<PAGE>
                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                  --------------------------------------------

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

                  --------------------------------------------

     For Quarter Ended                         Commission File
     September 30, 2003                        Number  0-15464

                                RADVA CORPORATION

             (Exact name of registrant as specified in its charter)


       VIRGINIA                                              54-0715892

(State of Incorporation)                                    (IRS Employer
                                                         Identification Number)


                                 Drawer 2900 FSS
                             Radford, Virginia 24143

                    (Address of principal executive offices)

        Registrant's telephone number, including area code (540) 639-2458


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 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 12b-2 of the Exchange Act). Yes      No  X
                                                ---     ---

At November 11, 2003, there were 3,987,987 shares of Registrant's Common Stock,
$.01 par value per share, outstanding.





<PAGE>




                                RADVA CORPORATION


                                      INDEX


                                                            Page
                                                           Number
                                                           ------

 PART I.  FINANCIAL INFORMATION:

          INDEPENDENT AUDITOR'S REPORT                        3

 Item 1.  Financial Statements

          Balance Sheets,
          December 31, 2002 and September 30, 2003            4

          Statements of Operations, Three Months
          and Nine Months Ended September 30, 2002 and
          September 30, 2003                                  5

          Statements of Cash Flows, Nine Months
          Ended September 30, 2002 and September 30, 2003     6

          Notes to Financial Statements                       7


 Item 2.  Management's Discussion and Analysis of
          Financial Condition and Results of Operations       8



PART II.  OTHER INFORMATION                                   9




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PERSINGER & COMPANY, L.L.C.
Certified Public Accountants

203 W. Grayson Street                                Tel  (276) 236-8135
P.o. Box 797                                         Fax  (276) 236-0797
Galax, Va 24333

                         Independent Accountant's Report

Board of Directors
Radva Corporation
Radford, Virginia

We have reviewed the accompanying condensed consolidated balance sheet of RADVA
corporation and subsidiary as of September 30, 2003, and the related
consolidated statements of income and cash flows for the nine-month period ended
September 30, 2003. these financial statements are the responsibility of the
Corporation's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and of making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to such consolidated financial statements for them to be in conformity
with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of RADVA corporation and subsidiary as
of December 31, 2002, and the related consolidated statements of income,
stockholders' equity, and cash flows for the year then ended (not presented
herein); and in our report dated January 22, 2003, we expressed an unqualified
opinion on those consolidated financial statements. In our opinion, the
information set fourth in the accompanying condensed consolidated balance sheet
as of December 31, 2002 is fairly stated, in all material respects, in relation
to the consolidated balance sheet from which it has been derived.

Galax, Virginia
November 12, 2003


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                            RADVA CORPORATION
                             BALANCE SHEETS
                             (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                     September 30    December 31
              ASSETS                                     2003            2002
                                                     ------------    -----------
<S>                                                    <C>            <C>
Current assets:
   Cash ..........................................      $    245       $    108
                                                        --------       --------
   Accounts and notes receivable .................         1,386          1,581
   Other accounts receivable .....................           106            171
   Less allowance for doubtful accounts ..........            75             57
                                                        --------       --------
   Net receivables ...............................         1,417          1,695
                                                        --------       --------

  Inventories:
     Finished goods ..............................           746            782
     Work in process .............................          --             --
     Raw materials and supplies ..................           318            259
                                                        --------       --------
     Total inventories ...........................         1,064          1,041
                                                        --------       --------

   Prepaid expenses ..............................             5             78
                                                        --------       --------
          Total current assets ...................         2,731          2,922
                                                        --------       --------

Property, plant & equipment, at cost .............         9,617          9,404
   Less accumulated depreciation .................         6,026          5,639
                                                        --------       --------
         Net property, plant & equip .............         3,591          3,765
                                                        --------       --------

Investment in Thermasteel Corporation ............           558            558
Patents and other intangibles ....................           600             70
Trademark, manufacturing, and marketing
   rights ........................................          --              395
Note receivable-noncurrent .......................         2,644          2,550
Other assets .....................................           213            312
                                                        --------       --------
                                                        $ 10,337       $ 10,572
                                                        ========       ========
     LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Current installments of long-term debt ........      $    153       $    165
   Notes payable .................................         1,314          1,475
   Accounts payable ..............................           725            852
   Accrued expenses ..............................           237            164
                                                        --------       --------
          Total current liabilities ..............         2,429          2,656
                                                        --------       --------

Accrued long-term expenses .......................            63             63
Long-term debt, excluding current
   installments ..................................         3,112          3,128
                                                        --------       --------

         Total Liabilities .......................         5,604          5,847
                                                        --------       --------

Minority Interest ................................           154           --
Stockholders' equity:
   Preferred stock, 8% cumulative,
     Par value $.01 ..............................             6              6
   Common stock of $.01 par value
     Authorized 10,000,000 shares; issued
      and outstanding 3,987,987 ..................           124             40
   Additional paid-in capital ....................         4,735          4,735
   Retained earnings .............................          (286)           (56)
                                                        --------       --------

            Total stockholders' equity ...........         4,579          4,725
                                                        --------       --------

                                                        $ 10,337       $ 10,572
                                                        ========       ========
</TABLE>

See accompanying notes to financial statements.


