<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   Form 10-Q

                  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the Quarter Ended September 30, 1996
                    ----------------------------------------

                         Commission File Number 0-10937
                         ------------------------------

                           SUN COAST INDUSTRIES, INC.
                           --------------------------
                           (Exact name of Registrant)

         Delaware                                        #59-1952968
------------------------                       ---------------------------------
(State of Incorporation)                       (IRS Employer Identification No.)


                 2700 South Westmoreland Ave., Dallas, TX 75233
                 ----------------------------------------------
                    (Address of principal executive offices)


                                 (214) 373-7864
                        -------------------------------
                        (Registrant's telephone number)

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 issuers' classes of 
common stock, as of November 6, 1996, the latest practicable date.

          Class                               Outstanding at November 6, 1996
          -----                               -------------------------------
Common stock $0.01 par value                              4,004,229


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<PAGE>   2
                           SUN COAST INDUSTRIES, INC.
                                     INDEX

<TABLE>
<S>                                                                <C>
Part I. Financial Information

Item I - Financial Statements

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

   Condensed Consolidated Statements of Income - Three Months
   ended September 30, 1996 and 1995                                5

   Condensed Consolidated Statements of Cash Flows -- Three
   Months ended September 30, 1996 and 1995                         6

   Notes to Condensed Consolidated Financial Statements             7

Item II - Management's Discussion and Analysis of Financial
   Condition and Results of Operations                             12

Part II. Other Information

Items 1 through 6                                                  15

</TABLE>


                                       2
<PAGE>   3
PART I. FINANCIAL INFORMATION

Item I. FINANCIAL STATEMENTS

                           SUN COAST INDUSTRIES, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                             (dollars in thousands)

<TABLE>
<CAPTION>
                                                 September 30,
                                                     1996      June 30,
                                                  (unaudited)    1996
                                                  -----------  --------
<S>                                                 <C>        <C>
ASSETS

Current assets:
  Cash and cash equivalents                         $  2,630      1,947
  Accounts receivable, net of allowance for
     doubtful accounts of $313 and $286               11,084     12,495
  Inventories                                         10,452      9,875
  Other current assets                                   480        461
                                                    --------   --------

     Total current assets                             24,646     24,778

Property, plant and equipment, net of accumulated
  depreciation of $25,371 and $24,183                 27,481     28,711
Intangible assets                                        864        906
Other assets                                           1,978      1,405
                                                    --------   --------

     Total assets                                   $ 54,969   $ 55,800
                                                    ========   ========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.


                                       3
<PAGE>   4
                           SUN COAST INDUSTRIES, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                    (dollars in thousands, except par value)

<TABLE>
<CAPTION>                                        
                                                  September 30,
                                                      1996      June 30,
LIABILITIES AND STOCKHOLDERS' EQUITY               (unaudited)   1996
                                                    --------   --------
<S>                                                 <C>        <C>
Current liabilities:
  Accounts payable                                  $  5,408   $  5,660
  Accrued expenses                                     2,824      2,923
  Current portion
     of long-term debt                                27,306     27,157
  Deferred income taxes                                  182        120
                                                    --------   --------

     Total current liabilities                        35,720     35,860

Other liabilities                                         11         12
Long-term debt                                         2,240      3,124
Deferred income taxes                                  2,582      2,595
                                                    --------   --------

     Total liabilities                                40,553     41,591
                                                    --------   --------

Stockholders' equity:
  Common stock, $.01 par value; 40,000,000
     shares authorized; 4,017,629 issued and
     4,004,229 outstanding                                40         40
  Additional paid-in capital                          11,222     11,219
  Currency translation adjustment                       (653)      (668)
  Retained earnings                                    3,807      3,618
                                                    --------   --------
     Total stockholders' equity                       14,416     14,209
                                                    --------   --------
     Total liabilities and stockholders' equity     $ 54,969   $ 55,800
                                                    ========   ========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.





                                       4
<PAGE>   5
                           SUN COAST INDUSTRIES, INC.
                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                  (UNAUDITED)
                 (dollars in thousands, except per share data)

<TABLE>
<CAPTION>
                                              Three Months Ended      
                                                 September 30,  
                                             ---------------------
                                              1996          1995    
                                             -------      --------
<S>                                          <C>          <C>         
Sales                                        $20,667      $ 19,373    
                                                                      
                                                                      
Costs and expenses:                                                   
  Cost of sales                               16,787        15,693    
  Selling, general and administrative          2,987         3,108    
  Interest, net                                  590           436    
                                             -------      --------

                                              20,364        19,237    
                                             -------      --------
                                                                      
Income before provision for income taxes         303           136    
Provision for income taxes                      (113)          (48)    
                                             -------      --------
     Net income                              $   190      $     88    
                                             =======      ========
                                                                      
Net income per common share                  $  0.05      $   0.02 
                                             =======      ========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.





