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

                                    FORM 10-Q

    X       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
   ---      EXCHANGE ACT OF 1934

For the quarterly period ended                         SEPTEMBER 30, 1997

                                       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 Number 0-19453

                           HOLOPAK TECHNOLOGIES, INC.

              Exact name of registrant as specified in its charter


                    Delaware                           51-0323272
         (State or other jurisdiction of            (I.R.S. Employer
         incorporation or organization)            Identification No.)



                9 COTTERS LANE, EAST BRUNSWICK, NEW JERSEY 08816

               (Address of principal executive offices) (Zip Code)

       (Registrant's telephone number, including area code) (908) 238-2883

      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
     ---        ---

      Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

<TABLE>
<CAPTION>
                CLASS                                    OUTSTANDING AT 11/10/97
                -----                                    -----------------------
<S>                                                      <C>
Common Stock, $.01 Par Value                                   2,796,403
Class A Common Stock, $.01 Par Value                             753,086
</TABLE>
<PAGE>   2
                   HOLOPAK TECHNOLOGIES, INC. AND SUBSIDIARIES

                                      INDEX


<TABLE>
<CAPTION>
                                                                     Page Number
                                                                     -----------
<S>                                                                  <C>
PART I:   FINANCIAL INFORMATION

Item 1.   Financial Statements

          Consolidated Balance Sheets as of September 30, 1997
          (Unaudited) and March 31, 1997                                       1

          Consolidated Statements of Operations (Unaudited) for
          the Three and Six Months ended September 30, 1997 and
          1996                                                                 2

          Consolidated Statements of Cash Flows (Unaudited) for
          the Six Months Ended September 30, 1997 and 1996                     3

          Notes to Consolidated Financial Statements                           4


Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations                                  6


PART II:  OTHER INFORMATION                                                    9

SIGNATURES                                                                    10


EXHIBIT                                                                       11
</TABLE>
<PAGE>   3
                  HOLOPAK TECHNOLOGIES, INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                               SEPTEMBER 30,      MARCH 31,
                                                   1997             1997
                                                (UNAUDITED)       (AUDITED)
                                               -------------      ---------
<S>                                             <C>             <C>
                   ASSETS
CURRENT ASSETS
  Cash and Cash Equivalents .................    $ 3,339,280    $ 3,004,356 
  Accounts Receivable, less allowance for
    doubtful accounts of $228,827 as of
    September 30, 1997 and $174,838 as of
    March 31, 1997 ..........................      6,006,015      5,548,899
  Inventories (Note 2) ......................      7,304,577      7,665,210
  Prepaid Expenses...........................        311,438        348,538
  Prepaid Income Taxes ......................        313,150        329,713
  Deferred Income Taxes .....................        147,893        124,944
  Other Current Assets ......................        210,272        140,193
                                                 -----------    -----------
TOTAL CURRENT ASSETS ........................     17,632,625     17,161,853
Property and Equipment, less accumulated
  depreciation and amortization of
  $13,742,291 as of September 30, 1997 and
  $12,120,857 as of March 31, 1997 ..........      8,888,380      9,827,042
Excess of Cost over Fair Value of Net Assets
  Acquired, less accumulated amortization of
  $1,661,451 as of September 30, 1997 and
  $1,561,260 as of March 31, 1997 ...........      6,699,364      6,799,555
Other Assets ................................        145,524        177,155
                                                 -----------    -----------
TOTAL ASSETS.................................    $33,365,893    $33,965,605
                                                 ===========    ===========
   LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Current Maturities of Long-Term Debt
    (Note 3) ................................    $ 1,146,250    $ 1,752,500
  Accounts Payable and Accrued Liabilities ..      3,971,697      3,849,267
                                                 -----------    -----------
TOTAL CURRENT LIABILITIES ...................      5,117,947      5,601,767
Long-Term Debt (Note 3) .....................        810,000      1,080,000
Deferred Income Taxes .......................      1,321,298      1,272,247
                                                 -----------    -----------
TOTAL LIABILITIES ...........................      7,249,245      7,954,014
                                                 -----------    -----------
STOCKHOLDERS' EQUITY
  Preferred Stock, $.01 par value: 10,000,000
    shares authorized; none issued ..........          --             --
  Common Stock; $.01 par value; 10,000,000
    shares authorized; 2,796,403 shares
    issued ..................................         27,964         27,964
  Class A Common Stock, nonvoting: $.01 par
    value; 2,000,000 shares authorized;
    753,086 shares convertible to Common
    Stock at any time at the stockholder's
    option ..................................          7,531          7,531
  Class B Common Stock, $.01 par value;
    700,000 shares authorized; none issued ..          --             --
  Additional Paid-in Capital ................     22,228,094     22,228,094
  Retained Earnings .........................      5,656,736      5,566,451
  Cumulative Translation Adjustment .........       (532,192)      (546,964)
                                                 -----------    -----------
                                                  27,388,133     27,283,076
Less: Common Stock (201,800 shares) Held in
  the Treasury, at cost .....................     (1,271,485)    (1,271,485)
                                                 -----------    -----------
Total Stockholders' Equity ..................     26,116,648     26,011,591
                                                 -----------    -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ..    $33,365,893    $33,965,605
                                                 ===========    ===========
</TABLE>


