<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, 1996

          ( ) 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 (908) 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, 1996
Common $.01 par value                              6,964,705 shares
<PAGE>   2
                                                                          Part I


                                    CONTENTS



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

            Consolidated Balance Sheets-September 30, 1996 and June 30, 1996                         3

            Consolidated Statements of Income-Three Months Ended 
               September 30, 1996 and 1995
                                                                                                     4

            Consolidated Statements of Cash Flows-Three Months Ended
               September 30, 1996 and 1995                                                           5

            Notes to Consolidated Financial Statements                                               6

            Management's Discussion and Analysis of Financial Condition and 
               Results of Operations
                                                                                                   7-8


PART II.    OTHER INFORMATION                                                                        9
</TABLE>
<PAGE>   3
                                                                          Part I
                            PVC Container Corporation

                           Consolidated Balance Sheets
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                        SEPTEMBER 30, 1996   JUNE 30, 1996
                                                                       ----------------------------------------
<S>                                                                   <C>                   <C>        
ASSETS
Current assets:
   Cash and cash equivalents                                                $ 1,073,499      $ 1,059,166
   Accounts receivable, less allowance of $243,000 in 1996 
     and 1995
                                                                              7,436,661        8,863,444
   Inventories                                                                8,455,643        8,363,522
   Prepaid expenses, taxes and other current assets                             339,080          292,210
   Deferred tax asset                                                           736,787          695,666
                                                                            ----------------------------
Total current assets                                                         18,041,670       19,274,008

Unexpended proceeds from construction loan                                    4,220,677        5,239,425
Properties and equipment at cost-net of accumulated 
     depreciation
                                                                             18,358,895       19,377,239
Investment in jointly owned company                                             278,305          291,199
                                                                            ----------------------------
                                                                            $40,899,547      $44,181,871
                                                                            ============================

LIABILITIES AND STOCKHOLDERS' EQUITY 
Current liabilities:
   Accounts payable                                                         $ 6,133,191      $ 6,864,889
   Accrued expenses                                                           2,455,109        2,801,882
   Income taxes payable                                                         760,522          831,950
   Current portion of long-term debt                                          1,797,992        1,800,400
                                                                            ----------------------------
Total current liabilities                                                    11,146,814       12,299,121

Long-term debt                                                               14,134,654       16,165,229
Deferred income taxes                                                         1,031,143        1,031,143
Commitments and contingencies

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, 6,964,705 shares issued and outstanding as of 
     September 30, 1996 and June 30, 1996                                        69,647           69,647
   Capital in excess of par value                                             3,527,147        3,527,147
   Retained earnings                                                         10,990,142       11,089,584
                                                                            ----------------------------
Total stockholders' equity                                                   14,586,936       14,686,378
                                                                            ----------------------------
                                                                            $40,899,547      $44,181,871
                                                                            ============================
</TABLE>


See accompanying notes.

                                                                               3
<PAGE>   4
                                                                          Part I
                            PVC Container Corporation

                        Consolidated Statements of Income
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                THREE MONTHS ENDED SEPTEMBER 30
                                                                                   1996                  1995
                                                                               ---------------------------------
<S>                                                                           <C>                  <C>         
Net sales                                                                      $ 13,130,765         $ 12,782,357

Cost and expenses:
 Cost of goods sold (exclusive of depreciation and amortization expense
   shown separately below)                                                       10,654,455           10,507,923
 Selling, general and administrative expenses                                     1,187,214            1,017,984
 Depreciation and amortization                                                      649,328              681,059
 Equity in loss of jointly owned company                                             12,894
                                                                               ---------------------------------
                                                                                 12,503,891           12,206,966
                                                                               ---------------------------------
Income from operations                                                              626,874              575,391

Other income (expense):
 Interest expense                                                                  (193,287)            (217,282)
 Other income                                                                       106,141               23,194
                                                                               ---------------------------------
                                                                                    (87,146)            (194,088)
                                                                               ---------------------------------
Income before provision for income taxes                                            539,728              381,303

Provision for income taxes                                                         (221,288)            (145,821)
                                                                               ---------------------------------
Net income                                                                     $    318,440         $    235,482
                                                                               =================================

Earnings per share                                                             $        .05         $        .03
                                                                               =================================
Dividends per share                                                            $        .06         $         --
                                                                               =================================
</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
                                                                               1996            1995
                                                                         ----------------------------------
<S>                                                                     <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                               $   318,440            $   235,482
Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation and amortization                                           649,328                681,059
     Equity in loss of jointly owned company                                  12,894
     Gain on sale of building                                                (90,950)
     Deferred income taxes                                                   (41,121)
     Changes in assets and liabilities:
       Accounts receivable, net of allowances                              1,426,783                433,276
       Inventories                                                           (92,121)               130,214
       Prepaid expenses, taxes and other current assets                      (46,870)              (164,806)
       Accounts payable and accrued expenses                              (1,078,471)              (274,204)
       Income taxes payable                                                  (71,428)                72,492
                                                                         ----------------------------------
Net cash provided by operating activities                                    986,484              1,113,513

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures                                                      (1,174,160)              (489,596)
Proceeds from plant and equipment                                          2,652,867
                                                                         ----------------------------------
Net cash used in investing activities                                      1,478,707               (489,596)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt                                               1,200,000               (911,726)
Payments on indebtedness                                                  (3,232,976)
Dividend paid                                                               (417,882)
                                                                         ----------------------------------
Net cash used in financing activities                                     (2,450,858)              (911,726)
                                                                         ----------------------------------

Net increase (decrease) in cash                                               14,333               (287,809)
Cash at beginning of period                                                1,059,166              1,171,137
                                                                         ==================================
Cash at end of period                                                    $ 1,073,499            $   883,328
                                                                         ==================================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid                                                            $   204,581            $   223,669
                                                                         ==================================

Income taxes paid                                                        $   303,000            $    77,000
                                                                         ==================================
</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, 1996, and the
           consolidated results of operations and cash flows for the three
           month periods ended September 30, 1996 and 1995.

