<Page>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q
(Mark One)
     /X/    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                 THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended SEPTEMBER 30, 2001

                                       OR

     / /    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                 THE SECURITIES EXCHANGE ACT OF 1934

        For the transition period from_______________to_______________

Commission File No.: 333-64893

                              EVENFLO COMPANY, INC.
             (Exact name of registrant as specified in its charter)

         DELAWARE                                          31-1360477
(State or other jurisdiction of                        (I.R.S. Employer
 incorporation or organization)                       Identification No.)

                          Northwoods Business Center II
                              707 Crossroads Court
                              Vandalia, Ohio 45377
               (Address of principal executive offices, Zip Code)

                                 (937) 415-3300
              (Registrant's telephone number, including area code)

      (Former name, former address and former fiscal year, if changed since
last report)

      Indicate by check mark whether the registrant (1) has filed all reports
required by Section 13 or 15(d) of the Securities 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 filing requirements for the
past 90 days. Yes  X  No
                  ---

The number of shares of common stock outstanding of the registrant's common
stock, par value $1.00 per share, at September 30, 2001 was 10,219,372.

<Page>

                           EVENFLO COMPANY, INC. AND SUBSIDIARIES

<Table>
<Caption>
                                            INDEX
                                                                                        PAGES

<S>               <C>                                                                   <C>
Part I.           Financial Information

                  Condensed Consolidated Balance Sheets -
                        December 31, 2000 and September 30, 2001                        2

                  Condensed Consolidated Statements of Operations -
                  For the Three & Nine Months Ended September 30, 2000
                  and 2001                                                              3

                  Condensed Consolidated Statements of Cash Flows -
                  For the Three & Nine Months Ended September 30, 2000
                  and 2001                                                              4

                  Notes to Condensed Consolidated Financial Statements                  5 - 10

                  Independent Accountants' Review Report                                11

                  Management's Discussion and Analysis of the Condensed
                        Consolidated Financial Statements                               12 - 18

Part II.          Other Information

                  Item 1.     Legal Proceedings                                         19

                  Item 6.     Exhibits and Reports on Form 8-K                          19

                  Signatures                                                            20
</Table>

                                       1.
<Page>

EVENFLO COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2000 AND SEPTEMBER 30, 2001
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
--------------------------------------------------------------------------------


<Table>
<Caption>
                                                                                  (Unaudited)
                                                                  DECEMBER 31,    SEPTEMBER 30,
ASSETS                                                                2000             2001
------                                                            -----------     -----------
<S>                                                                <C>             <C>
CURRENT ASSETS:
Cash                                                               $   26,739      $    8,063
Receivables, less allowance of $ 701 and $336                          74,378          72,982
Inventories                                                            70,252          61,560
Deferred income taxes                                                   3,980           3,834
Prepaid expenses                                                        1,532           1,556
                                                                  -----------     -----------
                   TOTAL CURRENT ASSETS                               176,881         147,995

Property, plant and equipment                                         133,289         142,328
Accumulated depreciation                                              (75,697)        (85,999)
                                                                  -----------     -----------
Property, plant and equipment, net                                     57,592          56,329
Intangible assets, net                                                 43,230          42,068
Deferred income taxes                                                  24,066          33,925
Other                                                                   5,856           5,080
                                                                  -----------     -----------
                   TOTAL ASSETS                                    $  307,625      $  285,397
                                                                  ===========     ===========

LIABILITIES, PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
------------------------------------------------------------

CURRENT LIABILITIES:
Revolving credit loans                                             $        0      $   67,400
Accounts payable                                                       38,469          30,551
Bankers acceptances and letters of credit                              18,837          11,415
Accrued expenses                                                       25,057          22,990
                                                                  -----------     -----------
                   TOTAL CURRENT LIABILITIES                           82,363         132,356

Senior notes                                                          110,000         110,000
Revolving credit loans                                                 57,900               0
Pension and post-retirement benefits                                    6,258           6,258
                                                                  -----------     -----------
                   TOTAL LIABILITIES                                  256,521         248,614

Commitments and contingencies

Preferred stock $.01 par value, 10,000,000 shares authorized,
       400,000 shares outstanding (liquidation value, $57,597          40,000          40,000
       includes dividends of $17,597).
Common Shareholders' Equity:
       Class A,  $1 par value, 20,000,000 shares authorized;
                   10,213,372 and 10,219,372, respectively, shares     10,213          10,219
                   outstanding.
       Class B,  $1 par value, 5,000,000 shares authorized;
                   none outstanding                                         0               0
Paid-in capital                                                        62,241          62,265
Retained earnings (deficit)                                           (56,669)        (71,008)
Accumulated other comprehensive earnings (loss)-currency
       translation adjustments                                         (4,681)         (4,693)
                                                                  -----------     -----------

                   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      $  307,625      $  285,397
                                                                  ===========     ===========
</Table>

See Notes to Condensed Consolidated Financial Statements.

                                       2.
<Page>

EVENFLO COMPANY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED EARNINGS (LOSS)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 2001
(DOLLAR AMOUNTS IN THOUSANDS) (Unaudited)
--------------------------------------------------------------------------------

<Table>
<Caption>
                                                                THREE MONTHS ENDED        NINE MONTHS ENDED
                                                                      SEP. 30                 SEP. 30
                                                                ------------------        -----------------
                                                                2000         2001         2000        2001
                                                                ----         ----         ----        ----
<S>                                                          <C>         <C>         <C>          <C>
NET SALES                                                    $ 85,038    $ 77,669    $ 264,742    $ 241,092

      Cost of sales                                            66,892      67,306      205,465      196,656
                                                               ------      ------      -------      -------

GROSS PROFIT                                                   18,146      10,363       59,277       44,436

      Selling,general and administrative expenses              16,935      17,879       52,832       50,145
      Restructuring costs                                           0         136            -        2,535
                                                               ------      ------      -------      -------

INCOME (LOSS) FROM OPERATIONS                                   1,211      (7,652)       6,445       (8,244)

      Interest expense, net                                     4,708       4,685       13,665       14,420
      Currency loss, net                                          183         245          606          334
                                                               ------      ------      -------      -------
LOSS BEFORE INCOME TAXES                                       (3,680)    (12,582)      (7,826)     (22,998)

      Income tax benefit                                       (1,820)     (4,837)      (3,550)      (8,659)
                                                               ------      ------      -------      -------

NET LOSS                                                     $ (1,860)   $ (7,745)   $  (4,276)   $ (14,339)
                                                              =======     =======      =======     ========
</Table>

See Notes to Condensed Consolidated Financial Statements.

