<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 April 1, 2000
                                                -------------

                                      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 333-20155

                        GORGES\QUIK-TO-FIX FOODS, INC.
            (Exact Name of Registrant as Specified in Its Charter)

                    Delaware                           58-2263508
                (State or Other             (I.R.S. Employer Identification No.)
         Jurisdiction of Incorporation)

                               9441 LBJ Freeway
                                   Suite 214
                             Dallas, Texas  75243
                   (Address of Principal Executive Offices)

                                (972) 690-7675
             (Registrant's Telephone Number, Including Area Code)


     Indicate by check X 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 of the registrant's Common Stock outstanding at May 16,
2000 was 1,000. There is no public trading market for shares of the registrant's
Common Stock.

================================================================================
<PAGE>

Part I  -  Financial Information Item
Item 1. -  Financial Statements
           --------------------


                        GORGES/QUIK-TO-FIX FOODS, INC.
                                BALANCE SHEETS
                       (In thousands, except share data)

<TABLE>
<CAPTION>
                                                                      October 2,                     April 1,
                                                                         1999                          2000
                                                                ---------------------         --------------------
     Assets                                                            (Audited)                   (Unaudited)
<S>                                                             <C>                           <C>
Current assets:
   Cash and cash equivalents                                                 $    582                     $    876
   Accounts receivable, net                                                    13,937                       12,956
   Inventory                                                                   17,365                       16,987
   Prepaid expenses and other                                                     589                          750
                                                                ---------------------         --------------------
     Total current assets                                                      32,473                       31,569

Property, plant and equipment:
   Land                                                                         1,371                        1,371
   Buildings and leasehold improvements                                        35,171                       35,265
   Machinery and equipment                                                     39,798                       40,274
   Land improvements and other                                                    794                        1,576
                                                                ---------------------         --------------------
                                                                               77,134                       78,486
   Accumulated depreciation                                                   (20,524)                     (24,404)
                                                                ---------------------         --------------------
     Net property, plant and equipment                                         56,610                       54,082

Other assets:
   Intangible assets                                                           60,854                       59,734
   Organizational and deferred debt issuance costs                              5,313                        3,101
   Other                                                                          555                           77
                                                                ---------------------         --------------------
     Total assets                                                            $155,805                     $148,563
                                                                =====================         ====================

     Liabilities and Stockholders' Equity
Current liabilities:
   Accounts payable and accrued expenses                                     $ 16,161                     $ 15,702
   Current portion of long-term debt                                            4,260                        4,260
   Convertible debt with shareholders                                           3,000
                                                                ---------------------         --------------------
      Total current liabilities                                                23,421                       19,962

Long-term debt, less current portion                                           90,945                       90,678


Stockholders' equity:
   Common stock, $.01 par value; 2,000 shares authorized,
      1,000 shares issued and outstanding                                           -                            -
   Additional paid-in capital                                                  62,492                       65,777
   Accumulated deficit                                                        (21,053)                     (27,854)
                                                                ---------------------         --------------------
     Total stockholders' equity                                                41,439                       37,923
                                                                ---------------------         --------------------
     Total liabilities and stockholders' equity                              $155,805                     $148,563
                                                                =====================         ====================
</TABLE>

See accompanying notes to financial statements

                                      -2-
<PAGE>

                        GORGES/QUIK-TO-FIX FOODS, INC.
                           STATEMENTS OF OPERATIONS
                                (In thousands)
                                  (Unaudited)

<TABLE>
<CAPTION>
                                          Three           Three               Six              Six
                                          months          months             months           months
                                          ended           ended              ended            ended
                                         April 3,        April 1,           April 3,         April 1,
                                           1999            2000               1999             2000
<S>                                      <C>             <C>                <C>              <C>
Sales                                     $36,991         $34,157            $83,820          $68,559
Costs of goods sold                        30,353          27,357             69,947           55,241
   Gross profit                             6,638           6,800             13,873           13,318

Operating expenses:
   Selling, general and administrative      5,721           5,830             11,591           11,406
   Amortization                               815             560              1,627            1,121
     Total operating expenses               6,536           6,390             13,218           12,527


Operating income                              102             410                655              791

Interest expense                            2,737           2,744              6,557            5,575
Other (income) expense                        (56)            (63)               142              (63)

(Loss) before taxes on income              (2,579)         (2,271)            (6,044)          (4,721)
Income tax expense                              9              36                  9               36

