<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 10-Q


                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended  June 30, 1997                    Commission file number 7088
                 -----------------                                         ----


                        AMERICAN BUSINESS PRODUCTS, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         Georgia                                         58-1030529
--------------------------------------------------------------------------------
(State of Incorporation)                       (IRS Employer Identification No.)


2100 RiverEdge Parkway, Suite 1200, Atlanta, Georgia               30328
--------------------------------------------------------------------------------
  (Address of principal executive offices)                      (Zip Code)


Registrant's telephone number, including area code             (770) 953-8300
                                                              -----------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.


Yes  X  No
    ---    ---



Common Stock, $2.00 par value                           16,414,904 shares
-----------------------------                     ------------------------------
          (Class)                                 (Outstanding at June 30, 1997)


                                  Page 1 of 12
<PAGE>   2
                         Part I -- FINANCIAL INFORMATION

Item 1. Financial Statements

                        AMERICAN BUSINESS PRODUCTS, INC.
                    CONDENSED CONSOLIDATED INCOME STATEMENTS
      FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                  (Dollars in thousands except per share data)

<TABLE>
<CAPTION>
Three Months Ended June 30,                          1997              1996
---------------------------                      ------------      ------------
<S>                                              <C>               <C>         
NET SALES                                        $    128,068      $    157,394
                                                 ------------      ------------

COST AND EXPENSES
  Cost of goods sold                                   90,585           110,809
  Selling and administrative expenses                  27,938            35,571
  Restructuring and other charges                          --               643
                                                 ------------      ------------
                                                      118,523           147,023
                                                 ------------      ------------

OPERATING INCOME                                        9,545            10,371

OTHER INCOME (EXPENSE)
  Interest expense                                     (1,541)           (1,762)
  Miscellaneous - net                                   1,948             1,154
                                                 ------------      ------------
                                                          407              (608)
                                                 ------------      ------------

INCOME BEFORE INCOME TAXES                              9,952             9,763

PROVISION FOR INCOME TAXES                              3,882             3,868
                                                 ------------      ------------

NET INCOME                                       $      6,070      $      5,895
                                                 ============      ============

EARNINGS PER COMMON SHARE                        $       0.37      $       0.36

DIVIDENDS PER COMMON SHARE                       $      0.155      $      0.145

WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING                        16,413,429        16,393,480

<CAPTION>
Six Months Ended June 30,                            1997              1996
-------------------------                        ------------      ------------
<S>                                              <C>               <C>         
NET SALES                                        $    255,116      $    314,401
                                                 ------------      ------------

COST AND EXPENSES
  Cost of goods sold                                  180,392           222,176
  Selling and administrative expenses                  56,341            70,345
  Restructuring and other charges                          --             4,301
                                                 ------------      ------------
                                                      236,733           296,822
                                                 ------------      ------------

OPERATING INCOME                                       18,383            17,579

OTHER INCOME (EXPENSE)
  Interest expense                                     (3,266)           (3,678)
  Miscellaneous - net                                   6,654             2,034
                                                 ------------      ------------
                                                        3,388            (1,644)
                                                 ------------      ------------

INCOME BEFORE INCOME TAXES                             21,771            15,935

PROVISION FOR INCOME TAXES                              8,326             6,141
                                                 ------------      ------------

NET INCOME                                       $     13,445      $      9,794
                                                 ============      ============

EARNINGS PER COMMON SHARE                        $       0.82      $       0.60

DIVIDENDS PER COMMON SHARE                       $       0.31      $       0.29

WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING                         16,411,456        16,389,416
</TABLE>

See accompanying notes to the condensed consolidated financial statements.