                                       3.
<Page>

EVENFLO COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 2001
(DOLLAR AMOUNTS IN THOUSANDS)
<Table>
<Caption>
                                                                         (Unaudited)      (Unaudited)

                                                                         SEPTEMBER 30,    SEPTEMBER 30,
INCREASE (DECREASE) IN CASH                                                 2000             2001
---------------------------                                              ------------     -------------
<S>                                                                       <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                  $ (4,276)       $ (14,339)
Adjustments to reconcile net earnings (loss) to net cash used in
   operating activities:
      Depreciation                                                          11,286           10,395
      Intangibles amortization                                               1,161            1,162
      Deferred income taxes                                                 (4,135)          (9,713)
      Deferred financing cost amortization                                     370              655
      Change in working capital components:
            Receivables                                                      5,246            1,396
            Inventories                                                     (6,416)           8,692
            Current liabilities                                              2,195          (17,407)
            Other, including currency translation adjustment                  (901)             775
                                                                         ---------        ---------
               NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES           4,530          (18,384)
                                                                         ---------        ---------


CASH USED IN INVESTING ACTIVITIES - CAPITAL EXPENDITURES                    (3,424)          (9,249)
                                                                         ---------        ---------


CASH FLOWS FROM FINANCING ACTIVITIES -
            BORROWINGS FROM (REPAYMENTS TO) REVOLVING CREDIT FACILITY        2,500            9,500
            DEFERRED FINANCING COSTS                                             0             (573)
            PROCEEDS FROM ISSUANCE OF COMMON STOCK                               0               30
                                                                         ---------        ---------
      NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                    2,500            8,957
                                                                         ---------        ---------

CASH -          net change                                                   3,606          (18,676)
                beginning of period                                          3,110           26,739
                                                                         ---------        ---------
                end of period                                             $  6,716        $   8,063
                                                                         =========        =========

SUPPLEMENTAL CASH FLOW DATA
Interest paid                                                               16,791           17,983
Income taxes paid                                                              585            1,054
</Table>

See Notes to Condensed Consolidated Financial Statements.

                                       4.
<Page>

                     EVENFLO COMPANY, INC. AND SUBSIDIARIES
                         NOTES TO CONDENSED CONSOLIDATED
                              FINANCIAL STATEMENTS
  For the Three and Nine Months ended September 30, 2000 and 2001. (Unaudited)

(Dollars in thousands)

1.    BASIS OF PRESENTATION

            The condensed consolidated balance sheet as of September 30, 2001
      and the related statements of operations and cash flows for the three and
      nine months ended September 30, 2000 and 2001 included herein have been
      prepared by Evenflo Company, Inc. and its Subsidiaries (the "Company") and
      are unaudited. The condensed balance sheet as of December 31, 2000 is
      derived from the Company's audited financial statements. In the opinion of
      the Company's management, the accompanying unaudited condensed
      consolidated financial statements contain all adjustments, which are of a
      normal recurring nature, necessary to present fairly, in all material
      respects, the Company's financial position as of September 30, 2001,
      results of operations and cash flows for the three and nine months ended
      September 30, 2000 and 2001. The results of operations for the three and
      nine months ended September 30, 2001 are not necessarily indicative of the
      results to be expected for the full year 2001. Therefore, the accompanying
      unaudited condensed financial statements of the Company should be read in
      conjunction with the financial statements included in the Company's Form
      10-K.

2.    ACCOUNTING POLICIES

            In July 2001, the Financial Accounting Standards Board ("FASB")
      issued Statement of Financial Accounting Standards No. 141 ("SFAS 141"),
      "Business Combinations". SFAS 141 requires the purchase method of
      accounting for business combinations initiated after June 30, 2001 and
      eliminates the pooling-of-interests method. The Company has not determined
      the impact, if any, that SFAS 141 will have on its financial statements.

            In July 2001, the FASB issued Statement of Financial Accounting
      Standards No. 142 ("SFAS 142"), "Goodwill and Other Intangible Assets",
      which is effective January 1, 2002. SFAS 142 requires, among other things,
      the discontinuance of goodwill amortization. In addition, the standard
      includes provisions for the reclassification of certain existing
      recognized intangibles as goodwill, reassessment of the useful lives of
      existing recognized intangibles, reclassification of certain intangibles
      out of previously reported goodwill and the identification of reporting
      units for purposes of assessing potential future impairments of goodwill.
      SFAS 142 also requires the Company to complete the first step of the
      transitional goodwill impairment test within six months from the date of
      adoption. The Company has not determined the impact that SFAS 142 will
      have on its financial statements.

                                       5.
<Page>

            In August 2001, the FASB issued Statement of Financial Accounting
      Standards No. 144 ("SFAS 144") entitled "Accounting for the Impairment or
      Disposal of Long-Lived Assets", which addresses financial accounting and
      reporting for the impairment or disposal of long-lived assets. While SFAS
      144 supersedes FASB Statement No. 121, "Accounting for the Impairment of
      Long-Lived Assets and for Long-Lived Assets to be Disposed Of", it retains
      many of the fundamental provisions of that statement. SFAS 144 becomes
      effective for fiscal years beginning after December 15, 2001, with early
      application encouraged. The Company has not yet determined the impact that
      SFAS 144 will have on the Company's financial statements.