Net (loss) before cumulative
 effect for change in accounting
 principle and extraordinary item          (2,588)         (2,307)            (6,053)          (4,757)
Cumulative effect for change in
 accounting principle net of tax                -               -                  -           (2,043)
Net (loss) before extraordinary item       (2,588)         (2,307)            (6,053)          (6,800)

Extraordinary item net of tax                   -               -             27,937                -

Net income (loss)                         $(2,588)        $(2,307)           $21,884          $(6,800)
</TABLE>

See accompanying notes to financial statements

                                      -3-
<PAGE>

                        GORGES/QUIK-TO-FIX FOODS, INC.
                           STATEMENTS OF CASH FLOWS
                                (In thousands)
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                      Six months              Six months
                                                                                        ended                   Ended
                                                                                       April 3,                April 1,
                                                                                         1999                    2000
                                                                                   ----------------         -------------
<S>                                                                                <C>                      <C>
Cash flows from operating activities:
   Net income (loss)                                                                       $ 21,884              $ (6,800)
   Adjustments to reconcile net income (loss) to net
     Cash provided by (used in) operating activities:
      Depreciation                                                                            4,536                 3,880
      Amortization                                                                            1,627                 1,121
      Cumulative effect for change in accounting principle                                        -                 2,043
      Amortization of deferred debt                                                             232                   344
      Allowance for bad debt                                                                    175                  (385)
      Gain on asset sale/restructuring                                                         (352)
      Write off of deferred debt                                                              2,783
      Extraordinary gain on early retirement of debt                                        (31,093)
Changes in assets and liabilities:
         Decrease in accounts receivable                                                      5,302                 1,366
         Decrease in inventory                                                                1,732                   377
         Increase in prepaid expenses and other                                                (127)                  317
         Decrease in accounts payable and accrued expenses                                   (2,788)                 (175)
                                                                                   ----------------         -------------
     Net cash provided by operating activities                                                3,911                 2,088

Cash flows from investing activities:
   Purchases of plant and equipment                                                          (1,487)               (1,350)
   Proceeds from sale of facility                                                             4,000
   Other                                                                                         (3)
                                                                                   ----------------         -------------
     Net cash provided by (used in) investing activities                                      2,510                (1,350)

Cash flows from financing activities:
   Proceeds from revolving line of credit                                                    18,910                69,794
   Payments on revolving line of credit                                                     (28,278)              (68,288)
   Proceeds from long term debt                                                              33,052
   Payments on long term debt                                                               (47,164)               (1,775)
   Capital contributions                                                                     16,907
   Debt issuance and organizational costs                                                    (1,519)                 (175)
                                                                                   ----------------         -------------
     Net cash provided by (used in) financing activities                                     (8,092)                 (444)
                                                                                   ----------------         -------------
Net increase in cash and cash equivalents                                                    (1,671)                  294
Cash and cash equivalents at beginning of period                                              1,671                   582
                                                                                   ----------------         -------------
Cash and cash equivalents at end of period                                                 $      -              $    876
                                                                                   ================         =============
</TABLE>

See accompanying notes to financial statements

                                      -4-
<PAGE>

GORGES/QUIK-TO-FIX FOODS, INC.
NOTES TO FINANCIAL STATEMENTS
April 1, 2000

1.  Organization and Basis of Presentation

          The Company, a wholly owned subsidiary of Gorges Holding Company
("GHC"), is a leading producer, marketer and distributor of value added
processed beef products for the foodservice industry and is one of the few
companies in this segment of the industry that markets and distributes
nationally. The Company purchases fresh and frozen beef and, to a lesser extent,
pork and poultry, which it processes into a broad range of fully cooked and
ready to cook products. Currently the Company produces value added products
which include: (i) breaded beef items such as country fried steak and beef
fingers; (ii) charbroiled beef items such as fully cooked hamburger patties,
fajita strips, meatballs, meatloaf and taco meat; and (iii) other specialty
products, such as fully cooked and ready to cook pork sausage, breaded pork and
turkey, cubed steaks, and Philly steak slices. The Company's products are sold
primarily to the foodservice industry, which encompasses all aspects of away-
from-home food preparation, including commercial establishments such as fast
food restaurants and family dining restaurants and non-commercial establishments
such as healthcare providers, schools and corporations. The Company sells its
products primarily through broadline and specialty foodservice distributors.

