<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 December 31, 1995
                               -----------------

                                       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                           14,074,219
----------------------------             --------------------------------------
           Class                         Shares outstanding on December 31, 1995
<PAGE>
 
PART I.  FINANCIAL INFORMATION

<TABLE>
<CAPTION>
ITEM 1.  FINANCIAL STATEMENTS
<S>                                                                    <C>
         Statements of Operations - Three and Nine
         Months Ended December 31, 1995 and
         January 1, 1995.........................................       1
 
         Balance Sheets - December 31, 1995 and
         April 02, 1995..........................................       2-3
 
         Statements of Cash Flows - Nine Months Ended
         December 31, 1995 and January 01, 1995..................       4
 
         Notes to Financial Statements...........................       5
 
         ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
         Results of Operations / Liquidity and Capital
         Resources...............................................       6-7
 
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
----------------------------

                            STATEMENTS OF OPERATIONS
                                  (Unaudited)

                (Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
 
 
                                                          THREE MONTHS ENDED                 NINE MONTHS ENDED
                                                      ----------------------------      ---------------------------
                                                        DEC. 31          JAN. 1            DEC. 31         JAN. 1
                                                         1995             1995              1995            1995
                                                      -----------      -----------      ------------    -----------
<S>                                                   <C>              <C>               <C>             <C>    
REVENUES
  Sales............................................   $    10,073      $    11,469      $    30,400     $    34,622
  Rentals and services.............................         2,971            2,240            8,821           6,008
                                                      -----------      -----------      -----------     -----------
TOTAL..............................................        13,044           13,709           39,221          40,630
COSTS AND EXPENSES
  Cost of revenues.................................         4,468            3,784           12,227          12,731
  Research, development and engineering............         3,585            3,144            9,522           7,688
  Selling, general and administrative..............         6,376            4,299           16,529          13,483
  Other charges....................................            -                -             5,820              -
                                                      -----------      -----------      -----------     -----------
TOTAL..............................................        14,429           11,227           44,098          33,902
INCOME (LOSS) FROM OPERATIONS......................        (1,385)           2,482           (4,877)          6,728
INTEREST INCOME....................................           155              206              572             429
INCOME TAX EXPENSE.................................          (100)             (75)            (203)            (75)
                                                      -----------      -----------      -----------     -----------
NET INCOME (LOSS)..................................   $    (1,330)     $     2,613      $    (4,508)    $     7,082
                                                      ===========      ===========      ===========     ===========
EARNINGS PER SHARE
  Net Income (Loss)................................   $      (.09)     $       .18      $      (.33)    $       .50
                                                      ===========      ===========      ===========     ===========
WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON
  EQUIVALENT SHARES OUTSTANDING....................    14,014,000       14,485,000       13,858,000      14,302,000
                                                      ===========      ===========      ===========     ===========
</TABLE>




See accompany Notes to Financial Statements.

                                       1
<PAGE>
 
                                BALANCE SHEETS
                            (Dollars in Thousands)

                                    ASSETS
                                        
 
<TABLE>
<CAPTION>
                                            UNAUDITED
                                            ---------
                                             DEC. 31         April 2
                                              1995             1995
                                             -------         -------
<S>                                          <C>             <C>
CURRENT ASSETS
  Cash and cash equivalents................  $ 8,498         $13,140
  Cash in escrow - current portion.........      106             106
  Marketable securities....................    3,838           6,310
  Accounts receivable-net..................   16,479          14,067
  Installment receivables-Current Portion..    1,595             150
  Inventories..............................    3,794           3,126
  Other....................................      787             453
                                             -------         -------

    Total current assets...................   35,097          37,352


PROPERTY AND EQUIPMENT-NET.................    4,062           3,709

NOTE RECEIVABLE............................    8,700           8,700

CAPITALIZED SOFTWARE - NET.................    5,951           3,917

CASH IN ESCROW - NET OF CURRENT PORTION....    1,415             757

INSTALLMENT RECEIVABLES - NET OF CURRENT
  PORTION..................................    1,677              49

GOODWILL - NET.............................    1,967               -

OTHER......................................      886             842
                                             -------         -------

    TOTAL..................................  $59,755         $55,326
                                             =======         =======
</TABLE>



See accompanying Notes to Financial Statements


                                       2
<PAGE>
 
                                 BALANCE SHEETS
                             (Dollars in Thousands)

                      LIABILITIES AND SHAREHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                         UNAUDITED
                                         ---------
                                          DEC. 31            April 2
                                            1995               1995
                                          --------           -------
<S>                                       <C>                <C>
CURRENT LIABILITIES
  Accounts payable......................  $  5,864           $  2,932
  Accrued expenses......................     6,507              6,437
  Deferred revenue......................     4,828              3,863
  Notes Payable.........................       999                  -
  Current portion of long-term debt.....       151                151
                                          --------           --------

