<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10-QSB


(Mark One)

(x) Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
1934 for the quarter ended September 30, 2000.

( ) Transition report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the period from _________________ to ______________.

Commission file number:  0-11744

                        Publishers Equipment Corporation
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


           Texas                          75-1653425
--------------------------   ------------------------------------
 (State of incorporation)    (I.R.S. Employer Identification No.)


   16660 Dallas Parkway, Suite 1100, Dallas, Texas                75248
-----------------------------------------------------           ----------
(Address of principal executive offices)                        (zip code)

Registrant's telephone number, including area code: 972-931-2312


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.

                           YES  X                 NO
                               ---

Number of shares outstanding of the issuer's common stock as of November 9,
2000, 5,249,321 shares of common stock, no par value.


Page 1 of 11 sequentially numbered pages.


<PAGE>   2



                         PART I -- FINANCIAL INFORMATION

Item 1.  Financial Statements

                          Index to Financial Statements


<TABLE>
<CAPTION>
                                                                     Page
                                                                     ----
<S>                                                                  <C>
Publishers Equipment Corporation Consolidated
  Balance Sheet                                                       3


Publishers Equipment Corporation Consolidated
  Statements of Operations                                            4


Publishers Equipment Corporation Consolidated
  Statements of Cash Flows                                            5


Publishers Equipment Corporation Notes to
  Consolidated Financial Statements                                   6
</TABLE>


In the opinion of management, the financial statements contained herein include
all adjustments, which adjustments are of a normal recurring nature, necessary
for a fair presentation of the Company's consolidated financial position and
results of operations and cash flows. Results of operations for the period ended
September 30, 2000, are not necessarily indicative of results of operations for
the entire year.



Page 2 of 11 sequentially numbered pages.


<PAGE>   3


                        PUBLISHERS EQUIPMENT CORPORATION
                           CONSOLIDATED BALANCE SHEET
                                 (In Thousands)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                      September 30,
                                                                           2000
                                                                      -------------
<S>                                                                   <C>
                                     ASSETS

     Cash and cash equivalents ....................................   $           7
     Accounts receivable ..........................................             557
     Inventories ..................................................           9,751
     Other current assets .........................................              55
                                                                      -------------
         Total current assets .....................................          10,370

     Property, plant and equipment, net ...........................           1,050
                                                                      -------------

     TOTAL ASSETS .................................................   $      11,420
                                                                      =============

                          LIABILITIES AND SHAREHOLDERS' EQUITY

     Accounts payable and accrued liabilities .....................   $       1,706
     Accrued warranty expense .....................................             105
     Customer deposits ............................................           1,696
     Short term debt ..............................................           1,912
     Current portion long term debt ...............................             207
                                                                      -------------
         Total current liabilities ................................           5,626

     Convertible subordinated note ................................             500
     Long term debt ...............................................           2,009
     Other liabilities ............................................             103

     Shareholders' equity:
         Common stock .............................................          19,315
         Treasury stock ...........................................            (168)
         Retained deficit .........................................         (15,965)
                                                                      -------------
            Total shareholders' equity ............................           3,182
                                                                      -------------

     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ...................   $      11,420
                                                                      =============
</TABLE>


Page 3 of 11 sequentially numbered pages.

<PAGE>   4
                        PUBLISHERS EQUIPMENT CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                (In Thousands Except Share and Per Share Amounts)
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                              Three Months Ended         Nine Months Ended
                                                                September 30,               September 30,
                                                             2000          1999          2000          1999
                                                          ----------    ----------    ----------    ----------
<S>                                                       <C>           <C>           <C>           <C>
Revenues ..............................................   $    2,981    $    4,121    $    7,600    $    9,174

Cost of revenues ......................................        2,672         3,267         6,286         7,273
                                                          ----------    ----------    ----------    ----------

Gross profit ..........................................          309           854         1,314         1,901

Selling, general and administrative expense ...........          621           649         1,800         1,880
                                                          ----------    ----------    ----------    ----------

Operating income (loss) ...............................         (312)          205          (486)           21

Interest expense ......................................         (114)          (97)         (325)         (271)
Interest income .......................................           --            --            --             1
Other income (expense), net ...........................           (6)           --             2            (2)
                                                          ----------    ----------    ----------    ----------

Income (loss) before taxes ............................         (432)          108          (809)         (251)

Provision for income taxes ............................           --            --            --            --
                                                          ----------    ----------    ----------    ----------

Income (loss) before extraordinary item ...............         (432)          108          (809)         (251)

Extraordinary gain from forgiveness of debt,
  net of income tax effects (Note 1) ..................          500            --           500            --
                                                          ----------    ----------    ----------    ----------