     The accompanying condensed financial statements of Gorges/Quik-to-Fix
Foods, Inc. have been prepared in accordance with the instructions for Form 10-Q
and therefore, do not include all information on footnotes that generally
accepted accounting principles require for complete financial statements.  The
unaudited condensed financial statements should be read in conjunction with the
audited financial statements and related notes included in the Company's Annual
Report on Form 10-K for the year ended October 2, 1999. In the opinion of
management, the unaudited condensed financial statements contain all necessary
adjustments (which include only normal, recurring adjustments) for a fair
presentation of the Interim period presented. Operating results for the three
and six month periods ending April 1, 2000, are not necessarily indicative of
operating results for the entire fiscal year ending September 30, 2000.

GORGES/QUIK-TO-FIX FOODS, INC.
NOTES TO FINANCIAL STATEMENTS- (Continued)

2.  Summary of Significant Accounting Policies

Fiscal Year

     The Company utilizes a 52 or 53 week accounting period, ending on the
Saturday closest to September 30.

Accounts Receivable

     The Company periodically evaluates the credit worthiness of its customers,
as accounts receivable balances are not collateralized.  The Company has not
experienced significant credit losses.

Inventories

     Inventories, valued at the lower of cost (first-in, first-out) or market
(replacement or net realizable value), consist of the following (in thousands):

                                     October 2,                  April 1,
                                       1999                        2000
                                -------------------        -------------------
   Finished products                        $10,901                    $11,865
   Supplies                                   6,464                      5,122
                                -------------------        -------------------
   Total                                    $17,365                    $16,987
                                ===================        ===================

                                      -5-
<PAGE>

Property, Plant and Equipment

     Property, plant and equipment are stated at cost.  Depreciation is
calculated primarily by the straight-line method over the estimated useful lives
of the assets, which range from 3 to 20 years.  Capital expenditures for
equipment and capital improvements are generally capitalized while maintenance
is expensed.


GORGES/QUIK-TO-FIX FOODS, INC.
NOTES TO FINANCIAL STATEMENTS- (Continued)

2.  Summary of Significant Accounting Policies - Continued


Intangible assets and Organizational and Deferred Debt Issuance Costs

     Intangible assets, consisting of goodwill and trademarks, are stated at
cost and are amortized on a straight-line basis over 30 years. Recoverability of
the carrying value of intangible assets is evaluated on a recurring basis with
consideration toward recovery through future operating results on an
undiscounted basis.

     Organizational costs were amortized on a straight-line basis over five
years, until the Company adopted the Statement of Position (SOP) 98-5 in the
first quarter of fiscal 2000. As the result of adopting SOP 98-5 was the Company
expensed the remaining unamortized organizational costs of $2.0 million as a
cumulative effect for a change in accounting principle in the first quarter of
fiscal 2000, compared to amortization expense of $0.5 million at April 3,1999.
Deferred debt issuance costs are amortized over the life of the debt instrument
to which it relates. At October 2, 1999 and April 1, 2000, the accumulated
amortization was $0.9 million and $1.2 million, respectively.

Income Taxes

     The Company follows the liability method of accounting for deferred income
taxes. The liability method provides that deferred tax liabilities are recorded
at currently enacted tax rates based on the difference between the tax basis of
assets and liabilities and their carrying amounts for financial reporting
purposes, referred to as temporary differences.

Selling Expenses

     Selling expenses include product line expenses such as shipping and
storage, external handling, external freezer charges, product and package
design, brokerage expense and other direct selling expenses such as certain
salaries, travel and research and development.

Advertising, Promotion and Research and Development Expenses

     Advertising, promotion and research and development expenses are charged to
operations in the period incurred.  Advertising and promotion expenses,
respectively, were $3.2 million and $6.4 million for the three month and six
month periods ending April 3, 1999, compared to $2.6 million and $5.2 million
for the comparable periods ending April 1, 2000.  Research and Development
expenses were $0.2 million and $0.4 million for the three month and six month
periods ended April 3, 1999, compared to $0.3 million and $0.5 million for the
comparable periods ending April 1, 2000.

Use of Estimates

     The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes.  Actual results could differ from those estimates.

