<PAGE>   1
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.
                                   FORM 10-Q


(x)  Quarterly report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934


For the Quarterly Period Ended  JANUARY 27, 1996             
Commission File Number 1-7208

                              DUPLEX PRODUCTS INC.
             (Exact Name of Registrant as Specified in its Charter)



                Delaware                                  36-2109817
(State of Incorporation or Organization)    (I.R.S. Employer Identification No.)
                                                           


 1947 Bethany Road, Sycamore, Illinois     60178             (815)895-2101   
(Address of Principal Executive Offices) (Zip Code) (Registrant's Telephone No.)
                                                                  


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 twelve months (or for such shorter period that the
Registrant was required to file such report) and (2) has been subject to such
filing requirements for the past ninety days.    Yes  X   No
                                                     ---     ---

As of January 27, 1996, 7,481,778 shares of common stock with a par value of
$1.00 were outstanding.
<PAGE>   2



                         PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

                              Duplex Products Inc.
                  Condensed Consolidated Statement of Earnings
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                        First quarter ended
                                                    --------------------------
                                                    January 27,     January 28,
(In thousands, except per share data)                   1996            1995  
                                                    ----------      ----------
<S>                                                    <C>             <C>
Net sales                                              $64,075         $73,337
Cost of goods sold                                      46,969          55,218
                                                       -------         -------
Gross margin                                            17,106          18,119
Selling, general and administrative expenses            16,188          17,092
                                                       -------         -------
Operating profit                                           918           1,027
Other income (expense)                                 -------         -------
   Interest expense                                       (179)           (118)
   Other income                                            382             155
                                                       -------         -------
                                                           203              37
                                                       -------         -------
Earnings before income taxes                             1,121           1,064
Provision for income taxes                                 437             415
                                                       -------         -------
Net earnings                                           $   684         $   649
                                                       =======         =======
Net earnings per share                                   $0.09           $0.09
</TABLE>                                       


The accompanying notes to condensed consolidated financial statements are an
integral part of this statement.
<PAGE>   3
                              Duplex Products Inc.
             Condensed Consolidated Statement of Financial Position
                                  (Unaudited)

<TABLE>
<S>                                                         <C>                
                                                    January 27,      October 28,
(In thousands)                                            1996             1995
                                                    ----------       ----------
Current assets                                                    
   Cash and equivalents                                $ 10,333        $  8,368
   U.S. Treasury obligations                              8,429           8,149
   Accounts and notes receivable                         44,523          46,224
   Inventories                                           19,669          21,975
   Income tax refund receivable                             474           1,699
   Deferred income taxes                                  9,435           9,831
                                                       --------        --------
       Total current assets                              92,863          96,246
Property, plant, and equipment, net                      38,199          38,815
Other assets                                              5,426           5,248
                                                       --------        --------
                                                                  
Total assets                                           $136,488        $140,309
                                                       ========        ======== 
Liabilities and Shareholders' Equity                              
Current liabilities                                               
   Current portion of long-term debt                   $  1,233        $  1,233
   Accounts payable                                      10,052          13,973
   Accrued expenses                                      16,177          16,593
                                                       --------        --------
       Total current liabilities                         27,462          31,799
                                                       --------        --------
Long-term debt                                            4,539           4,695
                                                       --------        --------
Deferred liabilities and credits                          6,169           6,177
                                                       --------        --------
Shareholders' Equity                                              
   Common stock (8,236 and 8,242 shares issued,                   
     respectively)                                        8,236           8,242
   Additional paid-in capital                             3,527           3,565
   Common stock held in treasury                         (5,809)         (5,809)
   Unamortized value of restricted stock issued            (307)           (347)
   Retained earnings                                     92,671          91,987
                                                       --------        --------
       Total shareholders' equity                        98,318          97,638
                                                       --------        --------
Total liabilities and shareholders' equity             $136,488        $140,309
                                                       ========        ======== 
</TABLE>                                            

