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

                                   FORM 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 29, 1996
                               ------------------

                                       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 012378
                       ------


                       APERTUS TECHNOLOGIES INCORPORATED
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)


         MINNESOTA                             41-1349953
-------------------------------    ------------------------------------
(State or other jurisdiction of    (I.R.S. Employer Identification No.)
incorporation or organization)


   7275 FLYING CLOUD DRIVE, EDEN PRAIRIE, MINNESOTA     55344
   ------------------------------------------------   ----------
       (Address of principal executive offices)       (Zip Code)


Registrant's telephone number, including area code (612) 828-0300
                                                   --------------


  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.


Common Stock, $.05 par value                     14,119,988
----------------------------       ----------------------------------------
           Class                   Shares outstanding on September 29, 1996
<PAGE>
 
<TABLE>
<S>                                                                <C>
PART I.  FINANCIAL INFORMATION
 
         ITEM 1.  FINANCIAL STATEMENTS
 
         Consolidated Statement of Operations - Three
         and Six Months Ended September 29, 1996 and
         October 01, 1995........................................           1
 
         Consolidated Balance Sheets - September 30, 1996
         and March 31, 1996......................................           2-3
 
         Consolidated Statements of Cash Flows - Six
         Months Ended September 29, 1996 and
         October 01, 1995........................................           4
 
         Notes to Financial Statements...........................           5-6
 
         ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
         Results of Operations...................................           7
 
         Liquidity and Capital Resources.........................           7
 
PART II. OTHER INFORMATION
 
         ITEM 1.  LEGAL PROCEEDINGS..............................           8
 
         ITEM 2.  CHANGES IN SECURITIES..........................           8
 
         ITEM 3.  DEFAULTS UPON SENIOR SECURITIES................           8
 
         ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF
                  SECURITY HOLDERS...............................           8
 
         ITEM 5.  OTHER INFORMATION..............................           8
 
         ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K...............           8
</TABLE>
<PAGE>
 
                         PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements
-----------------------------

                      CONSOLIDATED STATEMENT OF OPERATIONS
                                  (Unaudited)

                (Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
                               Three Months Ended       Six Months Ended
                              ---------------------    -------------------
                               SEPT 29     Oct 01      SEPT 29      Oct 01
                                1996        1995         1996        1995
                              --------    --------     -------     -------
<S>                           <C>         <C>          <C>         <C>
                                                               
REVENUES                                                       
  Sales..................      $ 7,999     $11,609     $15,522     $20,327
  Rentals and services...        2,539       3,500       5,493       5,850
                               -------     -------     -------     -------
                                                               
TOTAL....................       10,538      15,109      21,015      26,177
                                                               
COSTS AND EXPENSES                                             
  Cost of revenues.......        3,745       5,009       7,376       8,788
  Research, development                                        
    and engineering......        2,054       2,674       4,530       4,908
  Selling, general and                                         
    administrative.......        5,476       5,434      11,037      10,153
  Other charges..........            -           -           -       5,820
                               -------     -------     -------     -------
                                                               
TOTAL....................       11,275      13,117      22,943      29,669
                                                               
INCOME (LOSS) FROM                                             
  OPERATIONS.............         (737)      1,992      (1,928)     (3,492)
                                                               
Interest Expense.........          (20)          -         (38)          -
Interest Income..........          122         167         252         417
Income Tax Expense.......          (50)        (78)       (100)       (103)
                               -------     -------     -------     -------
                                                               
NET INCOME (LOSS)........      $  (685)    $ 2,081     $(1,814)    $(3,178)
                               =======     =======     =======     =======
                                                               
EARNINGS PER SHARE                                             
                                                               
  Net Income / (Loss)....        $(.05)       $.14       $(.13)      $(.23)
                               =======     =======     =======     =======
WEIGHTED AVERAGE NUMBER                                        
  OF COMMON AND COMMON                                         
  EQUIVALENT SHARES                                            
  OUTSTANDING............   14,120,000  15,016,000  14,083,000  14,018,000
                            ==========  ==========  ==========  ==========
</TABLE>

See accompanying Notes to Financial Statements.

                                       1
<PAGE>
 
                          CONSOLIDATED BALANCE SHEETS
                             (Dollars in Thousands)

                                     ASSETS
                                        
<TABLE>
<CAPTION>
                                            UNAUDITED     AUDITED
                                            ---------     --------
                                             SEPT 29      March 31
                                              1996          1996
                                            ---------     --------
<S>                                         <C>           <C>
CURRENT ASSETS                                         
  Cash and cash equivalents...............   $ 5,717       $ 5,455
  Cash in escrow..........................       781         1,539
  Marketable securities...................       552         4,318
  Accounts receivable - net...............    17,452        14,216
  Current portion of installment                       
    receivables - net.....................       646         1,018
  Note receivable.........................         -         8,700
  Inventories.............................     3,844         3,881
  Other...................................       511           388
                                             -------       -------
                                                       
    Total current assets..................    29,503        39,515
                                                       
                                                       
PROPERTY AND EQUIPMENT - NET..............     4,586         5,005
                                                       
CAPITALIZED SOFTWARE - NET................     6,633         6,286
                                                       
INSTALLMENT RECEIVABLES - NET OF CURRENT               
  PORTION.................................     1,255         1,310
                                                       
GOODWILL - NET............................     1,561         1,697
                                                       
OTHER.....................................         -           876
                                             -------       -------
                                                       
    TOTAL.................................   $43,538       $54,689
                                             =======       =======
</TABLE>

See accompanying Notes to Financial Statements.