                                      -6-
<PAGE>

Extraordinary Item

     Included in the extraordinary item of $27.0 million is $31.1 million in
income from the repurchase of the Notes, $1.6 million in income from interest
forgiven on the repurchase of Notes, $3.1 million of expenses related to the
repurchase of the Notes, $2.6 million of expenses related to the write off of
deferred debt fees (partially related to the repurchased Notes and partially
related to the restructuring of the Senior Credit Facility).

                                      -7-
<PAGE>

GORGES/QUIK-TO-FIX FOODS, INC.
NOTES TO FINANCIAL STATEMENTS- (Continued)

2.  Summary of Significant Accounting Policies - Continued

Collective Bargaining Agreements

     Currently the Company has approximately 112 employees of a total of 181
union-eligible employees at the Garland, Texas facility are represented by the
United Food & Commercial Workers International Union, AFL-CIO, CLC, Local 540
(the "Union").  The employees are covered under a new three year collective
bargaining agreement that covers the periods April 2, 2000-March 29, 2003.

3.  Long Term Debt

Senior Debt

     On March 5, 1999, the Company repaid all amounts outstanding under its then
existing credit facility (NationsBank) and entered into a new credit facility
with The CIT Group/Business Credit, Inc. ("CIT") as agent for a syndicate of
banks and financial institutions (the "New Credit Facility") which provides the
Company with a revolving credit facility (the "Revolver") and a $29.0 million
term loan facility (the "Term Loan").  The Revolver includes covenants under
which the Company can borrow funds based on the levels of its accounts
receivable and inventory in an aggregate amount of not more than $25.0 million.
The Revolver includes a sub-facility of $3.0 million for commercial and standby
letters of credit.  The Revolver has a term of five years and all amounts
outstanding under the Revolver will become due and payable on April 1, 2004.
The Term Loan has a five year term and is subject to principal payments in an
annual amount $4.3 million in each of fiscal 2000, 2001, 2002 and 2003 with the
remainder due in fiscal 2004.

     Outstanding borrowings under the New Credit Facility bear interest at
floating rates per annum equal to the prime rate plus 1.625% for borrowings
under the Revolver and the prime rate plus 2.125% for borrowings under the Term
Loan.  At April 1, 2000, the interest rate for the Company based on this formula
was 10.625% for borrowings under the Revolver and 11.125% for borrowings under
the Term Loan.  The Company pays a commitment fee of 0.5% for unused amounts
under the Revolver.

     The interest rates under the New Credit Facility vary based on changes in
the prime rate or the London Interbank Offered Rate.  Additionally, the interest
rates under the New Credit Facility may vary based on the Company's future
financial performance.  The Company may be required to make mandatory
prepayments against both facilities, comprised of principal payments totaling:
(i) 100% of cash received in asset sales wherein the proceeds are not used to
purchase replacement assets, and (ii) 50% of the Company's Surplus Cash (as
defined in the New Credit Facility).  These payments are to be applied first to
the Term Loan and, upon the Term Loan's retirement, to the Revolver as a
permanent reduction.  At April 1, 2000, the Company's outstanding borrowings
under the New Credit Facility were $42.9 million, $18.2 million under the
Revolver and $24.7 million under the Term Loan.  Also, at April 1, 2000, the
Company had $0.2 million in outstanding letters of credit.  At April 1, 2000,
the Company had $0.6 million of additional available borrowings under the
Revolver

     Under the New Credit Facility, the Company is subject to customary
financial and other covenants including certain financial limit and ratio
covenants as well as limitations on further indebtedness, guaranties, liens,
dividends and other restricted payments (including transactions with
affiliates), prepayments and redemption of debt, mergers, acquisitions, asset
sales, consolidations, and other investments.  The New Credit Facility also
provides a first-priority security interest in, and lien upon, substantially all
of the Company's present and future tangible and intangible assets and capital
stock to secure indebtedness outstanding. As of April 1, 2000, the Company was
not in compliance with all technical and financial covenants under the New
Credit Facility. On April 27, 2000, the Company and "CIT" entered into an
amendment and a written waiver to the New Credit Facility, which waived the non-
compliance for the second quarter and established new financial covenants going
forward.

     On May 5, 2000, the Company entered into an agreement with CIT
providing for a credit facility (the "Secondary Credit Facility") in the amount
of $7,000,000 and separate from the New Credit Facility.  The Secondary Credit
Facility is generally governed under the same terms as the New Credit Facility
and bears interest

                                      -8-
<PAGE>

at the same rate. The Secondary Credit Facility is secured by a second priority
security interest in the Company's inventory and accounts receivable. An
affiliate of the Company purchased a 100% participation in the Secondary Credit
Facility and also entered into an agreement to subordinate the amounts owed
under Secondary Credit Facility to the Company's other senior debt.

