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 thirty-nine weeks ended September 23, 2000
                                         ------------------

( )  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 1-5084

                              TASTY BAKING COMPANY

               (Exact name of company as specified in its charter)

        Pennsylvania                                     23-1145880
-------------------------------------------------------------------------------
  (State of Incorporation)                  (IRS Employer Identification Number)


           2801 Hunting Park Avenue, Philadelphia, Pennsylvania 19129
--------------------------------------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)


                                 (215) 221-8500
-------------------------------------------------------------------------------
                (Company's Telephone Number, including area code)

Indicate by check mark whether the company (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  company  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                    Yes X                            No
                       ---                             ---

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

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

  Common Stock, par value $.50                            7,846,012
--------------------------------------------------------------------------------
        (Title of Class)                         (No. of Shares Outstanding
                                                     at November 6, 2000)

                  INDEX OF EXHIBITS IS LOCATED ON PAGE 9 OF 10.








                                    1 of 10
<PAGE>


                      TASTY BAKING COMPANY AND SUBSIDIARIES


                                      INDEX


                                                                            Page


PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         Consolidated Condensed Balance Sheets
         September 23, 2000 and December 25, 1999.............................3

         Consolidated Condensed Statements of Operations
         Thirteen and Thirty-nine weeks ended
         September 23, 2000 and September 25, 1999............................4

         Consolidated Condensed Statements of Cash Flows
         Thirty-nine weeks ended September 23, 2000 and September 25, 1999....5

         Notes to Consolidated Condensed Financial Statements.................6

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations................................7-8

Item 3.  Quantitative and Qualitative Disclosure
         About Market Risk8

PART II. OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders .................9

Item 6.  Exhibits and Reports on Form 8-K.....................................9

Signature ....................................................................11













                                    2 of 10
<PAGE>

 PART I. FINANCIAL INFORMATION
 Item 1. Financial Statements

                      TASTY BAKING COMPANY AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                                   (unaudited)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
                                                                 September 23, 2000          December 25, 1999
---------------------------------------------------------------------------------------------------------------
 Current assets:
<S>                                                                   <C>                            <C>
       Cash                                                           $ 31,186                       $ 705,494
       Accounts and notes receivable, net of
         allowance for doubtful accounts                            24,227,613                      19,682,733
       Inventories:
             Raw materials                                           3,462,347                       3,193,027
             Work in progress                                          766,827                         568,416
             Finished goods                                          1,908,000                         744,336
                                                               ------------------------------------------------
                                                                     6,137,174                       4,505,779
       Deferred income taxes, prepayments and other                  2,694,145                       2,505,212
                                                               ------------------------------------------------
             Total current assets                                   33,090,118                      27,399,218
                                                               ------------------------------------------------
 Property, plant and equipment:                                    176,523,746                     170,394,608
       Less accumulated depreciation                               116,380,236                     110,936,937
                                                               ------------------------------------------------
                                                                    60,143,510                      59,457,671
                                                               ------------------------------------------------
 Long-term receivables                                              10,232,724                      10,681,972
                                                               ------------------------------------------------
 Deferred income taxes                                              10,909,070                      10,909,070
                                                               ------------------------------------------------
 Spare parts inventory and miscellaneous assets                      3,745,910                       3,305,010
                                                               ------------------------------------------------
 Total assets                                                    $ 118,121,332                    $111,752,941
                                                               ================================================
 Current liabilities:
       Current obligations under capital leases                      $ 186,139                       $ 196,240
       Notes payable, banks                                          2,350,000                         750,000
       Accounts payable                                              5,341,565                       4,120,600
       Accrued liabilities                                           8,235,402                       7,926,105
                                                               ------------------------------------------------
          Total current liabilities                                 16,113,106                      12,992,945
                                                               ------------------------------------------------
 Long-term debt, less current portion                               18,000,000                      17,000,000
                                                               ------------------------------------------------
 Long-term obligations under capital leases,
       less current portion                                          3,924,948                       4,059,724
                                                               ------------------------------------------------
 Accrued pensions and other liabilities                             12,818,234                      13,950,361
                                                               ------------------------------------------------
 Postretirement benefits other than pensions                        18,681,179                      18,328,367
                                                               ------------------------------------------------
 Shareholders' equity:
       Common stock                                                  4,558,243                       4,558,243
       Capital in excess of par value of stock                      29,741,074                      29,778,768
       Retained earnings                                            30,787,840                      27,968,811
                                                               ------------------------------------------------
                                                                    65,087,157                      62,305,822
       Less:
       Treasury stock, at cost                                      16,105,868                      16,408,808
       Management Stock Purchase Plan
             receivables and deferrals                                 397,424                         475,470
                                                               ------------------------------------------------
                                                                    48,583,865                      45,421,544
                                                               ------------------------------------------------
 Total liabilities and shareholders' equity                      $ 118,121,332                    $111,752,941
                                                               ================================================
</TABLE>

