<PAGE>   1
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB/A
                                 Amendment No. 1

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

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

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

     For Quarterly Period                     Commission File
     ended March 31, 2001                     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
                                                   ------      -------


The Form 10-Q for the quarter ended March 31, 2001 is amended to confirm the
issuer's status as a small business issuer and to add the independent
accountants' report of Persinger & Company, L.L.C. and the items referred to
therein.



<PAGE>   2



                                RADVA CORPORATION


                                      INDEX


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


 INDEPENDENT ACCOUNTANTS' REPORT                              3


 Item 1.  Financial Statements

          Balance Sheets,
          December 31, 2000 and March 31, 2001                4

          Statements of Operations, Three Months
          Ended March 31, 2000 and March 31, 2001             5

          Statements of Cash Flows, Three Months
          Ended March 31, 2000 and March 31, 2001             6

          Notes to Financial Statements                      7-8


 Item 2.  Management's Discussion and Analysis of
          Financial Condition and Results of Operations       9



PART II.  OTHER INFORMATION                                   10





                                      -2-

<PAGE>   3






PERSINGER & COMPANY, L.L.C.
Certified Public Accountants
203 W. Grayson Street                                    Telephone (540)236-8135
P. 0. Box 797                                                 FAX (540) 236-0797
Golax, Virginia 24333



                         Independent Accountants' Report



Board of Directors
RADVA Corporation
Radford, Virginia

We have reviewed the accompanying consolidated balance sheet of RADVA
Corporation and subsidiary as of March 31, 2001 and 2000, and the related
consolidated statements of income and cash flows for the three-month periods
ended March 31, 2001 and 2000. 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.

The accompanying financial statements have been prepared assuming that the
Corporation will continue as a going concern. As discussed in Note 6 to the
financial statements [and in Note 17 to the annual financial statements for the
year ended December 31, 2000 (not presented herein)], certain conditions raise
substantial doubt about its ability to continue as a going concern. Management's
plans in regard to these matters are also discussed in Note 6 [and Note 17 to
the annual financial statements for the year ended December 31, 2000 (not
presented herein)], to the financial statements.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of RADVA Corporation and subsidiary as
of December 31, 2000, 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 February 6, 2001, we expressed an unqualified
opinion on those consolidated financial statements and included an explanatory
paragraph concerning matters that raise substantial doubt about the
Corporation's ability to continue as a going concern.



/s/ PERSINGER & COMPANY, L.L.C.


Galax, Virginia
May 29, 2001





      A Virginia Limited Liability Company o Members American Institute of
                          Certified Public Accountants


                                      -3-
<PAGE>   4



                                RADVA CORPORATION
                                 Balance Sheets
                                   (Unaudited)
                                 (In Thousands)

<TABLE>
<CAPTION>
                                                      March 31        December 31
               ASSETS                                   2001             2000
                                                      --------        -----------
<S>                                                  <C>             <C>
Current assets:
   Cash ......................................        $      3         $     11
                                                      --------         --------
   Accounts and notes receivable .............           2,325            2,076
   Other Accounts Receivable .................             147              234
   Less allowance for doubtful accounts ......              94               83
                                                      --------         --------
   Net receivables ...........................           2,378            2,227
                                                      --------         --------

  Inventories:
     Finished goods ..........................             574              614
     Work in process .........................               6                4
     Raw materials and supplies ..............             264              246
                                                      --------         --------
     Total inventories .......................             844              864
                                                      --------         --------

   Prepaid expenses ..........................             100              100
   Other current assets ......................               6               --
                                                      --------         --------
         Total current assets ................           3,331            3,202
                                                      --------         --------

Property, plant & equipment, at cost .........           9,217            9,724
   Less accumulated depreciation .............           4,560            4,880
                                                      --------         --------
         Net property, plant & equip .........           4,657            4,844
                                                      --------         --------

Investment in Thermasteel Corporation ........             262              262
Trademark manufacturing and
 marketing rights ............................             444              451
Note receivable-noncurrent ...................           2,453            2,432
Other assets .................................             338              295
                                                      --------         --------
                                                      $ 11,485         $ 11,486
                                                      ========         ========
     LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Current installments of long-term debt ....        $    793         $    793
   Notes payable .............................           1,402            1,311
   Accounts payable ..........................           1,846            1,615
   Accrued expenses ..........................             274              282
                                                      --------         --------
           Total current liabilities .........           4,315            4,001