3.  Long Term Debt - Continued

Subordinated Debt

     On November 25, 1996, the Company consummated a private placement of $100.0
million aggregate principal amount Notes.  The Notes will mature on December 1,
2006, unless previously redeemed.  Interest on the notes is payable semiannually
in arrears, commencing June 1, 1997, and is payable on June 1 and December 1 of
each year at a rate of 11.5% per annum.  The issuance of the Notes resulted in
net proceeds to the Company of approximately $95.0 million after underwriting
discounts and other debt issuance costs aggregating approximately $5.0 million.
On April 30, 1997, the Company consummated an exchange offer where by the
private placement Notes were replaced with similar Notes that are publicly
traded. In December 1998, the Company retired $48.0 million aggregate principal
amount of Notes, through a combination of open market purchases and a cash
tender offer.   The Company's outstanding indebtedness under these Notes was $52
million at January 2, 1999. (See Note 10).

     The Notes were issued pursuant to an indenture that contains certain
restrictive covenants and limitations.  Among other things, the Indenture limits
the incurrence of additional indebtedness, limits the making of restricted
payments (as defined) therein, including the declaration and/or payment of
dividends, places limitations on dividends and other payments by the Company,
and places limitations on liens, certain asset dispositions and merger/sale of
assets activity.  The Company was in compliance with these covenants at April 1,
2000.

     The Notes are unsecured subordinated general obligations of the Company.
The Notes become redeemable at the Company's option on December 1, 2001, at
which time the Notes are redeemable in whole or part, subject to a redemption
premium which begins at 105.75 % of the face value in 2001 and reduces at a
scheduled rate annually until 2004 at which time the redemption is 100% of face
value. No mandatory redemption or sinking fund payments are required with
respect to the Notes; however, at each Note holder's option, the Company may be
required to repurchase the Notes at a redemption premium of 101% in the event
the Company incurs a change of control, as defined by the indenture.

     The Company paid interest of $2.7 and $6.6 million for the three month and
six month periods ended April 3, 1999, compared to $2.7 million and $5.6 million
for the comparable periods ended April 1, 2000.

     On December 15, 1999, the Bridge Loan and interest associated with the
Bridge Loan was converted to equity of  the Company.  The conversion of the
Bridge loan to equity resulted in the issuance of  822,188 shares of common
stock and an increase to shareholders equity of $3.2 million.

     On December 30, 1999 the Company and CIT  entered into an amendment of the
New Credit Facility which waived the Company's non-compliance with certain
financial covenants at fiscal year ended October 2, 1999, and January 1, 2000
The amendment to the New Credit Facility established new financial covenants for
future periods.

4.  Commitments

     The Company leases certain properties and equipment for which the total
rentals thereon approximated $100,000 and $201,000 for the three month and six
month periods ended April 3, 1999, compared to approximately $94,000 and
$188,000 for the comparable periods ended April 1, 2000.

5.  Benefit Plans

     The Company has defined contribution retirement and incentive benefit
programs for all employees who meet requirements concerning time employed.
Incentive benefit programs are of a profit sharing nature, and are discretionary
as to amount and timing.  To date, no incentive contributions have been made by
the Company.

                                      -9-
<PAGE>

Contributions to the defined contribution plans totaled $141,394 and $275,386
for the three month and six month periods ended April 3, 1999, compared to
$90,442 and $184,886 for the same periods ended April 1, 2000.

GORGES/QUIK-TO-FIX FOODS, INC.
NOTES TO FINANCIAL STATEMENTS- (Continued)

6.  Income Taxes

     The Company has not recorded an income tax benefit related to the net
deferred tax asset for the period ended April 1, 2000, because in the opinion of
management it is uncertain when the Company will be able to realize this
deferred tax asset.

7.  Significant Customers

     Certain of the Company's products are sold to major foodservice
distributors for distribution to foodservice outlets.  As a result, the
Company's top two customers accounted for approximately 25.7% of sales for the
six month period ended April 1, 2000.

