SECURITIES AND EXCHANGE COMMISSION

                         WASHINGTON, D.C. 20549               
                                                              
                              FORM 10-QSB                    


[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the quarterly period ended October 31, 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 0-26454

                                 PL BRANDS, INC.
         (Exact Name of Small Business Issuer as specified in its Charter)


            Delaware                                           98-0142664
(State or other Jurisdiction of                                R.S. Employer
Incorporation or Organization                               Identification No.)


  10 Planchet Road, Unit 6, Concord Ontario, Canada                   LK4 2C8
  (Address of principal executive offices)                         (Zip Code)

                                        (905) 761-0888
                                 (Issuer's telephone number)


               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                No    X

               Indicate the number of shares outstanding of each of the issuer's
classes of Common Equity, as of the latest practicable date.

Common Stock, $.001 par value                                      9,143,279
Title of Class                                   Number of Shares outstanding
                                                          at October 31, 1997


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<CAPTION>



PL BRANDS, INC.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
                                                                    As At                             As At
                                                               April 30, 1997                     Oct. 31, 1997
Assets
Current Assets
<S>                                                          <C>                                 <C>              
Cash                                                         $             1,638                 $          14,893
Accounts Receivable                                          $           431,053                 $         492,763
Inventory                                                    $           241,543                 $         358,962
Prepaid Expenses                                             $             7,070                 $           7,705
                                                             -------------------                 -----------------
                 Total Current Assets                        $           681,304                 $         874,323
                                                             -------------------                 -----------------

Fixed Assets
Machinery & Equipment                                        $           713,442                 $         708,785
Leasehold Improvements                                       $            57,080                 $          56,643
Office Furniture & Equipment                                 $            34,968                 $          34,700
                                                             -------------------                 -----------------
                                                             $           805,490                 $         800,128
Less: Accumulated Depreciation                               $           592,082                 $         606,926
                                                             -------------------                 -----------------
                 Total Fixed Assets                          $           215,408                 $         193,202
                                                             -------------------                 -----------------

                 Total Assets                                $           896,712                 $       1,067,525

Liabilities and Stockholders' Equity
Current Liabilities
Bank Indebtedness                                            $           151,212                 $         198,297
Accounts Payable                                             $           520,363                 $         745,502
Notes Payable                                                $            64,576                 $           7,279
                                                             -------------------                 -----------------
                 Total Current Liabilities                   $           736,151                 $         951,078
                                                             -------------------                 -----------------

Long Term Liabilities
Equipment Bank Loan                                          $           170,750                 $         114,649
                                                             -------------------                 -----------------
                 Total Long Term Liabilities                 $           170,750                 $         114,649
                                                             -------------------                 -----------------

Stockholders' Equity
Common Stock: $.001 par value,
        20,000,000 authorized                                $             9,143                 $           9,143
Additional Paid-in Capital                                   $         2,128,906                 $       2,128,906
Accumulated Deficit                                          $       (2,224,603)                 $     (2,225,389)
Cumulative Translation Adjustment                            $            76,365                 $          89,138
                                                             -------------------                 -----------------
                 Total Stockholders' Equity                  $          (10,189)                 $           1,798
                                                             -------------------                 -----------------

        Total Liabilities and
                 Stockholders' Equity                        $           896,712                 $       1,067,525

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<CAPTION>


PL BRANDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
UNAUDITED
                                               For the three     For the three      For the six     For the six
                                               months ending     months ending     months ending   months ending
                                               Oct. 31, 1997     Oct. 31, 1996     Oct. 31, 1997   Oct. 31, 1996

<S>                                           <C>               <C>              <C>              <C>             
Sales                                         $       812,573   $       589,626  $      1,405,255 $      1,575,594

Cost of Sales                                 $       751,664   $       522,361  $      1,238,609 $      1,403,759
                                              --------------------------------------------------------------------

Gross Profit                                  $        60,909   $        67,265  $        166,646 $        171,835
                                              --------------------------------------------------------------------

Operating Expenses:
Salaries                                      $        30,313   $        26,194  $         57,208 $         51,681
Accounting & Legal                            $        30,523   $        21,174  $         33,880 $         42,409
Consulting                                    $           (6)   $        15,497  $          1,618 $         36,102
Telephone                                     $         4,659   $         7,815  $          8,963 $         15,368
Insurance                                     $             0   $         1,930  $              0 $          3,649
Bank Charges & Interest                       $         5,380   $         7,655  $         11,163 $         16,940
Travel                                        $         6,042   $         1,452  $          6,042 $          2,747
Vehicles                                      $            31   $         7,321  $          1,955 $         15,304
Office Expenses                               $        10,069   $        10,374  $         13,330 $         14,018
Business Taxes                                $             0   $         1,383  $              0 $          2,566
Bad Debts                                     $             0   $             0  $              0 $              0
Marketing                                     $             0   $         1,869  $              0 $          1,869
Debenture Interest                            $             0   $             0  $              0 $              0
                                              --------------------------------------------------------------------
                                              $        87,011   $       102,664  $        134,159 $        202,653
                                              --------------------------------------------------------------------

Profit (Loss) from Operations                 $      (26,102)   $      (35,399)  $         32,487 $       (30,818)
                                              --------------------------------------------------------------------

Other Income (Expenses)
Interest Income                               $             0   $             0  $              0 $              6
Gain (Loss) on Foreign Exchange               $      (11,892)   $        32,131  $       (11,571) $         19,491
Depreciation and Amortization                 $      (11,083)   $      (14,743)  $       (21,703) $       (29,089)
                                              --------------------------------------------------------------------
                                              $      (22,975)   $      (17,388)  $       (33,274) $        (9,592)
                                              --------------------------------------------------------------------

