<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    Form 10-Q


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


                For the quarterly period ended December 31, 2002
                                               -----------------


                         Commission file number 0-21018


                            TUFCO TECHNOLOGIES, INC.

             Delaware                                           39-1723477
---------------------------------                          ---------------------
  (State of other jurisdiction                             (IRS Employer ID No.)
of incorporation of organization)

                     PO Box 23500, Green Bay, WI 54305-3500
                    (Address of principal executive offices)

                                 (920) 336-0054

         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 [ ]

         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 126-2 of the Exchange Act).

         Yes [ ]          No [X]

         Indicate the number of shares outstanding of each or the issuer's
classes of common stock, as of the latest practicable date.

<Table>
<Caption>
                  Class                                           Outstanding at February 13, 2003
                  -----                                           --------------------------------
<S>                                                               <C>
Common Stock, par value $0.01 per share                                    4,627,844
</Table>



                                       1
<PAGE>

                    TUFCO TECHNOLOGIES, INC. AND SUBSIDIARIES
                                      INDEX

<Table>
<Caption>
                                                                                         Page
                                                                                         Number
                                                                                         ------
<S>                                                                                      <C>
PART I:  FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

                  Condensed Consolidated Balance Sheets as of
                  December 31, 2002 and September 30, 2002                                   3

                  Condensed Consolidated Statements of Operations for the three
                  months ended December 31, 2002 and 2001                                    4

                  Condensed Consolidated Statements of Cash Flows for the
                  nine months ended December 31, 2002 and 2001                               5

                  Notes to Condensed Consolidated Financial Statements                       6

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations                                                10

Item 3.  Quantitative and Qualitative Disclosures About Market Risk                         16

Item 4.  Controls and Procedures                                                            16

PART II: OTHER INFORMATION                                                                  17

SIGNATURES                                                                                  18
</Table>



                                       2
<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                    TUFCO TECHNOLOGIES, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

<Table>
<Caption>
                                                                    December 31,    September 30,
                                                                        2002             2002
                                                                    ------------    --------------
<S>                                                                 <C>             <C>
                              Assets

CURRENT ASSETS:
   Cash and cash equivalents ....................................   $    262,197    $      251,346
   Restricted cash ..............................................        100,000           100,000
   Accounts receivable, net .....................................     10,344,148        11,121,227
   Inventories ..................................................      6,234,961         6,585,100
   Prepaid expenses and other current assets ....................      2,017,401           743,281
   Income tax receivable ........................................         12,075           133,242
   Deferred income taxes ........................................        832,927           832,927
                                                                    ------------    --------------

        Total current assets ....................................     19,803,709        19,767,123


PROPERTY, PLANT AND EQUIPMENT-Net ...............................     17,900,631        16,304,848
GOODWILL -Net ...................................................     10,345,213        10,345,213
OTHER ASSETS- Net ...............................................        706,165           749,959
                                                                    ------------    --------------

TOTAL ...........................................................   $ 48,755,718    $   47,167,143
                                                                    ============    ==============


               Liabilities and Stockholders' Equity

CURRENT LIABILITIES:
   Current portion of long-term debt ............................   $  1,022,726    $      922,726
   Accounts payable .............................................      4,671,431         5,279,556
   Accrued payroll, vacation, and payroll taxes .................        714,513           935,973
   Other current liabilities ....................................      1,020,787         1,326,075
                                                                    ------------    --------------

        Total current liabilities ...............................      7,429,457         8,464,330

LONG-TERM DEBT- Less current portion ............................      7,670,379         5,233,882
DEFERRED INCOME TAXES ...........................................        668,163           660,640

STOCKHOLDERS' EQUITY:
   Common Stock; $.01 par value; 9,000,000 shares authorized;
       4,706,341 shares issued ..................................         47,063            47,063
   Additional paid-in capital ...................................     25,088,631        25,088,631
   Retained earnings ............................................      8,571,266         8,404,112
   Treasury stock, 78,497 common shares, at cost ................       (534,045)         (534,045)
   Stockholder notes receivable .................................       (157,246)         (157,246)
   Accumulated other comprehensive loss, net of tax .............        (27,950)          (40,224)
                                                                    ------------    --------------

        Total stockholders' equity ..............................     32,987,719        32,808,291
                                                                    ------------    --------------
   TOTAL ........................................................   $ 48,755,718    $   47,167,143
                                                                    ============    ==============
</Table>

            See notes to condensed consolidated financial statements.



