<PAGE>

================================================================================
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-Q

              [X] Quarterly Report Pursuant to Section 13 or 15(d)
     of the Securities Exchange Act of 1934 for the quarterly period ended
                                  June 27, 1997

[ ] 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: 333-19495

                          RADNOR HOLDINGS CORPORATION
             (Exact name of registrant as specified in its charter)

            Delaware                                   23-2674715
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                    Identification Number)

 Three Radnor Corporate Center, Suite 300                19087   
100 Matsonford Road, Radnor, Pennsylvania              (Zip Code)
 (address of principal executive offices)              



        Registrant's telephone number, including area code: 610-341-9600

         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 [   ]


    The number of shares outstanding of the Registrant's common stock as of
                                August 8, 1997:

                                                           Number
         Class                                           of Shares
         -----                                           ---------
    Voting Common Stock; $.10 par value                      600
    Nonvoting Common Stock; $.10 par value                   245 
    Class B Nonvoting Common Stock; $.01 par value         5,400


================================================================================

<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.  FINANCIAL STATEMENTS

                  RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      (In thousands, except share amounts)


<TABLE>
<CAPTION>
                                                                          June 27,      December 27,
                                                                            1997            1996
                                                                         ---------       ---------
                                                                        (Unaudited)
                                      ASSETS
<S>                                                                      <C>             <C>      
CURRENT ASSETS
       Cash                                                              $   1,349       $     855
       Accounts receivable, net                                             22,495          24,687
       Inventories, net                                                     22,566          19,078
       Prepaid expenses and other                                            3,142           3,971
       Deferred tax asset                                                    2,380           2,380
                                                                         ---------       ---------

             Total current assets                                           51,932          50,971
                                                                         ---------       ---------

PROPERTY, PLANT AND EQUIPMENT                                              122,945         115,763
LESS - ACCUMULATED DEPRECIATION                                             (7,634)         (4,372)
                                                                         ---------       ---------

NET PROPERTY, PLANT AND EQUIPMENT                                          115,311         111,391
                                                                         ---------       ---------

OTHER ASSETS                                                                10,434          10,007
                                                                         ---------       ---------

             Total assets                                                $ 177,677       $ 172,369
                                                                         =========       =========

                       LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
       Accounts payable                                                  $  24,640       $  28,884
       Accrued liabilities                                                  11,378          13,166
       Current portion of long-term debt                                       235             237
                                                                         ---------       ---------

             Total current liabilities                                      36,253          42,287
                                                                         ---------       ---------

LONG-TERM DEBT, net of current portion                                     115,310         104,362
                                                                         ---------       ---------
DEFERRED TAX LIABILITY                                                      11,286          11,173
                                                                         ---------       ---------
OTHER NONCURRENT LIABILITIES                                                   450             218
                                                                         ---------       ---------

COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
       Voting and nonvoting common stock, 22,700 shares authorized,
             6,245 shares issued and outstanding                                 1               1
       Additional paid-in capital                                           17,720          17,720
       Accumulated deficit                                                  (3,350)         (3,420)
       Cumulative translation adjustment                                         7              28
                                                                         ---------       ---------

             Total stockholders' equity                                     14,378          14,329
                                                                         ---------       ---------

             Total liabilities and stockholders' equity                  $ 177,677       $ 172,369
                                                                         =========       =========
</TABLE>

         The accompanying notes are an integral part of these condensed
                       consolidated financial statements.
<PAGE>

                  RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)
                                 (In Thousands)



<TABLE>
<CAPTION>
                                              For the three months ended      For the six months ended 
                                              --------------------------      -------------------------
                                                June 27,        June 28,       June 27,       June 28,
                                                  1997            1996           1997            1996
                                               ---------       ---------      ---------       ---------

<S>                                            <C>             <C>            <C>             <C>      
Net sales                                      $  60,427       $  47,761      $ 114,455       $  84,526
Cost of goods sold                                44,777          35,946         85,431          64,761
                                               ---------       ---------      ---------       ---------

           Gross profit                           15,650          11,815         29,024          19,765

