 10,000 shares of Common
Stock (the "Bridge Shares"). In May 1997, an aggregate of 20,000 Bridge Shares
were returned to the Company by two investors in the Bridge Financing for no
consideration.

      In connection with the sale of the Bridge Units, the Company recognized a
loan discount in the amount of $146,000 and debt issuance costs of $32,000. The
Company recognized a charge to operations in the second quarter in the amount of
$178,000 for satisfaction of the debt from the proceeds of the Initial Public
Offering.

NOTE 5:  CII TRANSACTIONS:

      Immediately prior to the consummation of the Initial Public Offering, all
7,500 shares of the redeemable preferred stock, par value $100 per share, which
shares were held by Connecticut Innovations, Incorporated ("CII") an agency of
the State of Connecticut and a principal stockholder of the Company, converted
into an aggregate 277,777 shares of Common Stock. In addition, the remaining
$235,924 principal amount plus accrued interest outstanding under the Company's
March 1995 promissory note to CII was paid out of the proceeds of the Initial
Public Offering. Simultaneous with the consummation of this offering, the
Company used $94,185 of the proceeds from the Initial Public Offering to buy
back from CII warrants which were exercisable to purchase


                                                                               8
<PAGE>   9
129,944 shares of Common Stock at an exercise price of $2.31 per share. This
transaction was consummated and the amount was charged to operations (interest)
during the second quarter of 1997.


                                                                               9
<PAGE>   10
Item 2: Management's Discussion And Analysis Or Plan Of Operation

      This report contains forward-looking statements made on a good faith
basis. Such forward-looking statements, including those concerning the Company's
expectations for demand and sales of new and existing products, industry and
market segment growth and market and technology opportunities, all involve risks
and uncertainties. Actual results may differ materially from such
forward-looking statements for reasons including, but not limited to, changes in
the marine transportation industry, delays or problems in the development and
commercialization of the Company's products, customer interest in and acceptance
of the Company's current and new products and services, the impact of
competitive products and services and technological changes affecting the
Company's products and products under development.

Overview

      The Company continues to expend substantial resources in connection with
the research and development of new and enhanced products. Beta testing of the
initial modules of the Windows-based version of the Fleet Manager Series was
completed and the initial modules were made commercially available in July. The
Company expects the balance of Fleet Manager Modules to be commercially
available by the end of 1997. While the Company expects significant growth in
revenues from the introduction of these products, there can be no assurance that
any introduction of Windows-based products by the Company's competitors prior to
the Company's completion of its new product version will not exert downward
price pressure on the Company's existing Fleet Manager Series products or will
not render them obsolete and unmarketable. Moreover, there can be no assurance
that the Company will be able to successfully develop its proposed Windows-based
products within the anticipated time frame, or at all, or that if introduced,
its new Windows-based versions will achieve market acceptance.

      Starting in mid-1995, the Company began the development of the Integrated
Shipboard Information Technology (ISIT) platform for the maritime industry. This
platform is designed to permit the integration of a myriad of ship equipment and
informational systems under a common protocol, including proposed ISIT-compliant
versions of the Company's Fleet Manager Series products currently under
development, and to provide a standard interface to shore-based systems. When
completed, the ISIT platform is intended to provide users with a common
communication path for all of their ISIT-compliant software applications,
enabling them to use most satellite services and a variety of telephone networks
and services, including the internet. ISIT is also intended to provide a means
for collecting and storing a ship's operating data (for instance the data found
in the various control systems on the ship's bridge and engine room which
operate with their own proprietary protocols) in a common database and format.


                                                                              10
<PAGE>   11
      The Company completed the initial development and began testing of the
ISIT platform in the second quarter of 1997. It expects to commence initial
marketing of the ISIT platform and ISIT-compliant versions of its Windows-based
Fleet Manager Series products by the fourth quarter of 1997. While the Company
believes the ISIT platform and ISIT compliant versions of its Fleet Manager
Series will result in significant growth in revenues, there can be no assurance
that the development of the ISIT platform or of ISIT-compliant versions of the
Fleet Manager Series or other products will be completed and ready for market by
the fourth quarter of 1997, or that any product resulting from such development
will adequately meet the requirements of the marketplace or achieve market
acceptance. The success of the Company in developing, introducing, selling or
supporting the ISIT platform, ISIT-compliant versions of the Fleet Manager
Series or additional ISIT platform-related products will depend on a variety of
factors in addition to the timely and successful completion of product design
and development, including: timely and efficient implementation of the
manufacturing process; effective sales, marketing and customer services; and the
absence of performance problems or other difficulties that may require design
modifications and related expenses and hinder market acceptance. If the market
for the ISIT platform fails to develop, develops more slowly than anticipated or
if ISIT-compliant products do not achieve market acceptance, the Company's
business, results of operations and financial condition will be materially
adversely affected.