The accompanying notes to condensed consolidated financial statements are an
integral part of this statement.
<PAGE>   4
                              Duplex Products Inc.
                 Condensed Consolidated Statement of Cash Flows
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                          First quarter ended
                                                      -------------------------
                                                      January 27,    January 28,
(In thousands)                                              1996           1995
                                                      ----------     ----------
<S>                                                   <C>           <C>
Cash flows from operating activities                  
Net earnings                                             $   684       $    649
Adjustments to reconcile net earnings to                          
   cash provided (used) by operating activities                   
      Depreciation                                         1,519          1,413
      Deferred income taxes                                  396            199
      U.S. Treasury Obligations                             (280)            --
     (Increase) decrease in accounts and notes                  
         receivable                                        1,702         (5,075)
     (Increase) decrease in inventories                    2,306           (279)
      Decrease in income tax refund receivable             1,225            215
      Increase (decrease) in accounts payable             (3,921)           372
      Decrease in accrued restructuring costs               (803)        (1,087)
      Increase in other accrued expenses                     388          1,170
      Other operating activities                            (187)            41 
                                                         -------         ------
Net cash provided (used) by operating activities           3,029         (2,382)
                                                         -------         ------
                                                                  
Cash flows from investing activities                              
Capital expenditures                                        (933)        (1,525)
Net proceeds from sale of assets                              29             63 
                                                         -------         ------
                                                                  
Net cash used by investing activities                       (904)        (1,462)
                                                         -------         ------
                                                                  
Cash flows from financing activities                              
Repayment of long-term debt                                 (156)          (156)
Restricted stock repurchased, net                             (4)          (162)
                                                          -------         -----
                                                                  
Net cash used by financing activities                       (160)          (318)
                                                          -------         -----
                                                                  
Increase (decrease) in cash and equivalents                       
  during quarter                                           1,965         (4,162)
Cash and equivalents at beginning of quarter               8,368         16,337 
                                                         -------         ------
                                                                  
Cash and equivalents at end of quarter                   $10,333       $ 12,175
                                                         =======       ========
</TABLE>                                           



The accompanying notes to condensed consolidated financial statements are an
integral part of this statement.
<PAGE>   5
                              Duplex Products Inc.
              Notes to Condensed Consolidated Financial Statements
                 (Amounts in thousands, except per share data)

Note 1 - Financial Information

The unaudited financial statements include all normal recurring adjustments
which are, in the opinion of management, necessary for a fair presentation of
the results of operations, financial position, and cash flows.  The results
reflected in these quarterly financial statements should not be regarded as
necessarily indicative of results that may be expected for the entire year.

Note 2 - Basis of Presentation

These financial statements are presented in accordance with requirements of
Form 10-Q and consequently may not contain all disclosures normally required by
generally accepted accounting principles or those usually reflected in the
Company's Annual Report on Form 10-K.

Accordingly, the financial statements and notes contained herein should be read
in conjunction with the financial statements and associated notes included in
Duplex's Annual Report on Form 10-K for the fiscal year ended October 28, 1995.

Note 3 - Inventories

Inventories consisted of the following:

<TABLE>
<CAPTION>
                                                    January 27,     October 28,
                                                          1996            1995
                                                    ----------      ----------  
     <S>                                              <C>             <C>
     Raw materials                                    $  7,513        $  7,496
     Work-in-process                                       946           1,502
     Finished goods                                     23,612          25,629
                                                      --------        --------
                                                        32,071          34,627
     Less reserve for LIFO                             (12,402)        (12,652)
                                                      --------        -------- 
     Total inventories                                $ 19,669        $ 21,975
                                                      ========        ========
</TABLE>


Changes in the provision for LIFO had a positive impact on income before taxes
for the first quarter of 1996 of $250.  For the corresponding 1995 period, the
provision negatively impacted income before taxes by $1,660.
<PAGE>   6



                              Duplex Products Inc.
              Notes to Condensed Consolidated Financial Statements
                 (Amounts in thousands, except per share data)

Note 4 - Property, Plant and Equipment

Property, plant, and equipment comprised the following:

<TABLE>
<CAPTION>                                  
                                              January 27,       October 28,
                                                    1996              1995
                                               ----------        ----------  
<S>                                             <C>               <C>
Property, plant, and equipment, at cost         $106,498          $105,646
Less accumulated depreciation                    (68,299)          (66,831)
                                                --------          -------- 
Property, plant, and equipment, net             $ 38,199          $ 38,815
                                                ========          ========
</TABLE>                                                    

Note 5 - Common Stock Data

Authorized common stock consisted of 20,000 shares having a par value of $1.00
per share.  Average shares outstanding for the first quarter of 1996 and 1995
were 7,485 and 7,538, respectively.


