<PAGE>


                   SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                               FORM l0-Q



(Mark One)
     
/ X / QUARTERLY REPORT PURSUANT TO SECTION l3 OR l5(d) OF THE SECURITIES
      EXCHANGE ACT OF l934

For the period ended                September 30, 1995                  

                                    OR
     
/   / 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     0-1359    


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


           Delaware                                53-0246410           
    (State of Incorporation)        (I.R.S. Employer Identification No.)


   3830 Kelley Avenue, Cleveland, Ohio                      44114       
 (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code     (216) 881-5300   

                                   NA                                   
           (Former name, former address and former fiscal year,
                      if changed since last report.)


Indicate by check mark whether the registrant (l) has filed all reports 
required to be filed by Section l3 or l5(d) of the Securities Exchange 
Act of l934 during the preceding l2 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   


Number of Common Shares Outstanding as of November 10, 1995:  3,461,727 





                                  1
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                              PUBCO CORPORATION 



                                                                  Page Number


PART I - FINANCIAL INFORMATION

  Item 1.  Financial Statements (Unaudited)

           Consolidated Balance Sheets as of
           September 30, 1995 and December 31, 1994. . . . . .         3  

           Consolidated Statements of Operations
           for the Three Months and Nine Months Ended
           September 30, 1995 and 1994 . . . . . . . . . . . .         5  

           Consolidated Statements of Cash Flows
           for the Nine Months Ended September 30,
           1995 and 1994 . . . . . . . . . . . . . . . . . . .         6  

           Notes to Consolidated Financial Statements. . . . .         7  


  Item 2.  Management's Discussion and Analysis
           of Financial Condition and Results
           of Operations . . . . . . . . . . . . . . . . . . .         9  



PART II - OTHER INFORMATION. . . . . . . . . . . . . . . . . .        11  

  Item l.  Legal Proceedings.

  Item 2.  Changes in Securities.

  Item 3.  Defaults Upon Senior Securities.

  Item 4.  Submission of Matters to a Vote
           of Security Holders.

  Item 5.  Other Information.

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



SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . .        12  






                                  2
<PAGE>

<TABLE>
                          PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements (Unaudited)--Note A.


PUBCO CORPORATION AND SUBSIDIARIES


Consolidated Balance Sheets
($ in 000's except share amounts)


<CAPTION>
                                                    September 30     December 31
                                                        1995             1994   
<S>                                                   <C>              <C>
ASSETS

CURRENT ASSETS

  Cash and cash equivalents                           $  6,341         $ 12,583 
  Marketable securities and other
    short-term investments                               7,785                3 
  Trade receivables (less allowances of
    $679 in 1995 and $1,250 in 1994)                     4,832            5,808 
  Inventories--Note B                                    8,332            7,258 
  Prepaid expenses and other current assets                750              586 
                                                      ---------        ---------
                             TOTAL CURRENT ASSETS       28,040           26,238 


PROPERTY AND EQUIPMENT (at cost
  less accumulated depreciation,
  amortization, and allowance to reduce
  fixed assets to net realizable value
  of $10,303 in 1995 and $12,576 in 1994)                8,297           10,446 


INTANGIBLE ASSETS
  (at cost less accumulated amortization of
  $448 in 1995 and $324 in 1994)                           718              842 


EQUITY INVESTMENT                                        2,602            2,689 


OTHER ASSETS                                             2,644            2,661 
                                                      ---------        ---------

                                     TOTAL ASSETS     $ 42,301         $ 42,876 
                                                      =========        =========

<FN>
See notes to consolidated financial statements.
</TABLE>
                                  3
<PAGE>
<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets--Continued
($ in 000's except share amounts)
<CAPTION>
                                                    September 30     December 31
                                                        1995             1994   
<S>                                                   <C>              <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable                                    $  5,379         $  6,509 
  Accrued liabilities                                    6,033            8,741 
  Loans payable--related party                               -            1,911 
  Income taxes payable                                   1,466            1,470 
  Current portion of long-term debt                      2,791            1,740 
                                                      ---------        ---------
                        TOTAL CURRENT LIABILITIES       15,669           20,371 

LONG-TERM DEBT                                             849              949 

DEFERRED CREDITS AND NONCURRENT LIABILITIES              3,802            4,378 

MINORITY INTEREST                                          707              630 

STOCKHOLDERS' EQUITY

  Preferred Stock:
    Convertible Preferred Stock - par value $1;
      20,000 shares authorized, none issued                  -                - 
    Preferred Stock - par value $.01;
      2,000,000 shares authorized, 70,000 
      Series A shares issued and outstanding
      ($7,000 aggregate liquidation preference
      in 1995 and 1994)                                      1                1 