Net income (loss) .....................................   $       68    $      108    $     (309)   $     (251)
                                                          ==========    ==========    ==========    ==========

Income (loss) per share before extraordinary gain:
      Basic                                               $    (0.08)   $     0.02    $    (0.15)   $    (0.05)
      Diluted                                             $    (0.08)   $     0.02    $    (0.15)   $    (0.05)

Income (loss) per share after extraordinary gain:
      Basic                                               $     0.01    $     0.02    $    (0.06)   $    (0.05)
      Diluted                                             $     0.01    $     0.02    $    (0.06)   $    (0.05)

Weighted average shares outstanding:
      Basic                                                5,249,321     5,234,787     5,249,321     5,234,787
      Diluted                                              5,249,321     5,249,321     5,249,321     5,234,787
</TABLE>


Page 4 of 11 sequentially numbered pages


<PAGE>   5


                        PUBLISHERS EQUIPMENT CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In Thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                         Nine Months Ended
                                                                           September 30,
                                                                         2000        1999
                                                                       --------    --------
<S>                                                                    <C>         <C>
     Cash flows from operating activities:
        Net loss ...................................................   $   (309)   $   (251)
     Adjustments to reconcile net loss to
          net cash provided by (used in) operating activities:
                Depreciation and amortization ......................        112         143
                Provision for losses on doubtful accounts ..........         15          22
                Debt forgiveness ...................................       (500)         --

     Change in assets and liabilities:
                Decrease in accounts receivable ....................        204         293
                Increase in inventories ............................     (1,071)       (520)
                Decrease in other current assets ...................         58          77
                Increase (decrease) in accounts payable and
                      accrued liabilities ..........................       (165)        302
                Increase (decrease) in accrued warranty expense ....          5        (177)
                Increase (decrease) in customer deposits ...........      1,594        (574)
                                                                       --------    --------
        Net cash provided by (used in) operations ..................        (57)       (685)
                                                                       --------    --------

     Cash flows from investing activities:
                Retirements to property, plant and equipment .......         --           4
                Additions to property, plant and equipment .........         --        (228)
                                                                       --------    --------
        Net cash used in investing activities ......................         --        (224)
                                                                       --------    --------

     Cash flows from financing activities:
           Total borrowings ........................................      6,777       6,902
           Total repayments ........................................     (6,756)     (5,993)
                                                                       --------    --------
        Net cash provided by (used in) financing activities ........         21         909
                                                                       --------    --------

     Net decrease in cash and cash equivalents .....................        (36)         --

     Cash and cash equivalents at beginning of period ..............         43          42
                                                                       --------    --------

     Cash and cash equivalents at end of period ....................   $      7    $     42
                                                                       ========    ========
</TABLE>


Page 5 of 11 sequentially numbered pages.


<PAGE>   6


PUBLISHERS EQUIPMENT CORPORATION


                   Notes to Consolidated Financial Statements
                                   (Unaudited)

1.       During the third quarter of 2000, the holder of the Company's
         $1,000,000 Convertible Subordinated Note due December 31, 2000, forgave
         $500,000 of the principal amount owed and extended the maturity of the
         $500,000 balance remaining under the Note from December 31, 2000, to
         December 31, 2002.

         The extraordinary gain that resulted from the debt forgiveness was
         offset by available net operating loss carryforwards, resulting in no
         tax liability from the gain.



Page 6 of 11 sequentially numbered pages.


<PAGE>   7


        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                             RESULTS OF OPERATIONS

The Company serves the printing industry worldwide with new and remanufactured
single-width, web-fed offset printing equipment through its wholly owned
subsidiary King Press Corporation. Its products meet the needs of printers and
publishers, and range from cost effective presses for newspaper production to
heatset equipment that meet the high quality requirements of commercial
printers. The Company's customer base includes a broad range of small
newspapers, commercial and semi-commercial printers.

                              Results of Operations

Three Months Ended September 30, 2000

REVENUES. Revenues of $2,981,000 for the third quarter of 2000 compare to
$4,121,000 for the third quarter of 1999, a reduction of approximately 28
percent that reflects decreases in both domestic and foreign revenues in the
current period. Revenues derived from sales to domestic customers decreased
approximately 37 percent in the third quarter of 2000 compared to the third
quarter of 1999, and revenues derived from sales to foreign customers decreased
approximately 20 percent in the same period.

While the current quarter's domestic sales results fell below the year earlier
period, the Company's scheduled fourth quarter domestic shipments will produce
revenues for the full year 2000 that exceed domestic revenues for 1999. The
Company's backlog at September 30, 2000, includes domestic contracts totaling
over $4 million that are scheduled for delivery in the fourth quarter of the
year. The largest item in this backlog is an order for the Company's top of the
line Process King printing equipment from a national pizza chain store operation
which is bringing certain printing requirements in-house. This order represents
a significant expansion of the Company's customer base and is a development that
the Company will attempt to build on.