                                       3
<PAGE>

                    TUFCO TECHNOLOGIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



<Table>
<Caption>
                                                          THREE MONTHS ENDED
                                                             December 31,
                                                     ----------------------------
                                                         2002            2001
                                                     ------------    ------------
<S>                                                  <C>             <C>
NET SALES ........................................   $ 18,419,126    $ 17,263,662

COST OF SALES ....................................     16,188,996      15,904,952
                                                     ------------    ------------

GROSS PROFIT .....................................      2,230,130       1,358,710

OPERATING EXPENSES:

Selling, general and administrative ..............      1,769,783       1,824,800

Employee severance cost ..........................         46,284           7,594

Loss (gain) on asset sales .......................         31,631            (179)
                                                     ------------    ------------
OPERATING INCOME (loss) ..........................        382,432        (473,505)

OTHER INCOME (EXPENSE):

   Interest expense ..............................        (98,133)       (144,884)

   Interest and other income .....................          4,555          20,124
                                                     ------------    ------------

INCOME (LOSS) BEFORE INCOME TAXES ................        288,854        (598,265)

INCOME TAX EXPENSE (BENEFIT) .....................        121,700        (190,907)
                                                     ------------    ------------

INCOME (LOSS) BEFORE ACCOUNTING CHANGE ...........        167,154        (407,358)

CUMULATIVE EFFECT OF ACCOUNTING CHANGE ...........             --      (4,651,591)
                                                     ------------    ------------

NET INCOME (LOSS) ................................   $    167,154    $ (5,058,949)
                                                     ============    ============

EARNINGS (LOSS) PER SHARE:
    Basic:
    Income (loss) before accounting change .......   $       0.04    $      (0.09)
    Cumulative effective of accounting change ....             --           (1.01)
                                                     ------------    ------------
    Net income (loss) ............................   $       0.04    $      (1.10)

    Diluted:
    Income (loss) before accounting change .......   $       0.04    $      (0.09)
    Cumulative effective of accounting change ....             --           (1.01)
                                                     ------------    ------------
    Net income (loss) ............................   $       0.04    $      (1.10)

 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
    Basic ........................................      4,627,844       4,627,844
    Diluted ......................................      4,627,844       4,627,844
</Table>


            See notes to condensed consolidated financial statements.



                                       4
<PAGE>

                    TUFCO TECHNOLOGIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<Table>
<Caption>
                                                                         THREE MONTHS ENDED
                                                                            December 31,
                                                                    ----------------------------
                                                                        2002            2001
                                                                    ------------    ------------
<S>                                                                 <C>             <C>
OPERATING ACTIVITIES
   Net Income (loss) ............................................   $    167,154    $ (5,058,949)
   Noncash items in net income (loss):

      Depreciation and amortization .............................        708,308         779,221
      Provision for bad debts ...................................           (200)         50,000
      Loss (gain)on asset disposals-net .........................         31,631            (179)
      Cumulative effect of accounting change ....................             --       4,651,591
   Changes in operating working capital:
      Accounts receivable .......................................        777,279       1,202,681
      Inventories ...............................................        350,139          27,317
      Prepaid expenses and other assets .........................       (319,562)        108,811
      Accounts payable ..........................................       (608,125)      1,019,297
      Accrued and other current liabilities .....................       (526,747)       (800,643)
      Income taxes payable/receivable ...........................        121,167        (419,222)
                                                                    ------------    ------------

   Net cash from operations .....................................        701,044       1,559,925

INVESTING ACTIVITIES
   Additions to property, plant and equipment ...................     (2,367,347)       (128,469)
   Proceeds from disposals of property, plant and equipment .....         31,625             716
   Deposit made on purchases of equipment .......................       (901,000)             --
   Increase in advances to stockholders .........................         (9,764)        (12,045)
   Decrease in restricted cash ..................................             --          20,060
                                                                    ------------    ------------

   Net cash used in investing activities ........................     (3,246,486)       (119,738)

FINANCING ACTIVITIES
   Repayment of long-term debt ..................................       (193,182)       (880,357)
   Issuance of long-term debt ...................................      2,749,475              --
                                                                    ------------    ------------

   Net cash from (used in) financing activities .................      2,556,293        (880,357)
                                                                    ------------    ------------

NET INCREASE IN CASH AND CASH EQUIVALENTS .......................         10,851         559,830
CASH AND CASH EQUIVALENTS:
 Beginning of period ............................................        251,346         521,453
                                                                    ------------    ------------
 End of period ..................................................   $    262,197    $  1,081,283
                                                                    ============    ============
</Table>



            See notes to condensed consolidated financial statements.