3.    INVENTORIES.

            Inventories are valued at the lower of cost or market (net
      realizable value). Cost for United States inventories has been determined
      by use of the last-in, first-out method. Cost for non-U.S. inventories has
      been determined by use of the first-in, first-out method.

<Table>
<Caption>
                                       DECEMBER 31, 2000   SEPTEMBER 30, 2001
                                      -----------------    ------------------
      <S>                             <C>                  <C>
      Finished goods                  $           23,694   $           23,762
      Work in process                             15,933               12,104
      Raw material                                30,625               25,694
                                      ------------------   ------------------
              Total inventories       $           70,252   $           61,560
                                      ==================   ==================
</Table>

4.    CREDIT FACILITY

            On August 20, 1998, as part of the Recapitalization, the Company
      entered into a Secured Credit Facility (the "Credit Facility") with a
      syndicate of banks and other financial institutions. On March 16, 2001,
      the Company amended its Credit Facility to modify certain financial
      covenants, effective December 31, 2000, limit the availability to $95,000
      while the leverage ratio is above 4.0 to 1.0, increase interest rates and
      provide additional collateral. The credit facility was again amended on
      September 30, 2001. This amendment increased the availability to $105,000,
      while creating a borrowing base formula, in which the Company is limited
      in its borrowing based on a formula of 90% of net receivables and 75% of
      net inventory. Management does not believe the borrowing base formula will
      further limit the available borrowings. The Credit Facility currently
      provides for $105,000 of commitments for revolving credit loans (the
      "Revolving Credit Loans"), which may be used for working capital needs and
      general purposes, for special facility obligations (letters of credit and
      bankers' acceptances), liquidity facility loans, and for borrowings on
      same-day notice ("Swingline Loans"). Special facility obligations are
      limited to a maximum of $55,000, bankers' acceptances are limited to a
      maximum of $40,000, liquidity facility loans are limited to a maximum of
      $10,000, and Swingline Loans are limited to a maximum of $5,000. The
      Credit Facility terminates on August 19, 2005. At September 30, 2001, the
      Company had borrowing availability of approximately $15,281 under the
      Credit Facility subject to certain conditions (after giving effect to
      $67,400 of revolving credit loans and $22,319 of letters of credit and
      banker's acceptances, including $10,641 of commitments for stand-by
      letters of credit and $263 letters of credit that have not yet been
      executed).

                                       6.
<Page>

      At September 30, 2001, the Company was not in compliance with certain
      financial covenants contained in the credit facility as amended on March
      16, 2001. On October 15, 2001, the lenders granted a waiver for the debt
      covenant violations through January 31, 2002. The principle reasons the
      company did not meet these covenants were a continued slowdown in the
      general economy, supply chain sourcing problems and changes in customer
      ordering and shipping patterns. The Company has implemented various steps
      to improve its profitability and liquidity, including cost cutting
      initiatives, the closing of a manufacturing facility, and the introduction
      of new products. There can be no assurance, however, that these
      initiatives will enable the Company to meet its financial covenants going
      forward. As a result, the Company has classified all debt under its credit
      facility as current.

            There can be no assurance, however, that the Company's business will
      continue to generate sufficient future cash flow from operations to
      service its debt, meet the Company's increasingly restrictive debt
      covenants after January 31, 2002, make necessary capital expenditures, or
      meet its other cash needs. If unable to do so, the Company may be required
      to refinance all or a portion of its existing debt, to sell assets, as
      permitted by the revolving credit facility, or to obtain additional
      financing. There can be no assurance that such efforts to obtain
      sufficient financing, at terms acceptable to the Company, or an amendment
      of the financial covenants will be successful in the future. While the
      Company is implementing cost reduction initiatives it may continue to
      incur net losses and negative cash flows from operations that includes
      interest payments on debt. Based on recent history, management believes
      the Company will be able to amend the financial covenants by January 31,
      2002. The financial statements, as represented do not include adjustments
      that may result from the outcome of these uncertainties.

            The Company and/or affiliates of the Company, including entities
      related to Kohlberg Kravis Roberts & Co., L.P. may, from time to time
      depending on market conditions, purchase Senior Notes (the "Notes")
      previously issued by the Company in the open market or by other means.

            The Credit Facility prohibits the Company from repurchasing any
      Notes or the Company's outstanding preferred stock, subject to limited
      exceptions. The Company's obligations under the Credit Facility are
      secured by a pledge of the common stock of its material direct domestic
      subsidiaries and 65% of the common stock of its material direct foreign
      subsidiaries, with certain exceptions, as well as accounts receivable,
      inventory, equipment, other real property and certain intangible assets,
      including intellectual property, with certain exceptions. In addition,
      indebtedness under the Credit Facility is guaranteed by the domestic
      subsidiaries of the Company, with certain exceptions.

            The Credit Facility contains customary covenants, events of default,
      and restrictions on the Company's ability to engage in certain activities
      including (i) limitations on liens, (ii) limitations on consolidations and
      mergers of the Company and sales of the assets of the Company, (iii)
      restrictions on the purchase, redemption or acquisition of any capital
      stock, equity interest or any other obligations or other securities and
      restrictions on the advances, loans, extension of credit or capital
      contributions to, or investment in, other entities, (iv) restrictions on
      additional indebtedness to be incurred by the Company, (v) restrictions on

                                       7.
<Page>

      payments of dividends or other distribution of assets, (vi) limits on
      capital expenditures, and (vii) compliance with certain financial
      covenants relating to an interest coverage ratio and a leverage ratio.