                See notes to consolidated financial statements.



                                       1

<PAGE>   4
                  HOLOPAK TECHNOLOGIES, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                   THREE MONTHS ENDED             SIX MONTHS ENDED
                                                      SEPTEMBER 30                  SEPTEMBER 30,
                                                   1997           1996           1997           1996
                                                (UNAUDITED)    (UNAUDITED)    (UNAUDITED)    (UNAUDITED)
                                                -----------    -----------    -----------    -----------
<S>                                             <C>            <C>             <C>           <C>
NET REVENUES .................................  $9,864,495     $10,304,402     $18,505,836   $22,168,556
Cost of Sales ................................   7,698,131       8,460,458      15,333,721    18,018,442      
                                                ----------     -----------     -----------   -----------
Gross Profit .................................   2,166,364       1,843,944       4,172,115     4,150,114
Selling, General and Administrative
  Expenses ...................................   2,013,337       1,807,285       3,987,659     3,780,092
Restructuring Charge .........................      -              130,000          -            130,000                    
                                                ----------     -----------     -----------   -----------
Operating Income (Loss) ......................     153,027         (93,341)        184,456       240,022
Interest Income ..............................      32,056          19,208          60,136        41,361
Interest Expense .............................      38,389          73,068          84,164       149,859
                                                ----------     -----------     -----------   -----------
INCOME (LOSS) FROM CONTINUING OPERATIONS
  BEFORE INCOME TAXES ........................     146,694        (147,201)        160,428       131,524
Provision (Benefit) for Income Taxes .........      63,699         (75,607)         70,143       (43,677)
                                                ----------     -----------     -----------   -----------
Income (Loss) From Continuing Operations .....      82,995         (71,594)         90,285       175,201
Loss From Discontinued Operations
  (net of tax benefit of $86,000) ............      -              160,000          -            160,000
                                                ----------     -----------     -----------   -----------
NET INCOME (LOSS) ............................  $   82,995     $  (231,594)    $    90,285   $    15,201
                                                ==========     ===========     ===========   ===========
EARNINGS (LOSS) PER COMMON SHARE AND
  COMMON SHARE EQUIVALENTS
    Continuing Operations ....................  $     0.02     $     (0.02)    $      0.03   $      0.05
    Discontinuing Operations .................      -                (0.05)         -              (0.05)
                                                ----------     -----------     -----------   -----------
  NET INCOME (LOSS)...........................  $     0.02     $     (0.07)    $      0.03   $      0.00 
                                                ==========     ===========     ===========   ===========
Weighted average number of common shares
  and common share equivalents outstanding ...   3,347,689       3,360,996       3,347,689     3,372,061
                                                ==========     ===========     ===========   ===========

</TABLE>

                 See notes to consolidated financial statements

                                       2

<PAGE>   5
                  HOLOPAK TECHNOLOGIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOW




<TABLE>
<CAPTION>
                                                                                 SIX MONTHS ENDED
                                                                                   SEPTEMBER 30,
                                                                             1997                 1996
                                                                         (UNAUDITED)          (UNAUDITED)
                                                                         -----------          -----------