     See accompanying notes to consolidated condensed financial statements.

                                     3 of 10

<PAGE>
<TABLE>
<CAPTION>
                                                TASTY BAKING COMPANY AND SUBSIDIARIES
                                           CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                                             (unaudited)

-----------------------------------------------------------------------------------------------------------------------------------
                                                                For the Thirteen Weeks Ended      For the Thirty-nine Weeks Ended
                                                              Sept. 23, 2000    Sept. 25, 1999   Sept. 23, 2000   Sept. 25, 1999
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>              <C>              <C>              <C>
Gross Sales                                                   $  60,571,793    $  53,765,048    $ 184,618,949    $ 167,680,647
Less discounts and allowances                                   (20,716,010)     (18,131,163)     (62,701,448)     (55,690,207)
                                                              -------------    -------------    -------------    -------------
Net Sales                                                        39,855,783       35,633,885      121,917,501      111,990,440
                                                              -------------    -------------    -------------    -------------
Costs and expenses:
     Cost of sales                                               26,154,324       23,344,953       78,530,920       71,046,258

     Depreciation                                                 1,900,398        1,726,780        5,582,234        5,418,094

     Selling, general and
        administrative                                            9,595,653        9,535,289       28,903,436       30,936,714

     Interest expense                                               411,812          321,657        1,137,362          811,837

     Restructure charge                                                --               --               --            950,000

     Other income, net                                             (346,385)        (306,406)        (971,142)        (984,734)
                                                              -------------    -------------    -------------    -------------

                                                                 37,715,802       34,622,273      113,182,810        108,178,169
                                                              -------------    -------------    -------------    -------------

Income before provision for
     income taxes                                                 2,139,981        1,011,612        8,734,691        3,812,271

Provision for income taxes                                          748,924          287,571        3,096,725        1,170,150
                                                              -------------    -------------    -------------    -------------

Income before cumulative effect of a change
     in accounting principle                                      1,391,057          724,041        5,637,966        2,642,121

Cumulative effect of a change in accounting
     principle for start-up costs                                      --               --               --           (204,709)
                                                              -------------    -------------    -------------    -------------

Net income                                                    $   1,391,057    $     724,041    $   5,637,966    $   2,437,412
                                                              =============    =============    =============    =============


Average common shares outstanding:
          Basic                                                   7,845,341        7,823,546        7,833,294        7,824,782
          Diluted                                                 7,886,859        7,847,241        7,852,424        7,878,804

Per share of common stock:

Income before cumulative effect of a change
     in accounting principle: Basic and Diluted                       $0.18            $0.09            $0.72            $0.34
Cumulative effect of a change in accounting
     principle for start-up costs:
                              Basic and Diluted                          --               --               --           ($0.03)
                                                              =============    =============    =============    =============
Net income:                   Basic and Diluted                       $0.18            $0.09            $0.72            $0.31
                                                              =============    =============    =============    =============

     Cash dividend                                                    $0.12            $0.12            $0.36            $0.36
                                                              =============    =============    =============    =============


                               See accompanying notes to consolidated condensed financial statements.
</TABLE>

                                                              4 of 10
<PAGE>
<TABLE>
<CAPTION>
                                        TASTY BAKING COMPANY AND SUBSIDIARIES
                                   CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                                     (unaudited)