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                                RADVA CORPORATION
                            Statements of Operations
                 Three Months and Nine Months Ended September 30
                      (In Thousands, except per share data)


<TABLE>
<CAPTION>
                                            Three Months Ended              Nine Months Ended
                                              September 30                     September 30
                                           --------------------            --------------------
                                           2003            2002            2003            2002
                                           ----            ----            ----            ----
<S>                                     <C>             <C>             <C>            <C>
Net Revenues:
   Manufacturing net revenues .....      $ 2,246           2,185           7,285           6,801
                                         -------         -------         -------         -------

Cost and expenses:
   Cost of sales ..................        1,852           1,753           5,618           4,951
   Shipping and selling ...........          253             237             823             692
   General and administrative .....          278             316             878             960
   Research and development .......           29              18              82              40
                                         -------         -------         -------         -------
                                           2,412           2,324           7,401           6,643
                                         -------         -------         -------         -------


   Operating income (loss) ........         (166)           (139)           (116)            158
                                         -------         -------         -------         -------


Other income (deductions):
   Interest expense ...............          (72)            (91)           (221)           (290)
   Interest income ................           30              32              93             101
   Other ..........................            9               4              20              23
                                         -------         -------         -------         -------
                                             (33)            (55)           (108)           (166)
                                         -------         -------         -------         -------


Earnings (loss) before income tax
and minority interest .............         (199)           (194)           (224)             (8)

Minority Interest .................            6            --                12

Income tax expense ................         --              --              --              --
                                         -------         -------         -------         -------

Net earnings (loss) ...............        (193)           (194)           (212)             (8)
                                         =======         =======         =======         =======

Earnings (loss) per common share...         (.05)           (.05)           (.05)           --
                                         =======         =======         =======         =======

</TABLE>



See accompanying notes to financial statements.


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                                RADVA CORPORATION
                            Statements of Cash Flows
                         Nine Months Ended September 30
                                 (In Thousands)

<TABLE>
<CAPTION>
                                                        2003          2002
                                                       ------        ------
<S>                                                   <C>           <C>
Cash flows from operating activities:
   Net income .................................        $(212)        $  (8)
                                                       -----         -----
Adjustments to reconcile net income to net
   cash provided by operating activities:
      Depreciation ............................          387           441
      Amortization ............................            6            41
      Loss (Gain) on sale of equipment ........         --             (12)
    Change in assets and liabilities:
       Decrease (Increase) in net receivables..          278           371
       Decrease (Increase) in inventories .....          (23)          (37)
       Decrease (Increase) in prepaid
        expenses...............................           73            63
       Decrease (Increase) in other current
          assets ..............................         --            --
       Decrease (Increase) in other assets ....         (136)         (379)
       Increase (Decrease) in accounts
          payable..............................         (127)         (378)
       Increase (Decrease) in accrued
          expenses.............................           73           (20)
                                                       -----         -----
         Total adjustments ....................          531            90
                                                       -----         -----

         Net cash from operating activities ...          319            82
                                                       -----         -----


Cash flows from investing activities:
   Increase in minority interest ..............          238          --
Proceeds from sale of property and equipment ..         --              58
   Capital expenditures for equipment and other
     long-term assets .........................         (213)         (137)
                                                       -----         -----

         Net cash from investing activities ...           25           (79)
                                                       -----         -----

Cash flows from financing activities:
   Dividends paid .............................          (18)         --
   Proceeds (payments) on notes payable .......         (161)          102
   Proceeds on long-term debt .................          107          --
Principal payments under long-term debt .......         (135)         (122)
                                                       -----         -----
         Net cash from financing activities ...         (207)          (20)
                                                       -----         -----

Net increase (decrease) in cash ...............          137           (17)

Cash at January 1 .............................          108            70
                                                       -----         -----

Cash at June 30 ...............................        $ 245         $  53
                                                       =====         =====
</TABLE>




See accompanying notes to financial statements.



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                               RADVA CORPORATION
                         Notes to Financial Statements
                               September 30, 2003
(1)  General

The financial statements conform to generally accepted accounting principles and
to general industry practices. The financial statements are unaudited. However,
in the opinion of management, all adjustments which are normal and necessary for
a fair presentation of the financial statements have been included.

