<PAGE>   1
                                                                          Part I

                       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 December 31, 1998

           ( ) 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 0-30067


                            PVC CONTAINER CORPORATION
             (Exact name of registrant as specified in its charter)

                  Delaware                                   13-2616435
       (State or other jurisdiction of                    (I.R.S. Employer
       incorporation or organization)                   Identification No.)


              401 Industrial Way West, Eatontown, New Jersey 07724
              (Address of principal executive offices and zip code)

        Registrant's telephone number, including area code (732) 542-0060

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

                                                    Yes   X         No
                                                        -----          -----

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.


        Class                                Outstanding at December 31, 1998
Common $.01 par value                                7,004,705 shares
<PAGE>   2
                                                                          Part I


                                    CONTENTS



<TABLE>
<CAPTION>
                                                                                PAGE NO.
                                                                                --------
<S>                                                                             <C>
PART I.  FINANCIAL INFORMATION

         Consolidated Balance Sheets - December 31, 1998 and June 30, 1998         3

         Consolidated Statements of Operations - Three Months Ended
         December 31, 1998 and 1997 and Six Months Ended December 31,
         1998 and 1997                                                             4

         Consolidated Statements of Cash Flows - Six Months Ended
         December 31, 1998 and 1997                                                5

         Notes to Consolidated Financial Statements                                6

         Management's Discussion and Analysis of Financial Condition and
         Results of Operations                                                    9-10


PART II. OTHER INFORMATION                                                         11
</TABLE>
<PAGE>   3
                                                                          Part I
                            PVC Container Corporation

                           Consolidated Balance Sheets
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                      DECEMBER          JUNE
                                                                                      31, 1998        30, 1998
                                                                                      --------        --------
<S>                                                                                 <C>             <C>
ASSETS
Current assets:
   Cash and cash equivalents                                                        $    96,167     $   868,498
   Accounts receivable, less allowance of $419,000 at December 31,
     1998 and $412,000 at June 30, 1998                                               9,816,295      11,091,406
   Inventories                                                                       11,893,506      10,901,200
   Prepaid expenses, taxes and other current assets                                     974,285         653,326
   Deferred income taxes                                                              1,486,033       1,486,033
                                                                                    -----------     -----------
Total current assets                                                                 24,266,286      25,000,463

Other assets                                                                            410,765         426,000
Intangibles, net                                                                      3,981,731
Unexpended proceeds from construction loan                                            6,021,861       8,653,055
Properties and equipment at cost - net of accumulated depreciation                   46,126,866      36,291,600
                                                                                    -----------     -----------
                                                                                    $80,807,509     $70,371,118
                                                                                    ===========     ===========
                                                                                                                

LIABILITIES AND STOCKHOLDERS' EQUITY 
Current liabilities:
   Accounts payable                                                                 $ 7,100,930     $ 7,993,694
   Accrued expenses                                                                   4,376,013       5,806,645
   Income taxes payable                                                                  31,352         238,325
   Current portion of long-term debt                                                  4,321,687       2,615,731
                                                                                    -----------     -----------
Total current liabilities                                                            15,829,982      16,654,395

Long-term debt                                                                       43,460,047      33,309,115
Deferred income taxes                                                                 3,230,693       1,680,693

Stockholders' equity:
   Preferred stock, par value $1.00, authorized 1,000,000 shares, none
     issued
   Common stock, par value $.01, authorized 10,000,000 shares, 7,004,705 shares
     issued and outstanding as of December 31, 1998 and June 30, 1998                    70,047          70,047
   Capital in excess of par value                                                     3,646,747       3,646,747
   Retained earnings                                                                 14,569,993      15,010,121
                                                                                    -----------     -----------
Total stockholders' equity                                                           18,286,787      18,726,915
                                                                                    -----------     -----------
                                                                                    $80,807,509     $70,371,118
                                                                                    ===========     ===========
</TABLE>


See accompanying notes.