                                       2
<PAGE>   3
                        AMERICAN BUSINESS PRODUCTS, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                               June 30,   December 31,
                                                                 1997         1996
                                                             -----------  ------------
                                                             (Unaudited)
<S>                                                            <C>          <C>     
CURRENT ASSETS
  Cash and cash equivalents                                    $ 39,749     $ 82,516
  Short-term investments                                         35,537           --
  Accounts receivable, less allowances of
    $1,910 and $1,885                                            57,032       60,082
  Inventories                                                    34,905       38,911
  Other                                                          11,542       12,046
                                                               --------     --------
    Total Current Assets                                        178,765      193,555

PROPERTY, PLANT AND EQUIPMENT - AT COST
  Land                                                            2,998        3,114
  Buildings and improvements                                     42,166       37,476
  Machinery, equipment and software                             106,850       97,796
  Construction in progress                                        8,149       10,952
                                                               --------     --------
                                                                160,163      149,338
  Less accumulated depreciation                                  71,314       67,409
                                                               --------     --------
                                                                 88,849       81,929

INTANGIBLE ASSETS FROM ACQUISITIONS

  Goodwill, less amortization of $4,523 and $4,077               27,678       28,125
  Other, less amortization of $4,771 and $4,586                   1,176        1,362
                                                               --------     --------
                                                                 28,854       29,487

DEFERRED INCOME TAXES                                            13,121       12,987
OTHER ASSETS                                                     20,708       22,533
                                                               --------     --------
TOTAL ASSETS                                                   $330,297     $340,491
                                                               ========     ========


CURRENT LIABILITIES
  Accounts payable                                             $ 37,343     $ 49,142
  Salaries and wages                                              7,908       11,957
  Profit sharing contributions                                    1,457        3,717
  Current maturities of long-term debt                           12,046       12,047
                                                               --------     --------
    Total Current Liabilities                                    58,754       76,863

LONG-TERM DEBT                                                   54,703       54,958
SUPPLEMENTAL RETIREMENT BENEFITS                                 17,951       18,492
POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS                       17,448       17,187
STOCKHOLDERS' EQUITY

  Common stock - $2 par value; authorized 50,000,000 shares,
  issued 16,633,550 and 16,620,848 shares                        33,267       33,242
  Additional paid-in capital                                      6,349        6,118
  Retained earnings                                             144,362      136,003
  Foreign currency translation adjustment                           615          651
                                                               --------     --------
                                                                184,593      176,014
  Less 218,646 and 213,256 shares of common
    stock in treasury - at cost                                   3,152        3,023
                                                               --------     --------
                                                                181,441      172,991
                                                               --------     --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                     $330,297     $340,491
                                                               ========     ========
</TABLE>

See accompanying notes to condensed consolidated financial statements.


                                       3
<PAGE>   4
                        AMERICAN BUSINESS PRODUCTS, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                             (Dollars in thousands)


<TABLE>
<CAPTION>
                                                              1997        1996
                                                            --------    --------
<S>                                                         <C>         <C>     
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income                                                $ 13,445    $  9,794
  Depreciation and amortization                                6,813       9,178
  Changes in operating working capital                       (11,292)     (4,342)
  Other adjustments to reconcile net income
    to net cash provided by operating activities              (4,794)     (1,018)
                                                            --------    --------
      Net cash provided by operating activities                4,172      13,612


CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of short-term investment                          (47,207)         --
  Proceeds from sale of short-term investments                12,780          --
  Decrease in cash value of life insurance                     1,891         751
  Additions to plant and equipment                           (13,447)    (14,637)
  Other                                                        4,259       1,517
                                                            --------    --------
      Net cash used in investing activities                  (41,724)    (12,369)


CASH FLOWS FROM FINANCING ACTIVITIES
  (Decrease) increase in long-term debt                         (256)      5,900
  Dividends paid                                              (5,086)     (4,753)
  Other                                                          127         155
                                                            --------    --------
      Net cash (used in) provided by financing activities     (5,215)      1,302


Net (decrease) increase in Cash and Cash Equivalents         (42,767)      2,545
Cash and Cash Equivalents at Beginning of Period              82,516      29,023
                                                            --------    --------
Cash and Cash Equivalents at End of Period                  $ 39,749    $ 31,568
                                                            ========    ========
</TABLE>






See accompanying notes to condensed consolidated financial statements.