      In keeping with the Company's strategy to aggressively market its existing
and future products, during 1996 and the first half of 1997, the Company
significantly increased the number of sales and marketing personnel and also
substantially increased the number of production and development personnel. It
is anticipated that the investment in development and research resources and
expansion of sales and marketing efforts will result in improvement in the
Company's performance during the current year. However, management cautions that
the Company's future level of sales and potential profitability will depend on
many factors including: an increased demand for the Company's existing products;
the ability of the Company to develop and sell new products and product versions
to meet customers' needs; the ability of management to control costs and
successfully implement the Company's strategy; and the ability of the Company to
develop and deliver products in a timely manner.

Results Of Operations

Three Months Ending June 30, 1997 Compared to Three Months Ending June 30, 1996.

      Revenues. Revenues for the second quarter 1997 of $1,110,777 were $609,442
below the same period in 1996 representing a 35.4% decline The slippage in
revenue for the second quarter 1997 versus the second quarter 1996 was due
entirely to a decline in hardware and contract business.

      Hardware revenues of $279,994 for the second quarter 1997 were down 66.4%
from $832,521 in the second quarter 1996 primarily reflecting non-replacement of
a


                                                                              11
<PAGE>   12
major hardware sale to a non-marine customer during the second quarter of 1996.
Contract revenues of $100,726 for the second quarter 1997 were down 77.4% from
$445,926 for the comparable period in 1996 reflecting the winding down of the
U.S. Government partial funding of the ISIT project, as the ISIT platform nears
completion. The Company's software revenues of $730,057 for the second quarter
1997, however, were up 65.3% from the comparable 1996 quarter, as sales for
upgrades and new segments of the Fleet Manager (for the DOS operating system)
package became available.

      Gross profit and margins. The Company generated gross profits in the
second quarter of 1997 of $468,009, a 20.6% increase from last year's second
quarter gross profit of $387,964. Gross margins increased in the second quarter
1997 to 42.1% from 22.6% reflecting the significant change in product mix to the
higher margin software products, and away from less profitable hardware sales
and government contract revenues.

      Operating expenses. Operating expenses for the second quarter of 1997
increased 114.2% to $1,083,087 from $505,749 in the same period in 1996,
reflecting primarily the increase in Selling and Administration expenses of
$603,611 from 1996 to 1997. This was primarily due to an increase in sales,
marketing and client services personnel between the comparable periods as the
Company anticipated the launch of new software products and services.

      Other income (expense). Interest expense for the second quarter of 1997
reflect the cost of interest and a number of one time finance charges, reduced
by interest income, as follows:

<TABLE>
<CAPTION>
                                                         1997         1996
      <S>                                             <C>           <C>    
      Interest expense on borrowings and leases:      $ 58,135      $65,047
      Imputed interest on bridge loan:                 146,000
      Debt issuance cost on bridge loan                 32,000
      Retirement of CII warrants (see notes)            94,158
      Interest income                                  (23,881)          ..
                                                      --------      -------
            Net other financial expenses:             $306,412      $65,047
</TABLE>

      Net Loss.  As a result of the foregoing, the Company's second quarter
net loss increased from $182,832 in 1996 to $921,490 in 1997.


                                                                              12
<PAGE>   13
Six Months Ending June 30, 1997 Compared to Six Months Ending June 30, 1996.

      Revenues. The Company's revenues for the first half of 1997 were
$1,861,791 versus $2,748,140 for the comparable period 1996, representing a
32.3% decline in revenue. The Company's software revenues for the first half
1997 of $1,252,600 were up nearly 20% over the comparable period in 1996, while
revenues from hardware of $429,733 were down nearly 60% from $1,068,250, and
contract revenues of $179,458 were down over 71% from the previous years levels
of $633,021.