8.  Transactions with Affiliates

     The Company has entered into a consulting agreement with an affiliate of
GHC's majority shareholder, CGW Southeast Partners III, L.P. ("CGW"), under
which CGW will receive a monthly fee of $30,000 for financial and management
consulting services.  In addition to the monthly fee to CGW, the Board of
Directors may approve an additional fee not to exceed $500,000 annually, based
upon overall Company operations.  At the closing of the acquisition of the
Company by GHC, CGW received a fee of $2.65 million, included as part of the
Company's organizational costs, for its services in assisting the Company with
the structuring and negotiating the purchase of the Company from Tyson Foods,
Inc.

9.  Restructuring or Subsequent Events

     On April 12, 2000, Management approved a plan to close the Company's Sioux
Center manufacturing facility ("Sioux Center") in an effort to improve overall
Company operations. The Company's plans include relocating and upgrading four
automated production lines to its remaining manufacturing locations in order to
increase manufacturing capacity at these facilities. All Sioux Center production
will be consolidated into these manufacturing facilities. As a result of this
decision management formally notified Sioux Center employees on April 12, 2000
of their impending severance. Management expects to record a charge in the third
quarter related to employee severance of $500,000. Before the move, the net book
value of Sioux Center was $13,400,000. Management is still determining which
equipment will be moved and what will be the ultimate disposition or utilization
of Sioux Center including an assessment of the carrying value of the remaining
fixed assets and evaluation of any impairment.

                                      -10-
<PAGE>

GORGES/QUIK-TO-FIX FOODS, INC.
NOTES TO FINANCIAL STATEMENTS- (Continued)

Part 1 - Financial Information
Item 2


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


          Gorges/Quik-to-Fix Foods, Inc., (the "Company"), or its
representatives, may make forward looking statements, oral or written, including
statements in this report's Management's Discussion and Analysis of Financial
Condition and Results of Operations, press releases and filings with the
Securities and Exchange Commission (the "Commission"), regarding estimated
future operating results, planned capital expenditures (including the amount and
nature thereof) and the Company's financing plans, if any, related thereto,
changes in the Company's financial position and other plans and objectives for
future operations.  Certain of the matters discussed may involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from future results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause the actual
results, performance or achievements of the Company to differ materially from
the Company's expectations are set forth among the factors set forth in the
"Factors Affecting Future Performance" section in Item 7 of this report or in
the description of the Company's business in Item 1 of this report, as well as
factors contained in the Company's other filings with the Commission.

     All subsequent oral and written forward looking statements attributable to
the Company or persons acting on its behalf are expressly qualified in their
entirety by these factors.  The Company assumes no obligation to update any of
these statements.

Item 2  Management's Discussion and Analysis of Financial condition and Results
of Operations

Results of Operations

Overview

<TABLE>
<CAPTION>
                                        Three months ended                          Six months ended
                               April  3, 1999          April 1, 2000        April 3, 1999        April 1, 2000
                             ----------------------------------------------------------------------------------
<S>                          <C>                       <C>                  <C>                  <C>
Sales Dollars:
    Value Added                          $36,991              $34,154              $83,820              $68,559
                             ----------------------------------------------------------------------------------

Pounds:
     Value Added                          24,276               21,063               59,652               42,620
                             ----------------------------------------------------------------------------------

Dollars/Pound
  Value Added                            $  1.52              $  1.62              $  1.41              $  1.61
                             ----------------------------------------------------------------------------------
</TABLE>

     Sales.  Total sales decreased $2.8 million, or 7.7%, from $37.0 million in
the three month period ended April 3, 1999 to $34.2 million in the three month
period ended April 1, 2000. This decrease was primarily due to decreases in the
sales of ground beef as a result of exiting the ground beef business in
February, 1999, and decreased sales to national account customers of value added
products.

     Total sales decreased $15.3 million, or 18.2%, from $83.8 in the six month
period ended April 3, 1999 to $68.6 million in the six month period ended April
1, 2000. This decrease was primarily due to decreases in the sales of ground
beef and sales to national account customers of value added products, partially
offset by increased sales to retail customers.

                                      -11-
<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)

     Gross Profit.  Gross profit increased $0.2 million, or 2.4%, from $6.6
million in the three month period ended April 3, 1999, compared to $6.8 million
in the three month period ended April 1, 2000.  As a percentage of sales, gross
profit increased from 17.9% in the three month period ended April 3, 1999 to
19.9% in the three month period ended April 1, 2000.  This increase in gross
profit dollars and gross profit as a percent of sales reflect reduced costs
related to the Company's decision to exit the ground beef business.