<S>                                                                      <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME.......................................................         $   90,285         $    15,201
 Adjustments to reconcile net income to net cash provided by
  operating activities:
    Discontinued Operations......................................               --               160,000
    Depreciation.................................................          1,301,660           1,237,408
    Amortization.................................................            100,191              99,480
   Gain on sale of fixed assets..................................             (5,200)               --
   Decreases (increases) in:
     Accounts receivable.........................................           (453,067)            553,154
     Inventories.................................................            364,432             504,316
     Prepaid expenses............................................             37,281              21,540
     Prepaid income taxes........................................             17,143            (344,842)
     Other current assets........................................            (70,079)            (61,606)
     Other assets................................................             31,631                --
   (Decreases) increases in:
     Accounts payable and accrued liabilities....................            120,646            (434,067)
     Deferred income taxes.......................................             25,191             (99,255)
                                                                          ----------         -----------
     NET CASH PROVIDED BY OPERATING ACTIVITIES...................          1,560,114           1,651,329
                                                                          ----------         -----------

CASH FLOWS FROM INVESTING ACTIVITIES
  Proceeds from sale of fixed assets.............................              5,200                --
  Capital expenditures...........................................           (354,150)         (1,017,062)
  Advances to discontinued operations............................               --              (160,000)
                                                                          ----------         -----------
     NET CASH (USED IN) INVESTING ACTIVITIES.....................           (348,950)         (1,177,062)
                                                                          ----------         -----------
CASH FLOWS FROM FINANCING ACTIVITIES
  Net increase from short-term borrowings........................               --               750,000
  Repayment of long-term borrowings..............................           (876,250)           (876,250)
                                                                          ----------         -----------
    NET CASH (USED IN) FINANCING ACTIVITIES......................           (876,250)           (126,250)
                                                                         ----------         -----------
Effect of exchange rate changes on cash and cash equivalents....                  10               1,347
                                                                          ----------         -----------
Net increase in cash and cash equivalents.......................             334,924             349,364
Cash and Cash Equivalents, Beginning of Period..................           3,004,356           1,999,609
                                                                          ----------         -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD........................          $3,339,280         $ 2,348,973
                                                                          ==========         ===========
</TABLE>




                 See notes to consolidated financial statements

                                       3

<PAGE>   6
                   HOLOPAK TECHNOLOGIES, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                                   (Unaudited)


1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

      The accompanying unaudited consolidated financial statements have been
      prepared by HoloPak Technologies, Inc. ("HoloPak" or the "Company")
      pursuant to the rules and regulations of the Securities and Exchange
      Commission. In the opinion of management, all adjustments (consisting of
      normal recurring adjustments) considered necessary for a fair presentation
      have been included. Operating results for the six months ended September
      30, 1997 are not necessarily indicative of the results that may be
      expected for the year ending March 31, 1998. The Company's financial
      statements do not include certain information and footnotes required by
      generally accepted accounting principles and accordingly, should be read
      in conjunction with the financial statements and the notes thereto
      included in HoloPak's Annual Report on Form 10-K for the year ended March
      31, 1997.

2.    INVENTORIES

      The components of inventories were as follows:

<TABLE>
<CAPTION>
                                   SEPTEMBER 30, 1997      MARCH 31, 1997
                                   ------------------      --------------
<S>                                <C>                     <C>
         Finished Goods                $3,810,275            $4,248,769
         Work in Process                  932,232               768,927
         Raw Materials                  2,562,070             2,647,514
                                       ----------            ----------
         TOTAL                         $7,304,577            $7,665,210
                                       ==========            ==========
</TABLE>

3.    NOTE PAYABLE & LONG-TERM DEBT

      The Company has available through August 1998 a secured revolving line of
      credit in the amount of $3,000,000 to be used for general corporate
      purposes. The Company has remaining availability under this general
      facility of $3,000,000 at September 30, 1997 and March 31, 1997,
      respectively. In addition, the Company had a line of credit for capital
      expenditures which converted into a five year term loan in March 1995.
      This loan requires equal quarterly payments of $135,000, which began on
      June 17, 1995, with a final maturity of March 17, 2000. Outstanding
      borrowings on this Capital Expenditures Loan at September 30, 1997 were
      $1,350,000. Both facilities bear interest at the three month London
      Interbank Offered Rate ("LIBOR") plus 150 basis points. The interest rates
      in effect at September 30, 1997 and March 31, 1997 were 6.8% and 6.4%,
      respectively.