                                       4
<PAGE>   5
                        AMERICAN BUSINESS PRODUCTS, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1.       Unaudited Condensed Consolidated Financial Statements

         The condensed consolidated financial statements have been prepared in
         accordance with generally accepted accounting principles which in
         certain instances require the use of management's estimates. The
         information contained in these condensed consolidated financial
         statements and notes for the three and six month periods ended June 30,
         1997 and 1996 is unaudited but, in the opinion of management, all
         adjustments necessary for a fair presentation of such information have
         been made. All such adjustments are of a normal recurring nature.
         Reclassifications of certain 1996 amounts have been made to conform
         with the 1997 presentation. Certain information and footnote
         disclosures normally included in financial statements prepared in
         accordance with generally accepted accounting principles have been
         omitted pursuant to applicable rules and regulations of the Securities
         and Exchange Commission. The condensed consolidated financial
         statements included herein should be read in conjunction with the
         audited financial statements and notes thereto contained in the
         Company's Annual Report on Form 10-K for the year ended December 31,
         1996.

2.       Consolidation Policy

         The condensed consolidated financial statements include the accounts of
         the Company and its subsidiaries, all of which are wholly-owned.
         Intercompany balances and transactions have been eliminated.

3.       New Accounting Standard

         In February 1997, the Financial Accounting Standards Board issued
         Statement of Financial Accounting Standards No. 128, "Earnings per
         Share" ("SFAS No. 128"). This Statement establishes new standards for
         computing and presenting earnings per share ("EPS") information. SFAS
         No. 128 simplifies the computation of earnings per share currently
         required by ABP Opinion No. 15 and its related interpretations. The new
         Statement replaces the presentation of "primary" (and when required
         "fully diluted") earnings per share with "basic" and "diluted" earnings
         per share. This Statement is effective for financial statements issued
         for periods ending after December 15, 1997, including interim periods;
         earlier application is not permitted. The Company's computation of
         basic EPS under SFAS No. 128 for 1997, 1996, and 1995 will not be
         materially different than EPS previously reported.

4.       Nature of Operations

         The Company markets envelope products, business forms, labels and other
         supplies for business and industry and, except for business forms,
         manufactures such supplies; manufactures and distributes hardcover and
         softcover books for the publishing industry; and extrusion coats and
         laminates papers, films, and nonwoven fabrics for use in medical,
         industrial and consumer packaging applications. The markets for these
         products are located principally throughout the continental United
         States.

5.       Net Income Per Share

         Net income per common share is based upon the weighted average number
         of shares outstanding during each period: 16,413,429 and 16,393,480 for
         the three month periods ended June 30, 1997 and 1996 respectively, and
         16,411,456 and 16,389,416 for the six month periods ended June 30, 1997
         and 1996 respectively.


                                       5
<PAGE>   6
6.       Short-Term Investments

         Short-term investments consist of Federal Agency notes with original
         maturities at date of purchase of less than one year but greater than
         90 days. These investments are readily purchased or sold using
         established markets. Such short-term investments are stated at cost
         plus accrued income, which approximates fair value.


7.       Inventories ($000's)

         Inventories consisted of the following at the dates indicated:

<TABLE>
<CAPTION>
                                                             June 30,       December 31,
                                                               1997             1996
                                                               ----             ----
           <S>                                               <C>              <C>
           Products finished or in process                   $16,328          $15,825
           Raw materials                                      18,455           22,413
           Supplies                                              122              673
                                                             -------          -------
                                             Total           $34,905          $38,911
                                                             =======          =======
</TABLE>




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

1.       Liquidity and Capital Resources

         The current ratio increased to 3.0 to 1 at June 30, 1997, from 2.5 to 1
         at December 31, 1996.