                                       5
<PAGE>

                    TUFCO TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE THREE MONTHS ENDED DECEMBER 31, 2002 AND 2001
                                   (UNAUDITED)

1.       BASIS OF PRESENTATION

         The accompanying condensed consolidated financial statements have been
         prepared by Tufco Technologies, Inc., (the "Company") pursuant to the
         rules and regulations of the Securities and Exchange Commission ("SEC")
         and, in the opinion of the Company, include all adjustments necessary
         for a fair statement of results for each period shown (unless otherwise
         noted herein, all adjustments are of a normal recurring nature).
         Operating results for the three-month period ended December 31, 2002
         are not necessarily indicative of results expected for the remainder of
         the year. Certain information and note disclosures normally included in
         financial statements prepared in accordance with accounting principles
         generally accepted in the United States of America have been condensed
         or omitted pursuant to such SEC rules and regulations. The Company
         believes that the disclosures made are adequate to prevent the
         financial information given from being misleading. The Company's
         condensed consolidated balance sheet at September 30, 2002, was derived
         from the audited consolidated balance sheet. These condensed
         consolidated financial statements should be read in conjunction with
         the audited consolidated financial statements and notes thereto
         included in the Company's latest Annual Report on Form 10-K.

         RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT

         In October 2001, the Financial Accounting Standards Board (FASB) issued
         Statement of Financial Accounting Standards ("SFAS") No. 144,
         "Accounting for the Impairment or Disposal of Long-Lived Assets". SFAS
         No. 144 addresses financial accounting and reporting for the impairment
         or disposal of long-lived assets. SFAS No. 144 supersedes SFAS No. 121,
         "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
         Assets to Be Disposed Of", and the accounting and reporting provisions
         of Accounting Principles Board Opinion No. 30, "Reporting the Results
         of Operations - Reporting the Effects of Disposal of a Segment of a
         Business, and Extraordinary, Unusual and Infrequently Occurring Events
         and Transactions". SFAS No. 144 also amends Accounting Research
         Bulletin No. 51, "Consolidated Financial Statements", to eliminate the
         exception to consolidation for a subsidiary for which control is likely
         to be temporary. SFAS No. 144 requires that one accounting model be
         used for long-lived assets to be disposed of by sale, whether
         previously held and used or newly acquired. SFAS No. 144 also broadens
         the presentation of discontinued operations to include more disposal
         transactions. The Company adopted SFAS No. 144, effective October 1,
         2002. Adoption of SFAS No. 144 did not have a material impact on the
         Company's financial position or results of operations.

         SFAS No. 146, "Accounting for Costs Associated with Exit of Disposal
         Activities", which was issued by the FASB in July 2002, requiring
         companies to recognize costs associated with exit or disposal
         activities when they are incurred rather than at the date of a
         commitment to an exit or disposal plan. SFAS No. 146 supercedes EITF
         Issue No. 94-3, "Liability Recognition for Certain Employee Termination
         Benefits and Other Costs to Exit an Activity (including Certain Cost
         Incurred in a Restructuring)". SFAS No. 146 is to be applied
         prospectively to exit or disposal activities initiated after December
         31, 2002. Management does not believe that adoption of SFAS No. 146
         will have a material impact on the Company's financial position or
         results of operations.


         On December 31, 2002, the FASB issued SFAS No. 148, "Accounting for
         Stock-Based Compensation-Transition and Disclosure". SFAS No. 148
         amends SFAS No. 123, "Accounting for Stock-Based Compensation" and
         provides alternative methods of



                                       6
<PAGE>

         NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED).

         transition for a voluntary change to the fair value based method of
         accounting for stock-based employee compensation. In addition, SFAS No.
         148 amends the disclosure requirements of SFAS No. 123 to require more
         prominent and more frequent disclosures in financial statements of the
         effects of stock-based compensation. The interim disclosure
         requirements of SFAS No. 148 are effective for periods beginning after
         December 15, 2002. The Company's stock-based compensation related to
         employees and non-employee directors is recognized using the intrinsic
         value method in accordance with Accounting Principles Board Opinion No.
         25, "Accounting for Stock Issued to Employees," and thus there is no
         compensation expense for options granted with exercised prices equal to
         the fair value of the Company's common stock on the date of the grant.

         In November 2002, FASB issued Interpretation ("FIN") No. 45,
         "Guarantor's Accounting and Disclosure Requirements for Guarantees,
         Including Guarantees of Indebtedness of Others". FIN No. 45 requires
         that a guarantor must recognize, at the inception of a guarantee, a
         liability for the fair value of the obligation that is has undertaken
         in issuing a guarantee. FIN No. 45 also addresses the disclosure
         requirements that a guarantor must include in its financial statements
         for guarantees issued. The disclosure requirements in this
         interpretation are effective for financial statements ending after
         December 15, 2002. The initial recognition and measurement provisions
         of this interpretation are applicable on a prospective basis to
         guarantees issued or modified after December 31, 2002. The Company has
         no guarantees as defined in FIN No. 45.

         RECLASSIFICATIONS

         Certain amounts previously reported have been reclassified to conform
         to the current presentation.

