<PAGE>
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

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

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

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

           For Quarterly Period                     Commission File
           ended March 31, 2003                     Number  0-15464


                                RADVA CORPORATION

        (Exact name of small business issuer as specified in its charter)

         VIRGINIA                                          54-0715892

(State of other jurisdiction of                          (IRS Employer
 incorporation or organization)                      Identification Number)


                                 Drawer 2900 FSS
                             Radford, Virginia 24143

                    (Address of principal executive offices)

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



Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                  Yes  X    No
                      ---      ---

Applicable only to corporate issuers:

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
                                    3,987,987
                                    ----------

Transitional Small Business Disclosure Format:  Yes      No  X
                                                    ---     ---



<PAGE>


                                RADVA CORPORATION


                                      INDEX


                                                            Page
                                                           Number
                                                           ------
 PART I.  FINANCIAL INFORMATION:


 INDEPENDENT ACCOUNTANTS' REPORT                              3


 Item 1.  Financial Statements

          Balance Sheets,
          December 31, 2002 and March 31, 2003                4

          Statements of Operations, Three Months
          Ended March 31, 2002 and March 31, 2003             5

          Statements of Cash Flows, Three Months
          Ended March 31, 2002 and March 31, 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



                                      - 2 -
<PAGE>


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 ACCOUNTANTS' REPORT


Board of Directors
RADVA Corporation
Radford, Virginia


We have reviewed the accompanying condensed consolidated balance sheet of Radva
Corporation and subsidiary as of March 31, 2003, and the related condensed
consolidated statements of income and cash flows for the three-month period
ended March 31, 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 condensed 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 forth 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
May 12, 2003


                                      - 3 -
<PAGE>


                           RADVA CORPORATION
                             Balance Sheets
                              (Unaudited)
                             (In Thousands)
<TABLE>
<CAPTION>
                                                    March 31       December 31
              ASSETS                                  2003             2002
                                                    --------       -----------
<S>                                                <C>             <C>
Current assets:
   Cash ....................................        $    442         $    108
                                                    --------         --------
   Accounts and notes receivable ...........           1,554            1,581
   Other Accounts Receivable ...............             106              171
   Less allowance for doubtful accounts ....              69               57
                                                    --------         --------
   Net receivables .........................           1,591            1,695
                                                    --------         --------
  Inventories:
     Finished goods ........................             682              782
     Work in process .......................            --               --
     Raw materials and supplies ............             359              259
                                                    --------         --------
     Total inventories .....................           1,041            1,041
                                                    --------         --------

   Prepaid expenses ........................              55               78
                                                    --------         --------
         Total current assets ..............           3,129            2,922
                                                    --------         --------

Property, plant & equipment, at cost .......           9,438            9,404
   Less accumulated depreciation ...........           5,768            5,639
                                                    --------         --------
         Net property, plant & equip .......           3,670            3,765
                                                    --------         --------

Patents and other intangibles ..............             573               70
Investment in Thermasteel Corporation ......             558              558
Trademark manufacturing and
 marketing rights ..........................            --                395
Note receivable-noncurrent .................           2,582            2,550
Other assets ...............................             205              312
                                                    --------         --------
                                                    $ 10,717         $ 10,572
                                                    ========         ========
     LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Current installments of long-term debt ..        $    153         $    165
   Notes payable ...........................           1,315            1,475
   Accounts payable ........................             784              852
   Accrued expenses ........................             286              164
                                                    --------         --------
           Total current liabilities .......           2,538            2,656

Accrued long-term expenses .................              63               63
Long-term debt, excluding current
   installments ............................           3,098            3,128
                                                    --------         --------
           Total liabilities ...............           5,699            5,847
                                                    --------         --------

Minority interest ..........................             166             --
                                                    --------         --------

Stockholders' equity:
   Preferred stock, 8% cumulative, par value
     .01 600,000 shares outstanding ........               6                6
   Common stock of $.01 par value.
     Authorized 10,000,000 shares; issued
      and outstanding 3,998,027 ............             124               40
   Additional paid-in capital ..............           4,735            4,735
   Retained earnings .......................             (13)             (56)
                                                    --------         --------
            Total stockholders' equity .....           4,852            4,725
                                                    --------         --------
                                                    $ 10,717         $ 10,572
                                                    ========         ========
</TABLE>

See accountants' report and accompanying notes to financial statements.


