<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 September 30, 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 September 30, 1998
Common $.01 par value                             7,004,705 shares
<PAGE>   2
                                                                          Part I


                                    CONTENTS



                                                                           PAGE
                                                                            NO.
                                                                           ----

PART I.   FINANCIAL INFORMATION

          Consolidated Balance Sheets - September 30, 1998 and
          June 30, 1998                                                      3

          Consolidated Statements of Operations - Three Months
            Ended September 30, 1998 and 1997                                4

          Consolidated Statements of Cash Flows - Three Months
            Ended September 30, 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
<PAGE>   3
                                                                          Part I

                            PVC Container Corporation

                           Consolidated Balance Sheets
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                      SEPTEMBER        JUNE
                                                       30, 1998      30, 1998
                                                     -----------   -----------
<S>                                                  <C>           <C>
ASSETS
Current assets:
  Cash and cash equivalents                          $   168,432   $   868,498
  Accounts receivable, less allowance of
   $380,000 at September 30, 1998 and $412,000
   at June 30, 1998                                   11,222,135    11,091,406
  Inventories                                         10,867,360    10,901,200
  Prepaid expenses, taxes and other current assets       906,725       653,326
  Deferred income taxes                                1,486,033     1,486,033
                                                     -----------   -----------
Total current assets                                  24,650,685    25,000,463

Other assets                                             471,000       426,000
Intangibles, net                                       4,096,000
Unexpended proceeds from construction loan             7,112,327     8,653,055
Properties and equipment at cost - net of
  accumulated depreciation                            46,257,856    36,291,600
                                                     -----------   -----------
                                                     $82,587,868   $70,371,118
                                                     ===========   ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                   $ 7,728,161   $ 7,993,694
  Accrued expenses                                     4,977,475     5,806,645
  Income taxes payable                                                 238,325
  Current portion of long-term debt                    3,887,606     2,615,731
                                                     -----------   -----------
Total current liabilities                             16,593,242    16,654,395

Long-term debt                                        44,630,422    33,309,115
Deferred income taxes                                  3,117,568     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 September 30, 1998 and
   June 30, 1998                                          70,047        70,047
  Capital in excess of par value                       3,646,747     3,646,747
  Retained earnings                                   14,529,842    15,010,121
                                                     -----------   -----------
Total stockholders' equity                            18,246,636    18,726,915
                                                     -----------   -----------
                                                     $82,587,868   $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
                                                                        SEPTEMBER 30
                                                                    1998            1997
                                                                ------------    ------------
<S>                                                             <C>             <C>         
Net sales                                                       $ 18,612,677    $ 15,313,084

Cost and expenses:
 Cost of goods sold (exclusive of depreciation
  and amortization expense shown separately below)                15,429,896      12,018,251
 Selling, general and administrative expenses                      1,931,266       1,473,604
 Depreciation and amortization                                     1,610,966         798,362
                                                                ------------    ------------
                                                                  18,972,128      14,290,217
                                                                ------------    ------------
(Loss) income from operations                                       (359,451)      1,022,867

Other income (expense):
 Interest expense                                                   (484,223)       (213,334)
 Other income                                                         43,395           9,560
                                                                ------------    ------------
                                                                    (440,828)       (203,774)
                                                                ------------    ------------
(Loss) income before provision for income taxes                     (800,279)        819,093

Benefit (provision) for income taxes                                 320,000        (331,700)
                                                                ------------    ------------
Net (loss) income                                               $   (480,279)   $    487,393
                                                                ============    ============

(Net loss) earnings per share (basic and diluted)               $       (.07)   $        .07
                                                                ============    ============
</TABLE>


See accompanying notes.


                                                                               4
<PAGE>   5
                                                                          Part I

                            PVC Container Corporation

                      Consolidated Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                             THREE MONTHS ENDED
                                                                SEPTEMBER 30
                                                            1998            1997
                                                        ------------    ------------
<S>                                                     <C>             <C>         
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income                                       $   (480,279)   $    487,393
Adjustments to reconcile net income to net cash
  provided by operating activities:
   Depreciation and amortization                           1,610,966         798,362
   Deferred income taxes                                    (113,125)        (15,000)
   Changes in assets and liabilities:
     Accounts receivable, net of allowances                1,192,271        (108,988)
     Inventories                                             540,840        (431,261)
     Prepaid expenses, taxes and other current assets       (127,399)         85,599
     Other assets                                            253,000
     Accounts payable and accrued expenses                (2,473,703)        928,555
     Income taxes payable                                   (238,325)        206,701
                                                        ------------    ------------
Net cash provided by operating activities                    164,246       1,951,361

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures                                      (1,457,494)     (2,190,476)
Purchase of business                                     (12,000,000)
                                                        ------------    ------------
Net cash used in investing activities                    (13,457,494)     (2,190,476)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt                              13,300,000         600,000
Payments on indebtedness                                    (706,818)       (341,448)
Net cash provided by financing activities                 12,593,182         258,552
                                                        ------------    ------------