5.    COMPREHENSIVE INCOME (LOSS).

            The Company's comprehensive income (loss) consists of foreign
      currency translation adjustments related to its non-U.S. subsidiaries net
      earnings (loss). For the comparative three and nine months ended September
      30, 2000 and 2001, comprehensive income (loss) was as follows:

<Table>
<Caption>
                                            Three Months Ended              Nine Months Ended
                                               SEPTEMBER 30,                   SEPTEMBER 30,
                                         ------------------------       ------------------------
                                           2000            2001           2000           2001
                                         ---------      ---------       --------     -----------
<S>                                      <C>            <C>             <C>          <C>
      Net loss                           $  (1,860)     $  (7,745)        (4,276)    $   (14,339)
      Foreign currency translation             214           (522)           (44)            (12)
                                         ---------      ---------       --------     -----------
      Comprehensive earnings (loss)      $  (1,646)     $  (8,267)      $ (4,320)    $   (14,351)
                                         =========      =========       ========     ===========
</Table>

6.    SHAREHOLDERS EQUITY

            PREFERRED STOCK. On August 20, 1998, the Company issued Cumulative
      Preferred Stock with a liquidation preference of $40,000. The holder of
      the Cumulative Preferred Stock is entitled to receive, when, and if
      declared by the Board of Directors, dividends on each outstanding share of
      Cumulative Preferred Stock, at a variable rate based on the ten-year
      treasury rate, based on the then effective liquidation preference per
      share of Cumulative Preferred Stock. Dividends on the Cumulative Preferred
      Stock are payable quarterly in arrears on August 15, November 15, February
      15 and May 15 of each year, commencing November 15, 1998. The dividend
      rate with respect to the Cumulative Preferred Stock bears a variable rate
      of interest indexed to the ten year U. S. Treasury rate. The interest rate
      used to calculate the dividends in arrears was approximately 14.11% per
      annum. The right to dividends on the Cumulative Preferred Stock is
      cumulative and dividends accrue (whether or not declared), without
      interest, from the date of issuance of the Cumulative Preferred Stock.
      Because the Board of Directors has not declared any preferred dividends
      through September 30, 2001, the amount of the Cumulative Preferred Stock
      dividends in arrears as of that date is $17,597.

7.    RESTRUCTURING

            In 2001, the Company approved a plan to restructure certain
      administrative and operational functions. Management assessed the impact
      that this would have on employment levels and during the first quarter of
      2001 recorded severance and other payroll related costs of $1,448 for 35
      salaried personnel that had been terminated. Severance and other payroll

                                       8.
<Page>

      related costs of $128 and $943 were charged against this reserve during
      the three months and nine months ended September 30, 2001.

            In June 2001, Company management approved a plan to close the plant
      in Jasper, Alabama and outsource certain functions to enable the Company
      to continue to offer competitive prices on its high quality products. In
      connection with this decision, the Company recorded a charge of $1,050.
      This charge consisted of $282 of employee termination benefits, $70 of
      facility shutdown costs, $48 in other costs, $400 of inventory
      write-downs, and $250 in impairment costs associated with idle equipment.
      Inventory write-down, equipment impairment and facility shut down costs of
      $720 were recorded in Cost of Goods Sold. All other costs were recorded in
      Selling, General and Administrative Costs. Employee termination benefits
      represent severance payments for 10 salaried personnel and 77 collective
      bargaining personnel. Shutdown costs of $58 were charged against the
      reserve during the three months and nine months ended September 30, 2001.

            The Company also recorded an additional charge during the second
      quarter of 2001 of $621 for severance and other payroll related costs of
      34 salaried personnel associated with the previously approved plan to
      restructure certain administrative and operational functions. This amount
      is recorded in Selling, General and Administrative Expenses. Severance and
      other payroll related costs of $28 were charged against this reserve
      during the three months and nine months ended September 30, 2001.

            The Company recorded an additional charge of $136 during the third
      quarter of 2001 for severance and other payroll related costs.

            The Company expects to dispose of the impaired assets and pay the
      remaining amounts related to these reserves by the end of 2001.

8.    CONTINGENCIES

            The Company is both plaintiff and defendant in numerous lawsuits
      incidental to its operations, some alleging substantial claims. In
      addition, the Company's operations are subject to federal, state and local
      environmental laws and regulations. The Company has entered into
      settlement agreements with the U. S. Environmental Protection Agency and
      other parties on several sites and is still negotiating on other sites.
      The settlement amounts and estimated liabilities are not significant.

            Management is of the opinion that, after taking into account the
      merits of defenses, insurance coverage and established reserves, the
      ultimate resolution of these matters will not have a material adverse
      effect in relation to the Company's consolidated financial statements.
      However, due to the inherent uncertainty of litigation, it is possible
      that the Company may be subject to adverse judgements which, singularly or
      in the aggregate, could be substantial in amount and may not be covered by
      insurance or reserves. In addition, no assurances can be given that in the
      future a claim will not be brought against the Company which would have a
      material adverse effect on the Company.

                                       9.
<Page>

            Under an indemnification agreement entered into on August 20, 1998,
      Spalding agreed to indemnify the Company for all losses and liabilities of
      any kind relating to any non-Company matters and the Company agreed to
      indemnify Spalding for all losses and liabilities of any kind relating to
      the Company's business. In addition, Spalding agreed to indemnify the
      Company for the expense of product recalls and corrective actions relating
      to products manufactured by the Company prior to August 20, 1998.

            The Company has insurance to cover the cost of recalls and
      corrective actions. The policy has a deductible of $500 per occurrence and
      a limit of $10,000 per year.