         EARNINGS PER SHARE

         At December 31, 2002 and 2001, options representing 501,400 and 518,900
         shares of common stock, respectively, were outstanding. For the
         three-month period ended December 31, 2002 and 2001, options
         representing 501,400 shares and 508,213 shares of stock, respectively,
         were excluded from the diluted earnings per share calculations because
         the exercise price exceeded the average market price of the Company's
         stock for these periods.

2.       GOODWILL

         The Company adopted SFAS No. 142, "Goodwill and Other Intangible
         Assets" effective October 1, 2001. Under SFAS No. 142, goodwill and
         certain other intangible assets are no longer systematically amortized
         but instead are reviewed for impairment and any excess in carrying
         value over the estimated fair value is charged to results of
         operations. The previous method for determining impairment prescribed
         by SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets
         and for Long-Lived Assets to be Disposed Of", utilized an undiscounted
         cash flow approach for the initial impairment assessment, while SFAS
         No. 142 utilizes a fair value approach. The goodwill impairment charge
         discussed below is the result of the change in the accounting method
         for determining the impairment of goodwill.

         In connection with the adoption of SFAS No. 142, the Company allocated
         goodwill to each of its reporting units and tested this goodwill for
         impairment as of the beginning of fiscal 2002. The Company completed
         the transitional goodwill impairment test during the second quarter of
         fiscal 2002. As a result, an impairment charge of $ 6.4 million ($4.7
         million after tax, or $1.01 per diluted share) was recorded related to
         goodwill at certain Business Imaging and Paint Sundries reporting
         units. The fair value of the reporting units was estimated using a
         combination of valuation techniques including the expected present
         value of future cash flows and prices of comparable businesses.



                                       7
<PAGE>

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-- (CONTINUED).


         The charges have been recorded as the cumulative effect of accounting
         change in the amount of $6.4 million ($4.7 million after tax, or $1.01
         per share) as of October 1, 2001 in the accompanying condensed
         consolidated statements of operations.

         Beginning fiscal 2003, goodwill will be tested for impairment on an
         annual basis.


3.       INVENTORIES

         Inventories consist of the following:

<Table>
<Caption>
                            December 31,   September 30,
                                2002            2002
                            ------------   --------------
<S>                         <C>            <C>
Raw materials ...........   $  4,429,146   $    4,838,569
Finished goods ..........      1,805,815        1,746,531
                            ------------   --------------

Total inventories .......   $  6,234,961   $    6,585,100
                            ============   ==============
</Table>


4.       SEVERANCE COSTS

         For the three months ended December 31, 2002 severance cost was $46,284
         compared to $7,594 for the same period last year. These costs are
         related to the elimination of several salary positions.


5.       COMPREHENSIVE INCOME (LOSS)

         Comprehensive income for the three months ended December 31, 2002 was
         $179,428 compared to comprehensive loss, including the SFAS No. 142
         impairment loss of $4.7 million, net of tax, $ (5,054,126) for the
         three months ended December 31, 2001.



                                       8
<PAGE>

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-- (CONTINUED).

6.       SEGMENT INFORMATION

         The Company manufactures and distributes paint sundry products, custom
         paper-based non-woven products, and provides contract manufacturing,
         specialty printing and related services on these types of products. The
         Company does, however, separate its operations and prepare information
         for management use by the market sectors aligned with the Company's
         products and services. Such market sector information is summarized
         below. The Contract Manufacturing sector provides services to large
         national consumer products companies while the remaining sectors
         manufacture and distribute products ranging from paper goods to paint
         sundries. Accounts receivable and certain other assets historically
         have not been assignable to specific sectors and, therefore, are
         included in the intersector column below.


<Table>
<Caption>
THREE MONTHS ENDED          CONTRACT        BUSINESS        PAINT
DECEMBER 30, 2002         MANUFACTURING      IMAGING       SUNDRIES     INTERSECTOR     CONSOLIDATED
<S>                       <C>             <C>            <C>            <C>             <C>
Net Sales                 $   6,666,759   $  5,863,278   $  5,889,089   $         --    $ 18,419,126

Gross Profit                    797,781        692,225        740,124             --       2,230,130

Operating Income (loss)         420,926        323,037        210,374       (571,905)        382,432

Assets:
    Inventories               1,141,581      2,097,030      2,996,350             --       6,234,961
    Property, plant and
      equipment-net           9,769,776      3,588,231      2,970,895      1,571,729      17,900,631
   Goodwill-net               4,281,759      2,929,816      3,133,638             --      10,345,213
   Accounts receivable
      and other assets                                                    14,274,913      14,274,913
                          -------------   ------------   ------------   ------------    ------------

  Total assets            $  15,193,116   $  8,615,077   $  9,100,883   $ 15,846,642    $ 48,755,718
                          =============   ============   ============   ============    ============
</Table>