                                      - 4 -
<PAGE>


                                RADVA CORPORATION
                            Statements of Operations
                           Three Months Ended March 31
                                   (Unaudited)
                      (In Thousands, except per share data)


<TABLE>
<CAPTION>
                                        Three Months Ended
                                             March 31
                                      -----------------------
                                        2003            2002
                                      -------         -------
<S>                                   <C>               <C>
Manufacturing net revenues ...        $ 2,786           2,236
                                      -------         -------

Cost and expenses:
   Cost of sales .............          2,089           1,584
   Shipping and selling ......            305             212
   General and administrative.            287             316
   Research and development ..             19            --
                                      -------         -------
                                        2,700           2,112
                                      -------         -------

   Operating income ..........             86             124
                                      -------         -------

Other income (deductions):
   Interest expense ..........            (76)           (105)
   Other .....................             33              40
                                      -------         -------
                                          (43)            (65)
                                      -------         -------

Earnings before income tax and
minority interest ............             43              59

Income tax expense ...........           --              --
Minority interest ............           --              --
                                      -------         -------

Net earnings .................        $    43              59
                                      =======         =======

Earnings per common share ....        $   .01             .01
                                      =======         =======
</TABLE>




See accountants' report and accompanying notes to financial statements.


                                      - 5 -
<PAGE>


                                RADVA CORPORATION

                            Statements of Cash Flows
                           Three Months Ended March 31
                                   (Unaudited)
                                 (In Thousands)

<TABLE>
<CAPTION>
                                                       2003           2002
                                                       -----         -----
<S>                                                  <C>            <C>
Cash flows from operating activities:
   Net income (loss) ..........................        $  43         $  59
                                                       -----         -----
   Adjustments to reconcile net income to net
   cash provided by operating activities:
      Depreciation ............................          129           146
      Amortization ............................            3            14
     Change in assets and liabilities:
       Decrease (Increase) in net receivables .          104            12
       Decrease (Increase) in inventories .....          --            108
       Decrease (Increase) in prepaid expenses            23            27
       Decrease (Increase) in other assets ....          (36)          (23)
       Increase (Decrease) in accounts payable           (68)         (336)
       Increase (Decrease) in accrued expenses           122            51
                                                       -----         -----
         Total adjustments ....................          277            (1)
                                                       -----         -----

         Net cash from operating activities ...          320            58
                                                       -----         -----

Cash flows from investing activities:
   Increase in minority interest ..............          250           --
   Capital expenditures for equipment and other
     long-term assets .........................          (34)          (14)
                                                       -----         -----
         Net cash from investing activities ...          216           (14)
                                                       -----         -----

Cash flows from financing activities:
   Principal payments on notes payable ........         (160)          (67)
   Principal payments under long-term debt ....          (42)          (35)
                                                       -----         -----

         Net cash from financing activities ...         (202)         (102)
                                                       -----         -----

Net increase (decrease) in cash ...............          334           (58)

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

Cash at March 31 ..............................        $ 442         $  12
                                                       =====         =====
</TABLE>


See accountants' report and accompanying notes to financial statements.


                                      - 6 -
<PAGE>

                                RADVA CORPORATION
                          Notes to Financial Statements
                                 March 31, 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........................          3,125,193
         Machinery and equipment...........................          5,454,203
         Transportation equipment..........................            372,130
         Office equipment..................................            316,813
                                                                    ----------
                                                                    $9,437,904
                                                                    ==========
(3)  Accrued Expenses

     Accrued expenses are comprised of the following:

         Payroll and employment benefits...................         $  159,754
         Other.............................................            126,293
                                                                    ----------
                                                                    $  286,047
                                                                    ==========
(4)  Notes Payable