-------------------------------------------------------------------------------------------------------------------------
                                                                                 For the Thirty-nine Weeks Ended
                                                                           September 23, 2000       September 25, 1999
-------------------------------------------------------------------------------------------------------------------------

<S>                                                                             <C>                    <C>
 Cash flows from (used for) operating activities
       Net income                                                               $ 5,637,966            $ 2,437,412
       Adjustments to reconcile net income to net
        cash provided by operating activities:
           Depreciation                                                           5,582,234              5,418,093
           Amortization                                                              50,040                 57,712
           Cumulative effect of change in accounting principle                            -                204,709
           Other                                                                   (916,195)             1,287,890
       Changes in assets and liabilities
        affecting operations                                                     (4,834,946)               553,554
                                                                       --------------------------------------------

       Net cash from operating activities                                         5,519,099              9,959,370
                                                                       --------------------------------------------

 Cash flows from (used for) investing activities
       Purchase of property, plant and equipment                                 (6,268,073)           (11,922,311)
       Proceeds from owner/operators' loan repayments                             3,059,301              3,383,101
       Loans to owner/operators                                                  (2,613,202)            (3,020,970)
       Other                                                                         29,085                 33,038
                                                                       --------------------------------------------

       Net cash used for investing activities                                    (5,792,889)           (11,527,142)
                                                                       --------------------------------------------

 Cash flows from (used for) financing activities
       Additional long-term debt                                                  5,000,000              6,000,000
       Dividends paid                                                            (2,818,937)            (2,817,266)
       Payment of long-term debt                                                 (4,144,877)            (3,172,405)
       Net increase in short-term debt                                            1,600,000              1,200,000
       Other                                                                        (36,704)                16,110
                                                                       --------------------------------------------

       Net cash from (used for) financing activities                               (400,518)             1,226,439
                                                                       --------------------------------------------

       Net decrease in cash                                                        (674,308)              (341,333)

       Cash, beginning of year                                                      705,494                372,871
                                                                       --------------------------------------------

       Cash, end of period                                                         $ 31,186               $ 31,538
                                                                       ============================================


       Supplemental Cash Flow Information:
       Cash paid during the period for:
           Interest                                                               $ 974,785              $ 833,760
                                                                       ============================================
           Income taxes                                                         $ 4,783,833            $ 1,206,479
                                                                       ============================================

       Noncash investing and financing activities:
           Issuance of common stock for services                                  $ 319,016                    $ -
                                                                       ============================================
           Capital lease renewal                                                        $ -            $ 4,049,406
                                                                       ============================================

                       See accompanying notes to consolidated condensed financial statements.
</TABLE>

                                                       5 of 10


<PAGE>

                      TASTY BAKING COMPANY AND SUBSIDIARIES
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


1.     Interim Financial Information
       -----------------------------
       In the opinion of management,  the  accompanying  unaudited  consolidated
       condensed  financial  statements  contain all adjustments  (consisting of
       only normal recurring accruals) necessary to present fairly the financial
       position of the company as of  September  23, 2000 and December 25, 1999,
       the results of its  operations  for the  thirteen and  thirty-nine  weeks
       ended  September  23, 2000 and  September 25, 1999 and cash flows for the
       thirty-nine  weeks ended September 23, 2000 and September 25, 1999. These
       unaudited  consolidated  condensed financial statements should be read in
       conjunction  with the  consolidated  financial  statements  and footnotes
       thereto in the company's 1999 Annual Report to Shareholders. In addition,
       the results of operations for the  thirty-nine  weeks ended September 23,
       2000 are not necessarily indicative of the results to be expected for the
       full year.

       Certain  expense items are charged to  operations  in the year  incurred.
       However,  for interim  reporting  purposes  the  expenses  are charged to
       operations on a pro-rata basis over the company's accounting periods. For
       the thirteen and thirty-nine weeks ended September 23, 2000 and September
       25, 1999, the  difference  between the actual  expenses  incurred and the
       expenses charged to operations was not material.