         The Company believes its liquid current assets, internal cash flows and
         short term investment balances and, to the extent necessary, external
         financing will provide sufficient funds to meet the Company's needs for
         the foreseeable future. During the quarter the Company's Credit
         Agreement with a bank, under which the Company may borrow to $35.0
         million, was extended to April 22, 2000.

2.       Results of Operations

         Sales during the second quarter and first half of 1997 declined 18.6%
         and 18.9%,respectively, versus the same periods in 1996. The decline is
         due primarily to the Company's sale, effective December 31, 1996 of the
         assets of its former business forms manufacturing business (the "Vanier
         Sale").

         Cost of goods sold, expressed as a percentage of sales, increased
         slightly to 70.7% from 70.4% for the second quarter and remained at
         70.7% for the first half compared to the same periods in the prior
         year. Selling and administrative expenses decreased to 21.8% of sales
         from 22.6% for the second quarter and decreased to 22.1% from 22.4% for
         the first half compared to the same periods in the prior year.




                                       6
<PAGE>   7
         During the second quarter and first half of 1996 the Company recorded
         restructuring charges of $0.6 million and $4.3 million respectively
         (before income taxes) related to the Company's plant consolidation
         program. While the Company did not record restructuring charges during
         the first half of 1997, the final planned plant closing in the
         Company's plant consolidation program occurred during the first quarter
         of 1997 and costs and processing bottlenecks related to the program had
         an adverse impact on the Company's revenues and income during the
         second quarter and the first half. Although the Company's plant
         consolidation program includes actions intended to reduce these adverse
         impacts, to improve customer service, to reduce costs, and to realize
         the value of realty rendered redundant by the plant consolidation
         program, the timing and magnitude of the effects of these actions is
         subject to uncertainty.

         Other income increased to $0.4 million for the second quarter from an
         expense of $0.6 million and to $3.4 million of income from an expense
         of $1.6 million for the first half compared with the same periods in
         the prior year. The increases in other income resulted primarily from
         increased income from disposals of redundant realty and from
         investments.

         The effective tax rate decreased to 39.0% from 39.6% for the second
         quarter and decreased to 38.2% from 38.5% for the first half compared
         to the same periods in the prior year. The decrease is a result of
         several factors including the absence of 1996's restructuring charge
         which reduced income subject to tax at rates higher than the Company's
         effective rate in 1996.

3.       Pro Forma Financial Information

         The accompanying unaudited pro forma condensed consolidated financial
         statements give effect to the Vanier Sale as if the transaction
         occurred on December 31, 1995. The pro forma condensed consolidated
         financial statements of the Company are presented for informational
         purposes only and their inclusion in this report is not intended to
         intimate that the pro forma information is a more meaningful indicator
         of the results of operations than the Company's reported financial
         results. Further, the pro forma information may not reflect the
         Company's future results of operations or what the results of
         operations of the Company would have been had the Vanier Sale occurred
         at the date indicated.






                                       7
<PAGE>   8
          UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENTS
            FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                  (Dollars in thousands, except per share data)

<TABLE>
<CAPTION>
Three Months Ended June 30,                          1997              1996
---------------------------                      ------------      ------------
<S>                                              <C>               <C>         
NET SALES                                        $    128,068      $    124,507
                                                 ------------      ------------

COST AND EXPENSES
  Cost of goods sold                                   90,585            87,188
  Selling and administrative expenses                  27,938            27,775
  Restructuring and other charges                          --               330
                                                 ------------      ------------
                                                      118,523           115,293
                                                 ------------      ------------

OPERATING INCOME                                        9,545             9,214

OTHER INCOME (EXPENSES)
  Interest expense                                     (1,541)           (1,658)
  Miscellaneous-net                                     1,948               714  (1)
                                                 ------------      ------------
                                                          407              (944)
                                                 ------------      ------------