<Table>
<Caption>
THREE MONTHS ENDED          CONTRACT        BUSINESS         PAINT
DECEMBER 31, 2001         MANUFACTURING     IMAGING         SUNDRIES     INTERSECTOR     CONSOLIDATED
<S>                       <C>             <C>             <C>            <C>             <C>
Net Sales                 $   6,936,752   $  5,121,155    $  5,205,755   $         --    $ 17,263,662

Gross Profit                    395,826        276,626         686,258             --       1,358,710

Operating Income (loss)          48,987        (75,277)        114,821       (562,036)       (473,505)

Assets:
    Inventories               1,368,232      2,862,128       4,805,749             --       9,036,109
    Property, plant and
      equipment-net           8,965,191      5,440,115       1,773,531      2,373,773      18,552,610
   Goodwill-net               4,281,759      2,929,816       3,133,638             --      10,345,213
   Accounts receivable
      and other                                                            14,873,553      14,873,553
                          -------------   ------------    ------------   ------------    ------------

  Total assets            $  14,615,182   $ 11,232,059    $  9,712,918   $ 17,247,326    $ 52,807,485
                          =============   ============    ============   ============    ============
</Table>



                                       9
<PAGE>

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

GENERAL INFORMATION:

         Tufco Technologies, Inc. has manufacturing operations in Green Bay, WI,
         Newton, NC and Manning, SC as well as a sales office in St. Louis, MO.
         Information technology and accounting support personnel are located in
         Dallas, TX.

         The Company, through its wholly owned subsidiaries, provides
         diversified Contract Manufacturing and specialty printing services,
         manufactures and distributes Business Imaging paper products and
         distributes Paint Sundry products used in home improvement projects.

         The Company normally operates at lower operating levels during the
         first and second quarters of its fiscal year which ends September 30.
         This occurs because of the seasonal demand for certain Contract
         Manufacturing printed products displaying a holiday theme as well as
         products which are used by customers in conjunction with calendar year
         end activities. These products are normally shipped during the
         Company's fourth fiscal quarter. Demand for its Paint Sundry products
         is generally lower during the first and second fiscal quarters as cold
         weather restricts the amount of new construction and remodeling
         projects that require the Company's products. Point-of-sale Business
         Imaging products peak during second and fourth quarters due to seasonal
         demand for products related to end-of-year holiday activities and due
         to summer vacation activities.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES:

         The condensed consolidated financial statements have been prepared in
         accordance with accounting principles generally accepted in the United
         States of America which require the Company to make estimates and
         assumptions that affect the reported amounts of assets and liabilities
         at the date of the consolidated financial statements and revenues and
         expenses during the periods reported. Actual results could differ from
         those estimates. The Company believes the following are the critical
         accounting policies which have the most significant effect on the
         Company's reported results and require the most difficult, subjective
         or complex judgments by management. Unless otherwise noted, the Company
         has not made any changes in estimates or assumptions that had a
         significant effect on the reported amounts.

         REVENUE RECOGNITION

         The Company recognizes revenue in accordance with revenue terms.
         Typically revenues are recognized as sales when goods are shipped and
         title transfers to the customer.

         TRADE AND NOTES RECEIVABLE

         Management estimates allowances for collectibility related to its trade
         accounts and note receivables. These allowances are based on the
         customer relationships, the aging and turns of accounts receivable,
         credit worthiness of customers, economic conditions, credit
         concentrations and payment history. Although management monitors
         collections and credit worthiness, the inability of a particular
         customer to pay its debts could impact collectibility of receivables
         and could have an impact on future revenues if the customer is unable
         to arrange other financing. Management does not believe these
         conditions are reasonably likely to have a material impact on the
         collectibility of its receivables or future revenues.



                                       10
<PAGE>

         TRADE AND NOTES RECEIVABLE-CONTINUED

         Management estimates sales returns and allowances by analyzing
         historical returns and credits, and applies these trend rates to the
         most recent 12 months' sales data to calculate estimated reserves for
         future credits. Management estimates the allowance for doubtful
         accounts by analyzing accounts receivable balances by age, applying
         historical trend rates to the most recent 12 months' sales, less actual
         write-offs to date. Management's estimates include providing for 100
         percent of specific customer balances when it is deemed probable that
         the balance is uncollectible. Actual results could differ from these
         estimates under different assumptions.

         INVENTORIES

         Inventories are carried at the lower of cost or market, with cost
         determined under the first-in, first-out (FIFO) method of inventory
         evaluation. The Company estimates reserves for inventory obsolescence
         and shrinkage based on its judgment of future demand and market
         conditions. A large portion of the Company's inventory is saleable to
         multiple customers, and a portion of the inventory is manufactured to
         specifications provided by original equipment manufacturers and is not
         subject to rapid technological change.

         Management does not believe changes are reasonably likely to have a
         material impact on the valuation of its inventories.