9.    SEGMENT REPORTING

<Table>
<Caption>
                                            Three Months Ended         Nine Months Ended
                                            September 30,              September 30
                                            --------------------       --------------------
                                            2000        2001           2000       2001
                                            ----        ----           ----       ----
<S>                                         <C>         <C>            <C>        <C>
Geographic location

Net Sales
         United States                      $  72,785   $ 63,230       $ 229,691  $ 199,666
         Other nations                         12,253     14,439          35,051     41,426
                                            ---------  ---------       ---------  ---------
                 Total net sales            $  85,038   $ 77,669       $ 264,742  $ 241,092
                                            =========  =========       =========  =========

Earnings (loss) before income taxes
         United States                      $   1,044   $ (7,090)      $   3,847  $  (5,433)
         Other nations                            (16)      (632)          1,992        149
         Restructuring                              0       (175)              0     (3,294)
         Interest expense, net                 (4,708)    (4,685)        (13,665)   (14,420)
                                            ---------  ---------       ---------  ---------
         Earnings (loss) before
         income taxes                       $  (3,680)  $(12,582)      $  (7,826) $ (22,998)
                                            =========  =========       =========  =========

<Caption>
                                            December    September
                                            31, 2000    30, 2001
                                            ---------   ---------
<S>                                         <C>         <C>
Identifiable assets
         United States                      $ 283,153   $ 260,965
         Other nations                         24,472      24,432
                                            ---------   ---------
                  Total assets              $ 307,625   $ 285,397
                                            =========   =========
</Table>

                                       10.
<Page>

                     INDEPENDENT ACCOUNTANTS' REVIEW REPORT

The Board of Directors & Shareholders
Evenflo Company, Inc.:

We have reviewed the accompanying condensed consolidated balance sheet of
Evenflo Company, Inc. and subsidiaries (the "Company") as of September 30, 2001,
and the related condensed consolidated statements of operations and cash flows
for the three and nine months ended September 30, 2001 and 2000. These financial
statements are the responsibility of the Company'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 auditing standards generally accepted in the United States of America, 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 financial statements for them to be in conformity with
accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with auditing standards generally
accepted in the United States of America, the consolidated balance sheet of the
Company at December 31, 2000, and the related consolidated statements of
operations and comprehensive earnings (loss), cash flows and preferred stock and
common shareholders' equity for the year then ended (not presented herein); and
in our report dated March 16, 2001, 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, 2000,
is fairly stated, in all material respects, in relation to the consolidated
balance sheet from which it has been derived.

DELOITTE & TOUCHE LLP

Dayton, Ohio
November 13, 2001

                                       11.
<Page>

                      EVENFLO COMPANY, INC.AND SUBSIDIARIES
                   MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE
                   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                          (DOLLAR AMOUNTS IN THOUSANDS)

RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2001 ("2001 THREE MONTHS") AND NINE MONTHS
ENDED SEPTEMBER 30, 2001 ("2001 NINE MONTHS") COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000 ("2000 THREE MONTHS") AND NINE MONTHS ENDED SEPTEMBER 30,
2000 ("2000 NINE MONTHS").

      NET SALES. The Company's net sales declined to $77,669 in the 2001 three
months from $85,038 for the 2000 three months, a decrease of $7,369 or 8.7%. The
Company's 2001 nine months net sales of $241,092 compare to $264,742 for the
2000 nine months, a $23,650 decrease or 8.9%. U.S. net sales, including export
sales, of $63,230 for the 2001 three months were $9,555 or 13.1% below U.S.
sales for the 2000 three months of $72,785. U.S. net sales, including export
sales, of $199,666 for the 2001 nine months, decreased $30,025 or 13.1%, from
$229,691 for the 2000 nine months due to reduced sales to major retail customers
in most product categories. The decline in U.S. net sales can be attributed to
(i) product supply chain problems leading to customer order cancellations and
(ii) a slowing U.S economy that caused retailers to cut back on reordering to
control the build up of retailers inventory. International net sales increased
17.8% to $14,439 in the 2001 three months from $12,253 for the 2000 three
months. In the 2001 nine months, international net sales increased by $6,375, or
18.2%, to $41,426 from $35,051 for the 2000 nine months. International net sales
for both the 2001 three and nine months increased principally due to increased
sales in Mexico.

      GROSS PROFIT. The Company's gross profit decreased to $10,363 in the 2001
three months from $18,146 in the 2000 three months. As a percentage of net
sales, gross profit decreased to 13.3% in the 2001 three months from 21.3% in
the 2000 three months. For the 2001 nine months, gross profit decreased by
$14,841 or 25.0% to $44,436 from $59,277 for the 2000 nine months. The decrease
in the 2001 three months was due to reduced net sales volume and lower sales
prices for markdown allowances to move slower moving inventory vs. prior year.
The decrease in the 2001 nine months was due to (i) the $720 of net sales
restructuring charge for the Jasper, Alabama plant closure, (ii) lower operating
margins resulting from reduced manufacturing volume and (iii) lower net sales
volume due to supply chain problems and lower prices due to markdown allowances
to move slow moving inventory.

      SELLING, GENERAL AND ADMINISTRATIVE ("SG&A") EXPENSES. The Company's SG&A
expenses increased to $17,879, excluding restructuring costs of $136, in the
2001 three months from $16,935 in the 2000 three months. As a percentage of net
sales, SG&A expenses were 23.0% in the 2001 and 19.9% in the 2000 three months,
respectively. For the 2001 nine months SG&A expenses were $50,145, excluding
restructuring costs of $2,535, a $2,687 or 5.1% decrease from the $52,832
reported for the 2000 nine months. SG&A expenses in the 2001 three months
increased by $944 due to higher product development and engineering costs for
new products.