     Gross profit decreased $0.6 million, or 4.0%, from $13.9 million in the six
month period ended April 3, 1999, to $13.3 million in the six month period ended
April 1, 2000.  As a percentage of sales, gross profit increased from 16.6% in
the six month period ended April 3, 1999 to 19.4% in the six month period ended
April 1, 2000. The decrease in gross profit dollars and increase in gross profit
as a percent of sales reflects the exit of ground beef, and the decrease in
sales of some lower margin value added products.

     Operating Expenses.  Operating expenses decreased $0.1 million, or 2.2%,
from $6.5 million in the three month period ended April 3, 1999, compared to
$6.4 in the three month period ended April 1, 2000. The decrease is the result
of a change in accounting principle, whereby organizational costs were written
off resulting in decreased amortization expense of $0.3 million and an increase
of $0.2 million in general and administrative expenses.

     Operating expenses decreased $0.7 million, or 5.2%, from $13.2 million in
the six month period ended April 3, 1999 to $12.5 million in the six month
period ended April 1, 2000. This decrease is primarily the result of an
accounting principle change of $0.5 million and a decrease in selling expenses
of $0.2 million.

     Operating Income.  Operating income increased $0.3 million, or 302.0%, from
$0.1 million in the three month period ended April 3, 1999, to $0.4 million in
the three month period ended April 1, 2000. This increase is primarily the
result of the changes described above relating to gross profit and operating
expense.

     Operating income increased $0.1 million, or 20.8%, from $0.7 million in the
six month period ended April 3, 1999 to $0.8 million in the six month period
ended April 1, 2000. This increase is primarily the result of the changes
described above relating to operating expenses and gross profit.

     Interest Expense.  Interest expenses were $2.7 million in both the three
month periods ended April 3, 1999 and April 1, 2000.

     Interest expense decreased $1.0 million, or 15.0%, from $6.6 million in the
six month period ended April 3, 1999 to $5.6 million in the six month period
ended April 1, 2000.  This decrease reflects the overall lower debt level due to
the repurchase and retirement of $48.0 million aggregate principal amount of
Notes.

     Other (Income) Expense.  Other income and expense, which was minimal in the
three month period ended April 3, 1999, remained minimal in the three month
period ended April 1, 2000.

     Other income and expense, was minimal in the six month periods ended April
3, 1999, and April 1, 2000. The $0.1 million of expense in the six month period
ended April 3, 1999 related to restructuring expenses, and the income in the
period ending April 1, 2000 relates to interest income.

     Cumulative effect of change in accounting principle. The cumulative effect
of change for adopting Statement of Position (SOP) 98-5 resulted in the Company
expensing the remaining unamortized organizational costs of $2.0 million in
fiscal 2000.

     Extraordinary Item.  Included in the extraordinary item of $27.9 million
for the six month period ended April 3, 1999, is $31.1 million in income from
the repurchase and early retirement of $48.0 million aggregate principal amount
of Notes, $1.6 million in income from interest forgiven on the repurchase of the
Notes, $2.2

                                      -12-
<PAGE>

million of expenses related to the repurchase of the Notes, $2.6 million of
expense related to the write off of deferred debt fees (partially related to the
repurchasing of the Notes and partially related to the restructuring of the Old
Credit Facility).

     Net Income (loss).  Net (loss) decreased $0.3 million, or 10.9%, from
($2.6) million in the three month period ended April 3, 1999 to $(2.3) million
in the three month period ended April 1, 2000.

MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)

     Net income (loss) decreased ($28.7) million, or 131.1%, from $21.9 million
in the six month period ended April 3, 1999 to ($6.8) million in the six month
period ended April 1, 2000.

Liquidity and Capital Resources

     As a result of the Acquisition, the Company has significant annual
principal and interest obligations. Borrowings under the Credit Facility, which
totaled $42.9 million at April 1, 2000 ($24.7 million under the Term Loan and
$18.2 million under the Revolver), accrued interest at an average rate of 10.28%
in the quarter ended April 1, 2000. Borrowings under the Notes totaled $52.0
million at January 1, 2000, and accrue interest at 11.5%.

