<PAGE>

                        SECURITIES EXCHANGE COMMISSION
                             WASHINGTON, DC 20549
                                     10-Q


                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended September 30, 1999              Commission File No. 1-7215

                             PEERLESS TUBE COMPANY

New Jersey                                       22-1191280 (IRS Identification)

                              58-76 Locust Avenue
                         Bloomfield, New Jersey 07003
                            Telephone: 201-743-5100

Securities registered pursuant to section 12 (g) of the act:

                Title of Class                                  Exchange
                --------------                                  --------
        Common stock $1.33-1/3 par value                Over the counter (PLSU)

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

Yes X  No
    -

As of the filing date, the aggregate market value of the voting stock held by
non-affiliates of the Registrant was approximately $345,000.  The market value
is based on $.1400 as of September 10, 1999, which is the last recorded trade.
During the quarter, actual trades of relatively small amounts of the Company's
shares of stock have ranged in transaction price from $.1400-$.2200.

Common Stock, Par Value                           $1.33-1/3
Outstanding at September 30, 1999.                2,462,973 shares

Documents incorporated by reference: None


<PAGE>

                             PEERLESS TUBE COMPANY
                               TABLE OF CONTENTS

<TABLE>
<CAPTION>                                                                                 Page
<S>                                                                                       <C>
Part I         Financial Information

     Item I    Financial Statements (Unaudited)

               Balance Sheets as of September 30, 1999 (Unaudited) and  December              3
               31, 1998

               Statement of Operations for the Quarters Ended September 30, 1999            4-5
               and 1998 (Unaudited) and for the nine-month periods ended September
               30, 1999 and 1998 (Unaudited).

               Statement of Cash Flows - for the nine-month periods ended                     6
               September 30, 1999 and 1998. (Unaudited)

               Notes to the Consolidated Financial Statements                               7-9

     Item II   Management's Discussions & Analysis of the Financial Conditions and        10-11
               Results of Operations

Part II        Other Information

               Item 5                                                                        11

               Item 6                                                                        11

               Signatures                                                                    12
</TABLE>

                                                                               2
<PAGE>

<TABLE>
<CAPTION>
                                                                       (Unaudited)

Peerless Tube Company
Balance Sheet                                                       September 30, 1999    December 31, 1998
                                                                    ------------------    -----------------
                                                                        (rounded to nearest thousand)
<S>                                                                 <C>                   <C>
Assets

Current assets:
Cash                                                                $      21,000         $          15,000
Accounts receivable, less allowance for doubtful accounts of            1,674,000                 1,184,000
$100,000.
Inventories                                                               841,000                 1,233,000
Prepaid expenses and other current assets                                 109,000                    86,000
                                                                    ---------------------------------------
     Total current assets                                           $   2,645,000         $       2,518,000

Property, plant and equipment, net                                      1,598,000                 2,138,000
Deferred tax assets, net of valuation allowance of $5,862,000
                                                                    ---------------------------------------
     Total assets                                                   $   4,243,000         $       4,656,000
===========================================================================================================

Liabilities and Stockholders' Deficiency

Current liabilities:
Accounts payable                                                    $   1,003,000         $       2,004,000
Accrued liabilities                                                       488,000                 1,145,000
Revolving credit line                                                   1,324,000                   868,000
Current portion of long-term debt                                         311,000                   236,000
                                                                    ---------------------------------------
     Total current liabilities                                          3,126,000                 4,253,000

Long term debt                                                          1,792,000                   651,000
Other liabilities                                                         223,000                   303,000
                                                                    ---------------------------------------
     Total liabilities                                                  5,141,000                 5,207,000

Commitments and contingencies
Stockholders' Deficiency:
 Common stock, $1.33-1/3 par value; authorized 5,000,000 shares;        3,383,000                 3,383,000
  issued and outstanding 2,536,935 shares
 Additional paid-in capital                                            14,439,000                14,439,000
 Accumulated deficit                                                   18,375,000                18,028,000
 Less 73,962 shares of stock in treasury, at cost                        (345,000)                 (345,000)
                                                                    ---------------------------------------
 Stockholders' deficiency                                                 898,000                   551,000
                                                                    ---------------------------------------
     Total liabilities and stockholders' deficiency                 $   4,243,000         $       4,656,000
===========================================================================================================
</TABLE>

    The accompanying notes should be read in conjunction with the financial
                                  statements.