           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.

           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 6,964,705 and 6,761,913 for the
           three month periods ended September 30, 1996 and 1995, respectively.

Note 2     The accompanying financial statements include the accounts of PVC
           Container Corporation and its wholly-owned subsidiaries, Novatec
           Plastics & Chemicals Co., 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 statement of cash flows for the
           three months ended September 30, 1996 was the effect of certain
           noncash financing activities related to the $5.5 million South
           Carolina EDA loan obtained by the Company in April 1996. Capital
           expenditures in connection with this agreement totaled approximately
           $1,019,000 for the three months ended September 30, 1996.

Note 4     Inventories consist of:
<TABLE>
<CAPTION>
                                                    SEPTEMBER        JUNE
                                                    30, 1996       30, 1996
                                                 -------------------------------
<S>                                             <C>               <C>       
Raw materials                                        $2,739,420      $3,299,353
Finished goods and supplies                           5,249,700       4,656,053
                                                 -------------------------------
Total LIFO inventories                                7,989,120       7,955,406

Molds for resale in production                          159,335         109,465
Supplies                                                307,188         298,651
                                                 -------------------------------
                                                     $8,455,643      $8,363,522
                                                 ===============================
</TABLE>


                                                                               6
<PAGE>   7
                                                                          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, 1996 were $13,131,000
as compared to $12,782,00 for the three months period ended September 30, 1995,
representing approximately a 2.7% increase. The increase in the Company's PVC
compound sales were offset by weaker than expected demand for plastic bottles.

Net sales were approximately 23% lower in the first quarter of fiscal 1997 as
compared to net sales in the fourth quarter of fiscal 1996 of $16,168,000. This
reduction in revenue reflected a greater than normal seasonal decline in bottle
and PVC compound sales volume due in part to the customary decline in industry
demand, resulting from many customer plan shutdowns during the summer months.

Cost of goods sold for the three months ended September 30, 1996 was $10,654,000
or 81.1% of net sales as compared to $10,508,000 or 82.2% of net sales for the
three months ended September 30, 1995. The decrease in cost of goods relates
primarily to the ability to pass through the increases in the cost of PVC resin
and high density polyethylene, major ingredients in the Company's products along
with improved manufacturing efficiencies which resulted in a lower percentage of
cost of goods sold as a percentage of sales and higher operating margins
compared to the three months ended September 30, 1995.

Selling, General and Administrative expenses (SG&A") increased by $169,000 in
the first quarter of fiscal 1997 compared to the same period in the prior year.
For the quarter ended September 30, 1996, SG&A expenses were $1,187,000 or 9.0%
of net sales, as compared to $1,018,000 or 8.0% of net sales for the quarter
ended September 30, 1995. SG&A expenses are higher associated with aggressive
marketing efforts to develop our entry into the PET market as well as the
overall increase in marketing efforts to continue the Company's desire to grow
its existing sales base. Lower sales volume due to seasonality mentioned above
further amplified the higher SG&A percentage. SG&A expenses should return to the
8.0% range as higher sales levels are achieved.

Depreciation expense decreased slightly to a level of $649,000 for the three
months ended September 30, 1996 as compared to $681,000 for the three month
period ended September 30, 1995. This decrease is attributed to older capital
equipment reaching its fully depreciable life.

Income from Operations increased $52,000 during the three month period ended
September 30, 1996 as compared to the same period a year ago. For the three
month period ended September 30, 1996, Income from Operations was $627,000 or
4.8% of net sales, as compared to $575,00 or 4.5% of net sales for the three
month period ended September 30, 1995. Higher operating income was primarily the
result of maintaining our overall margins with the pass through of higher PVC
resin and compound costs, sales mix and higher operating capacity utilization
during the three months period ended September 30, 1996, as compared to the
three month period ended September 30, 1995.

Net income for the quarter ended September 30, 1996 increased 35% to $318,440 or
$.05 per share as compared to $235,000 or $.03 per share for the quarter ended
September 30, 1995.

7
<PAGE>   8
                                                                          Part I
                            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, however,
remained adequate for the three month period ended September 30, 1996. Net
working capital as at September 30, 1996 decreased $80,000 to $6,895,000
compared to $6,975,000 as at June 30, 1996. The current ratio of assets to
liabilities increased from 1.57 to 1.62 at September 30, 1996, primarily related
to a reduction in accounts payable and accrued expenses payable.

During the three month period ended September 30, 1996, the Company generated
cash from operations of $986,000 and received $1,183,000 from its sale on July
16, 1996 of its warehouse located at 435 Industrial Way West, proceeds from long
term debt and equipment financing in the amounts of $1,200,000 and $1,470,000
respectively. These funds were used to acquire $1,174,000 in capital assets,
reduce long term debt by $3,233,000 and on September 20, 1996, the Company paid
a $.06 cash dividend in the amount of $418,000 to all shareholders of record of
September 13, 1996.

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, 1996, the Company had unused sources of liquidity
consisting of cash and cash equivalents of $1,073,000 and the availability of
the unused credit under a revolving credit facility of $3,000,000.

8


<PAGE>   9
                                                                         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 September 30, 1996.

           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 14, 1996
                                                                               9