Net (decrease) increase in cash and cash equivalents        (700,066)         19,437
Cash and cash equivalents at beginning of period             868,498         222,490
                                                        ------------    ------------
Cash and cash equivalents at end of period              $    168,432    $    241,927
                                                        ============    ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid                                           $    426,173    $    226,885
                                                        ============    ============


Income taxes paid                                       $     34,000    $    140,000
                                                        ============    ============
</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 consolidated financial
        position as of September 30, 1998, and the consolidated results of
        operations and cash flows for the three month periods ended September
        30, 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 7,004,705 for the three month periods
        ended September 30, 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
        ("Airopak") 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 three
        months ended September 30, 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


        the $5.5 million South Carolina EDA loan obtained by the Company in
        April 1996. Capital expenditures in connection with these agreements
        totaled approximately $1,540,000 and $498,000 for the three months ended
        September 30, 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>

Note 4 Inventories consist of:

<TABLE>
<CAPTION>
                                                    SEPTEMBER            JUNE
                                                     30, 1998          30, 1998
                                                   -----------       -----------
<S>                                                <C>               <C>        
Raw materials                                      $ 3,777,034       $ 3,355,086
Finished goods and supplies                          6,080,962         6,634,135
                                                   -----------       -----------
Total LIFO inventories                               9,857,996         9,989,221

Molds for resale in production                         595,262           539,635
Supplies                                               414,102           372,344
                                                   -----------       -----------
                                                   $10,867,360       $10,901,200
                                                   ===========       ===========
</TABLE>


                                                                               7
<PAGE>   8
                                                                          Part I

                           PVC Container Corporation


                   Notes to Consolidated Financial Statements

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 September 30, 1998 were $18,613,000 
as compared to $15,313,000 for the three month period ended September 30, 1997, 
representing approximately a 21.6% increase. The increase in revenue during the 
current three month period was due primarily to the inclusion of two recent 
acquisitions in the September 30, 1998 results.

Cost of goods sold for the three months ended September 30, 1998 was 
$15,430,000 or 82.9% of net sales as compared to $12,018,000 or 78.5% of net 
sales for the three months ended September 30, 1997. The increase relates 
primarily to the underabsorption of overhead, the relocation of a major 
manufacturing facility and related transition costs, and developing new bottle 
market opportunities in PET.

Selling, General and Administrative expenses ("SG&A") increased by $457,000 in 
the first quarter of fiscal 1999 compared to the same period in the prior year. 
For the quarter ended September 30, 1998, SG&A expenses were $1,931,000 or 
10.4% of net sales, as compared to $1,474,000 or 9.6% of net sales for the 
quarter ended September 30, 1997. SG&A expenses increased due to the recent 
acquisitions, added marketing efforts to develop entry into the PET market and 
increased personnel necessary to support the Company's desire to grow its 
business.

Depreciation expense increased to a level of $1,611,000 for the three months 
ended September 30, 1998 as compared to $798,000 for the three month period 
ended September 30, 1997. This increase is attributed primarily to the recent 
acquisitions, as well as higher depreciation expense on the Company's new 
capital equipment employed for the manufacture of PET bottles.

Income from Operations decreased $1,382,000 during the three month period ended 
September 30, 1998 as compared to the same period a year ago. For the three 
month period ended September 30, 1998, Income (loss) from Operations was 
$(359,000) or (1.9%) of net sales, as compared to $1,023,000 or 6.7% of net 
sales for the three month period ended September 30, 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 Hazelton, PA, as well as higher than 
anticipated start-up expenses at that location.

Net income (loss) for the quarter ended September 30, 1998 was $(480,000) or 
$(.07) per share as compared to $487,000 or $0.7 per share for the quarter 
ended September 30, 1997.


                                                                             9
<PAGE>   10
                           PVC CONTAINER CORPORATION

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

LIQUIDITY AND CAPITAL RESOURCES

The Company's liquidity and working capital marginally decreased, and remained
adequate for the three month period ended September 30, 1998. Working capital at
September 30, 1998 decreased $289,000 to $8,057,000 compared to $8,346,000 as of
June 30, 1998. The current ratio of assets to liabilities remained constant at
1.5.

During the three month period ended September 30, 1998, the Company generated
cash from operations of $164,000 and proceeds from long term debt totalled
approximately $13,300,000. These funds were used to finance the acquisition of
Marpac Industries, Inc. for $12,000,000, acquire capital assets of $1,457,000,
and reduce long term debt by $707,000.

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 September 30, 1998, the Company had unused sources of liquidity
consisting of cash and cash equivalents of $168,000 and the availability of the
unused credit under a revolving credit facility of $2,300,000.

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, prior to any
anticipated impact on its operating systems. 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 was a report on Form 8-K filed for the
             three months ended September 30, 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: November 16, 1998



                                                                              11