                                                                               3
<PAGE>

<TABLE>
<CAPTION>
                                                                                        (Unaudited)
Peerless Tube Company
Statement of Operations For the Quarter Ended                            September 30, 1999      September 30, 1998
                                                                         ------------------      ------------------
                                                                (rounded to nearest thousand except per share amount)
<S>                                                             <C>                          <C>
Net sales                                                                       $ 3,536,000             $ 4,074,000

Cost of sales                                                                     3,107,000               4,005,000
                                                                ---------------------------------------------------

Gross profit                                                                        429,000                  69,000

Selling, general, and administrative expenses                                       473,000                 475,000
                                                                ---------------------------------------------------

Loss from operations                                                                 44,000                 406,000

Interest expense                                                                    107,000                  62,000

Other income (expense) - net                                                          1,000                  (1,000)
                                                                ---------------------------------------------------
Net loss                                                                            150,000                 469,000
===================================================================================================================

Accumulated deficit:
Beginning of period                                                              18,225,000              17,266,000
                                                                ---------------------------------------------------
End of period                                                                    18,375,000              17,735,000

===================================================================================================================
Net loss per share                                                              $       .06             $       .19
===================================================================================================================

Weighted average shares outstanding                                               2,462,973               2,462,973
===================================================================================================================
</TABLE>

   The accompanying notes should be read in conjunction with the financial
                                  statements.

                                                                               4
<PAGE>

<TABLE>
<CAPTION>
                                                                                         (Unaudited)
Peerless Tube Company
Statement of Operations For the Nine Months Ended                        September 30, 1999      September 30, 1998
                                                                         ------------------      ------------------
                                                              (rounded to nearest thousand except per share amount)
<S>                                                           <C>                                <C>
Net sales                                                                       $10,751,000             $11,688,000

Cost of sales                                                                     9,897,000              11,451,000
                                                              -----------------------------------------------------
Gross profit                                                                        854,000                 237,000

Selling, general, and administrative expenses                                     1,313,000               1,582,000
                                                              -----------------------------------------------------


Loss from operations                                                                459,000               1,345,000

Interest expense                                                                    223,000                 203,000

Other income - net                                                                  335,000                   1,000
                                                              -----------------------------------------------------
Net loss                                                                            347,000               1,547,000
===================================================================================================================

Accumulated deficit:
Beginning of period                                                              18,028,000              16,188,000

End of period                                                                    18,375,000              17,735,000
===================================================================================================================

Net loss per share                                                              $       .14             $       .63
===================================================================================================================

Weighted average shares outstanding                                               2,462,973               2,462,973
===================================================================================================================
</TABLE>

    The accompanying notes should be read in conjunction with the financial
                                  statements.

                                                                               5
<PAGE>

<TABLE>
<CAPTION>
                                                                                         (Unaudited)
Peerless Tube Company
Statement of Cash Flows For the Nine Months Ended                        September 30, 1999       September 30, 1998
                                                                         ------------------       ------------------
                                                                                (rounded to nearest thousand)
<S>                                                                      <C>                      <C>
Cash flows from operating activities:

Net loss                                                                        $   347,000               $1,547,000

Adjustment to reconcile net loss to net cash used in
operating activities:

Depreciation and amortization                                                       540,000                  641,000

Provision for bad debts                                                                                      (85,000)

(Increase) decrease in operating assets:

Accounts receivable                                                                (490,000)                (139,000)

Inventories                                                                         392,000                  865,000

Prepaid expenses and other current assets                                           (23,000)                 (96,000)

Increase (decrease) in operating liabilities:

Accounts payable                                                                 (1,001,000)                 348,000

Accrued liabilities                                                                (657,000)                (167,000)

Other liabilities                                                                   (80,000)                 (60,000)

                                                                         -------------------------------------------

Net cash used in operating activities                                             1,666,000                  240,000

                                                                         -------------------------------------------
Cash flows from financing activities:

Net borrowing under credit line                                                     456,000                  245,000

Increase (reduction) of long term debt and current maturities                     1,216,000                 (173,000)
                                                                         -------------------------------------------

Net cash provided by financing activities                                         1,672,000                   72,000

                                                                         -------------------------------------------

Net increase (decrease) in cash                                                       6,000                 (168,000)


Cash - beginning of the period                                                       15,000                  190,000
                                                                         -------------------------------------------

Cash -  end of period                                                           $    21,000               $   22,000
====================================================================================================================
</TABLE>

   The accompanying notes should be read in conjunction with the financial
                                  statements.

