<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 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 December 29, 1996
<PAGE>
 
<TABLE> 
<S>      <C>                                                             <C>  
PART I.  FINANCIAL INFORMATION

         ITEM 1.  FINANCIAL STATEMENTS
         -----------------------------

         Consolidated Statement of Operations - Three
         and Nine Months Ended December 29, 1996 and
         December 31, 1995.......................................        1 
                                                                           
         Consolidated Balance Sheets - December 29, 1996                   
         and March 31, 1996......................................        2-3 
                                                                           
         Consolidated Statements of Cash Flows - Nine                      
         Months Ended December 29, 1996 and                                
         December 31, 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.........................        8 
                                                                           
PART II. OTHER INFORMATION                                                 
                                                                           
         ITEM 1.  LEGAL PROCEEDINGS..............................        9 
                  -----------------

         ITEM 2.  CHANGES IN SECURITIES..........................        9 
                  ---------------------

         ITEM 3.  DEFAULTS UPON SENIOR SECURITIES................        9 
                  -------------------------------

         ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF                       
                  ----------------------------------     
                  SECURITY HOLDERS...............................        9
                  ----------------                                          
                                                                           
         ITEM 5.  OTHER INFORMATION..............................        9 
                  -----------------

         ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K...............        9 
                  --------------------------------    
</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             Nine Months Ended      
                                            ------------------             ------------------     
                                             DEC 29     Dec 31              DEC 29     Dec 31     
                                              1996       1995                1996       1995      
                                            -------     ------             --------    -------    
<S>                                         <C>         <C>                <C>         <C>         
REVENUES                                                                                       
  Sales......................                $ 6,802    $ 10,073            $ 22,323    $ 30,400    
  Rentals and services.......                  2,228       2,971               7,721       8,821   
                                             -------    --------            --------    --------    
                                                                                                 
TOTAL........................                  9,030      13,044              30,044      39,221  
                                                                                                 
COSTS AND EXPENSES                                                                               
  Cost of revenues...........                  3,735       4,988              11,111      13,776  
  Research, development                                                                          
    and engineering..........                  2,429       3,065               6,959       7,973  
Selling, general and                                                                             
    administrative...........                  5,642       6,376              16,679      16,529  
  Other charges..............                      -           -                   -       5,820  
                                             -------    --------            --------    --------   
                                                                                                 
TOTAL........................                 11,806      14,429              34,749      44,098   
                                                                                                
INCOME (LOSS) FROM                                                                              
  OPERATIONS.................                 (2,776)     (1,385)             (4,705)     (4,877)
                                                                                                
Interest Expense.............                    (21)          -                 (59)          - 
Interest Income..............                    100         155                 353         572 
Income Tax Expense...........                    (50)       (100)               (150)       (203)
                                             -------    --------            --------    --------    
                                                                                              
NET INCOME (LOSS)............                $(2,747)   $ (1,330)           $ (4,561)   $ (4,508)  
                                             =======    ========            ========    ========    
                                    
EARNINGS PER SHARE                      
                                    
  Net Income / (Loss)........                $  (.19)   $   (.09)           $   (.32)   $   (.33)
                                             =======    ========            ========    ========    
WEIGHTED AVERAGE NUMBER             
  OF COMMON AND COMMON              
  EQUIVALENT SHARES                 
  OUTSTANDING................             14,120,000  14,014,000          14,095,000  13,858,000
                                          ==========  ==========          ==========  ==========    
</TABLE> 

See accompanying Notes to Financial Statements.

                                       1


<PAGE>
 
                          CONSOLIDATED BALANCE SHEETS
                            (Dollars in Thousands)

                                    ASSETS
                                        
 
<TABLE> 
<CAPTION> 
                                              UNAUDITED
                                             ----------
                                               DEC 29          March 31
                                                1996             1996     
                                             ----------       ---------    
<S>                                          <C>              <C>       
CURRENT ASSETS                                                            
  Cash and cash equivalents...............   $    6,713       $   5,455   
  Cash in escrow..........................          793           1,539   
  Marketable securities...................            -           4,318   
  Accounts receivable - net...............       15,439          14,216   
  Current portion of installment                                          
    receivables - net.....................          270           1,018   
  Note receivable.........................            -           8,700   
  Inventories.............................        3,456           3,881   
  Other...................................          440             388   
                                               --------          ------
                                                                          