                                                                               3
<PAGE>   4
                                                                          Part I
                            PVC Container Corporation

                      Consolidated Statements of Operations
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                          THREE MONTHS ENDED                   SIX MONTHS ENDED
                                                              DECEMBER 31                         DECEMBER 31
                                                    ------------------------------------------------------------------
                                                         1998              1997              1998              1997
                                                    ------------------------------------------------------------------
<S>                                                 <C>               <C>               <C>               <C>
Net sales                                           $ 18,702,071      $ 14,711,015      $ 37,314,748      $ 30,024,099

Cost and expenses:
   Cost of goods sold (exclusive of
     depreciation and amortization
     expense shown separately below)                  14,218,260        11,152,733        29,648,156        23,170,984
   Selling, general and administrative expenses        2,102,114         1,593,961         4,033,380         3,067,307
   Depreciation and amortization                       1,817,181           882,522         3,428,147         1,681,142
                                                    ------------      ------------      ------------      ------------
                                                      18,137,555        13,629,216        37,109,683        27,919,433
                                                    ------------      ------------      ------------      ------------
                                                         564,516         1,081,799           205,065         2,104,666
Income from operations                                                                                                 

Other income (expense):
   Interest expense                                     (697,833)         (243,579)       (1,182,056)         (456,913)
   Other income                                          200,168            16,490           243,563            26,051
                                                    ------------      ------------      ------------      ------------
                                                        (497,665)         (227,089)         (938,493)         (430,862)
                                                    ------------      ------------      ------------      ------------
                                               
Income (loss) before provision for income taxes           66,851           854,710          (733,428)        1,673,804

(Provision) benefit for income taxes                     (26,700)         (346,500)          293,300          (678,200)
                                                    ------------      ------------      ------------      ------------
Net income (loss)                                   $     40,151      $    508,210      $   (440,128)     $    995,604
                                                    ============      ============      ============      ============

Earnings (net loss) per share (basic
  and diluted)                                      $        .01      $        .07      $       (.06)     $        .14
                                                    ============      ============      ============      ============
</TABLE>


See accompanying notes.


                                                                               4
<PAGE>   5
                                                                          Part I
                            PVC Container Corporation

                      Consolidated Statements of Cash Flows
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                        SIX MONTHS ENDED DECEMBER 31
                                                                            1998              1997
                                                                       ------------------------------
<S>                                                                    <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income                                                      $   (440,128)     $    995,604
Adjustments to reconcile net (loss) income to net cash provided by
   operating activities:
     Depreciation and amortization                                        3,428,147         1,681,142
     Gain on sale of equipment                                             (107,000)
     Deferred income taxes                                                                    (15,000)
     Changes in assets and liabilities:
       Accounts receivable - net of allowances                            2,598,111         1,094,646
       Inventories                                                         (485,306)       (1,355,284)
       Prepaid expenses, taxes and other current assets                    (194,959)          127,940
       Other assets                                                         313,235
       Accounts payable and accrued expenses                             (3,702,396)         (742,188)
       Income taxes payable                                                (206,973)           83,951
                                                                       ------------      ------------
Net cash provided by operating activities                                 1,202,731         1,870,811

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of business                                                    (12,000,000)
Capital expenditures                                                     (1,938,950)       (2,495,546)
Proceeds from sale of equipment                                             107,000
                                                                       ------------      ------------
Net cash used in investing activities                                   (13,831,950)       (2,495,546)

CASH FLOWS FROM FINANCING ACTIVITIES
Payments of long-term debt                                               (1,543,112)         (932,578)
Proceeds from long-term debt                                             13,400,000         1,500,000
                                                                       ------------      ------------
Net cash provided by financing activities                                11,856,888           567,422
                                                                       ------------      ------------

Net decrease in cash and cash equivalents                                  (772,331)          (57,313)
Cash and cash equivalents at beginning of period                            868,498           222,490
                                                                       ------------      ------------
Cash and cash equivalents at end of period                             $     96,167      $    165,177
                                                                       ============      ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid                                                          $  1,050,001      $    456,374
                                                                       ============      ============

Income taxes paid                                                      $    106,350      $    608,750
                                                                       ============      ============
</TABLE>


See accompanying notes.