Domestic printing equipment markets were active in the first three quarters of
2000, with the fundamentals for the health of the industry remaining mostly
positive. Print advertising revenues, which represent the major source of income
for the Company's customer base, sustained growth, and industry publications
forecast a 5.8% increase in newspaper advertising for the full year, which is
slightly above the 5.4% increase experienced in 1999. Newsprint cost, which
represents the major cost of newspaper production, was relatively stable in the
first three quarters of 2000, but upward pressure on prices was experienced in
the third quarter and industry publications forecast additional price increases
in the fourth quarter. Some newspapers are shifting to narrower paper widths to
defray higher newsprint prices.

Revenues derived from sales to foreign customers accounted for approximately 61
percent of total revenues in the third quarter of 2000 compared to approximately
55 percent for the third quarter of 1999. Included in third quarter 2000
shipments was an order for a customer in France that represented the first
delivery of the Company's newest Print King IV equipment to the European
continent, a market area that has had a very strong "buy local" mentality.
Installation of this equipment has gone well, with production scheduled for
early November, and the Company believes that this customer will provide an
important showcase of the Company's products for other European sales prospects.
The Company expects revenues derived from sales to foreign customers to remain a
significant component of its total revenues.

Page 7 of 11 sequentially numbered pages.

<PAGE>   8


The Company has a strong list of domestic and foreign sales prospects, many of
which were developed at the large international trade show "DRUPA" held in
Dusseldorf in June of this year and the domestic trade show "Graph Expo" held in
Chicago in September. The Company had static displays of its printing equipment
at both of these important shows and participated in a second international
trade show "IFRA" in Amsterdam in October. These events provide excellent
insight into demand patterns in domestic and foreign markets, as well as an
opportunity to meet with the Company's domestic and international sales
representatives and coordinate the activities of both.

A continuation of growth in domestic and foreign revenues to meet the Company's
revenue targets in the near term will require a strengthening of its sales and
marketing activities, principally the addition of sales personnel. Efforts are
currently underway to fill executive positions for both domestic and foreign
sales operations, as well as domestic regional sales positions. The highly
technical nature of printed product production requires specialized skills in
matching printing equipment capabilities to a customer's printing requirements,
and this unique skill set is not easily gained. The Company has distinguished
itself with the ability of its sales and engineering personnel to provide
printing solutions in a timely and flexible manner, and will select qualified
sales personnel from the printing equipment industry that will sustain this
competitive strength.

GROSS PROFIT. Gross profit for the third quarter of 2000 of $309,000, or 10.4
percent of revenues, compares to $854,000, or 20.7 percent of revenues, for the
third quarter of 1999. The reduction in gross profit expressed as a percent of
revenues in the current period is due to lower profit margins on equipment
delivered under contract in the quarter, principally the order delivered to the
customer in France (see "Revenues. Three Months Ended September 30, 2000").

Competitive pricing conditions in both domestic and foreign markets continue to
place a great deal of pressure on contract profit margins and have eroded the
Company's historic price/performance advantage. The Company will not price its
equipment contracts below manufactured cost and has removed itself from the
competition for some orders as a result.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE. Selling, general and administrative
expense for the third quarter of 2000 of $621,000, or 20.8 percent of revenues,
compares to $649,000, or 15.7 percent of revenues, for the third quarter of
1999. While selling, general and administrative expense was reduced in the third
quarter of 2000 compared to the year earlier period, it increased when expressed
as a percent of revenues because of the lower level of revenues in the third
quarter of 2000.

OTHER INCOME (EXPENSE). Interest expense of $114,000 for the third quarter of
2000 compares to $97,000 for the third quarter of 1999, and is attributable
primarily to borrowings under the King Press Corporation term loan and revolving
line of credit (see "Financial Position and Liquidity").

EXTRAORDINARY INCOME. During the third quarter of 2000, the holder of the
Company's $1,000,000 Convertible Subordinated Note forgave $500,000 of the
principal amount owed, resulting in an extraordinary gain of $500,000 for the
third quarter of 2000.


Page 8 of 11 sequentially numbered pages.


<PAGE>   9


NET INCOME. Net income of $68,000, or 2.3 percent of revenues, for the third
quarter of 2000 compares to net income of $108,000, or 2.6 percent of revenues,
for the third quarter of 1999.