         IMPAIRMENT OF LONG-LIVED ASSETS

         The Company evaluates the recoverability of the carrying amount of
         long-lived assets whenever events or changes in circumstances indicate
         that the carrying amount of an asset may not be fully recoverable. The
         Company evaluates the recoverability of goodwill annually or more
         frequently if events or circumstances indicate that the asset might be
         impaired. The Company applies judgment when applying the impairment
         rules to determine when an impairment test is necessary. Factors the
         Company considers which could trigger an impairment review include
         significant underperformance relative to historical operating results
         or forecasted operating results, a significant decrease in the market
         value of an asset, a significant change in the extent or manner in
         which an asset is used, and significant negative industry or economic
         trends.

         Impairment losses are measured as the amount by which the carrying
         value of an asset exceeds its fair value. The Company is required to
         make estimates of its future cash flows related to the asset subject to
         review. These forecasts require assumptions about demand for the
         Company's products and services, future market conditions and
         technological developments. Significant and unanticipated changes to
         these assumptions and discount rates could result in an impairment
         charge in future periods.



                                       11
<PAGE>

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

RESULTS OF OPERATIONS:

CONDENSED OPERATING DATA, PERCENTAGES OF NET SALES AND PERIOD-TO-PERIOD CHANGES
IN THESE ITEMS ARE AS FOLLOWS (DOLLARS IN THOUSANDS):

<Table>
<Caption>
                           Three Months Ended       Period-to-Period
                              December 31,              Change
                          --------------------    --------------------
                            2002        2001         $           %
                          --------    --------    --------    --------
<S>                       <C>         <C>         <C>         <C>
Net Sales                 $ 18,419    $ 17,264       1,155           7

Gross Profit                 2,230       1,359         871          64
                              12.1%        7.9%

Operating Expenses           1,816       1,832         (16)         -1
                               9.9%        8.2%

Operating Income (Loss)        382        (474)        856        +181
                               2.1%       -2.7%

Interest Expense                98         145         (47)        -32
                               0.5%        0.8%
Income (Loss) Before
Accounting Change              167        (407)        574        +141
                               0.9%       -2.4%
Cumulative Effect of
Accounting Change               --      (4,652)      4,652        +100
                               0.0%      -26.9%

Net Income (Loss)         $    167    $ (5,059)      5,226        +103
                               0.9%      -29.3%
</Table>



                                       12
<PAGE>

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

         The components of net sales and gross profit are summarized in the
         table below (dollars in thousands):

<Table>
<Caption>
                                                         Three Months Ended
                                                             December 31,
                                             ------------------------------------------
                                                     2002                  2001
                                             -------------------    -------------------
                                                          % of                   % of     Period-to-Period Change
                                              Amount      Total      Amount      Total          $         %
                                             --------    -------    --------    -------      -------   -------
<S>                                          <C>         <C>        <C>         <C>          <C>       <C>
         Net Sales
Contract manufacturing and printing          $  6,667         36%   $  6,937         40%     $  -270        -4%
Business imaging paper products                 5,863         32       5,121         30          742        14
Paint sundry products                           5,889         32       5,206         30          683        13
                                             --------    -------    --------    -------      -------   -------
Net sales                                    $ 18,419        100%   $ 17,264        100%     $ 1,155         7%
                                             ========    =======    ========    =======      =======   =======
</Table>

<Table>
<Caption>
                                                         Margin                  Margin   Period-to-Period Change
                                              Amount       %         Amount        %            $         %
                                             --------   -------     --------    -------      -------   -------
<S>                                          <C>        <C>         <C>         <C>          <C>       <C>
       Gross Profit
Contract manufacturing and printing          $    798        12%    $    396          6%     $   402       102%
Business imaging paper products                   692        12          277          5          415       150
Paint sundry products                             740        13          686         13           54         8
                                             --------   -------     --------    -------      -------   -------
Gross profit                                 $  2,230        12%    $  1,359          8%     $   871        64%
                                             ========   =======     ========    =======      =======   =======
</Table>



                                       13
<PAGE>

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

NET SALES:

Net sales increased $1.2 million (7%) to $18.4 million in first quarter of
fiscal 2003, when compared to this period last year. This is due to increases of
$0.7 million or 14% in the Business Imaging sector and $0.7 million or 13% in
the Paint Sundries sector offset by the lower sales in the Contract
Manufacturing sector (down $0.3 million or 4%). The increase in the Business
Imaging sector was due to an increase in sales of point-of-sales rolls to the
sector's network of products distributors. The increase in the Paint Sundries
sector was due to volume increases to the sector's largest customer, a large
do-it-yourself home center. The decline in Contract Manufacturing sector is due
to the Company's strategic decision to exit the contract sheeting market in
March 2002 which represents a $224,000 decrease when comparing first quarter
fiscal year 2003 to the same quarter fiscal year 2002.