                                                                               5
<PAGE>   6
                                                                          Part I
                            PVC Container Corporation

                   Notes to Consolidated Financial Statements


Note 1     In the opinion of the Company, the accompanying consolidated
           financial statements contain all adjustments (consisting of only
           normal recurring adjustments) necessary to present fairly the
           financial position as of December 31, 1998, and the results of
           operations and cash flows for the six month periods ended December
           31, 1998 and 1997.

           While the Company believes that the disclosures presented are
           adequate to make the information not misleading, it is suggested that
           these condensed financial statements be read in conjunction with the
           financial statements and the notes included in the Company's latest
           annual report on Form 10-K.

           In 1997, the Financial Accounting Standards Board issued Statement of
           Financial Accounting Standards No. 128, Earnings per Share. Statement
           128 replaced the previously reported primary and fully diluted
           earnings per share with basic and diluted earnings per share. Unlike
           primary earnings per share, basic earnings per share excludes any
           dilutive effects of options, warrants, and convertible securities.
           Diluted earnings per share is very similar to the previously reported
           fully diluted earnings per share. All earnings per share amounts for
           all periods have been presented, and where necessary, restated to
           conform to the Statement 128 requirements.

           Diluted earnings per share are based on the average number of common
           shares outstanding during each period, assuming exercise of all stock
           options having exercise prices less than the average market price of
           the common stock using the treasury stock method. Common stock and
           common stock equivalents amounted to 7,169,167 and 7,013,413 in the
           second quarter of 1998 and 1997, respectively, and 7,004,705 for the
           six month periods ended December 31, 1998 and 1997.

Note 2     The accompanying financial statements include the accounts of PVC
           Container Corporation and its wholly-owned subsidiaries, Novatec
           Plastics Corporation, Marpac Industries, Inc., Airopak Corporation
           and PVC Container International Sales Corporation, a foreign sales
           company incorporated in the U.S. Virgin Islands on March 1, 1993. All
           intercompany accounts have been eliminated.

Note 3     Excluded from the consolidated statements of cash flows for the six
           months ended December 31, 1998 and 1997 was the effect of certain
           noncash financing activities related to the $2.5 million and $7.3
           million loans obtained by the Company from GE Capital in March 1998
           and June 1998, respectively, the $3.5 million loan from GE Capital
           obtained by the Company in April 1997 and


                                                                               6
<PAGE>   7
                                                                          Part I
                            PVC Container Corporation

             Notes to Consolidated Financial Statements (continued)


           the $5.5 million South Carolina EDA loan obtained by the Company in
           April 1996. Capital expenditures in connection with these agreements
           totaled approximately $2,630,000 and $1,706,000 for the six months
           ended December 31, 1998 and 1997, respectively.

           The purchase price for the business acquired (Note 5) in September
           1998 is preliminarily allocated to the assets acquired and
           liabilities assumed based on their estimated fair market values as
           follows:

<TABLE>
<S>                                                                <C>
Fair value of assets acquired:
   Accounts receivable, net                                        $  1,323,000
   Inventory, net                                                       507,000
   Other current assets                                                 126,000
   Property, plant and equipment                                      8,579,000
   Goodwill and other noncurrent assets                               4,394,000

Less liabilities assumed:
   Accounts payable and accrued expenses                             (1,379,000)
   Deferred income taxes                                             (1,550,000)
                                                                   ------------
Net cash paid                                                      $ 12,000,000
                                                                   ============
</TABLE>

           The purchase price for the business acquired (Note 5) in March 1998
           was allocated to the assets acquired and liabilities assumed based on
           their estimated fair market values as follows:

<TABLE>
<S>                                                                <C>
Fair value of assets acquired:
   Accounts receivable, net                                        $  2,270,000
   Inventory, net                                                     1,107,000
   Prepaid expenses and other current assets                             21,000
   Property, plant and equipment                                      9,024,000

Less liabilities assumed:
   Accounts payable and accrued expenses                             (2,212,000)
                                                                   ------------
Net cash paid                                                      $ 10,210,000
                                                                   ============
</TABLE>


                                                                               7
<PAGE>   8
                           PVC Container Corporation
             Notes to Consolidated Financial Statements (continued)


Note 4     Inventories consist of:

<TABLE>
<CAPTION>
                                                   DECEMBER             JUNE
                                                   31, 1998           30, 1998
                                                 -------------------------------
<S>                                              <C>                 <C>
Raw materials                                    $ 4,444,999         $ 3,355,086
Finished goods and supplies                        6,419,525           6,634,135
                                                 -----------         -----------
Total LIFO inventories                            10,864,524           9,989,221

Molds for resale in production                       794,041             539,635
Supplies                                             234,941             372,344
                                                 -----------         -----------
                                                 $11,893,506         $10,901,200
                                                 ===========         ===========
</TABLE>

Note 5     On September 3, 1998 pursuant to a Purchase Agreement, the Company
           acquired, in consideration for the payment of a purchase price of
           $12,000,000, all of the issued and outstanding shares of Marpac
           Industries, Inc. together with certain real property owned by the
           sellers. The consideration was provided by Fleet Bank, N.A. pursuant
           to a Loan and Security Agreement among the Company and its
           wholly-owned subsidiaries and Fleet Bank, N.A., dated as of September
           3, 1998 in the amount of $12,000,000. Marpac Industries, Inc. is a
           technical blow molding operation that produces bottles, containers,
           cartridges and various dispensers for domestic and international
           customers including office equipment, food and industrial products.
           Marpac Industries, Inc. has its principal operation in Kingston, New
           York and also has a facility located in Ardmore, Oklahoma.

           The acquisition has been accounted for as a purchase and,
           accordingly, the results of the operations have been included in the
           Company's results of operations from the acquisition date. The
           purchase price has been preliminary allocated to the assets acquired
           and liabilities assumed based on their estimated fair values at the
           acquisition date. The excess of purchase price over net assets of the
           business acquired is amortized on a straight-line basis over fifteen
           years.

           On March 30, 1998 the Company acquired from McKechnie Investments,
           Inc., its wholly-owned subsidiary known as Charter Supply Co., Inc.
           for approximately $10.2 million. The Company accounted for the
           acquisition as a purchase. Accordingly, the acquired assets and
           liabilities assumed were recorded at their estimated fair values at
           the date of acquisition.


                                                                               8
<PAGE>   9
                                                                          Part I
                            PVC CONTAINER CORPORATION

          Management's Discussion and Analysis of Financial Condition
                           and Results of Operations

RESULTS OF OPERATIONS

Net sales for the three month period ended December 31, 1998 increased by 27.1% 
to $18,702,000 as compared to $14,711,000 for the three month period ended 
December 31, 1997. For the six months ended December 31, 1998, sales increased 
by 24.3% to $37,315,000 compared to $30,024,000 for the six month period ended 
December 31, 1997. The increases in revenues are primarily due to the inclusion 
of two recent acquisitions in the December 31, 1998 results.

Cost of goods sold for the three months ended December 31, 1998 was $14,218,000 
or 76.0% of net sales as compared to $11,153,000 or 75.8% of net sales for the 
three months ended December 31, 1997. For the six months ended December 31, 
1998 cost of goods sold was $29,648,000 or 79.5% of net sales as compared to 
$23,171,000 or 77.2% for the six months ended December 31, 1997. The increases 
relate primarily to the underabsorption of overhead, the relocation of a major 
manufacturing facility and related transition costs.

Selling, General and Administrative expenses ("SG&A") increased by $508,000 for 
the three month period and by $966,000 for the six month period ended December 
31, 1998 compared to the same period a year ago. For the quarter ended December 
31, 1998, SG&A expenses were $2,102,000 or 11.2% of net sales, as compared to 
$1,594,000 or 10.8% of net sales for the quarter ended December 31, 1997. For 
the six months ended December 31, 1998, SG&A expenses were $4,033,000 or 10.8% 
of net sales as compared to $3,067,000 or 10.2% of net sales for the six month 
period ended December 31, 1997. SG&A expenses increased due to the recent 
acquisitions as well as increased personnel expenses necessary to support the 
Company's desire to grow its business.

Depreciation and amortization expenses increased to a level of $1,817,000 for 
the three months ended December 31, 1998 as compared to $883,000 for the three 
months ended December 31, 1997. For the six month period ended December 31, 
1998, depreciation and amortization expenses were $3,428,000 as compared to 
$1,681,000 for the six month period ended December 31, 1997. The increases are 
attributable to the depreciation expense on fixed assets related to the recent 
acquisitions as well as amortization expense on the goodwill generated from the 
Marpac acquisition.