                                        4
<PAGE>   7
3.    NOTE PAYABLE & LONG-TERM DEBT  (CONT'D.)


      On March 17, 1993, the Company acquired all of the outstanding stock of
      Alubec Industries and borrowed $4,850,000 in long-term debt to partially
      finance the acquisition. The long-term debt is payable in equal quarterly
      installments of $303,125 through 1998 and bears interest at 5.9%. The
      balance outstanding on this term loan at September 30,1997 was $606,250.

      The conditions of the Company's bank borrowings and long-term debt call
      for the Company to maintain certain financial ratios regarding debt
      service coverage. At September 30, 1997, the Company was in compliance
      with these ratios.

            Annual maturities of long-term debt are as follows:

<TABLE>
<CAPTION>
                FOR THE PERIOD ENDED
                    SEPTEMBER 30,              PAYMENTS
                    -------------              --------
<S>                                           <C>
                        1997                  $1,146,250
                        1998                     540,000
                        1999                     270,000
                                              ----------
                        TOTAL                 $1,956,250
                                              ==========
</TABLE>


4.    ADOPTION OF SFAS 131

      In June 1997, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards (SFAS) No. 131. Disclosures about Segments
      of an Enterprise and Related Information, which will be effective for the
      Company beginning April 1, 1998. SFAS No. 131 redefines how operating
      segments are determined and requires expanded quantitative and qualitative
      disclosures relating to a companies operating segments. The Company has
      not yet made a determination of how this statement will effect its
      reporting.




                                        5
<PAGE>   8
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
          RESULTS OF OPERATIONS

                              RESULTS OF OPERATIONS


SIX MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO THE SIX MONTHS ENDED SEPTEMBER 
30, 1996

NET REVENUES:

Net Revenues for the six months ended September 30, 1997 were $19.5 million,
compared to $22.2 million for the comparable period of one year ago. For the
three months ended September 30, 1997, net revenues were $9.9 million, compared
to $10.3 million one year ago.

The decline for both the three and six month period is attributable to weak
sales of metallized paper and metallic hot stamping foils. Sales of metallized
paper declined to $4.5 million for the six month period compared to sales of
$6.1 million for the year earlier. For the second quarter, sales of metallized
paper were $2.2 million, compared to $2.3 million in the prior year.

The decline in metallized paper is attributable to weak orders from trading card
customers and continued slow demand for metallized paper for liquor and tobacco
packaging. Also, there is significant price competition in these markets for
remaining businesses, which has also depressed revenues. The decline in trading
card orders effected the first quarter: the decline in the second quarter was
attributable to the more widespread market factors mentioned above.

Revenues of metallic hot stamping foils were $5.8 million for the six months
ended September 30, 1997, compared to $7.7 million for the comparable period one
year earlier. For the second quarter, revenues of metallic foils were $3.0
million, compared to $3.9 million in the prior year.

The decline in the metallic hot stamping market was attributable to price
cutting by the Company's competitors, and to business lost by the Company as a
result of delivery times slower than those offered by its competition.

In contrast, revenues of holographic products showed strong improvement,
increasing to $4.8 million for the six months ended September 30, 1997, compared
to $3.5 million for the year earlier period. For the second quarter, revenues of
holographic products were $2.6 million, compared to $1.6 million in the year
earlier period.

The Company's holographic business has improved: however, the market showing the
greatest improvement was security and identification cards, in which business
almost doubled from year earlier levels. Sales of decorative holographic
products also improved, but to a lesser extent.


                                        6
<PAGE>   9
COST OF SALES AND GROSS PROFITS:

Gross Profits for the six months ended September 30, 1997 were $4.2 million,
even with the levels achieved in the prior year. For the second quarter, gross
profit was $2.2 million, compared to $1.8 million in the prior year.

Cost reduction in the second quarter cost of goods was attributable to the
effect of lower raw material prices in hot stamping and holographic foil
manufacturing, offset by the effect of lower sales of metallized paper.

For the year to date period, improvements of $700,000 in gross profit from hot
stamping and holographic foil manufacturing were offset by an equal amount from
sales declines in metallized paper.

Gross margin for the six months ended September 30, 1997 was 21.4%, compared to
18.7% for the prior year. Gross margin for the second quarter was 22.0%,
compared to 17.9% for the comparable period last year.