Long-term debt, excluding current
   installments ..............................           3,043            3,409
                                                      --------         --------
           Total liabilities .................           7,358            7,410
                                                      --------         --------

Stockholders' equity:
   Common stock of $.01 par value
     Authorized 10,000,000 shares; issued
      and outstanding 3,998,027 ..............              40               40
   Additional paid-in capital ................           4,483            4,483
   Retained earnings .........................            (396)            (447)
                                                      --------         --------
            Total stockholders' equity .......           4,127            4,076
                                                      --------         --------

                                                      $ 11,485         $ 11,486
                                                      ========         ========
</TABLE>


See accountants' report and accompanying notes to financial statements.




                                     - 4 -
<PAGE>   5


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



<TABLE>
<CAPTION>
                                                 Three Months Ended
                                                       March 31
                                              -----------------------
                                                2001            2000
                                              -------         -------
<S>                                          <C>             <C>
Manufacturing net revenues ...........        $ 2,666           2,537
                                              -------         -------

Cost and expenses:
   Cost of sales .....................          2,057           2,176
   Shipping and selling ..............            222             213
   General and administrative ........            310             323
   Research and development ..........             --              --
                                              -------         -------
                                                2,589           2,712
                                              -------         -------


   Operating income ..................             77            (175)
                                              -------         -------


Other income (deductions):
   Interest expense ..................           (122)           (125)
   Other .............................             96              42
                                              -------         -------
                                                  (26)            (83)
                                              -------         -------


Earnings before income tax ...........             51            (258)

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

Net earnings .........................        $    51            (258)
                                              =======         =======

Earnings per common share ............        $   .01            (.06)
                                              =======         =======
</TABLE>


See accountants' report and accompanying notes to financial statements.



                                     - 5 -
<PAGE>   6

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


<TABLE>
<CAPTION>
                                                             2001          2000
                                                            -----         -----
<S>                                                        <C>           <C>
Cash flows from operating activities:
   Net income (loss) ...............................        $  51         $(258)
                                                            -----         -----
   Adjustments to reconcile net income to net
   cash provided by operating activities:
      Depreciation .................................          167           158
      Amortization .................................           13            11
      Gain on sale of assets .......................          (22)           --
     Change in assets and liabilities:
       Decrease (Increase) in net receivables ......         (151)          302
       Decrease (Increase) in inventories ..........           20          (207)
       Decrease (Increase) in prepaid expenses .....           --             6
       Increase in other current assets ............           (6)           (4)
       Increase in notes receivable-noncurrent .....          (21)          (38)
       Decrease (Increase) in other assets .........          (49)          (11)
       Increase (Decrease) in accounts payable .....          231           (50)
       Increase (Decrease) in accrued expenses .....           (8)            2
                                                            -----         -----
         Total adjustments .........................          174           169
                                                            -----         -----

         Net cash from operating activities ........          225           (89)
                                                            -----         -----

Cash flows from investing activities:
   Proceeds from sale of assets ....................           45            --
   Capital expenditures for equipment and other
     long-term assets ..............................           (3)         (162)
   Purchase of Treasury stock ......................           --           (20)
                                                            -----         -----

         Net cash from investing activities ........           42          (182)
                                                            -----         -----

Cash flows from financing activities:
   Proceeds from notes payable .....................           91           307
   Principal payments on notes payable .............           --            --
   Proceeds from long-term debt ....................           --            --
   Principal payments under long-term debt .........         (366)         (153)
                                                            -----         -----

         Net cash from financing activities ........         (275)          154
                                                            -----         -----

Net increase (decrease) in cash ....................           (8)         (117)

Cash at January 1 ..................................           11            42
                                                            -----         -----

Cash at March 31 ...................................        $   3         $ (75)
                                                            =====         =====
</TABLE>


See accountants' report and accompanying notes to financial statements.