      Software sales and services saw significant increases due primarily to
Fleet Manager software sales and services, as continued effort to focus on these
core businesses have shown some results. Hardware sales were down primarily
reflecting non-replacement of a major hardware sale to a non-marine customer
during the second quarter of 1996. Contract revenues fell reflecting the winding
down of the U.S. Government partial funding of the ISIT project, as the ISIT
platform nears completion


      Gross profit and margins. Gross profit of $767,695 for the first half of
1997 decreased 2.9% from the first half 1996 gross profit level of $790,531,
reflecting the lower level of sales. Gross margins improved to 41.2% from the
first half 1996 gross margin levels of 28.8%, reflecting an improved sales mix
of higher margin software sales versus the prior year coupled with reduced sales
of lower margin hardware and contract revenues.

      Operating expenses. Operating expenses for the first half of 1997
increased 67.9% to $1,847,325 from the prior year's first half operating
expenses of $1,100,416 reflecting primarily the increase in Selling and
Administration expenses of $737,902 from 1996 to 1997. This was primarily due to
an increase in sales and marketing personnel between the comparable periods as
the Company anticipated the launch of new software products.

      Other income (expense). Interest expenses increased 230.5% to $369,714 in
the first half of 1997 from $111,870 in the same period of 1996. This increase
was primarily due to the recognition of two one-time charges totaling $272,158
charged to operations related to the satisfaction of debt out of the proceeds
from the Initial Public Offering (see above analysis).

      Net loss. Reduced sales and increased operating and interest expenses
generated the Company's net loss of $1,449,344 for the first half 1997 as
described above.


Liquidity And Capital Resources


                                                                              13
<PAGE>   14
      Cash levels at June 30, 1997 of $2,195,976 was significantly higher than
the previous year levels of $124,848, primarily due to the successful Initial
Public Offering completed on May 1, 1997. The Company used the funds raised by
the Initial Public Offering ($5,908,430 net) to pay down the Company's debt and
accounts payable, pay current expenses, and to invest in continued software
development of its' Fleet Manager Windows software and ISIT platform technology.
The Company's cash requirements to cover developmental and organizational costs
required to establish new products has grown, but will reduce as these products
near completion. Key modules of the Fleet Manager for Windows were released in
early July, with the remaining modules scheduled for shipment throughout the
year.

      The Company anticipates, based on its current level of revenues, that its
current cash balances may not be sufficient to fund the Company's operations and
capital requirements through the fourth quarter of 1997. However, the Company
expects with the recent release of its' Fleet Manager for Windows software in
early July, that revenues should increase from current levels. Further,
management is taking actions to reduce the Company's cash burn rate, including
selected staff reductions and cost deferments. The possibility exists, however,
that if management's revenue or cost projections are incorrect, that the Company
will be required to seek additional financing by the end of the year.

      The Company has no current arrangements with respect to, or potential
sources of, any additional financing. Consequently, there can be no assurance
that any additional financing, if needed, will be available to the Company, on
commercially reasonable terms, or at all. The failure to obtain any needed
additional financing would have a material adverse effect on the Company,
including causing a substantial reduction in the Company's operations.


                                                                              14
<PAGE>   15
PART II

Other Information

Item 6.  Exhibits and Reports on Form 8-K

(a)   Exhibits. The following exhibits are filed herewith:

            11.   Statement re: Computation of Per Share Earnings

            27.   Financial Data Schedule

(b)   Reports on Form 8-K. No reports on Form 8-K were filed in the quarter
      ended June 30, 1997.


                                                                              15
<PAGE>   16
                         MARINE MANAGEMENT SYSTEMS, INC


                                   SIGNATURES


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


                         MARINE MANAGEMENT SYSTEMS, INC
                                  (Registrant)

Dated:  August 14, 1997       By: /s/Robert D. Ohmes
                                  ------------------
                              Robert D. Ohmes
                              Executive Vice President and
                              Chief Financial Officer


Dated: August 14, 1997        By:  /s/Eugene D. Story
                                   ------------------
                              Eugene D. Story
                              President and Chief Executive Officer


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