Operating expenses:
      Distribution                                 4,557           3,751          8,545           6,733
      Selling, general and administrative          5,951           4,823         11,440           8,879
      Restructuring charges                         --               681           --               681
                                               ---------       ---------      ---------       ---------

           Income from operations                  5,142           2,560          9,039           3,472

Other (income) expense:
      Interest                                     2,964           1,147          5,788           2,132
      Other, net                                     (71)            209           (138)            223
                                               ---------       ---------      ---------       ---------

Income (loss) from operations before
      income taxes and minority interest           2,249           1,204          3,389           1,117

Provision for income taxes
      Current                                        131            --              206            --
      Deferred                                       113            --              113            --
Minority interest in income                         --               559           --               661
                                               ---------       ---------      ---------       ---------

Income (loss) before extraordinary item            2,005             645          3,070             456

Extraordinary item-gain on early
      extinguishment of debt                        --              --             --               710
                                               ---------       ---------      ---------       ---------

Net income                                     $   2,005       $     645      $   3,070       $   1,166
                                               =========       =========      =========       =========
</TABLE>



         The accompanying notes are an integral part of these condensed
                       consolidated financial statements.


<PAGE>



                  RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (In Thousands)

<TABLE>
<CAPTION>
                                                                         For the six months ended
                                                                         ------------------------
                                                                         June 27,       June 28,
                                                                           1997           1996
                                                                         --------       --------

<S>                                                                      <C>            <C>     
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                          $  3,070       $  1,166
     Adjustments to reconcile net income to cash provided by
        (used in) operating activities-
            Depreciation                                                    3,262          2,087
            Amortization                                                      867            301
            Deferred income taxes                                             113           --
            Minority interest in income                                      --              661
            Extraordinary gain on early extinguishment of debt               --             (710)
            Changes in operating assets and liabilities, net of
               acquisition of business-
                   Accounts receivable, net                                 2,192         (8,880)
                   Inventories                                             (3,488)          (573)
                   Prepaid expenses and other                                 607         (1,000)
                   Accounts payable                                        (4,244)         7,442
                   Accrued liabilities                                     (1,556)           163
                                                                         --------       --------

                       Net cash provided  by continuing operations            823            657

                       Net cash provided by discontinued operations          --              982
                                                                         --------       --------

                       Net cash provided by operating activities              823          1,639
                                                                         --------       --------

     CASH FLOWS FROM INVESTING ACTIVITIES
        Capital expenditures                                               (6,981)        (1,392)
        Acquisition of JR Cup, net of cash acquired                          --          (21,042)
        Increase in other assets                                           (1,294)        (1,293)
                                                                         --------       --------

            Net cash used in investing activities                          (8,275)       (23,727)
                                                                         --------       --------

     CASH FLOWS FROM FINANCING ACTIVITIES
        Net borrowings on bank financed debt and
            unsecured notes payable                                        10,946         22,104
        Cash dividends                                                     (3,000)          --
                                                                         --------       --------

            Net cash provided by financing activities                       7,946         22,104
                                                                         --------       --------

     NET INCREASE IN CASH                                                     494             16

     CASH, beginning of period                                                855              5
                                                                         --------       --------

     CASH, end of period                                                 $  1,349       $     21
                                                                         ========       ========

     SUPPLEMENTAL CASH FLOW DISCLOSURES
        Interest Paid                                                    $  5,272       $    874
                                                                         ========       ========

        Income Taxes Paid                                                $    515       $      7
                                                                         ========       ========
</TABLE>

         The accompanying notes are an integral part of these condensed
                       consolidated financial statements.



<PAGE>



                  RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


(1) BASIS OF PRESENTATION

    The condensed consolidated financial statements included herein have been
    prepared by Radnor Holdings Corporation ("Radnor") and subsidiaries
    (collectively, the "Company") pursuant to the rules and regulations of the
    Securities and Exchange Commission. Certain information and footnote
    disclosures normally included in consolidated financial statements prepared
    in accordance with generally accepted accounting principles have been
    condensed or omitted pursuant to such rules and regulations. In the opinion
    of the Company, the statements include all adjustments (which include only
    normal recurring adjustments) required for a fair statement of financial
    position, results of operations and cash flows for such periods. The results
    of operations for the interim periods are not necessarily indicative of the
    results for a full year.