                                       12.
<Page>

SG&A expenses in the 2001 nine months were lower than prior year primarily due
to lower marketing support costs and reduced administrative costs. Following is
a discussion of restructuring:

      RESTRUCTURING COST. In 2001, the Company approved a plan to restructure
certain administrative and operational functions. Management assessed the impact
that this would have on employment levels and during the first quarter of 2001
recorded severance and other payroll related costs of $1,448 for 35 salaried
personnel that had been terminated. Severance and other payroll related costs of
$943 was charged against this reserve during the first nine months of 2001.

      In June 2001, Company management approved a plan to close the plant in
Jasper, Alabama and outsource certain functions to enable the Company to
continue to offer competitive prices on its high quality products. In connection
with this decision, the Company recorded a charge of $1,050. This charge
consisted of $282 of employee termination benefits, $70 of facility shutdown
costs, $48 in other costs, $400 of inventory write-downs, and $250 in impairment
costs associated with idle equipment. Inventory write-down, equipment impairment
and facility shut down costs of $720 were recorded in Cost of Goods Sold. All
other costs were recorded in Selling, General and Administrative Costs. Employee
termination benefits represent severance payments for 10 salaried personnel and
77 collective bargaining personnel. Shutdown costs of $58 were charged against
the reserve during the 2001 three months and nine months.

      The Company also recorded an additional charge during the 2001 three
months ended June 30, 2001 of $621 for severance and other payroll related costs
of 34 salaried personnel associated with the approved plan to restructure
certain administrative and operational functions. This amount is recorded in
Selling, General and Administrative Expenses. Severance and other payroll
related costs of $28 were charged against this reserve during the 2001 three and
nine months.

      The Company recorded an additional charge of $136 during the third quarter
of 2001 for severance and other related payroll costs.

      The Company expects to dispose of the impaired assets and pay the
remaining amounts related to these reserves by the end of 2001.

      INTEREST EXPENSE. Interest expense decreased to $4,685 in the 2001 three
months and increased to $14,420 in the 2001 nine months from $4,708 in the 2000
three months and $13,665 in the 2000 nine months. The decrease in the 2001 three
months is attributed to lower short term interest rates, that more than offset
increased borrowings. The 2001 nine months increase was due primarily to
increased borrowings under the revolving credit facility, somewhat offset by
lower interest rates.

      CURRENCY (GAIN) LOSS. The $245 currency loss in the 2001 three months and
$334 loss in the 2001 nine months compare to a $183 currency loss in the 2000
three months and $606 loss in the 2000 nine months. The impact of currency is
due primarily to the currency effect of U.S. dollar denominated transactions
with non-U.S. subsidiaries.

      INCOME TAXES (BENEFIT). The Company recorded a tax benefit in both the
2001 and 2000 three months and the 2001 and 2000 nine months associated with
losses from U.S. operations. The tax benefit for both the 2001 three and nine
months was offset in part by tax expense principally from the

                                       13.
<Page>

Company's Mexico subsidiary. The tax benefit for both the 2000 three and nine
months is offset in part by tax expense from the Company's Mexico and Canada
subsidiaries.

LIQUIDITY AND CAPITAL RESOURCES

      GENERAL. The Company's principal sources of liquidity are from cash
balances, cash flows generated from operations and from borrowings under the
Company's $105,000 revolving credit facility. The Company's principal uses of
liquidity are to provide working capital, meet debt service requirements and
finance the Company's strategic investments. At September 30, 2001, the Company
had $8,063 of cash. The revolving credit facility subjects the Company to
certain restrictions and covenants related to, among other things, minimum
interest coverage, maximum leverage ratio restrictions on capital expenditures,
and no dividend payments. At September 30, 2001, the Company had $67,400 in
borrowings outstanding under the revolving credit facility and utilized $11,415
banker's acceptances and letters of credit. In addition, the Company had $10,641
in stand-by letters of credit and $263 of letters of credit that have not yet
been executed. The Company had $15,281 in available borrowing capacity under its
revolving credit facility. In addition, the Company has outstanding $110,000 of
11 3/4% Series B Senior Notes due 2006, issued on August 20, 1998 and $40,000
liquidation preference of Cumulative Preferred Stock that bears a variable rate
of interest indexed to the ten-year U.S. Treasury Rate. As of September 30, 2001
the average dividend rate on the Cumulative Preferred Stock was approximately
14.11%.

      The syndicate of financial institutions under the revolving credit
facility and the Company agreed to amend certain financial covenants included in
the revolving credit facility for the period commencing with the third fiscal
quarter 2000. This amendment ("Amendment No. 1") modified financial covenants
relating to an interest coverage ratio and a leverage ratio, increased the
bankers' acceptance limit and increased the additional margin on the "eurodollar
rate" and the "base rate" interest calculation.

      The syndicate of financial institutions under the revolving credit
facility and the Company agreed to further amend certain financial covenants
included in the revolving credit facility for the period commencing with the
fourth fiscal quarter of 2000. This amendment ("Amendment No. 2") (i) modified
financial covenants relating to an interest coverage ratio and a leverage ratio,
(ii) imposed stricter limits on the Company's ability to make capital
expenditures, (iii) required that the Company pledge certain additional assets,
(iv) modified certain other sections of the revolving credit facility to tighten
the covenants on the Company and (v) further increased the additional margin on
the "eurodollar rate" and the "base rate" interest calculation.

      The syndicate of financial institutions under the revolving credit
facility and the Company agreed to amend certain financial covenants included in
the revolving credit facility effective September 30, 2001. This amendment
("Amendment No. 3") added a covenant to limit available borrowings based on a
borrowing base formula and made available to the Company an additional $10,000
in Liquidity Facility loans. As of the third amendment the Company has a total
of $105,000 in available borrowings. Management does not believe the borrowing
base formula will further limit the available borrowings.