Income from Operations decreased $517,000 during the three month period ended 
December 31, 1998 as compared to the same period a year ago. For the three 
month period ended December 31, 1998, Income from Operations was $565,000 or 
3.0% of net sales, as compared to $1,082,000 or 7.4% of net sales for the three 
months ended December 31, 1997. Income from Operations for the six month period 
ended December 31, 1998 decreased to $205,000 or 0.6% of net sales as compared 
to $2,105,000 or 7.0% of net sales for the six month period ended December 31, 
1997. The decrease in Operating Income is principally the result of a delay in 
the start-up of the Company's new manufacturing facility in Hazleton, PA, as 
well as higher than anticipated start-up expenses at that location.



                                                                               9
<PAGE>   10
Net income for the quarter ended December 31, 1998 decreased to $40,000 or $.01 
on a diluted earnings per share basis as compared to $508,000 or $.07 on a 
diluted earnings per share basis for the same period a year ago. For the six 
months ended December 31, 1998, net income decreased to $(440,000) or $(.06) on 
a diluted earnings per share basis as compared to $996,000 or $.14 on a diluted 
earnings per share basis for the six month period ended December 31, 1997.

LIQUIDITY AND CAPITAL RESOURCES

The Company's liquidity position and working capital increased slightly during 
the six month period ended December 31, 1998. Net working capital as at 
December 31, 1998 was $8,436,000 compared to $8,346,000 as of June 30, 1998. 
The current ratio of assets to liabilities remained unchanged at 1.5 at 
December 31, 1998.

During the six month period ended December 31, 1998, the Company generated cash 
from operations of $1,203,000 and received proceeds from long term debt in the 
amount of $13,400,000. These funds were used to acquire certain properties and 
all of the issued and outstanding shares of Marpac Industries, Inc. for 
$12,000,000, reduce long term debt by $1,540,000, and acquire capital assets of 
$1,939,000.

The Company's short term liquidity and short term capital resources are 
adequate for timely payment to trade and other creditors. The Company's sources 
of credit are sufficient to meet its working capital and capital needs in the 
foreseeable future. At December 31, 1998, the Company had unused sources of 
liquidity consisting of cash and cash equivalents of $96,000 and the 
availability of the unused credit under a revolving credit facility of 
$2,200,000.

IMPACT OF YEAR 2000

The Year 2000 issue is the result of computer-controlled systems using two 
digits rather than four to define the applicable year. For example, computer 
programs that have time-sensitive software may recognize a date ending in "00" 
as the year 1900 rather than the year 2000. This could result in system failure 
or miscalculations causing disruptions of operations including, among other 
things, a temporary inability to process transactions, send invoices, or engage 
in similar normal business activities.

During fiscal 1998, the Company began a program to upgrade its computer 
software and hardware which is expected to be completed in calendar 1999. A 
significant portion of the costs related to this program are included in the 
June 30, 1998 audited financial statements. The Company believes that with 
these upgrades for its computer systems, the Year 2000 issue will not pose 
significant operational problems. However, if such modifications and 
conversions are not made, or are not completed timely, the Year 2000 issue 
could have a material impact on the operations of the Company.

The Company is continuing to contact all of its significant suppliers and large 
customers to determine the extent to which the Company's interface systems are 
vulnerable to those third parties' failure to remediate their own Year 2000 
issues. There can be no guarantee that the systems of other companies on which 
the Company's systems rely will be timely converted and will not have a 
material adverse effect on the Company's systems.



                                                                          10
<PAGE>   11
                                                                         Part II

                            PVC Container Corporation

                                Other Information



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

           (b)        Reports on Form 8-K - There were no reports on Form 8-K
                      filed for the three months ended December 31, 1998.

           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.




                                           PVC CONTAINER CORPORATION


                                           By /s/ Phillip Friedman
                                              -------------------------------
                                              Phillip Friedman, President and
                                              Principal Financial Officer

Date:



                                                                              11