(2)  Property, Plant and Equipment

     A summary of property, plant and equipment follows:

     Land and improvements.............................         $  169,565
     Buildings and improvements........................          3,140,772
     Machinery and equipment...........................          5,615,264
     Transportation equipment..........................            372,130
     Office equipment..................................            319,173
                                                                ----------
                                                                $9,616,904
                                                                ==========
(3)  Accrued Expenses

     Accrued expenses are comprised of the following:
     Payroll and employment benefits...................         $  144,366
     Other.............................................             92,000
                                                                ----------
                                                                $  236,366
                                                                ==========
(4)  Notes Payable

     Demand notes payable to officers..................             19,643
     Demand note, collateralized by certain
     accounts receivable and inventory,
     interest at prime plus 2%........................          $1,294,518
                                                                ----------
                                                                $1,314,161
                                                                ==========
(5)  Long-term Debt

     A summary of long-term debt follows:

     Installment note payable to bank, due in
     variable monthly installments, including
     interest at prime plus 1.5%                                    99,717

     Installment note payable to bank, due in
     variable monthly installments, including interest
     at prime plus 2.25%; collateralized by all of
     the company's assets.                                       1,918,663

     Installment note payable to bank, due in monthly
     installment of $17,402, including interest at
     prime plus 2.25%; collateralized by all of the
     company's assets.                                           1,239,923

     Installment note payable to bank, due in
     monthly installments of $527, including
     interest at 9.5%; collateralized
     by equipment.                                                   6,485
                                                                ----------

     Total long-term debt                                        3,264,788

     Less current installments of long-term debt                   153,284
                                                                ----------

     Long-term debt, excluding current installments             $3,111,504
                                                                ==========



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<PAGE>



Item 2 - Management's Discussion and Analysis of
         Financial Conditions and Results of Operations


Results of Operations - Nine months Ended September 30, 2002
         Compared to Nine Months Ended September 30, 2003

The Company incurred a net loss of $212,000 in the first nine months of 2003
compared to net loss of $8,000 in the first nine months of 2002. This
deterioration in operating results occurred in spite of a $484,000 increase in
revenues from $6,801,000 for the nine months ended September 30, 2002 to
$7,285,000 for the nine months ended September 30, 2003.

The Company wrote down finished goods inventories by approximately $65,000 in
September, 2003. Half of this reduction was to eliminate obsolete inventory and
the remainder was a price-reduction on proprietary items on which cost is
estimated. Another major factor in depressing September 2003 operations was
hurricane Isabel, which resulted in a loss of power at the Portsmouth plant for
ten days.

Cost of sales, as a percent of manufacturing revenues, was up 4.3% from 72.8%
for the nine months ended September 30, 2002 to 77.1% for the nine months ended
September 30, 2003. The most significant factors contributing to this increase
in cost of sales were a 6.0% increase in raw material costs and a 2.4% increase
in the cost of gas and oil as a percent of production.

Shipping and selling expenses were up $131,000 for the first three quarters of
2003. This increase was due to a combination of factors, including: 1) increased
freight out costs of $68,485 at the Portsmouth plant resulting from a change
from FOB shipping point to FOB destination terms, 2) increased cost of warehouse
labor of $51,000 and 3) increased cost of truck lease and gasoline cost at the
Radford plant of $24,727 due to additional leased equipment.

The $82,000 decrease in general and administrative expenses primarily resulted
from reduced amortization expenses due to a change in generally accepted
accounting principals.

Interest was down $69,000 as a result of reductions in the prime interest rate
on which virtually all the Company's notes payable are based and reduced note
balances on which interest is assessed.

Results of Operations - Three Months Ended September 30, 2002
         Compared to Three Months Ended September 30, 2003

The factors noted above in the nine month comparisons were also the factors
largely contributing to differences in results for the three months ended
September 30, 2002 compared to the three months ended September 30, 2003.

Cost of sales, as a percentage of manufacturing revenues, was up 2.3% from 80.2%
for the quarter ended September 20, 2002 to 82.5% for the quarter ended
September 30, 2003. This increase was primarily a result of an increase in the
cost of natural gas and raw materials and the inventory write down mentioned
above.

Funding of New Subsidiary

The most significant development in 2003 has been the funding of a new
subsidiary, Triter Corporation. In March 2003, the Company's new subsidiary,
Triter Corporation, received $250,000 for 20% minority interest in that
corporation. Radva Corporation transferred $586,349 in patents and other
intangible assets, in addition to $12,156 in inventories and equipment, for its
remaining 80% interest in Triter Corporation.



                                     - 8 -
<PAGE>

Liquidity and Capital Resources

At September 30, 2003, the balance available on the Company's $1,500,000 line of
credit was $205,482 and working capital was $302,000. Management believes that
cash flow will be adequate to satisfy 2003 needs.


PART II:  OTHER INFORMATION


Item 1.   Legal Proceedings
          See item 3 of the Company's Form 10-K for the fiscal year ended
          December 31, 2002.

Item 2.   Changes in Securities
          Not applicable.

Item 3.   Defaults Upon Senior Securities
          Not applicable.

Item 4.   Submission of Matters to a Vote of Securities Holders
          Not applicable.

Item 5.   Other Information
          Not applicable.

Item 6.   Exhibits and Reports on Form 8-K Not applicable.

             Pursuant to the requirements of the Securities Exchange Act of
             1934,this form 10-Q has been signed on behalf of the
             Registrant by its Assistant Secretary/Treasurer who is
             authorized to sign on behalf of the Registrant.


                                        RADVA CORPORATION


                                        /s/ William F. Fry
                                        -------------------------------
                                        William F. Fry
                                        Assistant Secretary/Treasurer


November 11, 2003


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