    Radnor is a holding company which has no operations or assets separate from
    its investment in its subsidiaries. Radnor's $100 million senior notes are
    guaranteed by all but two direct and two indirect wholly-owned subsidiaries
    on a full, unconditional, joint and several basis. The four non-guarantor
    subsidiaries are individually and in the aggregate inconsequential. Separate
    financial statements of the guarantors are not presented because management
    has determined that they would not be material.

(2) INVENTORIES

    The components of inventories were as follows (in thousands):

                              June 30,       December 27,
                                1997             1996
                              --------         --------

    Raw Materials             $  5,534         $  4,503
    Work in Process              1,294            2,242
    Finished Goods              15,738           12,333
                              --------         --------
                              $ 22,566         $ 19,078
                              ========         ========

(3) INTEREST EXPENSE

    Included in interest expense is $136,000 and $114,000 of amortization of
    deferred financing costs for the three months ended June 27, 1997 and June
    28, 1996, respectively. In addition, included in interest expense is
    $276,000 and $152,000 of amortization of deferred financing costs for the
    six months ended June 27, 1997 and June 28, 1996, respectively.

(4) PENDING ACCOUNTING CHANGES

    In July 1997, the FASB issued Statement #130, "Reporting Comprehensive
    Income," and Statement #131, "Disclosures About Segments of an Enterprise
    and Related Information." Statement #130 establishes standards for reporting
    comprehensive income in financial statements. Statement #131 expands certain
    reporting and disclosure requirements for segments from current
    requirements. The Company is not required to adopt these Statements until
    1998 and does not expect the adoption of these new standards to result in
    material changes to previously reported amounts or disclosures.


<PAGE>


Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
        RESULTS OF OPERATIONS

General

    The Company has two main lines of business. The Company manufactures foam
    packaging and sells its products to national, institutional and retail
    customers located throughout the U.S., in Mexico and in other countries. The
    Company, through its predecessors, has been manufacturing foam packaging
    since 1961. The Company also manufactures a broad line of crystal
    polystyrene and expandable polystyrene ("EPS") for sale to manufacturers of
    foam packaging and insulation products worldwide.

    The Company was organized in 1991 to facilitate the acquisition of Scott
    Container Products Group, Inc. from Kimberly Clark Tissue Company, which
    occurred in February 1992. In January 1996, the Company executed an
    agreement with James River Paper Company, Inc., which resulted in the
    acquisition of its Handi Kup business ("J.R. Cup"). In December 1996, the
    Company purchased the outstanding capital stock of and other equity
    interests in SP Acquisition Co. ("StyroChem"). StyroChem supplies the
    Company's packaging operations with approximately 50% of the EPS beads used
    in its manufacture of foam packaging.

Comparability of Periods

    Financial results for the three months ended June 27, 1997 are not fully
    comparable with the three months ended June 28, 1996 because of the December
    1996 acquisition of StyroChem. In addition, financial results for the six
    months ended June 27, 1997 are not fully comparable with the six months
    ended June 28, 1996 because of the January 1996 J.R. Cup transaction and the
    December 1996 acquisition of StyroChem.

Three Months Ended June 27, 1997 Compared to Three Months Ended June 28, 1996

    Net sales increased to $60.4 million for the three months ended June 27,
    1997 from $47.8 million for the same period in 1996, an increase of $12.6
    million or 26.4%. The increase was due primarily to the StyroChem
    acquisition on December 5, 1996.

    Cost of goods sold as a percentage of net sales decreased to 74.1% for the
    three months ended June 27, 1997, from 75.3% for the same period in 1996.
    This decrease was due to a decline in raw material prices resulting from
    improved market conditions and reductions in manufacturing overhead as a
    percentage of net sales resulting from the J.R. Cup and StyroChem
    acquisitions.

    Gross profit increased to $15.7 million or 25.9% of net sales for the three
    months ended June 27, 1997, from $11.8 million or 24.7% of net sales for the
    same period in 1996.

    Distribution expense as a percentage of net sales decreased to 7.5% for the
    three months ended June 27, 1997, from 7.9% of net sales for the same period
    in 1996. This decline in distribution expense as a percentage of net sales
    was due primarily to the acquisition of StyroChem, whose distribution
    expense was 3.7% of net sales.