    Total current liabilities...........    18,349             13,383

LONG-TERM DEBT..........................     8,863              8,976


SHAREHOLDERS' EQUITY
  Common stock--authorized, 30,000,000
    shares at $.05 par value; shares
    outstanding at:
       December 31, 1995 - 14,074,219
       April 02, 1995 - 13,526,800......       704                676
  Additional paid-in-capital............    57,242             53,231
  Accumulated deficit...................   (25,255)           (20,747)
  Deferred compensation.................      (148)              (193)
                                          --------           --------

    Total shareholders' equity..........    32,543             32,967
                                          --------           --------

    Total...............................  $ 59,755           $ 55,326
                                          ========           ========
</TABLE>


See accompanying Notes to Financial Statements



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

                                  (Unaudited)
<TABLE>
<CAPTION>
 
                                                        Nine Months Ended
                                                       --------------------
                                                        DEC. 31    Jan. 1
                                                         1995       1995
                                                       ---------  ---------
<S>                                                    <C>        <C>
OPERATING ACTIVITIES:
  Net income (loss)..................................   $(4,508)   $ 7,082
  Adjustments to reconcile net income (loss)
    to net cash from operations:
    Depreciation and amortization....................     2,745      3,299
    Other Charges....................................     5,820          -
    Accounts receivable..............................    (1,068)    (2,711)
    Installment receivables..........................       (96)       684
    Inventories......................................      (668)      (378)
    Other assets.....................................      (234)        10
    Accounts payable.................................      (393)      (137)
    Accrued expenses.................................      (360)     1,506
    Deferred Revenue.................................       965      4,713
                                                        -------    -------
 
    Net cash flows provided by operating activities       2,203     14,068
                                                        -------    -------
 
INVESTING ACTIVITIES:
  Purchase of Company (net of cash acquired).........    (4,547)         -
  Purchases of marketable securities.................    (5,854)    (5,546)
  Maturities of marketable securities................     8,325      5,769
  Purchases of property and equipment................    (1,235)    (1,169)
  Capitalized software...............................    (2,428)    (1,784)
  Change in cash held in escrow......................      (658)        81
                                                        -------    -------
 
  Net cash flows used in investing
      activities.....................................    (6,397)    (2,649)
                                                        -------    -------
 
FINANCING ACTIVITIES:
  Debt transactions:
    Repayments.......................................      (112)      (102)
  Capital transactions:
    Stock options exercised..........................       450        715
    Stock repurchased by Company.....................      (786)         -
                                                        -------    -------
 
  Net cash flows (used in)/provided
    by financing activities..........................      (448)       613
                                                        -------    -------
 
Net increase (decrease) in cash and
    cash equivalents.................................    (4,642)    12,032
Beginning cash and cash equivalents..................    13,140      2,040
                                                        -------    -------
Ending cash and cash equivalents.....................   $ 8,498    $14,072
                                                        =======    =======
 
Supplemental disclosures of cash flow information:
  Cash paid for interest.............................   $   613   $      -
  Cash paid for income taxes.........................       275         70
</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 April 2, 1995.

2.  EARNINGS PER SHARE

    Earnings per common and common equivalent shares was computed by dividing
    net income/(loss) by the weighted average number of shares of common stock
    outstanding plus common stock equivalents (if applicable).

3.  INVENTORIES

    Inventories consisted of:  (Dollars in thousands)
                                   DEC. 31             April 2
                                    1995                1995
                                   -------             -------

      Raw material                  $  749              $  499
      Work-in-process                1,239               1,161
      Finished goods                 1,806               1,466
                                    ------              ------
                                    $3,794              $3,126
                                    ======              ======

4.  ACQUISITION OF BLUELINE SOFTWARE INC.
 
    Effective the close of business on June 30, 1995, the Company purchased the
    stock of BlueLine Software Inc. The total purchase price was $8,750,000 of
    which approximately 50% was paid in cash and 50% was in issued Apertus
    common stock. BlueLine develops and markets a suite of products for the
    centralized management of enterprise networks. The acquisition was accounted
    for under the purchase method with the operations of BlueLine included in 
    the financial statements from the date of acquisition. The acquisition,
    based on preliminary information, resulted in goodwill which is being
    amortized on a straight-line basis over 7 years. The purchase included a
    charge to earnings in the first quarter of fiscal 1996 of $5,390,000 related
    to the write-down of purchased research and development and other 
    acquisition costs.
 