GROSS PROFIT:

Gross profit increased $0.9 million (64%) for first quarter of fiscal 2003 when
compared to first quarter of fiscal 2002. The Contract Manufacturing sector
increased $0.4 million or 102% and was able to improve margins to 12% from 6%
for the same period last year, primarily through personnel reductions and higher
margins on the printing business. The Business Imaging sector's gross profit
increased $0.4 million (150%) as a result of growth in the point-of-sales rolls
market. This sector also improved margins by shedding overhead by closing the
Dallas, Texas facility and moving the remaining production to its Newton, North
Carolina facility. Gross profit in the Paint Sundry sector increased $54,000
(8%) as a result of increased sales mentioned earlier.

OPERATING EXPENSES:

Operating expenses decreased $15,000 (1%) for first quarter of fiscal 2003 when
compared to the same period of fiscal 2002. This decrease for the quarter was
primarily related to a reduction in expenses as a result of closing the Dallas,
Texas facility, as mentioned earlier. This decrease was offset by an increase in
the amortization of loan fees as a result of the Company entering into an
amended and restated financing arrangement with its primary lender in the fourth
quarter of fiscal 2002.

OPERATING INCOME:

Operating income improved $0.9 million to income of $0.4 million for first
quarter of fiscal 2003, when compared to the same period of fiscal 2002. The
increase was primarily a result of improved gross profit margins and reduced
expenses as a result of the Dallas facility closure mentioned earlier.
Additionally, these improvements were offset by severance costs as the result of
the relocation of personnel from Dallas, Texas to St. Louis, Missouri and
elimination of positions for the Paint Sundries sector as well as charges due to
the disposal of assets in Green Bay, Wisconsin.

INTEREST EXPENSE AND OTHER INCOME (EXPENSE)-NET:

Interest expense was $47,000 lower compared to last year due to a $2.9 million
reduction in debt since December 31, 2001, and lower interest rates on
borrowings. Other income decreased $16,000 in first quarter of fiscal 2002 when
compared to last year as a result of lower interest income following the
repayment of shareholder notes receivable.



                                       14
<PAGE>

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

NET INCOME (LOSS) AND EARNINGS (LOSS) PER SHARE:

The Company reported net income of $0.2 million (per share: $0.04-basic and
diluted) for first quarter of fiscal 2003, versus a net loss of $5.1 million
(per share: (($1.10)-basic and diluted) for the same period one year ago. The
increase was mostly due to the Company adopting SFAS No. 142, "Goodwill and
Other Intangible Assets" in October 2001 resulting in a cumulative charge of
$6.4 million ($4.7 million after tax) related to the impairment of goodwill, as
discussed below, offset by improvements in gross profit and expense reductions
as previously discussed.

ACCOUNTING CHANGE:

Effective October 1, 2001, the Company adopted SFAS No. 142, "Goodwill and Other
Intangible Assets". This standard requires that companies no longer amortize
goodwill and indefinite life intangible assets, such as trademarks. In addition,
this standard requires that companies evaluate all goodwill for impairment. Upon
completion of this evaluation, the Company recorded a charge in an amount of
$6.4 million ($4.7 million, net of income tax effects, or $1.01 per diluted
share) in fiscal 2002 for the goodwill recorded at the Business Imaging sector
and to a lesser extent to the Paint Sundries sector.

LIQUIDITY AND CAPITAL RESOURCES:

The Company generated $0.7 million in cash for operations through the first
three months of fiscal 2003, compared to generated cash of $1.6 million for the
same period last year. Net income plus non-cash items aggregated $0.9 million,
an increase of $0.5 million for from the same period last year. The Company used
$0.5 million to pay accrued liabilities. Decreases in accounts receivable
generated $0.8 million and decreases in inventories generated $0.4 million in
cash flows, and decreases in accounts payable used $0.6 million.

Net cash used in investing activities was $3.2 million through the first quarter
of fiscal 2003. Additions to property, plant and equipment include $1.2 million
related to the purchase and installation of production and office equipment. The
Company entered into an agreement with a third party to construct and lease for
an initial 5-year term a 62,000 square foot facility in Manning, South Carolina,
which the Company occupied in October 1996. The facility was financed pursuant
to a $1.5 million industrial revenue bond for which the Company was indirectly
liable pursuant to a lease backed by a letter of credit issued by its former
senior lenders. As a result of the refinancing with JP Morgan Chase Bank, the
Company was required to replace this letter of credit with a substitute letter
of credit issued under the Credit Facility. On December 5, 2002 the Company
caused the prepayment of the $1.1 million principal amount and related accrued
interest on the industrial revenue bonds and in connection therewith purchased
the building for $1.2 million. This transaction was funded by additional
borrowings under the Credit Facility. Additionally, the Company made a deposit
of $0.9 million for the purchase of a flexo-graphic printing press which the
Company ultimately plans to finance through an operating lease.

