<PAGE>   1
===============================================================================


                                 UNITED STATES

                       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, 1999

                                       OR

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

                       Commission File Number : 0-233-59

                       ANCHOR GLASS CONTAINER CORPORATION
                       ----------------------------------
             (Exact name of registrant as specified in its charter)

                      Delaware                         59-3417812
         -------------------------------            ----------------
         (State or other jurisdiction of            (I.R.S. Employer
          incorporation or organization)           Identification No.)

     One Anchor Plaza, 4343 Anchor Plaza Parkway, Tampa, FL    33634-7513
     ------------------------------------------------------    ----------
            (Address of principal executive offices)           (Zip Code)

                                  813-884-0000
                                  ------------
              (Registrant's telephone number, including area code)


                                      None
             ----------------------------------------------------
             (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 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 [ ].

         Number of shares outstanding of each class of common stock at
         November 8, 1999: Class A - 556,025 shares, Class B - 1,427,615
         shares, and Class C - 174,391 shares.



                                    1 of 13

<PAGE>   2

                       ANCHOR GLASS CONTAINER CORPORATION

                                   FORM 10-Q

               For the Quarterly Period Ended September 30, 1999


                                     INDEX

<TABLE>
<CAPTION>

                                                                                           Page No.
                                                                                           --------
<S>                                                                                        <C>

PART I - FINANCIAL INFORMATION

         Item 1.  Financial Statements:

              Condensed Statements of Operations and Comprehensive Income -
                  Three and Nine Months Ended September 30, 1999 and 1998                       3

              Condensed Balance Sheets -
                  September 30, 1999 and December 31, 1998                                      4

              Condensed Statements of Cash Flows -
                  Nine Months Ended September 30, 1999 and 1998                                 5

              Notes to Condensed Financial Statements                                           6

         Item 2.  Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                                        7

         Item 3.  Quantitative and Qualitative Disclosures About
                     Market Risk                                                               11

PART II - OTHER INFORMATION                                                                    12

SIGNATURES                                                                                     13

</TABLE>



                                       2
<PAGE>   3

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                       ANCHOR GLASS CONTAINER CORPORATION
          CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
                                  (UNAUDITED)
                    (DOLLARS IN THOUSANDS, EXCEPT PER SHARE)

<TABLE>
<CAPTION>

                                                 Nine Months Ended               Three Months Ended
                                                    September 30,                   September 30,
                                                1999            1998            1999            1998
                                            -----------     -----------     -----------     -----------
<S>                                         <C>             <C>             <C>             <C>

Net sales                                   $   486,687     $   493,613     $   170,105     $   169,211

Costs and expenses:
     Cost of products sold                      448,465         456,270         156,782         154,467
     Selling and administrative expenses         20,820          22,197           6,939           7,763
     Restructuring charges                           --           4,000              --           4,000

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

Income from operations                           17,402          11,146           6,384           2,981

Other income, net                                 1,323             155             740              (5)

Interest expense                                (21,658)        (19,947)         (7,029)         (6,867)
                                            -----------     -----------     -----------     -----------

Net income (loss)                                (2,933)         (8,646)             95          (3,891)

Preferred stock dividends                       (10,149)         (9,695)         (3,459)         (3,304)
                                            -----------     -----------     -----------     -----------

Loss applicable to common stock             $   (13,082)    $   (18,341)    $    (3,364)    $    (7,195)
                                            ===========     ===========     ===========     ===========

Basic net loss per share applicable
     to common stock                        $     (2.49)    $     (4.38)    $     (0.64)    $     (1.37)
                                            ===========     ===========     ===========     ===========

Basic weighted average number of
     common shares outstanding                5,251,356       4,187,253       5,251,356       5,251,356
                                            ===========     ===========     ===========     ===========

Comprehensive income (loss)                 $    (2,933)    $    (8,646)    $        95     $    (3,891)
                                            ===========     ===========     ===========     ===========

</TABLE>

See Notes to Condensed Financial Statements.