Net Profit (Loss) For The Period              $      (49,077)   $      (18,011)  $          (787) $       (40,410)
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<CAPTION>


PL Brands, Inc.
Consolidated Statements of Cash Flows
Unaudited
                                              For the three     For the three     For the six      For the six
                                              months ending     months ending    months ending    months ending
                                              Oct. 31, 1997     Oct. 31, 1996    Oct. 31, 1997    Oct. 31, 1996
                                              -------------     -------------    -------------    -------------

Operating Activities:
<S>                                           <C>               <C>              <C>              <C>             
Net Profit (Loss) For The Period              $      (49,077)   $      (18,011)  $          (787) $       (40,410)
Adjustment to Reconcile:
     Depreciation and Amortization            $         5,604   $        28,776  $         16,844 $         37,964
     Foreign Currency Translation             $        11,892   $      (32,131)  $         11,571 $       (19,491)
Change in assets and liabilities affecting cash flows:
     Accounts Receivable                      $        17,160   $       202,013  $       (61,710) $       (42,473)
     Inventory                                $      (66,957)   $        13,337  $      (117,419) $       (27,322)
     Prepaid Expenses                         $         (629)   $         (206)  $          (635) $            102
     Accounts Payable                         $       131,234   $     (271,704)  $        167,842 $       (50,342)
     Bank Indebtedness                        $      (25,136)   $        37,439  $         47,085 $         71,042
                                              --------------------------------------------------------------------
Net Cash Provided By Operating Activities     $        24,091   $      (40,487)  $         62,791 $       (70,930)
                                              --------------------------------------------------------------------

Investing Activities:
Purchase of Fixed Assets                      $       (1,697)   $      (20,192)  $          5,362 $       (12,709)
                                              --------------------------------------------------------------------
Net Cash Provided By Operating Activities     $       (1,697)   $      (20,192)  $          5,362 $       (12,709)
                                              --------------------------------------------------------------------

Financing Activities:
Bank Loan-Equipment                           $      (11,717)   $           464  $       (56,100) $        (4,797)
Notes Payable                                 $             0   $             0  $              0 $              0
Amts rec'd for deb & stock issuance           $             0   $             0  $              0 $              0
Shareholder Loan                              $             0   $       140,000  $              0 $        140,000
Additional Paid In Capital                    $             0   $             0  $              0 $              0
Common Stock  & Conv. Debentures              $             0   $        56,850  $              0 $        109,650
Foreign Exchange Gain (Loss)                  $      (11,892)   $        32,131  $       (11,571) $         19,491
                                              --------------------------------------------------------------------
Net Cash Provided By Financing Activities     $      (23,609)   $       229,445  $       (67,671) $        264,344
                                              --------------------------------------------------------------------

EFFECT OF EXCHANGE RATE
   CHANGES ON CASH                            $        14,631   $      (39,623)  $         12,773 $       (53,523)
                                              --------------------------------------------------------------------


INCREASE (DECREASE) IN CASH                   $        13,416   $       129,143  $         13,255 $        127,182

CASH BALANCE-BEGINNING                        $         1,477   $         2,086  $          1,638 $          4,047

CASH BALANCE-ENDING                           $        14,893   $       131,229  $         14,893 $        131,229

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                  PL BRANDS, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For The Three and Six Months Ended October 31, 1996 and 1997

NOTE 1 - UNAUDITED INTERIM FINANCIAL INFORMATION

   The unaudited interim financial statements are unaudited,  but in the opinion
of the management of the Company,  contain all  adjustments,  consisting of only
normal recurring accruals, necessary to present fairly the financial position at
October 31, 1997,  the results of  operations  of the three and six months ended
October 31, 1996 and 1997, and the cash flows for the three and six months ended
October  31,  1996 and 1997.  The  results of  operations  for the three and six
months ended October 31, 1997 are not  necessarily  indicative of the results of
operations  to be  expected  for the full  fiscal  year  ended  April 30,  1998.
Reference  is made to the  Company's  Form  10-KSB for the year ended  April 30,
1998.

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

Results of Operations

   Sales increased in the six months ended October 31, 1997 compared to 1996 due
to increased  sales volume in the second  quarter.  Gross margin was essentially
unchanged in 1996 as compared to 1995.  Operating  expenses  were  significantly
lower in the 1996 period due to management's continued cost cutting efforts.

Liquidity

   As of October 31, 1997, the Company's  working  capital  deficit was $76,755.
The  Company's  working  capital  position was enhanced as compared to April 30,
1996 by the sale of securities and proceeds from a shareholder loan. The Company
has also  obtained  an  operating  line of credit  from a bank in the  amount of
$250,000  (CAN).  As of October 31, 1997,  the amount used on the line of credit
was $14,649.

   The Company anticipates its need for cash over the next 12 months for general
and  administrative  expenses to be less than $10,000 per month.  This amount is
expected to be provided from  operations  and provided by private  placements of
debt or equity.
The Company has no specific plans for any placement of its securities.


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                                                   PART II.  OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

             None

Item 2. CHANGES IN SECURITIES

             None

Item 3. DEFAULTS UPON SENIOR SECURITIES

             None

Item 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS

             None

Item 5. OTHER INFORMATION

             None

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a)   Exhibits:  None


     (b)   Reports on Form 8-K:  None





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                                                           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.


Date: January 12, 1998           By:  /s/ Robert Brown
     --------------------------      ----------------
                                  Robert Brown
                                  Vice President Administration
                                   and Finance
                                  (chief financial officer and
                                    accounting officer and duly
                                    authorized officer)


                                                               7

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