  Common Stock:
    Common Stock - par value $.01; 3,500,000 
      shares authorized; 2,905,993 issued and
      outstanding in 1995 and 2,905,225 issued
      and outstanding in 1994                               29               29 
    Class B Stock - par value $.01; 2,000,000 
      shares authorized, 557,734 issued and
      outstanding in 1995 and 558,502 issued
      and outstanding in 1994                                6                6 
  Additional paid in capital                            30,301           30,957 
  Unrealized gains on investments available 
    for sale                                               461                -
  Retained (deficit)                                    (9,524)         (14,445)
                                                      ---------        ---------
                       TOTAL STOCKHOLDERS' EQUITY       21,274           16,548 
                                                      ---------        ---------
       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $ 42,301         $ 42,876 
                                                      =========        =========
<FN>
See notes to consolidated financial statements.
</TABLE>
                                  4
<PAGE>
<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations
($ in 000's except share amounts)
<CAPTION>
                                                    Three Months Ended        Nine Months Ended
                                                       September 30              September 30  
                                                    1995          1994        1995         1994 
<S>                                               <C>         <C>           <C>        <C>
Net sales                                          $ 10,759    $ 11,165      $ 37,522   $ 35,846 
Cost of sales                                         7,990       7,797        27,452     25,193 
                                                   ---------   ---------     ---------  ---------
                                GROSS PROFIT          2,769       3,368        10,070     10,653 
Costs and expenses:
  Selling, general and
    administrative expenses                           2,312       2,313         7,284      7,217 
  Depreciation and amortization expenses                305         365           965        994 
  Interest expense                                       63         102           208        406 
                                                   ---------   ---------     ---------  ---------
                                                      2,680       2,780         8,457      8,617 
Other income, net                                     1,130         590         2,293      1,939 
                                                   ---------   ---------     ---------  ---------
           INCOME FROM CONTINUING OPERATIONS
   BEFORE INCOME TAXES AND MINORITY INTEREST          1,219       1,178         3,906      3,975 

Provision for income taxes                               30           -             8         22 
                                                   ---------   ---------     ---------  ---------
           INCOME FROM CONTINUING OPERATIONS
                    BEFORE MINORITY INTEREST          1,189       1,178         3,898      3,953 

Minority interest                                         2         (19)          (77)       (87)
                                                   ---------   ---------     ---------  ---------
           INCOME FROM CONTINUING OPERATIONS          1,191       1,159         3,821      3,866 
                                                   ---------   ---------     ---------  ---------
Income (loss) from discontinued
  operations, net of taxes                            1,100     (13,369)        1,100    (14,873)
                                                   ---------   ---------     ---------  ---------
                           NET INCOME (LOSS)       $  2,291    $(12,210)     $  4,921   $(11,007)
                                                   =========   =========     =========  =========
Preferred stock dividend requirements                   218         175           656        525 
                                                   ---------   ---------     ---------  ---------
                NET INCOME (LOSS) APPLICABLE
                      TO COMMON STOCKHOLDERS       $  2,073    $(12,385)     $  4,265   $(11,532)
                                                   =========   =========     =========  =========
Earnings (loss) per share:
               CONTINUING OPERATIONS (NET OF
      PREFERRED STOCK DIVIDEND REQUIREMENTS)       $    .28    $    .28      $    .91   $    .96 
                     DISCONTINUED OPERATIONS            .32       (3.86)          .32      (4.29)
                                                   ---------   ---------     ---------  ---------
          NET INCOME (LOSS) PER COMMON SHARE       $    .60    $  (3.58)     $   1.23   $  (3.33)
                                                   =========   =========     =========  =========
Weighted average number
  of shares outstanding                           3,463,727   3,463,727     3,463,727  3,463,727
                                                  ==========  ==========    ========== ==========
<FN>
See notes to consolidated financial statements.
</TABLE>
                                  5
<PAGE>
<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows
($ in 000's except share amounts)