    Selling, general and administrative expenses as a percentage of net sales
    decreased to 9.8% for the three months ended June 27, 1997, from 10.1% of
    net sales for the same period in 1996. This was due to lower administrative
    costs as a percentage of net sales resulting from the J.R. Cup and StyroChem
    acquisitions.


<PAGE>

    Income from operations increased to $5.1 million or 8.5% of net sales for
    the three months ended June 27, 1997, from $2.6 million or 5.4% of net sales
    for the same period in 1996.

    Interest increased to $3.0 million for the three months ended June 27, 1997,
    from $1.1 million for the same period in 1996. This increase was due
    primarily to an increase in borrowings related to the J.R. Cup and StyroChem
    acquisitions, including the issuance of Radnor's $100 million 10% Senior
    Notes due 2003.

    Net income increased to $2.0 million or 3.3% of net sales for the three
    months ended June 27, 1997, from $0.6 million or 1.4% of net sales for the
    same period in 1996 due to the reasons described above.

Six Months Ended June 27, 1997 Compared to Six Months Ended June 28, 1996

    Net sales increased to $114.5 million for the six months ended June 27, 1997
    from $84.5 million for the same period in 1996, an increase of $30.0 million
    or 35.5%. The increase was due primarily to the J.R. Cup transaction on
    January 20, 1996 and the StyroChem acquisition on December 5, 1996 as well
    as overall growth in the foam packaging market.

    Cost of goods sold as a percentage of net sales decreased to 74.6% for the
    six months ended June 27, 1997, from 76.6% for the same period in 1996. This
    decrease was due to a decline in raw material prices resulting from improved
    market conditions and reductions in manufacturing overhead as a percentage
    of net sales resulting from the J.R. Cup and StyroChem acquisitions.

    Gross profit increased to $29.0 million or 25.4% of net sales for the six
    months ended June 27, 1997, from $19.8 million or 23.4% of net sales for the
    same period in 1996.

    Distribution expense as a percentage of net sales decreased to 7.5% for the
    six months ended June 27, 1997, from 8.0% of net sales for the same period
    in 1996. This decline in distribution expense as a percentage of net sales
    was due primarily to the acquisition of StyroChem, whose distribution
    expense was 3.3% of net sales.

    Selling, general and administrative expenses as a percentage of net sales
    decreased to 10.0% for the six months ended June 27, 1997, from 10.5% of net
    sales for the same period in 1996. This was due to lower administrative
    costs as a percentage of net sales resulting from the J.R. Cup and StyroChem
    acquisitions.

    Income from operations increased to $9.0 million or 7.9% of net sales for
    the six months ended June 27, 1997, from $3.5 million or 4.1% of net sales
    for the same period in 1996.

    Interest increased to $5.8 million for the six months ended June 27, 1997,
    from $2.1 million for the same period in 1996. This increase was due
    primarily to an increase in borrowings related to the J.R. Cup and StyroChem
    acquisitions, including the issuance of Radnor's $100 million 10% Senior
    Notes due 2003.

    Net income increased to $3.1 million or 2.7% of net sales for the six months
    ended June 27, 1997, from $1.2 million or 1.4% of net sales for the same
    period in 1996 due to the reasons described above.



<PAGE>


Liquidity and Capital Resources

    During the six months ended June 27, 1997 and June 28, 1996, the Company's
    principal sources of funds consisted of cash from continuing operations and
    financing sources. During the 1997 period, after tax cash flow increased to
    $7.3 million offset by cash used for working capital of $6.5 million.
    Additional borrowings under the credit facilities of $10.9 million, offset
    by an increase in cash of $0.5 million, were used to fund capital
    expenditures of $7.0 million and a dividend payment of $3.0 million.

    As of June 27, 1997 the Company had $15.2 million outstanding and $13.0
    million available under its revolving credit agreements. The Company's
    principal uses of cash for the next several years will be working capital
    requirements and capital expenditures. Management expects that annual
    capital expenditures will increase from historical levels during the next
    few years as the Company pursues new development and cost-reduction
    opportunities.