                                       3
<PAGE>   4

                       ANCHOR GLASS CONTAINER CORPORATION
                            CONDENSED BALANCE SHEETS
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>

                                                             September 30, 1999    December 31, 1998
                                                                (unaudited)
                                                             ------------------    -----------------
<S>                                                          <C>                  <C>
ASSETS
Current assets:
      Cash and cash equivalents                                  $   3,507            $   4,106
      Accounts receivable                                           68,717               86,846
      Advance to affiliate                                          17,477               17,866
      Inventories:
          Raw materials and manufacturing supplies                  23,907               23,099
          Finished products                                         75,189               81,230
      Other current assets                                           6,948                8,304
                                                                 ---------            ---------
               Total current assets                                195,745              221,451

Property, plant and equipment, net                                 309,383              316,705
Other assets                                                        29,295               22,839
Strategic alliances with customers                                  11,545               26,187
Goodwill                                                            51,548               53,780
                                                                 ---------            ---------
                                                                 $ 597,516            $ 640,962
                                                                 =========            =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
      Revolving credit facility                                  $  41,507            $  50,162
      Current maturities of long-term debt                           1,038                  840
      Accounts payable                                              46,942               51,838
      Accrued expenses                                              21,911               36,458
      Accrued interest                                               8,945                5,970
      Accrued compensation and employee benefits                    21,622               27,249
                                                                 ---------            ---------
               Total current liabilities                           141,965              172,517

Long-term debt                                                     203,288              202,920
Long-term pension liabilities                                       23,691               33,855
Long-term post-retirement liabilities                               59,340               59,853
Other long-term liabilities                                         52,431               47,896
                                                                 ---------            ---------
                                                                   338,750              344,524
Commitments and contingencies

Redeemable preferred stock                                          55,983               55,983
                                                                 ---------            ---------
Stockholders' equity:
      Preferred stock                                                   34                   34
      Issuable preferred stock                                      19,641               13,679
      Common stock                                                     216                  163
      Warrants                                                      15,448               18,073
      Capital in excess of par value                                97,137               94,565
      Accumulated deficit                                          (71,500)             (58,418)
      Amount related to minimum pension liability                     (158)                (158)
                                                                 ---------            ---------
                                                                    60,818               67,938
                                                                 ---------            ---------
                                                                 $ 597,516            $ 640,962
                                                                 =========            =========
</TABLE>

See Notes to Condensed Financial Statements



                                       4
<PAGE>   5

                       ANCHOR GLASS CONTAINER CORPORATION
                       CONDENSED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>

                                                             Nine Months Ended September 30,
                                                                 1999             1998
                                                               --------         --------
<S>                                                          <C>                <C>

Cash flows from operating activities:
    Net loss                                                   $ (2,933)        $ (8,646)
    Adjustments to reconcile net loss to cash provided
       by (used in) operating activities:
           Depreciation and amortization                         42,108           40,849
           Other                                                     16              (43)
           Restructuring charges                                     --            4,000
    Decrease in cash resulting from changes in
       assets and liabilities                                    (2,888)         (68,569)
                                                               --------         --------
                                                                 36,303          (32,409)

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

Cash flows from investing activities:
    Expenditures for property, plant and equipment              (32,920)         (23,300)
    Stock in Parent, held for Pension Fund, pending
       government approval                                       (3,000)              --
    Payments of strategic alliances with customers               (2,000)          (2,000)
    Proceeds from the sale of property, plant and
       equipment                                                    193              743
    Acquisition related contribution to defined benefit
       pension plans                                                 --             (745)
    Other                                                          (912)            (974)
                                                               --------         --------
                                                                (38,639)         (26,276)

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

Cash flows from financing activities:
    Proceeds from issuance of long-term debt                         --           50,000
    Principal payments of long-term debt                           (671)            (346)
    Net draws (repayments) on revolving credit facility          (8,655)          33,170
    Sale of note receivable                                      11,200               --
    Advance to affiliate                                             --          (17,330)
    Other, primarily financing fees                                (137)          (3,377)
                                                               --------         --------
                                                                  1,737           62,117

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

Cash and equivalents:
    Increase (decrease) in cash and cash equivalents               (599)           3,432
    Balance, beginning of period                                  4,106            1,060
                                                               --------         --------
    Balance, end of period                                     $  3,507         $  4,492
                                                               ========         ========

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

Supplemental disclosure of cash flow information:
    Interest payments, net                                     $ 17,117         $ 14,292
                                                               ========         ========
    Income tax payments (refunds), net                         $     --         $     --
                                                               ========         ========
</TABLE>


See Notes to Condensed Financial Statements.