     As of April 1, 2000, the Company was not in compliance with all financial
covenants under its credit agreement with the bank which provides the Company
with the Revolver and the Term Loan. On April 27, 2000, the Company and CIT
entered into an amendment and a written waiver to the New Credit Facility
which waived the non-compliance for the second quarter and established new
financial covenants going forward.


     .    Repurchase and Retirement of Notes.  On October 29, 1998, the Company
     announced a tender offer pursuant to which it offered to purchase not less
     than $36,000,000 and up to $46,000,000 aggregate principal amount of its
     Notes.  On December 2, 1998, the Company elected to waive all conditions to
     the consummation of the Offer, including the Minimum Tender Condition, and
     consummated the Offer with respect to $29,970,000 aggregate principal
     amount of Notes.  Additionally, on December 21, 1998, the Company's
     controlling stockholder, CGW, contributed to the Company $18,030,000
     aggregate principal amount of Notes acquired by CGW through open market
     purchases.  The Tendered Notes and the CGW Notes were retired on December
     21, 1998.  The repurchase and retirement of the Tendered Notes and the CGW
     Notes were financed through an equity investment by the shareholders in GHC
     totaling $16,900,000.

     .    Bridge Loan.  On December 21, 1998, the Company obtained from some of
     its shareholders a $4,000,000 subordinated bridge loan, the proceeds of
     which were used to fund the Interest Payment.  The terms of the Bridge Loan
     provide for a one-year loan to the Company at an interest rate of 9%.  $1.0
     million was paid back on the bridge loan on March 5, 1999, as part of the
     new credit agreement with CIT leaving an amount due of $3.0 million and
     interest at 9%. On December 15, 1999, the Company had not obtained a
     Replacement Credit Facility, the Bridge Loan and the interest was
     automatically convert to equity in GHC.

     In addition to its debt service obligations, the Company will need
liquidity for working capital and capital expenditures. For the six months ended
April 1, 2000, the Company spent $1.4 million on capital projects, primarily for
the capital maintenance of the Company's facilities.

     The Company's primary sources of liquidity are the availability of cash
under the revolving credit facility and expected cash flows from operations.  In
the quarter ended January 1, 2000 the Company used $0.4 million of operating
cash flow, the majority of which was used to fund interest payments. The Company
used another $0.3 million in investing activities for capital asset purchases.
In financing activities, the Company  received $1.1 million from the credit
facility.  The Company anticipates that its working capital requirements,
capital expenditures, and scheduled repayments for fiscal 2000 will be satisfied
through a combination of cash flows generated from operations together with
funds available under the Revolving Credit Facility.

                                      -13-
<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)

Recent Accounting Pronouncements

     In June 1998, FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities."  SFAS No. 133 requires all derivatives to
be measured at fair value and recognized as either assets or liabilities on the
balance sheet.  Changes in such fair value are required to be recognized
immediately in net income (loss) to the extent the derivatives are not effective
as hedges.  SFAS No. 133 is effective for fiscal years beginning after June 15,
2000 and is effective for interim periods in the initial year of adoption.  At
the present time, we do not feel the adoption of SFAS No. 133 will have a
material effect on our results of operation or cash flows.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

     There have been no significant changes to the quantitative and qualitative
disclosures about market risk as discussed in the Company's Form 10-K for the
year ended October 2, 1999.

PART II.  OTHER INFORMATION


Item 1.        Legal Proceedings

               None

Item 5.        Other Information

               None

Item 6.        Exhibits and Reports on Form 8-K

               (a)  Exhibits

        10.1   Second Amendment to Financing Agreement dated April 27, 2000
               between the Company and CIT

        10.2   Term Note dated May 5, 2000 from the Company to CIT

        27     Financial Data Schedule

               (b)  Reports on Form 8-K

               None

                                      -14-
<PAGE>

SIGNATURE


     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.



Dated: May 16, 2000                GORGES/QUIK-TO-FIX FOODS, INC.



                                   By:  /s/ Michael Nittolo
                                        --------------------------------------
                                        Michael Nittolo
                                        Chief Financial Officer/V.P. Finance
                                        (Principal Financial Officer)



                                     -15-
<PAGE>

                                 Exhibit Index

        10.1   Second Amendment to Financing Agreement dated April 27, 2000
               between the Company and CIT

        10.2   Term Note dated May 5, 2000 from the Company to CIT

        27     Financial Data Schedule