                                       2
<PAGE>
 
                          CONSOLIDATED BALANCE SHEETS
                             (Dollars in Thousands)

                      LIABILITIES AND SHAREHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                          UNAUDITED    AUDITED
                                          ---------    --------
                                          SEPT 29      March 31
                                            1996         1996
                                          --------     --------
<S>                                       <C>          <C>
CURRENT LIABILITIES                                 
  Accounts payable......................  $  4,850     $  5,100
  Accrued expenses......................     6,134        6,029
  Deferred revenue......................     3,746        4,255
  Notes payable.........................     1,000        1,000
  Current portion of long-term debt.....         -        8,976
                                          --------     --------
                                                    
    Total current liabilities...........    15,730       25,360
                                                    
SHAREHOLDERS' EQUITY                                
  Common stock--authorized, 30,000,000              
    shares at $.05 par value; shares                
    outstanding at:                                 
       September 29, 1996 - 14,119,988              
       March 31, 1996 - 14,028,455......       706          701
  Additional paid-in-capital............    57,312       57,062
  Accumulated deficit...................   (30,051)     (28,237)
  Deferred compensation.................      (159)        (197)
                                          --------     --------
                                                    
    Total shareholders' equity..........    27,808       29,329
                                          --------     --------
                                                    
    Total...............................  $ 43,538     $ 54,689
                                          ========     ========
</TABLE>

See accompanying Notes to Financial Statements.

                                       3
<PAGE>
 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in Thousands)

                                  (Unaudited)
<TABLE>
<CAPTION>
                                                        Six Months Ended
                                                      --------------------
                                                       SEPT 29    Oct 01
                                                        1996       1995
                                                      ---------  ---------
<S>                                                   <C>        <C>
 
OPERATING ACTIVITIES:
  Net income........................................   $(1,814)   $(3,178)
  Adjustments to reconcile net income
    to net cash from operations:
    Depreciation and amortization...................     2,362      1,675
    Other charges...................................         -      5,820
    Accounts receivable.............................    (3,236)    (1,778)
    Installment receivables.........................       427       (194)
    Inventories.....................................        37       (252)
    Other assets....................................       753       (371)
    Accounts payable, accrued expenses, deferred
      revenue and income taxes......................      (654)      (368)
                                                       -------    -------
 
    Net cash flows from, (used in) operating
      activities....................................    (2,125)     1,354
                                                       -------    -------
 
INVESTING ACTIVITIES:
  Purchase of Company (net of cash acquired)........         -     (4,547)
  Purchases of marketable securities................         -     (2,574)
  Maturities of marketable securities...............     3,766      4,557
  Purchases of property and equipment...............      (413)      (816)
  Capitalized software..............................    (1,703)    (1,708)
  Note Receivable...................................     8,700          -
  Change in cash held in escrow.....................       758       (685)
                                                       -------    -------
 
  Net cash flows from, (used in) investing
   activities.......................................    11,108     (5,773)
                                                       -------    -------
 
FINANCING ACTIVITIES:
  Debt transactions:
    Repayments......................................    (8,976)       (74)
  Capital transactions:
    Stock repurchased by Company....................         -       (362)
    Stock options exercised.........................       255         93
                                                       -------    -------
 
  Net cash flows from, (used in) financing
    activities......................................    (8,721)      (343)
                                                       -------    -------
 
Net increase (decrease)in cash and
  cash equivalents..................................       262     (4,762)
Beginning cash and cash equivalents.................     5,455     13,140
                                                       -------    -------
Ending cash and cash equivalents....................   $ 5,717    $ 8,378
                                                       =======    =======
 
Supplemental disclosures of cash flow information:
  Cash paid for interest............................   $   182    $   409
  Cash paid (received) for income taxes.............        13        207
</TABLE>

See accompanying Notes to Financial Statements.
                          
                                       4
<PAGE>
  
                         NOTES TO FINANCIAL STATEMENTS
                                  (Unaudited)

1.  MANAGEMENT REPRESENTATION

    The accompanying unaudited interim financial statements have been prepared
    in accordance with the instructions to Form 10-Q and do not include all the
    information and footnotes required by generally accepted accounting
    principles for complete financial statements.  In the opinion of management,
    all adjustments (consisting of normal recurring accruals) considered
    necessary for a fair presentation have been included.  The results of
    operations for any interim period are not necessarily indicative of results
    for the year.  These statements should be read in conjunction with the
    financial statements and related notes included in the Company's Annual
    Report on Form 10-K for the year ended March 31, 1996.

2.  RECLASSIFICATIONS

    Certain reclassifications have been made to prior year amounts to conform to
    the current year presentation.