OPERATING EXPENSES:

Selling, General, and Administrative expenses were $4.0 million for the six
months ended September 30, 1997, compared to $3.8 million for the six months
ended September 30, 1996. For the second quarter, Selling, General and
Administrative expenses were $2.0 million, compared to $1.8 million for the
comparable period last year. The increase is attributable to increased
advertising and marketing expense.

OPERATING PROFIT:

Operating Profit for the six months was $184,000, compared to $240,000 for the
prior year. For the second quarter, operating profit was $153,000, compared to a
loss of $93,000 for the quarter ended September 30, 1996.

The shortfall in operating profit year to date is attributable to the shortfall
in earnings from the metallized paper business, all of which occurred in the
first quarter. The improvement in the second quarter is attributable to the
increase in gross profits from the hot stamping and holographic foil businesses.

Also, in the second quarter of fiscal 1997, the Company incurred a restructuring
charge of $130,000 as a result of down sizing its production work force in New
Jersey.

INTEREST EXPENSE, NET:

Net Interest Expense for the six months ended September 30, 1997 was $24,000,
compared to $108,000 for the year earlier period. Lower debt and higher average
cash balances were responsible for the decline.

                                        7
<PAGE>   10
INCOME TAXES:

The effective income tax rate for the six month period was 43.7%, compared to
(33.2%) in the prior comparable period. The reason for the increase in rates
over the prior period is directly attributable to permanent tax differences
calculated on the higher pretax income base.

NET INCOME AND EARNINGS PER SHARE:

Net Income for the six months ended September 30, 1997 was $90,000, compared to
$15,000 for the comparable period last year. Net income last year was depressed
by a $160,000 charge taken in the second quarter as part of the liquidation of
the Company's discontinued operations.

For the quarter ended September 30, 1997, net income was $83,000, compared to a
loss of $232,000 in the comparable period last year. The improvement is
attributable to improved operating profits and the charge taken for discontinued
operations last year.

Earnings per share for the six months ended September 30, 1997 were $.03 on 3.3
million shares outstanding, compared to $.00 for the prior year period.

                               FINANCIAL CONDITION

LIQUIDITY AND CAPITAL RESOURCES:

As of September 30, 1997, the Company had cash of $3.3 million and working
capital of $12.5 million, compared to cash of $3.0 million and working capital
of $11.6 million at March 31, 1997. The increase in cash and working capital is
attributable to cash generated from operations and low capital investment during
the period. Depreciation and amortization for the six months were $1.4 million
while capital investment was only $354,000. The Company also repaid $876,000 in
long-term debt during the period.

STOCKHOLDER'S EQUITY:

Stockholder's equity increased by $105,000 during the period. The increase was
comprised of net income plus a small decrease in the cumulative translation
adjustment.




                                        8
<PAGE>   11
                                     PART II

                                OTHER INFORMATION


<TABLE>
<S>                                                                        <C>
Item 1.     Legal Proceedings                                              None


Item 2.     Change in Securities                                           None


Item 3.     Defaults Upon Senior Securities                                None


Item 4.     Submission of Matters to Vote of Security Holders              None


Item 5.     Other Information                                              None


Item 6.     Exhibits and Reports on Form 8-K

            10.1  Employment Agreement with James L. Rooney
                  dated August 16, 1997.

            10.2  Revised Employment Agreement with Robert Coghan
                  dated August 27, 1997.

            Exhibit 11 Computation of Earnings Per Share

</TABLE>




                                        9
<PAGE>   12
                                   SIGNATURES




Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this to be signed on its behalf by the undersigned
thereunto duly authorized.



HOLOPAK TECHNOLOGIES, INC.



/s/   JAMES L. ROONEY                           Dated: November 10, 1997
-----------------------------                          -----------------
      James L. Rooney
      Chief Executive Officer


/s/   DAVID W. JAFFIN                           Dated: November 10, 1997
-----------------------------                          -----------------
      David W. Jaffin,
      Chief Financial Officer




                                       10
<PAGE>   13


                                EXHIBIT INDEX
                                -------------


Exhibit No.             Description
-----------             -----------


  10.1            Employment Agreement with James L. Rooney
                  dated August 16, 1997.

  10.2            Revised Employment Agreement with Robert Coghan
                  dated August 27, 1997.

  11              Computation of Earnings Per Share

  27              Financial Data Schedule