                                       5
<PAGE>   6

                       ANCHOR GLASS CONTAINER CORPORATION
                    NOTES TO CONDENSED FINANCIAL STATEMENTS
                                  (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

NOTE 1 - MANAGEMENT'S RESPONSIBILITY

In the opinion of Management, the accompanying condensed financial statements
contain all adjustments (consisting of only normal recurring adjustments)
necessary to present fairly the financial position as of September 30, 1999 and
the results of operations for the three and nine months ended September 30,
1999 and 1998 and cash flows for the nine months ended September 30, 1999 and
1998.

Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these condensed financial
statements be read in conjunction with the Financial Statements of Anchor Glass
Container Corporation (the "Company") included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1998. The results of operations
for the interim periods are not necessarily indicative of the results of the
full fiscal year.

NOTE 2 - STRATEGIC ALLIANCES WITH CUSTOMERS

         On April 30, 1999, Stroh Brewing Company ("Stroh's") closed on an
agreement to sell its assets to a consortium made up of Pabst Brewing Company
("Pabst") and Miller Brewing Company ("Miller"). Under the terms of this
agreement, the Company received $5,000 in cash and a non-interest bearing note
of $14,000 from Miller in satisfaction of the unamortized balance of the
Stroh's strategic alliance agreement. The note receivable was sold to a third
party in the second quarter of 1999. In satisfaction of a portion of the
Stroh's outstanding trade accounts receivable, the Company received from Pabst,
a five year note receivable for $5,000 and an additional 68 month note for
$5,000 representing a strategic alliance with Pabst. Pabst is committed to take
a specified quantity of production during the note period or repay the
strategic alliance note receivable.


                                       6
<PAGE>   7

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

OVERVIEW

         The Company was formed in January 1997 to consummate the Anchor
Acquisition. On February 5, 1997, pursuant to an Asset Purchase Agreement, the
Company acquired substantially all of the assets, and assumed certain
liabilities, of Anchor Glass Container Corporation ("Old Anchor"), now being
liquidated in a proceeding under Chapter 11 of the U.S. Bankruptcy Code of
1978, as amended. The Company purchased eleven operating glass container
manufacturing facilities and other related assets (the "Anchor Acquisition").
Prior to the Anchor Acquisition, the Company had no operations.

RESULTS OF OPERATIONS

         Net Sales. Net sales for the 1999 third quarter were $170.1 million
compared to $169.2 million for the third quarter of 1998. Net sales for the
first nine months of 1999 were $486.7 million and $493.6 million for the
comparable period of 1998. This year to year decline of $6.9 million, or 1.4%
in net sales, on slightly higher unit shipments, reflects a shift from higher
margin product lines such as liquor to higher volume, lower margin products,
including beer and teas and the sale of the consumers products line inventory
to a customer. While the Company continues to supply all the glass relating to
this consumers products line customer, we no longer include lids and cartons in
either sales or cost of sales.

         Cost of Products Sold. The Company's cost of products sold in the
third quarter and first nine months of 1999 were $156.7 million and $448.4
million, respectively (or 92.2% and 92.1% of net sales), while the cost of
products sold for the third quarter of 1998 and first nine months of 1998 were
$154.5 million and $456.3 million, respectively (or 91.3% and 92.4% of net
sales). The decrease in the percentage of cost of products sold for the first
nine months of 1999 as compared with 1998 principally reflects the benefits of
productivity improvements that have resulted from the cost savings strategies
which the Company began to implement during 1998. This improvement is partially
offset by increases in labor and benefit costs, as compared to the same period
of 1998, as a result of scheduled increases under a labor contract with hourly
employees that became effective in April 1999, as well as increases in the cost
of cartons and natural gas.