Nine Months Ended September 30, 2000

REVENUES. Revenues of $7,600,000 for the first nine months of 2000 compares to
$9,174,000 for the first nine months of 1999, a decrease of approximately 17
percent. Revenues derived from sales to domestic customers decreased
approximately 17 percent in the first nine months of 2000 compared to the first
nine months of 1999. Revenues derived from sales to foreign customers decreased
approximately 18 percent in the first nine months of 2000 compared to the first
nine months of 1999, accounting for 35 percent of total revenues in both
periods.

GROSS PROFIT. Gross profit of $1,314,000, or 17.3 percent of revenues, for the
first nine months of 2000 compares to $1,901,000, or 20.7 percent of revenues,
for the first nine months of 1999. The reduction in gross profit expressed as a
percent of revenues in the current period is a result of the lower level of
revenues in the first nine months of 2000 and reduced profit margins on
contracts (See "Gross Profit, Three Months Ended September 30, 2000").

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE. Selling, general and administrative
expense of $1,800,000, or 23.7 percent of revenues, for the first nine months of
2000 compares to 1,880,000, or 20.5 percent of revenues, for the first nine
months of 1999. While selling, general and administrative expense was reduced in
the first nine months of 2000 compared to the year earlier period, it increased
when expressed as a percent of revenues because of the lower level of revenues
in the first nine months of 2000.

OTHER INCOME (EXPENSE). Interest expense of $325,000 for the first nine months
of 2000 compares to $271,000 for the first nine months of 1999 and is
attributable primarily to borrowings under the King Press Corporation revolving
line of credit and term loan (See "Financial Position and Liquidity").

NET INCOME (LOSS). A net loss of $309,000, or 4.1 percent of revenues, for the
first nine months of 2000 compares to a net loss of $251,000, or 2.7 percent of
revenues, for the first nine months of 1999.

                        Financial Position and Liquidity

The Company's wholly-owned operating subsidiary King Press Corporation was
supported in the third quarter of 2000 by a secured $2,000,000 revolving line of
credit that expired October 15, 2000, and a secured $2,500,000 term loan that
matures July 15, 2001. The Company's lender has granted an extension to the
revolving line of credit until November 30, 2000, while the Company pursues
alternative sources of financing to replace both the revolving line of credit
and term loan held by the current lender. The Company expects to secure the
required replacement financing by November 30, 2000, but there can be no
assurance that this will occur or that the present lender will provide a further
extension of the revolving line of credit if the replacement financing is not
obtained by that date.


Page 9 of 11 sequentially numbered pages.

<PAGE>   10


The loan agreement pertaining to the revolving line of credit includes
restrictions on indebtedness, liens and the disposal of assets, requires that
certain financial ratios be maintained and provides cross collateralization of
all King Press Corporation assets. At September 30, 2000, King Press Corporation
had $1,912,000 outstanding under the revolving line of credit and a balance of
$2,144,000 owed under the term loan, $189,000 of which is current. King Press
Corporation was in compliance with all provisions of the loan agreement at
September 30, 2000.

During the third quarter of 2000, the holder of the Company's $1,000,000
Convertible Subordinated Note due December 31, 2000, forgave $500,000 of the
principal amount owed and extended the maturity of the $500,000 balance
remaining under the Note from December 31, 2000, to December 31, 2002.

The Company's backlog at September 30, 2000, totaled approximately $6,309,000
compared to approximately $5,669,000 at June 30, 2000, and $3,387,000 at
December 31, 1999.


PART II -- OTHER INFORMATION

Item 1.  Legal Proceedings.

                  The Company and its subsidiaries from time to time become
                  involved in various claims and lawsuits incidental to their
                  businesses. In the opinion of management of the Company, after
                  consultation with legal counsel, any ultimate liability
                  arising out of currently pending claims and lawsuits will not
                  have a material adverse effect on the consolidated financial
                  condition or results of operations of the Company.

Item 2.  Changes in Securities.

                  Not Applicable.

Item 3.  Defaults upon Senior Securities.

                  Not Applicable.

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

                  Not Applicable.

Item 5.  Other Information.

                  Not Applicable.

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

                  Not Applicable.


Page 10 of 11 sequentially numbered pages.


<PAGE>   11


                                   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.


                                         PUBLISHERS EQUIPMENT CORPORATION


November 9, 2000                         By:    /s/ Roger R. Baier
                                                --------------------------------

                                                Roger R. Baier
                                                Vice President Finance &
                                                Treasurer
                                                (Principal Financial Officer)


Page 11 of 11 sequentially numbered pages.

<PAGE>   12


                               INDEX TO EXHIBITS


<TABLE>
<CAPTION>
EXHIBIT
NUMBER                      DESCRIPTION
-------                     -----------
<S>                    <C>
  27                   Financial Data Schedule
</TABLE>