    Total current assets..................       27,111          39,515   
                                                                          
PROPERTY AND EQUIPMENT - NET..............        4,346           5,005   
                                                                          
CAPITALIZED SOFTWARE - NET................        6,633           6,286   
                                                                          
INSTALLMENT RECEIVABLES - NET OF CURRENT                                  
  PORTION.................................        1,234           1,310   
                                                                          
GOODWILL - NET............................        1,493           1,697   
                                                                          
OTHER.....................................           -              876   
                                                -------         -------   
                                                                          
    TOTAL.................................      $40,817         $54,689   
                                                =======         =======    
</TABLE>

See accompanying Notes to Financial Statements.

                                       2


<PAGE>
 
                          CONSOLIDATED BALANCE SHEETS
                            (Dollars in Thousands)

                     LIABILITIES AND SHAREHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                              UNAUDITED
                                              ---------
                                                DEC 29            March 31
                                                 1996               1996
                                              ---------           --------
<S>                                           <C>                 <C>
CURRENT LIABILITIES
  Accounts payable......................      $  4,223            $ 5,100
  Accrued expenses......................         6,583              6,029
  Deferred revenue......................         3,930              4,255
  Notes payable.........................         1,000              1,000
  Current portion of long-term debt.....             -              8,976
                                              --------            -------

    Total current liabilities...........        15,736             25,360

SHAREHOLDERS' EQUITY
  Common stock--authorized, 30,000,000
    shares at $.05 par value; shares
    outstanding at:
       December 29, 1996 - 14,119,988
       March 31, 1996 - 14,028,455......           706                701
  Additional paid-in-capital............        57,313             57,062
  Accumulated deficit...................       (32,798)           (28,237)
  Deferred compensation.................          (140)              (197)
                                              --------            -------

    Total shareholders' equity..........        25,081             29,329
                                              --------            -------

    Total...............................      $ 40,817            $54,689
                                              ========            =======
</TABLE>

See accompanying Notes to Financial Statements.

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

                                  (Unaudited)
<TABLE>
<CAPTION>
                                                       Nine Months Ended
                                                      -------------------
                                                       DEC 29     Dec 31
                                                        1996       1995
                                                      --------   --------
<S>                                                   <C>        <C>
OPERATING ACTIVITIES:
  Net income........................................   $(4,561)   $(4,508)
  Adjustments to reconcile net income
    to net cash from operations:
    Depreciation and amortization...................     3,524      2,745
    Other charges...................................         -      5,820
    Accounts receivable.............................    (1,223)    (1,068)
    Installment receivables.........................       824        (96)
    Inventories.....................................       425       (668)
    Other assets....................................       824       (234)
    Accounts payable, accrued expenses, deferred
      revenue and income taxes......................      (648)       212
                                                      --------   --------
 
    Net cash flows from, (used in) operating
      activities....................................      (835)     2,203
                                                      --------   --------
 
INVESTING ACTIVITIES:
  Purchase of Company (net of cash acquired)........         -     (4,547)
  Purchases of marketable securities................         -     (5,854)
  Maturities of marketable securities...............     4,318      8,325
  Purchases of property and equipment...............      (589)    (1,235)
  Capitalized software..............................    (2,361)    (2,428)
  Note Receivable...................................     8,700          -
  Change in cash held in escrow.....................       746       (658)
                                                      --------   --------
 
  Net cash flows from, (used in) investing
   activities.......................................    10,814     (6,397)
                                                      --------   --------
 
FINANCING ACTIVITIES:
  Debt transactions:
    Repayments......................................    (8,976)      (112)
  Capital transactions:
    Stock repurchased by Company....................         -       (786)
    Stock options exercised.........................       255        450
                                                      --------   --------
 
  Net cash flows from, (used in) financing
    activities......................................    (8,721)      (448)
                                                      --------   --------
 
Net increase (decrease)in cash and
  cash equivalents..................................     1,258     (4,642)
Beginning cash and cash equivalents.................     5,455     13,140
                                                      --------   --------
Ending cash and cash equivalents....................  $  6,713   $  8,498
                                                      ========   ========
 