         Selling and Administrative Expenses. Selling and administrative
expenses for the nine months ended September 30, 1999 were approximately $20.9
million (or 4.3% of net sales), while selling and administrative expenses for
the comparable period of 1998 were $22.2 million (or 4.5% of net sales). This
decrease in selling and administrative expenses principally reflects increased
allocations of overhead expenses to affiliated companies resulting from the
integration of corporate functions, partially offset by costs associated with
Year 2000 upgrades incurred in the first half of 1999.

         Interest Expense. Interest expense for the third quarter of 1999 was
approximately $7.1 million compared to $6.8 million in the third quarter of
1998, an increase of 2.4%. Interest expense for the first nine months of 1999
was approximately $21.7 million compared to $19.9 million in the first nine
months of 1998, an increase of 8.6%. On March 16, 1998, the Company completed
an offering of $50.0 million aggregate principal amount of its 9 7/8% Senior
Notes due 2008 (the "Senior Notes") issued under an Indenture dated as of March
16, 1998, among the Company, Consumers U.S., Inc., our majority shareholder,
and The Bank of New York, as Trustee. Annual interest expense on the Senior
Notes approximates $4.9 million. Additionally, interest expense has increased
based upon higher average outstanding borrowings under our $110.0 million
Revolving Credit Facility during 1999, as compared to 1998.

         Net Income (Loss). As a result of the foregoing, the Company had
essentially break even results in the third quarter of 1999 as compared to a
net loss of approximately $3.9 million in the same period of 1998 and a year to
date net loss of approximately $2.9 million compared to a net loss of $8.6
million in the comparable period of 1998. The results of the third quarter and
nine months of 1998 included a restructuring charge of $4.0 million as a result
of the removal from service of one furnace and one machine at the Jacksonville,
Florida manufacturing facility.



                                       7
<PAGE>   8

     LIQUIDITY AND CAPITAL RESOURCES

         In the first nine months of 1999, operating activities provided $36.3
million in cash as compared to $32.4 million of cash used in the same period of
1998. This increase in cash provided reflects our lower net loss adjusted for
changes in working capital items. Accounts receivable decreased approximately
$18.1 million from year end 1998 reflecting the receipt of $20.0 million of
intercompany receivable balances. Cash consumed in investing activities for the
first nine months of 1999 and 1998 were $38.6 million and $26.3 million,
respectively, principally reflecting capital expenditures. Capital expenditures
in the first nine months of 1999 were $32.9 million compared to $23.3 million
in the same period of 1998. Net cash of $1.7 million was provided by financing
activities in the first nine months of 1999, principally reflecting the sale of
a note receivable, but partially offset by net repayments under the Revolving
Credit Facility.

         In conjunction with the Anchor Acquisition, the Company entered into
its $110.0 million Revolving Credit Facility. At November 1, 1999, under the
Revolving Credit Facility, advances outstanding were $47.2 million, borrowing
availability was $7.0 million and total outstanding letters of credit under
this facility were $11.3 million.

         In September 1998, G&G (acting on behalf of Consumers) entered into an
agreement to purchase a controlling interest in a European glass manufacturer
and had advanced $17.3 million toward that end. This amount was funded by G&G
through a loan from the Company of approximately $17.3 million in September
1998. The loan is evidenced by a promissory note which originally matured in
January 1999. This loan was permitted through an amendment to the Intercompany
Agreement, which was approved by the Company's Board of Directors. The
repayment date of the promissory note has been extended to December 31, 2000,
consistent with a recent amendment to the Revolving Credit Facility. The funds
were obtained through borrowings under the Revolving Credit Facility. The
Company has pledged the promissory note to the lenders under the Revolving
Credit Facility and G&G has provided security against the promissory note to
the lenders. Interest on the note is payable at the interest rate payable by
the Company on its revolving credit advances plus 1/2 %. A number of issues
have arisen and the transaction has not closed. Should the transaction not
close, the sellers are obligated to return the advance to G&G. G&G has demanded
the return of the advance plus interest accrued to date, and will upon receipt,
repay the loan from the Company. Discussions are continuing, but as of this
date outstanding issues have not been resolved. Failing a resolution of the
issues or a repayment of the advance, G&G intends to begin an arbitration
proceeding in accordance with the terms of the agreement to secure a return of
the advance.