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

Results of Operations

The Company reported improved net earnings for the first quarter ended January
27, 1996, of $0.7 million, or $0.09 per share, an increase of 5.4% over last
year's first quarter of $0.6 million or $0.09 per share.  The increase in
earnings was the result of improved margins and lower operating expenses.

The Company reported net sales of $64.1 million for the first three months of
1996, down from the $73.3 million reported in the comparable period last year.
The lower sales were due to the absence of a counterpart to the build up of
inventory by customers in last year's first quarter in anticipation of paper
price increases, the pruning of low margin customers over the past twelve
months, and a reduction in sales coverage in the current quarter.
Additionally, the extreme weather on the East coast resulted in lost selling
and production days in the first quarter.  The sales decrease represented a
reduction in units, partially offset by price gains driven by paper cost
increases in 1995.

In the first quarter of 1996, bond paper price decreases were announced by
paper mills.  Paper demand has softened recently and supplies have improved.
Duplex has been successful in satisfying customer requirements.  The Company
does not anticipate a material change in this situation in the near future.

Gross margin as a percentage of sales was 26.7% for the first three months of
1996, up 2.0 percentage points from 24.7% a year ago.  The improvement was due
to favorable material and labor related costs, partially offset by the under
absorption of fixed costs.
<PAGE>   7



Selling, general, and administrative costs aggregated $16.2 million (25.3% of
sales) in 1996's first quarter, a decrease of $0.9 million from the $17.1
million (23.3% of sales) in the same period of 1995.  This decrease was
primarily due to a reduction in training, sales promotion, and consulting
expenses, which were offset in part by the costs of rebuilding the sales
organization.

Operating profit in the first quarter of 1996 decreased $0.1 million from the
prior year period, to $0.9 million.

Other income increased in the first quarter by $0.2 million, to $0.4 million,
as a result of the success of a new program to invest excess cash.

Liquidity and Capital Resources

Net working capital at the end of the first quarter of 1996 of $65.4 million
was an improvement of $1.0 million over working capital at year-end 1995.  The
current ratio at January 27, 1996 was 3.4 to 1, also an improvement over the
3.0 to 1 at year-end 1995.

Management believes that the current level of working capital will be adequate
to cover the Company's liquidity requirements related to normal operations,
both currently and in the foreseeable future.  Sufficient resources are deemed
to exist to support the Company's growth through a combination of currently
available cash, cash to be generated from future operations, or additional
short-term borrowings.

The Company's total debt at January 27, 1996 was $5.8 million, down $0.2
million from year-end 1995.  Total debt as a percentage of total capital was
5.5% at the end of 1996's first quarter, 0.2 percentage points lower than at
the end of 1995.

Cash and equivalents aggregated $10.3 million at the end of 1996's first
quarter.  This was an increase of $2.0 million during the first three months of
1996.  Cash and marketable securities totaled $21.3 million at the end of the
quarter compared with $19.1 million at the previous year-end.

During the first quarter of 1996, operating activities provided $3.0 million in
cash, up $5.4 million from the usage of $2.4 million in the first quarter of
1995.  The operating cash generated in 1996's first quarter resulted from
depreciation, a decrease in accounts receivable, inventories, and income taxes
receivable, partially offset by a decrease in accounts payable.  First quarter
1995's operating cash flow usage occurred primarily because of an increase in
accounts receivable generated by strong sales near the end of the quarter,
partially offset by net earnings and depreciation.

Capital expenditures totaled $0.9 million in the first quarter of this year
compared with $1.5 million in the year earlier quarter.  Cash consumed by
financing activities was $0.2 million compared with $0.3 million a year
earlier.
<PAGE>   8



                          PART II - OTHER INFORMATION

ITEM 6 - EXHIBITS AND REPORT ON FORM 8-K

(a)   Exhibits
      11     Computation of Earnings per Share
      27     Financial Data Schedule

(b)   Reports on Form 8-K
      None
<PAGE>   9



                                   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.


                                        DUPLEX PRODUCTS INC.

                                        /s/ James R. Ramig

                                        ----------------------------------------
                                        James R. Ramig, Vice President, Finance
                                        and Administration, Chief Financial
                                        Officer
                                        (Principal Financial Officer)



March 7, 1996