INCOME BEFORE INCOME TAXES                              9,952             8,270

PROVISION FOR INCOME TAXES                              3,882             3,186
                                                 ------------      ------------

NET INCOME                                       $      6,070      $      5,084
                                                 ============      ============


EARNINGS PER COMMON SHARE                        $       0.37      $       0.31

WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING                        16,413,429        16,393,480


<CAPTION>
Six Months Ended June 30,                            1997              1996
-------------------------                        ------------      ------------
<S>                                              <C>               <C>         
NET SALES                                        $    255,116      $    247,877
                                                 ------------      ------------

COST AND EXPENSES
  Cost of goods sold                                  180,392           174,474
  Selling and administrative expenses                  56,341            54,612
  Restructuring and other charges                          --             3,343
                                                 ------------      ------------
                                                      236,733           232,429
                                                 ------------      ------------

OPERATING INCOME                                       18,383            15,448

OTHER INCOME (EXPENSES)
  Interest expense                                     (3,266)           (3,475)
  Miscellaneous-net                                     6,654             1,458  (1)
                                                 ------------      ------------
                                                        3,388            (2,017)
                                                 ------------      ------------

INCOME BEFORE INCOME TAXES                             21,771            13,431

PROVISION FOR INCOME TAXES                              8,326             5,096
                                                 ------------      ------------

NET INCOME                                       $     13,445      $      8,335
                                                 ============      ============

EARNINGS PER COMMON SHARE                        $       0.82      $       0.51

WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING                        16,411,456        16,389,416
</TABLE>


                                       8
<PAGE>   9
         (1)      Does not include interest income of approximately $526 and
                  $1,024 for the three and six months ended June 30, 1996,
                  respectively, which the Company would have received had the
                  net proceeds of the Vanier Sale been invested in money market
                  instruments throughout the first and second quarters of 1996.

         Results for the first six months of 1997 include after tax gains of
         $1.4 million, or $0.09 per share, on the disposal of realty rendered
         redundant to operating needs by the Company's plant consolidation
         program which commenced in the first quarter of 1996 and concluded with
         the final planned plant closing in the first quarter of 1997. Without
         the realty gains, the Company would have shown net income of $12.1
         million, or $0.74 per share for the first six months.

         Actual results for the second quarter of 1996 included an after tax
         restructuring charge of $0.4 million or $0.02 per share and an after
         tax realty gain of $0.2 million or $0.01 per share, related to the
         Company's plant consolidation program. For the first half of 1996, the
         restructuring charge was $2.6 million after tax, or $0.16 per share,
         and realty gains of $0.2 million after tax or $0.01 per share. Also,
         from the Company's former business forms manufacturing business, which
         the company sold on December 31, 1996, were revenues of $32.9 and $66.5
         million for the second quarter and first six months of 1996,
         respectively. After tax contributions for the second quarter and first
         half of 1996 (net of interest income that would have been earned had
         the sale proceeds instead been invested in money market instruments
         throughout the quarter and half) were $0.5 million, or $0.03 per share
         and $1.1 million, or $0.07 per share, respectively. Without the
         restructuring charge, the related realty gain and the business forms
         manufacturing business' revenue and earnings contribution, the second
         quarter and first half of 1996 would have shown revenues of $124.5 and
         $247.9 million and net income of $5.6 and $11.1 million or earnings per
         share of $0.34 and $0.68, respectively.