         The indentures governing the $150,000 aggregate principal amount of 11
1/4 % First Mortgage Notes due 2005 (the "First Mortgage Notes") and the Senior
Notes contain certain covenants that restrict the Company from taking various
actions, including, subject to specified exceptions, the incurrence of
additional indebtedness, the granting of additional liens, the making of
investments, the payment of dividends and other restricted payments, mergers,
acquisitions and other fundamental corporate changes, capital expenditures,
operating lease payments and transactions with affiliates. The Revolving Credit
Facility also contains certain financial covenants that require the Company to
meet and maintain certain financial tests and minimum ratios, including a
minimum working capital ratio, a minimum consolidated net worth test and a
minimum interest coverage ratio. The Company is currently in compliance with
these covenants.

         The level of the Company's indebtedness could have important
consequences, including:

         o a substantial portion of the Company's cash flow from operations
           must be dedicated to debt service;

         o the Company's ability to obtain additional future debt financing may
           be limited; and

         o the level of indebtedness could limit the Company's flexibility in
           reacting to changes in the industry and economic conditions in
           general.

         The Company expects significant expenditures in the remainder of 1999,
including interest expense on the First Mortgage Notes, the Senior Notes and
advances under the Revolving Credit Facility and capital expenditures in the
range of $15.0 million to $19.0 million (a portion of which may be acquired
through capital leases). The Company has announced that it has signed an
agreement with Anheuser-Busch, Inc. to provide all the bottles for the brewer's
Jacksonville, Fla. and Cartersville, Ga. breweries beginning in 2001. To meet
the expanded demand from the supply contract, the Company will invest
approximately $45 million in



                                       8
<PAGE>   9
new equipment for its Jacksonville, Fla. and Warner Robins, Ga. plants over the
next 18 months to increase production efficiency. The Company expects to
complete its funding arrangements for this project by December 31, 1999. In
addition, effective April 1, 1999, the Company finalized its labor contract
with approximately 90% of its hourly personnel. As a result, the Company will
experience an increase in hourly labor costs and pension expense in the
remainder of 1999 and in subsequent years. On October 27, 1999 Consumers
Packaging Inc., the Company's parent, announced that it had reached a
preliminary agreement with the Anheuser-Busch Packaging Group to create a joint
venture that would re-open the previously closed Houston, Texas glass
manufacturing facility, currently owned by the Company. It is anticipated that
a Consumers Packaging affiliate will purchase the Houston facility and certain
related operating rights. The Company expects to realize proceeds of
approximately $12 million from this sale.

         Peak needs are in spring and fall at which time working capital
borrowings are estimated to be $20.0 million higher than at other times of the
year. The Company's principal sources of liquidity through the end of the year
are expected to be funds derived from operations, borrowings under the
Revolving Credit Facility and proceeds from sales of discontinued manufacturing
facilities.

         Management believes that the cash flows discussed above, will provide
adequate funds for the Company's working capital needs and capital
expenditures. However, cash flows from operations depend on future operating
performance which is subject to prevailing conditions and to financial,
business and other factors, many of which are beyond the Company's control.

     IMPACT OF INFLATION

         The impact of inflation on the costs of the Company, and the ability
to pass on cost increases in the form of increased sales prices, is dependent
upon market conditions. While the general level of inflation in the domestic
economy has been at relatively low levels, the Company has experienced pricing
pressures in the current market and has not been fully able to pass on
inflationary cost increases to its customers.

     SEASONALITY

         Due principally to the seasonal nature of the brewing, iced tea and
other beverage industries, in which demand is stronger during the summer
months, the Company's shipment volume is typically higher in the second and
third quarters. Consequently, the Company will build inventory during the first
quarter in anticipation of seasonal demands during the second and third
quarters. In addition, the Company generally schedules shutdowns of its plants
for furnace rebuilds and machine repairs in the first and fourth quarters of
the year to coincide with scheduled holiday and vacation time under its labor
union contracts. These shutdowns and seasonal sales patterns adversely affect
profitability during the first and fourth quarters. The Company has in the past
and will continue in the future to implement alternatives to reduce downtime
during these periods in order to minimize disruption to the production process
and its negative effect on profitability.