<CAPTION>
                                                                       Nine Months Ended
                                                                         September 30       
                                                                     l995             1994  
<S>                                                                <C>              <C>
OPERATING ACTIVITIES
  Net income from continuing operations                            $  3,821         $  3,866 
  Adjustments to reconcile net income to
    net cash provided by operating activities:
      Income (loss) from discontinued operations                      1,100          (14,873)
      Write-down of assets of discontinued operations                     -            3,841 
      Depreciation                                                      918            1,607 
      Amortization                                                      124              139 
      Net (gain) on sales of investments                                (75)            (133)
      Net (gain) losses on disposal of fixed assets                    (279)             160 
      Minority interest                                                  77               87  
      Changes in operating assets and liabilities:
          Trade receivables                                             976            1,221 
          Inventories                                                (1,074)          (1,247)
          Other assets                                                  (60)              68 
          Accounts payable                                           (1,130)           2,804 
          Other current liabilities                                  (3,576)           2,452  
          Deferred credits and noncurrent liabilities                  (576)           1,575  
                                                                   ---------        ---------
                NET CASH PROVIDED BY OPERATING ACTIVITIES               246            1,567  

INVESTING ACTIVITIES
  Distributions from partnership and trust investments                    -               24 
  Purchases of investments                                           (8,613)               - 
  Proceeds from sale of investments                                   1,367              724 
  Purchases of fixed assets                                            (243)          (2,773)
  Proceeds from the sale of fixed assets                              2,617            3,016 
                                                                   ---------        ---------
      NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES            (4,872)             991 

FINANCING ACTIVITIES
  Net (repayments) on loans payable                                  (1,911)            (879)
  Proceeds from long-term debt                                       24,030           27,405 
  Principal payments on long-term debt                              (23,079)         (28,232)
  Dividends paid                                                       (656)            (525)
                                                                   ---------        ---------
                  NET CASH (USED IN) FINANCING ACTIVITIES            (1,616)          (2,231)
                                                                   ---------        ---------
         (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS            (6,242)             327 

         CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD            12,583            1,122 
                                                                   ---------        ---------
               CASH AND CASH EQUIVALENTS AT END OF PERIOD          $  6,341         $  1,449 
                                                                   =========        =========
<FN>
See notes to consolidated financial statements.
</TABLE>
                                  6
<PAGE>



PUBCO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ in 000's except share amounts)

September 30, 1995




NOTE A -- Basis of Presentation
-------------------------------

The financial information presented herein should be read in conjunction 
with the consolidated financial statements and footnotes included in the 
Company's Annual Report on Form 10-K for the year ended December 31, 1994.  
The consolidated balance sheet as of December 31, 1994 has been derived from 
the audited financial statements at that date.

The accompanying unaudited consolidated financial statements reflect 
consolidation of the operations of the Company's wholly-owned subsidiaries 
and Bobbie Brooks, Incorporated ("Brooks"), an approximately 91%-owned 
subsidiary.

At September 30, 1994, the Company discontinued the operations of its retail 
and apparel manufacturing segments.  As a result of such discontinuance, the 
consolidated financial statements for the periods presented have been 
restated.

The accompanying unaudited consolidated financial statements have been 
prepared in accordance with generally accepted accounting principles for 
interim financial information.  Accordingly, they do not include all of the 
information and footnotes required by generally accepted accounting 
principles for complete financial statements.  In the opinion of management, 
all adjustments considered necessary for a fair presentation have been 
included, all of which are of a normal recurring nature.

Net income (loss) per common share has been computed by dividing net income 
(loss) after preferred dividend requirements by the weighted average number 
of shares of Common Stock and Class B Stock outstanding during the periods.  
The Preferred Stock dividend requirement is an annual variable dividend, 
currently $12.50 per share.

The Company adopted the provisions of Statement of Financial Accounting 
Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and 
Equity Securities," for investments.  Management determines the appropriate 
classification of marketable securities at the time of purchase and 
reevaluates such designation as of each balance sheet date.  Marketable 
securities held as available for sale are carried at fair value with any 
unrealized gains or losses reported as a separate component of shareholders' 
equity.  Realized gains and losses on marketable securities held as 
available for sale are included in other income.  Interest and dividends on 
securities classified as available for sale are included in other income.



                                  7
<PAGE>



PUBCO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ in 000's except share amounts)

September 30, 1995




NOTE B -- Inventories
---------------------

The components of inventories consist of the following:

                                         September 30      December 31
                                             1995             1994    

    Raw materials and supplies             $ 5,745          $ 4,912
    Work in process                            650              622
    Finished goods                           1,937            1,724
                                           --------         --------
                                           $ 8,332          $ 7,258
                                           ========         ========
































                                  8
<PAGE>



Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations.