                                                                               6
<PAGE>

PEERLESS TUBE COMPANY
NOTES TO FINANCIAL STATEMENTS

NOTE 1: PREPARATION OF FINANCIAL STATEMENTS

The accompanying unaudited financial statements have been prepared by the
Company without audit in accordance with generally accepted accounting
principles. These statements should be read in conjunction with the audited
financial statements and notes included in the Company's Annual Report Form 10-K
for the year ended December 31, 1998 and the Quarterly Report Form 10-Q for the
Quarters ended June 30, 1999 and March 31, 1999.

In the opinion of management, these financial statements include all
adjustments, consisting only of normal recurring adjustments, necessary to
present fairly the financial position, result of operations, and cash flows for
the Company. Certain information and footnote disclosure normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to the rules and regulations
of the Securities and Exchange Commission. The Company believes, however, that
the disclosures in this report are adequate to make the information presented
not misleading in any material respect. There have been no significant changes
in accounting policy since December 31, 1998. The results of operations may not
be indicative of the results that may be expected for the year ending December
31, 1999.

NOTE 2: BUSINESS

The Company's management continues to evaluate and reshape its business plans to
improve operating results and respond to changes in its very competitive market.

Management continues to work towards improving the operating performance of the
Company, including the stabilizing of its raw material costs. The Company along
with its secured lender have entered into an agreement that will result in the
Company maximizing its purchasing power with certain key vendors. Also, as the
company moves forward it has re-staffed key personnel in the operations area as
the Company continues its quest to increase operational productivity.

Although the competition remains strong in all areas of the business, the
Company has been able to increase its market share in the aluminum tube product
line with sales up 57% from the prior year. Sales in the aluminum can product
line have decreased by 16% during the same period, largely due to increased
competition.

                                                                               7
<PAGE>

NOTE 3: DEBT RESTRUCTURING

On July 29, 1999, the Company entered into a refinancing agreement with a major,
national asset based lender, covering both a new revolving credit facility and a
new term loan.

Borrowings against the revolving credit facility are based on specific levels of
accounts receivable and inventories of the Company and bear interest at the
prime rate plus three percent on the outstanding balance. The initial draw
against the revolving credit line was approximately $410,000.

The term loan, which also carries interest at the prime rate plus three percent,
will be amortized equally over 84 months. The initial amount of this loan was
$2,150,000.

There are minimum borrowing requirements of $1,500,000 and the maximum amount
available under the combined borrowings is $5,000,000. The Company has pledged
substantially all of its assets as collateral for these loans. In addition, the
agreement requires the Company to comply with various financial covenants
including restrictions on the amounts of capital expenditures and a prohibition
on the payment of dividends on the Company's common stock.

Proceeds from these borrowings were used to 1) repay the existing asset based
lender in full; 2) pay the $640,000 remaining due from the lawsuit verdict in
favor of a former employee; and 3) to pay all real estate and other taxes as
well as other past due accounts payable.


NOTE 4: INVENTORIES
Inventories are comprised of the following:

<TABLE>
<CAPTION>
Inventories                                                 September 30, 1999      December 31, 1998
<S>                                                         <C>                     <C>
Raw materials                                                         $283,000              $  648,000

Work-in-process                                                         27,000                  27,000

Finished goods                                                         531,000                 558,000
                                                                 --------------------------------------
       Total                                                          $841,000              $1,233,000
                                                                 =======================================
</TABLE>


NOTE 5: ACCRUED LIABILITIES
Accrued liabilities are comprised of the following:

<TABLE>
<CAPTION>
Accrued Liabilities                                         September 30, 1999      December 31, 1998
<S>                                                         <C>                     <C>
Payroll, payroll taxes, and payroll related costs                     $226,000             $  208,000

Legal and professional                                                 130,000                470,000

All other                                                              132,000                467,000
                                                                --------------------------------------
       Total                                                          $488,000             $1,145,000
                                                                =======================================
</TABLE>

                                                                               8
<PAGE>

NOTE 6 - LONG-TERM DEBT
Long-term debt is comprised of the following:

<TABLE>
<CAPTION>
Long-Term Debt                                               September 30, 1999        December 31, 1998
<S>                                                          <C>                       <C>
Equipment loan secured by substantially all the                      $2,099,000                $ 822,000
Company's property, plant and equipment payable to a
lender, restructured during July 1999, payable in
equal monthly installments through July 31, 2006.  The
loan bears interest at prime +3.0%