     YEAR 2000

         General. The Year 2000 issue arises because many computer systems, as
well as equipment with embedded date-sensitive technology, use only the last
two digits of a date to refer to a year and may recognize "00" as the year 1900
rather than 2000. If not corrected, many computer applications could fail or
provide erroneous results. If the Company, or a third party with whom it has a
material relationship, such as a customer, supplier or utility, does not
correct a material Year 2000 issue, its operations and financial results could
be adversely impacted due to:

         o the inability to receive raw materials,

         o the malfunctioning of our manufacturing or service processes,

         o the inability to properly bill and collect payments from our
           customers, and/or

         o errors or omissions in accounting and financial data.

         Compliance Plan and State of Readiness. The Company's plan for
mitigating the impact of Year 2000 on Company operations covers three phases.
The implementation of this plan has not resulted in the deferral of any
information technology projects.



                                       9
<PAGE>   10

         Phase One. The first phase includes an inventory and assessment of
Year 2000 issues, including the prioritizing of these issues. The plan requires
an assessment of the scope and extent of Year 2000 issues in the following
three areas:

         o information technology systems known as IT systems;

         o manufacturing operations and process controls known as non-IT
           systems; and

         o impact on our operations and business of non-compliant third parties
           with whom we have a material relationship.

         The Company's information technology systems cover a broad spectrum of
software applications and hardware custom designed for our manufacturing
processes. After an extensive study of the general technology needs, the
Company had decided on its plan to achieve Year 2000 compliance by upgrading
both the packaged and custom-designed software currently in place, along with
certain hardware upgrades.

         In addition to software and hardware considerations, the Company has
completed reviewing the impact of the Year 2000 on the manufacturing operations
and process controls. The Company has prepared an inventory of control and
embedded chip technology and reviewed each for required actions. The Company
continues to identify components requiring modification or replacement.

         Phase Two. The second phase of the Year 2000 plan is remediation in
which the Company takes the actions necessary to upgrade or replace the systems
that are not Year 2000 compliant. The upgrade of certain hardware, including
the personal computer-based environment, was completed in December 1998. The
primary accounting software applications were upgraded to a Year 2000 compliant
release in February 1999. The upgrade of other custom-designed software, which
represents a small percentage of the total applications, was completed in
August 1999. Management believes this timetable provides sufficient time to
resolve any unexpected issues. The Company continues to test control and
embedded chip technology, as well as non-IT critical control technology and
non-IT non-critical control and reporting systems.

         The Company relies on numerous third-party suppliers for a wide
variety of goods and services, including raw materials, transportation and
utilities such as electricity and natural gas. The Company has initiated formal
communications with all of its significant suppliers to determine the extent to
which we are vulnerable to the failure of such suppliers to remediate their own
Year 2000 problems. The Company is currently in the process of grading the
responses from low to high risk. In addition, although many of the Company's
customers have been communicating with it regarding Year 2000 issues, the
Company has not made any formal assessment of the effect which the failure of
its larger customers to remediate their own Year 2000 problems could have on
the Company's operations. Despite these efforts, there can be no assurance that
the information technology systems of other companies on which the Company
relies, such as utilities, will be timely converted, or that a failure to
remediate by one or more customers, suppliers or utilities would not have a
material adverse effect on the Company's business.

         Phase Three. The third phase of the Year 2000 plan is system testing
and implementation. Many financial information technology systems have
completed the testing phase and are operational. The Company continues to test
manufacturing operations and process controls.

         Costs. The Company anticipates that aggregate expenditures for Year
2000 compliance and system upgrades will approximate $2.5 million in 1998 and
1999, of which, as of September 30, 1999, approximately $2.3 million has been
incurred. However, no assurance can be given that the Company's actual
expenditures for Year 2000 compliance will not be higher. All of these
expenditures have been funded through cash flows from operations.