4.       Risks and Uncertainties

         Except for historical information contained herein, the matters set
         forth in this report including statements regarding the Company's
         expectations, hopes, intentions or strategies regarding the future, are
         forward looking statements that involve certain risks and uncertainties
         that could cause actual results to differ materially from those in the
         forward looking statements. The Company assumes no obligation to update
         any such forward looking statements. The Company's expectations
         respecting future sales and profits assume, among other things
         reasonable continued growth in the general economy which affects demand
         for the Company's products. The costs and benefits of the Company's
         plant consolidation and order processing redesign programs may vary
         from the Company's expectations due to factors such as: the extent of
         management's ability to control and ultimately eliminate duplication of
         costs, inefficiencies, overheads, and operational bottlenecks
         associated with transferring production from closing to continuing
         plants; the speed with which requisite numbers of new employees can be
         hired, trained and deployed productively at the Company's new and
         enlarged continuing manufacturing plants; sale prices realized upon
         future disposal of redundant assets, particularly real property which
         is subject to future supply and demand conditions in various local real
         estate markets; the Company's ability to implement its order processing
         redesign programs within expected time and cost constraints; and the
         difficulties inherent in forecasting the operating results of an
         operating mode different from that which exists at the time the
         forecast is made.




                                       9
<PAGE>   10
                           PART II - OTHER INFORMATION

Item 4. Submission of Matters to a Vote of Shareholders

The 1997 Annual Meeting of Shareholders of the Company was held on April 23,
1997, and proxies were solicited under Regulation 14A of the securities Exchange
Act of 1934.

The following nominees for director were elected to serve as director until the
2000 Annual Meeting of Shareholders:

<TABLE>
<CAPTION>
              DIRECTOR                      VOTED FOR               WITHELD
              --------                      ---------               -------
         <S>                                <C>                      <C>
         F. Duane Ackerman                  14,229,579               57,427
         Thomas F. Keller                   14,253,665               33,341
         Daniel W. McGlaughlin              14,250,068               36,938
</TABLE>

The following directors continued in office as directors after the 1997 Annual
Meeting for the Following terms:

<TABLE>
<CAPTION>
                      DIRECTORS                          TERM EXPIRES
                      ---------                          ------------
                  <S>                                         <C>
                  Thomas R. Carmody                           1998
                  Robert W. Gundeck                           1998
                  Hollis L. Harris                            1998
                  W. Stell Huie                               1998
                  W. Joseph Biggers                           1999
                  Henry Curtis VII                            1999
                  C. Douglas Miller                           1999
                  G. Harold Northrop                          1999
</TABLE>

The shareholders also voted upon and approved an amendment to the Company's
Bylaws to provide expanded indemnification to directors and officers.

<TABLE>
<CAPTION>
             FOR            AGAINST              ABSTAIN
             ---            -------              -------
         <S>                <C>                  <C>
         14,067,562         147,785              71,659
</TABLE>

Another matter which was voted upon and approved during the 1997 Annual Meeting
was a proposal to ratify the appointment of Deloitte & Touche LLP as independent
accountants of the Company for the 1997 fiscal year.

<TABLE>
<CAPTION>
         AFFIRMATIVE        NEGATIVE          ABSTENTIONS
         -----------        --------          -----------
         <S>                 <C>                 <C>
         14,171,275          74,499              41,232
</TABLE>




                                       10
<PAGE>   11
Item 6. Exhibits and Reports on Form 8-K.

a.      Exhibits attached hereto:

NUMBER                              DESCRIPTION

  27              Financial Data Schedules for Second Quarter 1997 10-Q (for SEC
                  use only)

b.      Reports on Form 8-K.

        None



                                   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.

                                        AMERICAN BUSINESS PRODUCTS, INC.
                                                   (Registrant)



Date:  August 1, 1997                   /s/ Richard G. Smith
                                        ---------------------
                                        Richard G. Smith
                                        Vice President - Finance
                                        and Chief Financial Officer
                                        (duly authorized officer and
                                        principal financial officer)




                                       11
<PAGE>   12
                        AMERICAN BUSINESS PRODUCTS, INC.

                                INDEX OF EXHIBITS

<TABLE>
<CAPTION>
NUMBER                              DESCRIPTION                                         PAGE
------                              -----------                                         ----
  <S>             <C>                                                                    <C>
  27              Financial Data Schedules for Second Quarter 1997 10-Q
                  (for SEC use only)
</TABLE>








                                       12