2.     Net Income Per Common Share
       ---------------------------
       Net income per common share is  presented  as basic and diluted  earnings
       per share.  Net income per common  share - Basic is based on the weighted
       average number of common shares  outstanding  during the year. Net income
       per common  share - Diluted is based on the  weighted  average  number of
       common shares and dilutive potential common shares outstanding during the
       year. The company's  dilutive  potential common shares outstanding during
       the year result  entirely from dilutive stock options.  Potential  common
       shares  which  would  result from the  exercise of stock  options are not
       included  in the  computation  of  diluted  per  share  amounts  when the
       options'  exercise  price is greater than the average market price of the
       common shares.

3.     Restructure Charge
       ------------------
       During the first quarter of 1999,  the company  discontinued  forty-three
       route  territories in certain areas not achieving  appropriate  levels of
       profitability,   assigning   most  of  those   territories   to  regional
       distributorships.  As a result, the company incurred a charge of $950,000
       resulting  in a  reduction  in net income of  $570,570 or $.07 per share,
       primarily  relating  to  costs  associated  with the  repurchase  of some
       owner/operator  territories  as  well as  severance  payments  and  other
       related  costs.  All the  costs  accrued  under  this  charge  have  been
       satisfied.


                                    6 of 10
<PAGE>


                      TASTY BAKING COMPANY AND SUBSIDIARIES

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

Results of Operations
---------------------

For the third quarter of 2000,  net income  increased to $1,391,057  compared to
$724,041 for the third quarter of 1999.  Net income per share  increased to $.18
from $.09 per share for the comparable quarter of 1999.

Net income for the thirty-nine  weeks ended September 23, 2000 was $5,637,966 or
$.72 per share.  Net income for the  thirty-nine  weeks ended September 25, 1999
was  $2,437,412  or $.31 per  share.  Included  in net  income for 1999 were two
non-recurring charges. The company discontinued forty-three route territories in
certain areas not achieving appropriate levels of profitability,  assigning most
of those  territories to certain other  independent  regional  distributorships.
This  resulted in an after-tax  charge of $570,570 or $.07 per share,  primarily
relating  to  costs  associated  with  the  repurchase  of  some  owner/operator
territories as well as employee  severance payments and other related costs. The
second  charge  relates to the adoption of a new  accounting  regulation,  which
required  the  write  off of the  remaining  start-up  costs  pertaining  to the
company's  acquisition  of its Oxford  facility.  This charge is  reflected as a
cumulative  effect of a change in  accounting  principle  which  resulted  in an
after-tax  charge to net  income in the  amount of  $204,709  or $.03 per share.
After eliminating the effect of these two non-recurring  charges, the comparable
1999 results were $3,212,691 or $.41 per share.

For the third quarter,  gross sales increased 12.7% to $60,571,793,  compared to
$53,765,048 last year. The increase in gross sales for the third quarter of 2000
is a  continuation  of a  turnaround  that began in the fourth  quarter of 1999.
Increased  promotions and growing  relationships  with large  distributors  have
contributed  to sales  growth.  Gross  sales,  less  discounts  and  allowances,
resulted  in an  increase  in net  sales of 11.8% to  $39,855,783,  compared  to
$35,633,885 reported last year. The increase in net sales reflected the increase
in gross  sales which was  partially  offset by an  increase  in  discounts  and
promotions.

Cost of sales, as a percentage of gross sales, was 43.2% and 43.4% for the third
quarters of 2000 and 1999,  respectively.  The slight  improvement  in 2000 over
1999 can be  attributed  to the increase in sales  volume  relative to the fixed
portion of cost of sales.

Selling,  general  and  administrative  expenses  for the third  quarter of 2000
remained relatively flat compared to the third quarter of 1999.

Interest  expense  increased  for the third  quarter  of 2000  versus  the third
quarter of 1999 as a result of increased  average  interest  rates and increased
average borrowing levels.

The effective  tax rate was 35.0% for the quarter  ended  September 23, 2000 and
28.4% for the  quarter  ended  September  25,  1999 which  compares to a federal
statutory  rate of 34%.  The  difference  between  the  effective  rate  and the
statutory  rate in the third quarter of 2000 was the effect of state taxes.  The
difference  between  the  effective  rate and the  statutory  rate in the  third
quarter of 1999 was due to low taxable income  compounded by the effect of state
tax benefits arising from passive income.