RESULTS OF OPERATIONS


Comparison of the Three and Nine Months Ended September 30, 1995 and 1994
-------------------------------------------------------------------------

The Company has completed its transformation from a company with 
predominantly retail and apparel operations into a company which 
manufactures and distributes business to business products.  The closure of 
the Company's retail department store chain in 1994 and discontinuance of 
its apparel manufacturing operations in 1994 have been accounted for as 
discontinued operations, resulting in a restatement of the consolidated 
statement of operations for the 1994 period.  Income from discontinued 
operations, net of taxes, for both the three and nine month periods is the 
result of actual results being more favorable than anticpated when the 
accrual was established during the third quarter of 1994.

The Company's continuing operations primarily consist of Buckeye Business 
Products, Inc. ("Buckeye") and Allied Construction Products, Inc. 
("Allied").  Each of these operations is located at the Company's 
manufacturing facility in Cleveland, Ohio.  Income from continuing 
operations before other income decreased in 1995 from the comparable periods 
in 1994 primarily due to lower gross profits at Allied attributable 
primarily to the lower value of the Dollar versus the Deutsche Mark.

Other income includes royalty income from the licensing of trademarks and 
tradenames, rental income from real estate and equipment, and interest and 
dividend income.

Allied's borrowing level in the nine month period ended September 30, 1995 
was lower than the comparable period in 1994 primarily because of the 
reduction in debt resulting from the sale of its building and relocation to 
the Company's leased premises.  This reduction along with lower borrowing 
levels at Buckeye caused a reduction in interest expense from the 1994 
periods to the 1995 periods.















                                  9
<PAGE>



LIQUIDITY AND CAPITAL RESOURCES

The Company has almost $14,000,000 of cash, cash equivalents, marketable 
securities and other short-term investments, and under $850,000 of long-term 
debt, at September 30, 1995.

Accrued liabilities decreased from December 31, 1994 to September 30, 1995 
primarily as the result of the payment of certain expenses related to the 
closing of the retail department store chain.

Stockholders' equity of $21,274,000 at September 30, 1995 includes 
$7,000,000 attributable to Preferred Stock liquidation preference.

On October 30, 1995, the Company announced that it would purchase, from time 
to time in the open market, up to 175,000 shares of its Common Stock.  
Through November 10, 1995, the Company has repurchased 2,000 of such shares 
at an aggregate price of approximately $12,000.






































                                 10
<PAGE>



                         PART II - OTHER INFORMATION



Item l.  LEGAL PROCEEDINGS.  None

Item 2.  CHANGES IN SECURITIES.  None

Item 3.  DEFAULTS UPON SENIOR SECURITIES.  None

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  None

Item 5.  OTHER INFORMATION.

         On October 24, 1995, the Company announced that it had made 
         separate proposals to its 91% owned subsidiary, Bobbie Brooks, 
         Incorporated (NASDAQ:  BBKS) and to Bobbie Brooks' 43% owned 
         subsidiary, Aspen Imaging International, Inc. (NASDAQ:  ARIB), 
         which if accepted, would result in the Company owning 100% of 
         Bobbie Brooks and the assets of Aspen and the stockholders of each 
         such company receiving Company Common Stock.

         The proposal made to Bobbie Brooks would provide for the merger of 
         Bobbie Brooks into a wholly owned subsidiary of the Company and the 
         conversion of each six shares of Bobbie Brooks Common Stock into 
         one share of Company Common Stock.  The proposal made to Aspen 
         would provide for the acquisition of the assets of Aspen by a 
         wholly owned subsidiary of the Company for Company Common Stock and 
         the distribution to former Aspen stockholders of one share of 
         Company Common Stock for each seven shares of Aspen Imaging Common 
         Stock.

         The proposals are subject to the approval of the Company's 
         stockholders and the approval of the Board of Directors and 
         stockholders of each of Bobbie Brooks and Aspen, after each of 
         those companies has received advice from its independent financial 
         advisor.

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K.
 
         (a)  Exhibits

              Financial Data Schedule  

         (b)  Reports on Form 8-K

              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.


                                  PUBCO CORPORATION




                                   /s/   Robert H. Kanner         
                                 ---------------------------------
                                 Robert H. Kanner
                                 Chairman of the Board, President,
                                 Chief Executive Officer and
                                 Chief Financial Officer
























Dated:  November 14, 1995













                                 12
<PAGE>



                                EXHIBIT INDEX



Financial Data Schedule


















































                                 13