         Notes payable to stockholders.....................             19,643


         Line of credit with commercial bank,
         $1,500,000 limit, interest variable
         (6.50% at March 31, 2003).........................        $ 1,295,125
                                                                   -----------
                                                                   $ 1,314,768
                                                                   ===========
(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 2.25% (6.50% at March 31, 2003); collateralized
         by all of the company's assets.                             1,943,163

         Installment note payable to bank, due in monthly
         installments of $17,402, including interest at prime
         plus 2.25% (6.50% at March 31, 2003); collateralized
         by all of the company's assets.                             1,298,420

         Installment note payable to bank, due in
         monthly installments of $527, including
         interest at 9.5%; collateralized by
         equipment.                                                      9,262
                                                                   -----------
              Total long-term debt                                   3,250,845
         Less current installments of long-term debt                   153,284
                                                                   -----------

                  Long-term debt, excluding current installments   $ 3,097,561
                                                                   ===========

                                      - 7 -
<PAGE>


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


Results of Operations

The Company's net revenues increased $550,000, or 25%, in the first quarter of
2003 as compared to the first quarter of 2002. However, operating income was
lower by $38,000 due to increased costs.

Cost of sales, as a percentage of revenues, increased 4.2% from 70.8% for the
first quarter of 2002 to 75% for the first quarter of 2003. This percentage
increase was primarily due to increased costs of natural gas and expandable
polystyrene.

Shipping and selling expenses were $93,000 higher in the first quarter of 2003
than in the first quarter of 2002. Freight out and warehouse labor were $69,000
and $11,000 higher, respectively, at the Portsmouth, Virginia plant on sharply
higher sales.

General and administrative expenses were $29,000 lower in the first quarter of
2003 due to a variety of cost reductions and efficiencies. Interest expense was
also lower by $29,000 in the first quarter due to reduced debt and a lower prime
interest rate.

Funding of New Subsidiary

The most significant development in the first quarter of 2003 was 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 $568,349 in patents and other
intangible assets, in addition to $12,156 in inventories and equipment, for its
remaining 80% interest in Triter Corporation.

Liquidity and Capital Resources

At March 31, 2003 the balance available on the Company's $1,500,000 line of
credit was $204,875 and working capital was $591,000. Management believes that
cash flow will be adequate to satisfy 2003 needs.


                                      - 8 -
<PAGE>


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 and Use of Proceeds
          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 and is the Registrant's principal
               financial officer.


                                        RADVA CORPORATION

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



May 2, 2003



                                      - 9 -
<PAGE>


                                 CERTIFICATIONS


I, Luther I. Dickens, Chief Executive Officer of Radva Corporation, certify that

1.   I have reviewed this quarterly report on Form 10-Q of Radva Corporation;

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 officers 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");

     c)   and 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 officers 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 officers 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:   May 14, 2003


                                            /s/ Luther I. Dickens
                                            ----------------------------------
                                            Luther I. Dickens
                                            Chief Executive Officer


<PAGE>





                                 CERTIFICATIONS


I, William F. Fry, Vice President-Chief Financial Officer of Radva Corporation,
certify that

1.   I have reviewed this quarterly report on Form 10-Q of Radva Corporation;

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 officers 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");

     c)   and 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 officers 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 officers 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:   May 14, 2003


                                         /s/ William F. Fry
                                         ----------------------------------
                                         William F. Fry
                                         Vice President-Chief Financial Officer


<PAGE>



                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Radva Corporation (the "Company") on
Form 10-Q for the period ended September 30, 2002 as filed with the Securities
and Exchange Commission on the date hereof (the "Report"), each of the
undersigned, in the capacities and on the dates indicated below, hereby
certifies pursuant to 19 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to his knowledge:


1.   The Report fully complies with the requirements of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and


2.   The information contained in the Report fairly presents, in all material
     respects, the financial condition and results of operations of the Company.



Date:             May 14, 2003                       /s/ Luther I. Dickens
                                                     --------------------------
                                                     Luther I. Dickens
                                                     Chief Executive Officer

Date:             May 14, 2003                       /s/ William F. Fry
                                                     --------------------------
                                                     William F. Fry
                                                     Vice President-
                                                     Chief Financial Officer