Net cash generated in financing activities was $2.6 million through the first
quarter of fiscal 2003 due to issuance of long-term debt.

As of February 12, 2003, the Company had approximately $6.6 million available
under its revolving credit line. According to the terms of its credit facility
with its lenders, the Company is required to maintain certain financial and
operational covenants. As of December 31, 2002, the Company was in compliance
with all of its debt covenants under the credit facility.



                                       15
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES:-CONTINUED

The Company intends to retain earnings to finance future operations and
expansion and does not expect to pay any dividends within the foreseeable
future. In addition, the Company's credit facility restricts the payment of any
dividends.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information with respect to the Company's exposure to interest rate risk,
foreign currency risk, commodity price risk and other relevant market risks is
contained on page 20 in Item 7, Management's Discussion and Analysis of
Financial Condition and Results of Operations, of the Company's Annual Report on
Form 10-K for the year ended September 30, 2002. Management believes that as of
February 13, 2003, there has been no material change to this information.

FORWARD LOOKING STATEMENTS:

Management's discussion of the Company's 2003 quarterly period in comparison to
2002, contains forward-looking statements regarding current expectations, risks
and uncertainties for future periods. The actual results could differ materially
from those discussed here. As well as those factors discussed in this report,
other factors that could cause or contribute to such differences include, among
other items, cancellation of production agreements by significant customers,
material increases in the cost of base paper stock, competition in the Company's
product areas, or an inability of management to successfully reduce operating
expenses in relation to net sales without damaging the long-term direction of
the Company. Therefore, the condensed financial data for the periods presented
may not be indicative of the Company's future financial condition or results of
operations.

ITEM 4.  CONTROLS AND PROCEDURES

Under the supervision and with the participation of the Company's management,
including the Company's Chief Executive Officer and Chief Financial Officer, the
Company has evaluated the effectiveness of the design and operation of its
disclosure controls and procedures pursuant to Exchange Act Rule 13a-14(c)
within 90 days of the filing date of this quarterly report. Based on that
evaluation, the Chief Executive Officer and Chief Financial Officer have
concluded that these disclosure controls and procedures are effective. There
were no significant changes in the Company's internal controls or in other
factors that could significantly affect internal controls subsequent to the date
of their evaluation.



                                       16
<PAGE>

PART II. OTHER INFORMATION

ITEM 1.           LEGAL PROCEEDINGS

                  Not applicable.

ITEM 2.           CHANGES IN SECURITIES

                  None.

ITEM 3.           DEFAULTS UPON SENIOR SECURITIES

                  None.

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

                  None.

ITEM 5.           OTHER INFORMATION

                  None.

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

(a)               EXHIBITS.

                  None.



                                       17
<PAGE>

                                   SIGNATURES


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



                                      TUFCO TECHNOLOGIES, INC.





Date: February 13, 2003               /s/ Louis LeCalsey, III
                                      ------------------------------------------
                                      Louis LeCalsey, III
                                      President and Chief Executive Officer






Date: February 13, 2003               /s/ Michael B. Wheeler
                                      ------------------------------------------
                                      Michael B. Wheeler
                                      Vice President and Chief Financial Officer




Date: February 13, 2003               /s/ Drew W. Cook
                                      ------------------------------------------
                                      Drew W. Cook
                                      Chief Accounting Officer and Corporate
                                      Controller



                                       18
<PAGE>

I, Michael B. Wheeler, Vice President and Chief Financial Officer of Tufco
Technologies, Inc., certify that:

     1. I have reviewed this quarterly report on Form 10-Q of Tufco
     Technologies, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

     3. Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

     4. The registrant's other certifying officer and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a) designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this quarterly report is being
     prepared;

     b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

     c) presented in this quarterly report our conclusions about the
     effectiveness of the disclosure controls and procedures based on our
     evaluation as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a) all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to record,
     process, summarize and report financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

     b) any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

     6. The registrant's other certifying officer and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: February 13, 2003


/s/ Michael B. Wheeler
Vice President and Chief Financial Officer



                                       19
<PAGE>

I, Louis LeCalsey, President and Chief Executive Officer of Tufco Technologies,
Inc., certify that:

     1. I have reviewed this quarterly report on Form 10-Q of Tufco
     Technologies, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

     3. Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

     4. The registrant's other certifying officer and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a) designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this quarterly report is being
     prepared;

     b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

     c) presented in this quarterly report our conclusions about the
     effectiveness of the disclosure controls and procedures based on our
     evaluation as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a) all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to record,
     process, summarize and report financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

     b) any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

     6. The registrant's other certifying officer and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: February 13, 2003



/s/ Louis LeCalsey
President and Chief Executive Officer



                                       20