    As a holding company, Radnor is dependent upon dividends and other payments
    from its subsidiaries to generate the funds necessary to meet its
    obligations. Subject to certain limitations under applicable state law and
    the Company's credit agreements, Radnor is, and will continue to be, able to
    control its receipt of dividends and other payments from its subsidiaries.
    Management believes that cash generated from operations, together with
    available borrowings from the revolving credit facilities under the credit
    agreements, will be sufficient to meet the Company's expected operating
    needs, planned capital expenditures and debt service requirements.

Net Operating Loss Carryforwards

    As of December 27, 1996, the Company had approximately $14.0 million of net
    operating loss carryforwards for federal income tax purposes, which expire
    through 2010. Since there can be no assurance that the Company's net
    operating loss carryforwards will become available or that the Company will
    generate future taxable income, a valuation allowance was provided for
    substantially all of the loss carryforward tax benefit at December 27, 1996.
    In 1997 a portion of the valuation allowance has been eliminated and a tax
    benefit reflected in the 1997 financial statements.

Pending Accounting Changes

    In July 1997, the FASB issued Statement #130, "Reporting Comprehensive
    Income," and Statement #131, "Disclosures About Segments of an Enterprise
    and Related Information." Statement #130 establishes standards for reporting
    comprehensive income in financial statements. Statement #131 expands certain
    reporting and disclosure requirements for segments from current
    requirements. The Company is not required to adopt these Statements until
    1998 and does not expect the adoption of these new standards to result in
    material changes to previously reported amounts or disclosures.

Forward Looking Statements

    All statements contained herein that are not historical facts are based on
    current expectations. These statements are forward looking in nature and
    involve a number of risks and uncertainties. Such risks and uncertainties
    are described in detail in the Company's Prospectus dated April 10, 1997
    included in the Company's Registration Statement on Form S-4, Commission
    File No. 333-19495, to which reference is hereby made.


<PAGE>


                          PART II - OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS

         The Company is involved in various legal actions arising in the normal
         course of business. After taking into consideration legal counsel's
         evaluation of such actions, management believes that these actions will
         not have a material effect on the Company's financial position or
         results of operations.

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a) Exhibits:

             3.1*     Restated Certificate of Incorporation of Radnor 
                       Holdings Corporation
             3.2*     Bylaws of Radnor Holdings Corporation
             3.3*     Certificate of Incorporation of WinCup Holdings, Inc.
             3.4*     Bylaws of WinCup Holdings, Inc.
             3.5*     Certificate of Incorporation of Radnor Management, Inc.
             3.6*     Bylaws of Radnor Management, Inc.
             3.9*     Certificate of Incorporation of SP Acquisition Co.
             3.10*    Bylaws of SP Acquisition Co.
             3.11*    Articles of Incorporation of StyroChem International, Inc.
             3.12*    Bylaws of StyroChem International, Inc.
             3.13*    Certificate of Incorporation of StyroChem International,
                       Ltd.
             3.14*    Bylaws of StyroChem International, Ltd.
             4.1*     Indenture, dated as of December 5, 1996, among Radnor
                       Holdings Corporation, WinCup Holdings, Inc., WinCup
                       Holdings, L.P., SP Acquisition Co., StyroChem
                       International, Inc., StyroChem International, Ltd.,
                       Radnor Management, Inc., and First Union National Bank,
                       as amended by a First Supplemental Indenture dated as of
                       December 17, 1996, including form of Notes and Guarantees

            10.67     Amendment dated April 28, 1992 to Equity Incentive Plan
             7.0      Financial Data Schedule

              *       Incorporated by reference to identically numbered exhibit
                       to Radnor's Registration Statement No. 333-19495 on Form
                       S-4, filed on January 9, 1997.


         (b) Reports on Form 8-K

             There were no reports filed on form 8-K during the three month 
             period ended June 27, 1997.


<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, its duly authorized officer and chief financial officer.


                                         RADNOR HOLDINGS CORPORATION
                                         (registrant)

                                         /s/ Michael V. Valenza
                                         -------------------------------


Date: August 8, 1997                     By:
                                         Michael V. Valenza
                                         Senior Vice President-Finance and Chief
                                         Financial Officer