         Contingency Plan and Risks. The Company's continuing analysis of the
nature and extent of operational problems that would be reasonably likely to
result will provide the information necessary to develop a contingency plan for
dealing with the most likely worst case scenario. The Company has begun
contingency planning and will develop and revise plans as additional
information becomes available. These plans are expected to include increasing
inventory levels of raw materials and finished products and



                                      10
<PAGE>   11

documenting manual contingencies. The Company is continuing to analyze its
potential liability to third parties if its systems are not Year 2000
compliant, but currently has not made any assessment of its potential exposure.

     INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

         With the exception of the historical information contained in this
report, the matters described herein contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain the words "believe," "anticipate," "expect,"
"estimate," "intend," "project," "will be," "will likely continue," "will
likely result," or words or phrases of similar meaning including, statements
concerning:

         o the Company's liquidity and capital resources,

         o the Company's debt levels and ability to obtain financing and
           service debt,

         o competitive pressures and trends in the glass container industry,

         o prevailing interest rates,

         o legal proceedings and regulatory matters, and

         o general economic conditions.

         Forward-looking statements involve risks and uncertainties (including,
but not limited to, economic, competitive, governmental and technological
factors outside the control of the Company) which may cause actual results to
differ materially from the forward-looking statements. These risks and
uncertainties may include the ability of management to implement its business
strategy in view of the Company's limited operating history; the highly
competitive nature of the glass container market and the intense competition
from makers of alternative forms of packaging; the Company's focus on the beer
industry and its dependence on certain key customers; the seasonal nature of
brewing, iced tea and other beverage industries; the Company's dependence on
certain executive officers; and changes in environmental and other government
regulations. The Company operates in a very competitive environment in which
new risk factors can emerge from time to time. It is not possible for
management to predict all such risk factors, nor can it assess the impact of
all such risk factors on the Company's business or the extent to which any
factor, or a combination of factors, may cause actual results to differ
materially from those contained in forward-looking statements. Given these
risks and uncertainties, readers are cautioned not to place undue reliance on
forward-looking statements.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company's debt instruments are subject to fixed interest rates
and, in addition, the amount of principal to be repaid at maturity is also
fixed. Therefore, the Company is not subject to market risk from its debt
instruments. Less than 1% of the Company's sales are denominated in currencies
other than the U.S. dollar, and the Company does not believe its total exposure
to be significant.



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<PAGE>   12

                          PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.
                  The Company is not party to, and none of its assets are
                  subject to any pending legal proceedings, other than ordinary
                  routine litigation incidental to its business and against
                  which the Company is adequately insured and indemnified or
                  which is not material, including various
                  environmental-related cases. The Company believes that the
                  ultimate outcome of these cases will not materially affect
                  future operations.

Item 2.  Changes in Securities and Use of Proceeds.
                  None

Item 3.  Defaults Upon Senior Securities.
                  None

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

Item 5.  Other Information
                  None

Item 6.  Exhibits and Reports on Form 8-K

         a.  Exhibits

             10.57       Sixteenth Amendment and Waiver dated as of August 8,
                         1999, to the Credit Agreement dated as of February 7,
                         1997, among the Company, the financial institutions
                         party to the Credit Agreement, Bankers Trust Company,
                         BT Commercial Corporation and PNC Bank, National
                         Association.

             10.58       Seventeenth Amendment and Waiver dated as of October
                         11, 1999, to the Credit Agreement dated as of February
                         7, 1997, among the Company, the financial institutions
                         party to the Credit Agreement, Bankers Trust Company,
                         BT Commercial Corporation and PNC Bank, National
                         Association.


             Exhibit 27 - Financial Data Schedule


         b.  Reports on Form 8-K

                  None



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<PAGE>   13

                                   SIGNATURES

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

                                  ANCHOR GLASS CONTAINER CORPORATION

Date:  November 8, 1999           /s/ M. William Lightner, Jr.
                                  ---------------------------------------------
                                      M. William Lightner, Jr.
                                      Senior Vice President - Finance and
                                      Chief Financial Officer
                                      (Principal Financial Officer and
                                      Duly Authorized Officer)



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