Various purchase money capital leases for manufacturing                   4,000                   65,000
and office equipment, final payments due in 1999, with
interest rates at an average 18%
                                                              --------------------------------------------
                                                                      2,103,000                  887,000
Less current portion                                                   (311,000)                (236,000)
                                                              ---------------------------------------------
Long-term debt                                                       $1,792,000                $ 651,000
                                                              =============================================
</TABLE>

                                                                               9
<PAGE>

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

SALES AND RESULTS OF OPERATIONS 1999 COMPARED TO 1998

Sales

Sales for the quarter ended September 30, 1999 and 1998 totaled $3,536,000 and
$4,074,000 respectively. The sales for the nine months ended September 30, 1999
and 1998 were $10,751,000 and $11,688,000 respectively, resulting in a decrease
of $937,000 or 8.0%.

The breakdown of overall sales from all sources for the third quarter ended
September 1999 and 1998 respectively was as follows:

<TABLE>
<CAPTION>
       Net Sales               3/rd/ Quarter       3/rd/ Quarter           $                 %
                                   1999                1999              Change            Change
       <S>                     <C>                 <C>                  <C>                <C>
       Cans                    $ 3,033,000         $ 3,713,000            ($680,000)        (19.3%)
       Metal Tubes                 258,000             199,000          $    59,000          29.6%
       Miscellaneous               245,000             162,000          $    83,000          51.2%
                               -----------         -----------          -----------
       Total                   $ 3,536,000         $ 4,074,000            ($538,000)        (13.2%)
                               ===========         ===========          ===========
</TABLE>

In the third quarter ending September 30, 1999, one customer accounted for 25%
of the Company's sales. Year-end margins for 1999 will be effected by the
product sales mix for the last quarter of 1999.

Gross Profit Trends and Discussion

The total decrease in sales for the quarter and nine months ended September 30,
1999 as compared with the quarter and nine months September 30, 1998 is $538,000
and $937,000 respectively. The decrease in sales for the nine months ended
September 1999 vs. September 1998 is a combination of two things; a decrease in
sales to a major customer which has been offset by significant new customers and
increases to other existing customers. The increase in business to new and
expanded customers has accelerated in the 4th quarter.

The gross profit on sales for the quarter ended September 30, 1999 was $429,000
or 12.0% on sales of $3,536,000 as compared with the quarter ended September 30,
1998, when the gross profit was $69,000 or 1.7% on sales of $4,074,000. For the
nine months ended September 30, 1999 the gross profit was $854,000 or 7.9% on
sales of $10,751,000 compared to $237,000 or 2.0% on sales of $11,588,000 for
the nine months ended September 30, 1998. The increase in gross profit for the
quarter and nine months ended September 30, 1999 as compared to the quarter and
nine months ended September 30, 1998 is mainly a result of lower raw material
costs and better labor utilization.

The Company's gross margins are sensitive to product mix and sales volume. The
Company continues to review its plant utilization and its utilization of
personnel.


Selling, General and Administrative Expenses

Selling, general and administrative expenses for the quarter ended September 30,
1999 were $473,000 or 13.4% of sales. For the nine months ended September 30,
1999, selling, general and administrative expenses totaled $1,313,000 or 12.2%
of sales. For the quarter ended September 30, 1998, selling, general and
administrative expenses were $475,000 or 11.7% of sales and for the nine months
ended September 30, 1998 they were $1,582,000 or 13.5% of sales.

                                                                              10
<PAGE>

Interest Expense and Other Expenses, net

Interest expense for the quarter ended September 30, 1999 was $107,000 as
compared to $62,000 in 1998.


Liquidity and Capital Resources

The Company has negative working capital of $480,000 at September 30, 1999 which
is approximately a $1,255,000 increase in working capital from December 31,
1998.

For the nine months ended September 30, 1999 cash used in operating activities
was $1,666,000 as compared with $240,000 for the same period in 1998.

As of September 30, 1999 the Company had cash and cash equivalents of
approximately $21,000. Net cash used in operations as of September 30, 1999 was
$1,666,000. Through September 30, 1999, cash provided by financing activities
was $1,672,000 principally obtained with the new financing agreement. As of
September 30, 1999, the net decrease in cash from December 31, 1998 was $1,000.


PART II - OTHER INFORMATION

ITEM 5:

There were no dividends declared in the quarter.

ITEM 6:

None.

                                                                              11
<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                       PEERLESS TUBE COMPANY

                                       Registrant

                                       By:


                                       Frederic Remington, Jr.
                                       Chairman


                                       By:


                                       Richard W. Potts
                                       President

                                                                              12