                                    7 of 10
<PAGE>



Financial Condition
-------------------

The company has  consistently  demonstrated  the ability to generate  sufficient
cash  flow from  operations.  Bank  borrowings,  under  various  lines of credit
arrangements, are used to supplement cash flow from operations during periods of
cyclical shortages.

For the  thirty-nine  weeks ended  September 23, 2000,  net cash from  operating
activities  decreased by $4,440,272 to $5,519,098  from  $9,959,370 for the same
period in 1999.  The  decrease  in 2000  compared to 1999 was due to a number of
factors.  The increase in net income for 2000 was offset by a negative change in
assets  and   liabilities,   mostly  resulting  from  an  increase  in  accounts
receivable,  which can be  attributed  to the  increase  in sales  activity,  an
increase in cash paid for income taxes and an increase in inventory  compared to
1999.  Another  contributing  factor was a decrease in accrued pension  expense.
These decreases to net cash from operating activities were slightly offset by an
increase in accounts payable.

Net cash used for investing activities for the thirty-nine weeks ended September
23, 2000 decreased by $5,734,253 relative to the same period in 1999 principally
due to less capital  expenditures  in the current year.  During the  thirty-nine
weeks ended  September  23,  1999, a higher  level of capital  expenditures  was
required  due to the computer  system  upgrade and the first phase of the bakery
modernization project.

Net cash from financing activities for the thirty-nine weeks ended September 23,
2000 decreased by $1,626,956 relative to the same thirty-nine weeks in 1999. The
decrease is  primarily  the result of a decrease in the level of net  borrowings
relative to the prior year.

Non Cash  Activity  disclosed in  Supplemental  Cash Flow  Information  for 1999
refers to a capital lease between the company and its Pension  Plan("Plan")  for
its  principal  production  facilities  which are owned by the Plan.  On July 1,
1999, the company exercised the first of five, three-year extension options with
the Plan upon the  expiration  of the lease's  initial 15 year term.  As per the
provisions  of  Statement  of Financial  Accounting  Standards(SFAS)  No. 13, as
amended by SFAS No. 98, the company  was  required to revalue its lease with the
Plan at the present value of the future minimum lease payments over the expected
renewal periods.  As a result,  the values of the asset and obligation have been
increased by the amount disclosed.

For  the  remainder  of  2000  the  company  anticipates  that  cash  flow  from
operations,  along with the continued  availability of bank lines of credit, the
revolving  credit  agreement  and  other  long-term   financing,   will  provide
sufficient cash to meet operating and financing requirements.

Item 3. Quantitative and Qualitative Disclosure About Market Risk
        ---------------------------------------------------------

     The company has certain  floating  rate debt notes.  Under  current  market
conditions, the company believes that changes in interest rates would not have a
material impact on the financial statements of the company. The company also has
notes receivable from owner operators whose rates adjust every three years, and,
therefore,  would partially  offset the  fluctuations in the company's  interest
rates on its notes  payable.  The company also has the right to sell these notes
receivable,  and could use these proceeds to liquidate a corresponding amount of
the debt notes payable.



                                    8 of 10
<PAGE>




                      TASTY BAKING COMPANY AND SUBSIDIARIES

PART II. OTHER INFORMATION

Item 4. Submission of Matters to a Vote of Security Holders

     No matters were  submitted to a vote of security  holders  during the third
quarter of the fiscal year covered by this report.


Item 6. Exhibits and Reports on Form 8-K

        (a) Exhibits:
                             Exhibit 27 - Financial Data Schedule

        (b) Reports on Form 8-K

            The company did not file a report on Form 8-K during the thirty-nine
weeks ended September 23, 2000.

                                  Exhibit Index

                      Exhibit 27 - Financial Data Schedule















                                    9 of 10
<PAGE>


                      TASTY BAKING COMPANY AND SUBSIDIARIES

                                    SIGNATURE

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





                                   TASTY BAKING COMPANY
                               -----------------------------
                                         (Company)








   November 6, 2000                           /S/ John M. Pettine
----------------------         -----------------------------------------------
        (Date)                                  JOHN M. PETTINE
                                         EXECUTIVE VICE PRESIDENT AND
                                            CHIEF FINANCIAL OFFICER
                                 (PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)





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