                                       14.
<Page>

      At September 30. 2001, the Company was not in compliance with certain
financial covenants contained in the credit facility as amended on March 16,
2001. On October 15, 2001, the lenders granted a waiver for the debt covenant
violations through January 31, 2002. The principle reasons the Company did not
meet these covenants were a continued slowdown in the general economy and
changes in customer ordering patterns and supply chain problems that led to
order cancellations and reduced net sales. The Company implemented various steps
to improve its profitability and liquidity, including more effective cost
controls, the closing of a manufacturing facility, other cost cutting
initiatives, and the introduction of new products. In addition, the Company
has taken steps to fix the supply chain problem by securing additional
suppliers of key materials. There can be no assurance, however, that these
initiatives will enable the Company to meet its financial covenants going
forward. As a result, the Company has classified all debt under its credit
facility as current.

      There can be no assurance, however, that the Company's business will
continue to generate sufficient future cash flow from operations to service its
debt, meet the Company's increasingly restrictive debt covenants after January
31, 2002, make necessary capital expenditures, or meet its other cash needs. If
unable to do so, the Company may be required to refinance all or a portion of
its existing debt, to sell assets, as permitted by the revolving credit
facility, or to obtain additional financing. There can be no assurance that such
efforts to obtain sufficient financing, at terms acceptable to the Company, or
an amendment of the financial covenants will be successful in the future. While
the Company is implementing cost reduction initiatives it may continue to incur
net losses and negative cash flows from operations which includes interest
payments on debt. Based on recent history, management believes the Company will
be able to amend the financial covenants by January 31, 2002. The financial
statements, as represented do not include adjustments that may result from the
outcome of these uncertainties.

      The Company anticipates cash outlays of approximately $13,500 during 2001
for capital expenditures for new products, cost reduction and replacement of
assets, which it expects to be paid out of existing cash balances, cash
generated from operations and borrowings under the revolving credit facility.

      The Company currently believes that cash flow from operating activities,
together with borrowings available under its revolving credit facility, and cash
on hand will be sufficient to fund the Company's currently anticipated working
capital, capital expenditures, interest payments and other liquidity needs for
the Company's 2001 year. Any future acquisitions, joint ventures or other
similar transactions will likely require approval by the syndicate under the
revolving credit facility and additional capital and there can be no assurance
that any such capital will be available to the Company on acceptable terms or at
all. There can be no assurance, however, that the Company's business will
continue to generate sufficient cash flow from operations in the future to
service its debt, meet the Company's increasingly restrictive debt covenants,
make necessary capital expenditures or meet its other cash needs. If unable to
do so, the Company may be required to refinance all or a portion of its existing
debt, to sell assets, as permitted by the revolving credit facility or to obtain
additional financing. There can be no assurances that any such refinancings
would be possible or that any such sales of assets or additional financing could
be achieved on terms acceptable to the Company.

      The Company and/or affiliates of the Company, including entities related
to Kohlberg Kravis Roberts & Co., L. P. may, from time to time depending on
market conditions, purchase Senior Notes previously issued by the Company in the
open market or by other means.

                                       15.
<Page>

CASH FLOWS

      2001 NINE MONTHS COMPARED TO THE 2000 NINE MONTHS. For the 2001 nine
months, the Company used $18,384 in cash for operating activities, and invested
$9,249 in capital expenditures. The Company increased its borrowing by $9,500
under the revolving credit facility. At September 30, 2001 the Company had
$8,063 in cash.

      The $22,914 lower cash provided from operating activities for 2001 nine
months compared to the 2000 nine months was primarily due to the increase in net
loss and changes in working capital components.

      Capital expenditures during the 2001 and 2000 nine months relate primarily
to new product development, and projects to improve product quality and reduce
operating costs of the business.

EBITDA AND ADJUSTED EBITDA

      EBITDA is defined as earnings before interest expense, income taxes,
depreciation, amortization, and extraordinary items. Adjusted EBITDA is defined
as EBITDA and restructuring costs. EBITDA and Adjusted EBITDA are included
because the Company believes it provides useful information regarding its
ability to service its debt and because the Company understands that such
information is considered to be an additional basis for evaluating the Company's
ability to pay interest and repay debt. EBITDA and Adjusted EBITDA do not,
however, represent cash flow from operations as defined by generally accepted
accounting principles and should not be considered as a substitute for net
earnings as an indicator of the Company's operating performance or cash flow as
a measure of liquidity. Because EBITDA and Adjusted EBITDA are not calculated
identically by all companies, the presentation herein may not be comparable to
similarly titled measures of other companies.

      The Company's Adjusted EBITDA decreased to $(3,622) in the 2001 three
months from $5,359 in the 2000 three months and decreased in the 2001 nine
months to $7,003 from $18,928 in the 2000 nine months as indicated in the table
below.

<Table>
<Caption>
                                                     Three Months Ended                 Nine Months Ended
                                                     SEPTEMBER 30,                      SEPTEMBER30,
                                                     --------------------------------   ---------------------------------
                                                           2000              2001             2000              2001
                                                        ------------    -------------   ---------------   ---------------
<S>                                                     <C>             <C>             <C>               <C>
NET EARNINGS (LOSS)                                     $     (1,860)   $      (7,745)  $        (4,276)  $       (14,339)

        Income taxes (benefit)                                (1,820)          (4,837)           (3,550)           (8,659)
        Interest expense, net                                  4,708            4,685            13,665            14,420
        Depreciation and amortization                          4,331            4,100            13,089            12,287
                                                        ------------    -------------   ---------------   ---------------
EBITDA                                                         5,359           (3,797)           18,928             3,709
                                                        ------------    -------------   ---------------   ---------------
        Restructuring costs                                        0              175                 0             3,294
                                                        ------------    -------------   ---------------   ---------------
ADJUSTED EBITDA                                         $      5,359    $      (3,622)  $        18,928   $         7,003
                                                        ============    =============   ===============   ===============
</Table>