3.  INCOME PER SHARE

    For the three and six month periods ended September 29, 1996 and October 1,
    1995, net income per common and common equivalent share was determined by
    dividing net income by the weighted average number of common and common
    equivalent shares outstanding during the period. Common equivalent shares,
    resulting from dilutive stock options, were converted using the treasury
    stock method if necessary.

4.  INVENTORIES

    Inventories consisted of:  (Dollars in thousands)
<TABLE>
<CAPTION>
                                SEPT 29     March 31
                                 1996         1996
                                -------     --------
<S>                             <C>         <C>
                                       
      Raw material               $  940       $  652
      Work-in-process             1,505        1,542
      Finished goods              1,399        1,687
                                 ------       ------
                                 $3,844       $3,881
                                 ======       ======
</TABLE>

5.  SALE OF LAND.

    During the second quarter of fiscal 1997 Apertus sold the remaining land
    which was adjacent to the former headquarters for approximately $700. This
    land was not sold in the original sale of the former headquarters property
    to Best Buy (see note 6).

                                       5
<PAGE>
  
6.  SALE OF FORMER HEADQUARTERS.

    Effective June 12, 1996 Apertus concluded the sale of its former
    headquarters by paying off the $8,976 remaining on its mortgage with
    Prudential and collecting the $8,700 note receivable from Best Buy. At this
    time cash held in escrow totalling $776 was released to Apertus.

7.  ACQUISITION OF BLUELINE SOFTWARE INC.

    Effective the close of business on June 30, 1995, the Company purchased the
    stock of BlueLine Software Inc (BlueLine). The total purchase price was
    $8,750 of which approximately 50% was in cash and 50% was in Apertus common
    stock. The acquisition was accounted for under the purchase method of
    accounting. The acquisition resulted in goodwill of approximately $1,900
    which is being amortized on a straight line basis over 7 years. The purchase
    included a charge to earnings of $5,390 in quarter one fiscal 1996 related
    to the write down of purchased research and development costs and other
    acquisition costs.

8.  OTHER CHARGES

    In the first quarter of fiscal 1996 the Company recorded other charges of
    $5,820. These charges related primarily to the acquisition of BlueLine (see
    note 7) and the closing of a West coast location.

                                       6
<PAGE>
 
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS
----------------------------------------------------------


RESULTS OF OPERATIONS

Net revenues for the three and six month periods ended September 29,1996
decreased ($4,571) or (30%) and ($5,162) or (20%) from the comparable periods of
fiscal year 1996. This is due principally to a decline in the sales of the
Company's more mature connectivity products as well as to revenue taken in
quarter one and two of fiscal 1996 associated with a large GTE license contract
which was concluded in quarter three of fiscal 1996. The mix of revenues between
domestic and international for the three and six months ended September 29, 1996
was 16% and 24% versus 38% and 31% for the comparable periods of fiscal 1996.
These declines are also due to declines in the older network connectivity
products.

The cost of revenues, as a percentage of revenues, increased to 36% and 35% for
the three and six months ended September 29, 1996 versus 33% and 34% in the
comparable quarters of fiscal 1996. This increase was due primarily to the GTE
license revenue recognized in quarter one and two of fiscal 1996 which had no
associated costs.

Research, development, and engineering costs remained relatively flat as a
percentage of revenue and accounted for 19% and 22% of the three and six month
periods ended September 29, 1996 as compared with 18% and 19% in the comparable
prior year periods. Significant activity in this category includes the addition
of BlueLine R&D expenses included in operations effective July 1, 1995 and the
reduction in expenses associated with the realigning of resources of the Company
at the end of fiscal 1996. Selling, general, and administrative costs were 52%
and 53% of revenues in the three and six month periods ended September 29, 1996
as compared to 36% and 39% in the prior year comparable periods. This increase
reflects the additional costs associated with the BlueLine acquisition effective
July 1, 1995 as well as the decline in revenues.

Interest income decreased due to a lower average balance in cash and marketable
securities between periods.


LIQUIDITY AND CAPITAL RESOURCES

Cash, cash equivalents and marketable securities were $7,050 and $11,312 at
September 29, 1996 and March 31, 1996 respectively.  The Company currently
anticipates making capital expenditures of approximately $400 during the rest of
fiscal year 1997. These capital expenditures will relate primarily to research
and development, data processing and software. The Company believes that cash,
cash equivalents and marketable securities will be adequate to meet its
anticipated cash needs for working capital and capital expenditures for the
balance of fiscal year 1997.

                                       7
<PAGE>
 
                          PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS
--------------------------

        None

ITEM 2.  CHANGES IN SECURITIES
------------------------------

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

        During the second quarter of fiscal 1997 the Company amended its
        shareholder rights plan as well as its bylaws and articles of
        incorporation. These changes were documented in an 8-K filed on
        September 4, 1996.

                                       8
<PAGE>
 
                                   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.


                                    APERTUS TECHNOLOGIES INCORPORATED


Date:  November 11, 1996               By /s/ Sue Hogue
                                          _________________________
 
                                    Sue Hogue
                                    Vice President Finance
                                    Chief Financial Officer

                                       9