                                     - 6 -
<PAGE>   7

                                RADVA CORPORATION
                          Notes to Financial Statements
                                 March 31, 2001


(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.............................         $  171,846
         Buildings and improvements........................          3,076,653
         Machinery and equipment...........................          5,294,485
         Transportation equipment..........................            372,130
         Office equipment..................................            301,702
                                                                    ----------
                                                                    $9,216,816
                                                                    ==========


(3)  Accrued Expenses


         Accrued expenses are comprised of the following:

         Payroll and employment benefits...................         $  161,529
         Other.............................................            112,084
                                                                    ----------
                                                                    $  273,613
                                                                    ==========

(4)  Notes Payable

         Line of credit with commercial bank,
         $1,500,000 limit, interest variable
      (8.00% at March 31, 2001).........................            $1,402,204
                                                                    ----------

                                                                    $1,402,204
                                                                    ==========



                                     - 7 -
<PAGE>   8



                                RADVA CORPORATION
                          Notes to Financial Statements
                                 March 31, 2001

(5)  Long-term Debt

<TABLE>
<CAPTION>
<S>                                                                     <C>
     A summary of long-term debt follows:

     Installment notes payable collateralized
     by equipment                                                        $   20,559

     Installment notes payable with financing company, due in monthly
     installments of $16,404, including interest at 8.8%;
     collateralized by equipment                                            232,196

     Installment note payable, due in quarterly
     installments of $23,100, including interest at
     19.5%, collateralized by equipment                                     100,332

     Installment note payable to bank, due in
     monthly installments of $11,905, including
     interest at 8%, collateralized by equipment                            570,927

     Installment note payable to bank, due in
     monthly installments of $4,762 including
     interest at prime, collateralized by equipment                         206,249

     Installment note payable to bank, due in
     monthly installments of $5,556 beginning
     July 31, 2000, plus interest at prime                                  350,000

     Installment note payable to bank, due in monthly
     installments of $27,533, including interest
     at 7.75%; collateralized by real estate                              2,355,533
                                                                         ----------

     Total long-term debt                                                 3,835,796

     Less current installments of long-term debt                            792,663
                                                                         ----------

     Long-term debt, excluding current installments                      $3,043,133
                                                                         ==========
</TABLE>

(6)  Going Concern

The Company's financial statements have been presented on the basis that it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business.

The Company had a significant loss for the year 2000 amounting to $1,075,912. At
March 31, 2001 the Company had an accumulated deficit of $396,000 and a negative
net working capital of $984,000. These conditions create an uncertainty as to
the Company's ability to continue as a going concern. Management has taken
certain steps to increase revenue and reduce operating expenses to help restore
profitability. The ability of the Company to continue as a going concern is
dependent upon the success of these actions. The financial statements do not
include any adjustments relating to the recoverability of recorded asset amounts
or the amounts of liabilities that might be necessary should the Company be
unable to continue as a going concern.



                                     - 8 -
<PAGE>   9

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


Results of Operations

The Company recorded a $51,000 profit in the first quarter of 2001 compared to a
net loss of $258,000 in the first quarter of 2000. Sales in March 2001 exceeded
sales in March 2000 by $137,000. This improvement in operating performance was
primarily the result of reduced cost for the Company's primary raw material,
price increases to the Company's customers, and to cost cutting measures taken
during the past year.

Cost of sales, as a percentage of manufacturing net revenues, was lower by 8.6%,
decreasing from 85.8% during the first quarter of 2000 to 77.2% during the first
quarter of 2001. This relationship between cost to revenues was improved
primarily as a result of lower cost of raw materials and increased selling
prices to the Company's customers.

Shipping and selling expenses and general and administrative expenses showed
only modest improvements as a percentage of manufacturing net revenues.

Liquidity and Capital Resources

The Company had been profitable for the years 1991 through 1999, before
incurring a loss of $1,075,912 in 2000. At March 31, 2001 the balance available
on the Company's $1,500,000 line of credit was $97,796 and working capital was a
negative $984,000. The Company is pursuing new sources of bank and equity
financing.


Year 2000 Issue

Most of Radva processes utilize the Windows 95 platform and can handle the
Century 2000 date format presently without problems. We have upgraded our
environment to Windows NT Server and Workstations. Our server for EDI is Century
2000 date format compliant and our Accounting Department, which currently uses a
UNIX based system became Y2K compliant in May 1999 with the purchase and
installation of new software and hardware.



                                     - 9 -
<PAGE>   10



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, 2000.


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-QSB/A 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
                                        Assistant Secretary/Treasurer
                                        (Principal Financial Officer)


May 31, 2001




                                     - 10 -