                                       16.
<Page>

CURRENCY HEDGING

      In the 2001 nine months, approximately 17.2% of the total Company net
sales were generated in non-U.S. currencies. Fluctuations in the value of these
currencies relative to the U.S. dollar could have a material effect on the
Company's results of operations. The Company's cost could be adversely affected
if the Chinese Renminbi appreciates significantly relative to the U.S. dollar.
Although the Company generally pays for its products in U.S. dollars, the cost
of such products fluctuates with the value of the Chinese Renminbi. The Company
is exposed to the impact of changes in foreign currency exchange rates on its
results of operations as a result of U.S. dollar-denominated intercompany
balances owed from international subsidiaries, primarily for purchases of
products from the Company's U.S. operations and long-term notes receivable. The
impact of a hypothetical unfavorable change in foreign currency exchange rates
of 10% would result in additional losses before taxes of approximately $1,600
and $1,700 based on intercompany balances as of December 31, 2000 and September
30, 2001 respectively.

INTEREST RATE RISK

      The Company is subject to market risk from exposure to changes in interest
rates based on its financing, investing and cash management activities. The
Company has the 11.75% Notes due 2006 and the revolving credit facility to
maintain the desired level of exposure to risk of interest rate fluctuations and
to minimize interest expense. The Company utilizes a mix of debt maturities
along with both fixed- and variable-rate debt to manage its exposure to changes
in interest rates. Recent increases in the cost of borrowing under the Revolving
Credit Facility and higher utilization of the Company's revolving credit
facility are expected to increase interest expense in 2001. There can be no
assurances that interest rates will not materially change from existing levels.

FORWARD LOOKING STATEMENTS

      Certain statements made in this Management's Discussion and Analysis of
the Consolidated Financial Statements and in the Notes to Condensed Consolidated
Financial Statements reflect management's estimates and beliefs and are intended
to be, and are hereby identified as, "forward-looking statements" for purposes
of the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking terminology, includes but is not limited to words
such as "may," "intend," "will," "expect," "anticipate," "plan," "the Company
believes," "management believes," "estimate," "continue," or "position" or the
negative thereof or other variations thereon or comparable terminology. In
particular, any statements, express or implied, concerning future operating
results or the ability to generate revenues, income or cash flow are forward
looking statements.

      Forward looking statements are necessarily dependent upon assumptions,
estimates and data that may be incorrect or imprecise and involve known and
unknown risks, uncertainties and other important factors that could cause the
actual results, performance or achievements of the Company or

                                       17.
<Page>

any of its subsidiaries, or industry results, to differ materially from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Although the Company believes that the expectations
will prove to have been correct. Accordingly, the Company hereby identifies the
following important factors as some of the factors that could cause the
Company's financial results to differ materially from any such results that
might be projected, forecast, estimated or budgeted by the Company in
forward-looking statements: Heightened competition, including specifically the
intensification of price competition, the development and introduction of new
products and entry by competitors into new product markets; higher selling,
general and administrative expenses, including advertising and promotion;
significant indebtedness of the Company; the restrictive covenants included in
its debt arrangements; need to continue introduction of products that represent
an improvement over our existing products, or which are more successful than
competitors' innovations; failure to obtain new customers or retain existing key
customers or the effects of inventory reductions by key accounts; ability to
maintain and increase shelf space for our products at key accounts; inability to
carry out domestic and foreign marketing and sales plans; decline in
international sales due to economic disruptions in certain foreign countries, or
due to fluctuations in currency exchange rates; increased manufacturing costs,
including inability or reduced ability to have products manufactured overseas
and the cost of raw materials; loss of the services of one or more key
personnel; changes in operating strategy or development plans; any protracted
labor relations dispute; changes in the Company's capital expenditure plan;
continued consolidation in the retail industry; general domestic and foreign
economic downturns; changes in or failure to comply with government regulations;
and product recalls, corrective actions and liability claims and product
liability litigation and the impact on sales of adverse publicity and news
coverage due to any recall, corrective action or litigation.

      The foregoing review of factors pursuant to the Private Litigation
Securities Reform Act of 1995 should not be construed as exhaustive or as any
admission regarding the adequacy of disclosures made by the Company prior to
this filing. All subsequent written and oral forward-looking statements
attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by such factors.

                                       18.
<Page>

Part II.   Other Information.

Item 1.    Legal Proceedings

           There are various claims pending against the Company involving
           product liability, patent, employee benefit, environmental,
           and other matters arising out of the conduct of the business
           of the Company as previously described in the Company's Form
           10-K and Form 10-Q. The following summarizes significant
           developments in previously reported matters and any material
           claims asserted since June 30, 2001.

           None.

Item 6.    EXHIBITS AND REPORTS ON FORM 8-K

A.         The following is an index of the exhibits included in the Form 10-Q:

           Exhibit 10.14  Amendment No. 3 and Waiver to the Revolving Credit
           Agreement.

B.         The following Reports on Form 8-K were filed by Evenflo Company, Inc.
           during the quarter ended September 30, 2001.

           None.

                                       19.
<Page>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed on behalf of the registrant by the following duly authorized
persons.

                                    EVENFLO COMPANY, INC. AND SUBSIDIARIES
                                    --------------------------------------
                                    (Registrant)

Date   November 13, 2001            /s/ Wayne W. Robinson
       -----------------            --------------------------------------
                                    Wayne W. Robinson
                                    Chief Executive Officer


Date   November 13, 2001            /s/ Daryle A. Lovett
       -----------------            --------------------------------------
                                    Daryle A. Lovett
                                    Senior Executive Vice President Finance and
                                           Chief Financial Officer

                                       20.