Supplemental disclosures of cash flow information:
  Cash paid for interest............................  $    203   $    613
  Cash paid (received) for income taxes.............        72        275
</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 nine month periods ended December 29, 1996 and December
     31, 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>
                         DEC 29   March 31
                          1996      1996
                         -------  --------
      <S>                <C>      <C>
      Raw material        $  954    $  652
      Work-in-process      1,248     1,542
      Finished goods       1,254     1,687
                          ------    ------
                          $3,456    $3,881
                          ======    ======
</TABLE>

5.   SALE OF MQVIEW PRODUCT LINE.

     On January 10, 1997, Apertus Technologies Incorporated (the "Company") sold
     its MQView product line to Candle Corporation, a California corporation
     ("Candle"). As a result of the sale, Candle paid to the Company $7,400 in
     cash for assets, including technology, intellectual property, hardware,
     software and goodwill, related to the Company's MQView product. The results
     of this transaction will be reflected in the Company's fourth quarter
     earnings release.

                                       5
<PAGE>
 
6.   SALE OF LAND.

     During the second quarter of fiscal 1997 Apertus sold land which was
     adjacent to the former headquarters for approximately $700. This land was
     not included in the original sale of the former headquarters property to
     Best Buy (see note 7).

7.   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.

8.   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.

9.   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 8) 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 nine month periods ended December 29,1996
decreased $4,014 or 31% and $9,177 or 23% from the comparable periods of
fiscal 1996. These decreases were due primarily to two factors. First, sales of
the Company's more mature connectivity products declined for the three and nine
month periods to 39% and 38% of total revenues from 46% and 49% for the
comparable periods of fiscal 1996. This is further evidenced by the decline in
international revenues for the three and nine month periods to 12% and 20%
from 28% and 30% for the comparable periods of fiscal 1996. Second, revenue
associated with the conclusion of a large GTE license and professional services
contract was recognized in the first half of fiscal 1996.

The cost of revenues for the three and nine months ended December 29, 1996,
while declining in real dollars, increased as a percentage of revenues to 41%
and 37% from 38% and 35% in the comparable periods of fiscal 1996. These
increases were also due primarily to two factors.  First, the GTE license
revenue referred to above was recognized in the first half of fiscal 1996 and
had minimal associated costs. Second, while revenues related to the mature
connectivity products declined, certain fixed expenses did not correspondingly
decline yielding an increase in the percentage of costs to revenues.

Research, development, and engineering costs for the three and nine month
periods ended December 29, 1996, while declining in real dollars, increased as a
percentage of revenue to 27% and 23% as compared with 23% and 20% in the
comparable periods of fiscal 1996.  These increases are due principally to the
decline in revenues noted above.  A further contributing factor was the addition
of BlueLine R&D expenses included in operations for the full nine month period
in fiscal 1997 but only for the period after acquisition (6/30/95) or six months
in fiscal 1996.  In contrast, the reduction in expenses associated with the
revamping of the Company at the end of fiscal 1996 helps offset some of this
increase.

Selling, general, and administrative costs declined in dollar terms for the
quarter but increased for the nine month period ended December 29,1996.  These
costs represented 62% and 56% of revenues in the three and nine month periods
ended December 29, 1996 as compared to 49% and 42% in the comparable periods of
fiscal 1996.  This increase reflects the additional costs associated with the
BlueLine acquisition which are reflected for the full nine month period in
fiscal 1997 but only for the period after acquisition(6/30/95) or six months in
fiscal 1996.  This result is further exacerbated by the decline in revenues.

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

                                       7
<PAGE>
 
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

Cash, cash equivalents and marketable securities were $7,506 and $11,312 at
December 29, 1996 and March 31, 1996 respectively.  The Company currently
anticipates making capital expenditures of approximately $100 during the rest of
fiscal year 1997.  These capital expenditures will relate 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. Additionally, the Company sold its MQView product to Candle in
the fourth quarter of fiscal 1997. This sale generated $7,400 of cash which will
be reflected in the fourth quarter results (see note 5).

                                       8
<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
-----------------------------------------

        In January 1997 the Company filed an 8-K related to the sale of its
        MQView product line to Candle. The results of this transaction will be
        reflected in Apertus' fourth quarter earnings.

        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.

                                       9
<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 11, 1997             By /s/Sue Hogue
                                       -------------  
                                    Sue Hogue
                                    Vice President Finance
                                    Chief Financial Officer

                                      10