5.  OTHER CHARGES
 
    Other charges of $5,820,000 includes $5,390,000 of purchased R&D related to
    the BlueLine acquisition. Additionally, the Company recorded a charge to
    earnings of $430,000 for the closure of an office in Oregon.

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

RESULTS OF OPERATIONS

Net revenues for the three month period ending December 31, 1995 decreased  $665
thousand (-4.8%) over the comparable period from the prior year.  Net revenues
for the nine month period ending December 31, 1995 decreased $1.4 million 
(-3.5%) over the comparable period from the prior year.  The revenue decreases
in the three and nine month periods are associated with a softening in the
market for the Company's traditional network connectivity products and a
lengthening sales cycle for certain key accounts.  As a result, the Company
expects modest growth in revenue over the next year.

Growth in the international marketplace has offset some of the decline in the
domestic arena and resulted in 28% and 16% of total revenues for the three month
period ending December 31, 1995 and January 1, 1995 respectively.  Total revenue
for the nine month period ending December 31, 1995 and January 1, 1995 included
30% and 13% respectively of international revenue.  The Company expects the
international component of revenue to remain at current levels for the balance
of the current fiscal year.

Cost of revenues, as a percentage of revenue, was 34% and 31% for the three and
nine month periods ended December 31, 1995 as compared to 28% and 31% for the
three and nine month periods ended January 1, 1995.  Excluding a $1.2 million
write-off of capitalized IBM software in the second quarter of the prior year,
the trend toward a higher cost of revenue reflects the payment of international
royalties associated with BlueLine revenue, profit margin pressures
internationally and the impact of lower sales volume as it relates to the fixed
overhead base. Subject to the normal business risks associated with a technology
company combined with the current mix of product sales, it is anticipated that
margins will remain at their current levels for the balance of the fiscal year.

Research, development and engineering costs as a percentage of revenue were 27%
and 24% during the three and nine month periods ending December 31, 1995
respectively as compared to 23% and 19% in the comparable period of fiscal 1995.
These increases period over period are principally attributable to the
additional development costs associated with the BlueLine acquisition coupled
with weakened sales in the connectivity marketplace.  Selling, general, and
administrative costs were 49% and 42% of revenues during the three and nine
month periods ending December 31, 1995 respectively as compared to 31% and 33%
in the comparable periods of the prior year.  These increases period over period
are due principally to the acquisition of BlueLine whose costs are reflected as
of July 1, 1995 coupled with increased investments in the selling and
distribution channels.

Interest income for the nine month period ended December 31, 1995 increased over
the comparable period last year due to a higher average balance in cash and
marketable securities coupled with a higher average return.

The Company calculates income tax expense based on an alternative minimum tax
computation done quarterly.

                                    6
<PAGE>
 
At the end of the third quarter the Company announced changes in both
organization and product direction.  The Company outlined a new organization
structure moving from a multiple business unit model to a functional
organization with new corporate vice presidents of sales, marketing and
development reporting directly to the CEO.  The Company is shifting its product
focus from the mature network connectivity products to newer data and
application management products.  The next year is expected to be one of modest
growth in both revenue and profitability during the transition.

LIQUIDITY AND CAPITAL RESOURCES

Cash, cash equivalents and marketable securities were $13,857,000 and
$20,313,000 at December 31, 1995 and April 2, 1995, respectively.  The Company
currently anticipates making capital expenditures of $600 thousand  during the
fourth quarter of fiscal year 1996.  These capital expenditures will relate to
research and development, data processing, software and leasehold improvements
in the New York and Minnesota facilities.  The company has repurchased 90,500
shares of common stock in the open market which are to be retired. Additionally,
the Company believes that the current cash on hand plus the cash to be generated
from its operations in FY'97 will be adequate to cover the projected cash needs
for working capital and capital expenditures in FY'97.


                                    7
<PAGE>
 
                          PART I.  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
------------------------------------------------------------

        A vote to approve the employee stock purchase plan was approved
        at the Annual Meeting of Shareholders held in July of 1995.

        A vote to approve a resolution to change the Company's Savings and
        Investment Plan ("Plan") trustee from Marshall & Illsley to
        Piper Jaffray was unanimously approved.


ITEM 4.  OTHER INFORMATION
--------------------------

        None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
-----------------------------------------

        A form 8-K outlining the BlueLine acquisition was filed in July,
        1995.  This filing included financial statements of the business
        acquired and pro-forma consolidated statements as of March 31, 1995.


                                       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:  February 14, 1996              By     /s/ Sue Hogue
                                        --------------------------
                                      Sue Hogue
                                      Chief Financial Officer
                                      Corporate V.P. Administration



                                       9