                                       5
<PAGE>   6
                           SUN COAST INDUSTRIES, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
                             (dollars in thousands)

<TABLE>
<CAPTION>
                                                                   Three Months Ended
                                                                      September 30,
                                                                   -------------------
                                                                    1996         1995
                                                                   ------       ------   
<S>                                                                <C>          <C>        
Cash flows from operating activities:                                                    
                                                                                         
  Net income                                                       $  190       $   88   
  Adjustments to reconcile net income to                                                   
     net cash provided by (used in) operations:                                             
     Depreciation and amortization                                  1,505        1,425   
     Deferred income taxes                                             49         (112)  
                                                                                         
  Changes in assets and liabilities:                                                       
     Accounts receivable                                            1,422         (993)  
     Inventories                                                     (570)        (199)  
     Other current assets                                             (20)         125   
     Intangible and other assets                                     (595)         (63)  
     Accounts payable and accrued expenses                           (369)       1,383   
                                                                   ------       ------   
  Net cash provided by operations                                   1,612        1,654   
                                                                   ------       ------   
Cash flows from investing activities:                                                    
                                                                                         
  Capital expenditures                                               (196)      (1,368)  
                                                                   ------       ------   

Net cash used in investing activities                                (196)      (1,368)  
                                                                   ------       ------   
Cash flows from financing activities:                                                    
                                                                                         
  Repayments of long-term debt                                       (735)      (1,276)  
                                                                                         
  Issuance of Common Stock                                              -           22   
                                                                   ------       ------   
     Net cash used in provided by financing activities               (735)      (1,254)  
                                                                   ------       ------   
     Effect of exchange rate changes on cash                            2            -   
                                                                   ------       ------   
     Change in cash and cash equivalents                              683         (968)  
     Cash and cash equivalents at beginning of period               1,947        1,173   
                                                                   ------       ------   
     Cash and cash equivalents at end of period                    $2,630       $  205   
                                                                   ======       ======   
</TABLE>

     See accompanying notes to condensed consolidated financial statements.


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<PAGE>   7
                           SUN COAST INDUSTRIES, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996

NOTE 1 - THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Basis of Presentation

     The Company's (defined below) interim financial statements are unaudited
     and should be read in conjunction with the consolidated financial
     statements and notes thereto in its Form 10-K and Annual Report to
     Stockholders for the year ended June 30, 1996.

     In the opinion of management, the accompanying consolidated financial
     statements contain all adjustments, consisting only of those of a normal
     recurring nature, necessary for a fair statement of the results of
     operations for the interim periods presented.

     Description of Business

     Sun Coast Industries, Inc. (the "Company") manufactures and sells melamine
     and urea resins and compounds and, from these and other materials, molds
     consumer products and commercial plastic products, including dinnerware,
     drinkware and closures. The Company's four divisions have generated
     synergies through similar manufacturing processes, combined purchasing of
     raw materials and developed proprietary technologies, enabling the Company
     to realize manufacturing efficiencies and a significant presence in
     markets for many of its products. The Chemical Division manufactures
     melamine and urea resins and compounds, which it supplies to other
     manufacturers and uses in producing its own consumer products and
     foodservice products. The Consumer Products and Foodservice Divisions
     manufacture compression molded melamine dinnerware and injection molded
     plastic drinkware and other houseware products, which the Company sells to
     American, Canadian and Mexican retail and commercial markets. The Closures
     Division manufactures linerless, foil or foam lined and tamper-evident
     plastic closures and lids. These closures are used in the U.S. for
     bottling and packaging of food, beverage, chemical and pharmaceutical
     products.

     Industry Segment

     The Company operates in a single industry segment, supplying consumer and
     commercial related plastic products on a direct and indirect basis,
     utilizing similar production processes and methods.


                                       7
<PAGE>   8
                           SUN COAST INDUSTRIES, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996

NOTE 1 - THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         (Cont'd)

     Principles of Consolidation

     The consolidated financial statements include the accounts of the Company
     and its subsidiaries, all of which are wholly-owned. All significant
     intercompany balances and transactions have been eliminated in
     consolidation. Certain amounts in previously issued financial statements
     have been reclassified to conform with the current period financial
     statement presentation. The preparation of consolidated financial
     statements in conformity with generally accepted accounting principles
     requires management to make estimates and assumptions that affect the
     reported amounts of assets and liabilities at the date of the financial
     statements and the reported amounts of revenues and expenses during the
     period.  Actual results could differ from the estimates.

     Inventories

     Inventories are valued at the lower of cost or market, with cost
     determined utilizing the first-in, first-out (FIFO) method.

     Property, Plant and Equipment

     Property, plant and equipment are carried at cost and depreciated using
     the straight-line method over the estimated useful lives of the related
     assets. Lives assigned to asset categories are 5 to 15 years for machinery
     and equipment, 30 to 35 years for buildings and 5 years for molds.
     Machinery and equipment under capital leases are stated at the present
     value of minimum lease payments.  Renewals and improvements that
     significantly add to the productive capacity or extend the useful life of
     an asset are capitalized.  Repairs and maintenance are charged to expense
     as incurred.

     Intangible Assets

     Intangible assets are stated at cost and consist primarily of patents and
     goodwill. Intangible assets are amortized on the straight-line method over
     their estimated useful lives ranging from 5 to 20 years. The carrying
     values and amortization periods of intangibles are periodically evaluated
     by the Company to determine whether current events and circumstances
     warrant adjustment.





                                       8
<PAGE>   9
                           SUN COAST INDUSTRIES, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996

NOTE 1 - THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         (Cont'd)

     Advertising Costs

     The Company expenses the costs of advertising as incurred, except for
     direct-response advertising and catalog costs which are capitalized and
     amortized over their expected periods of future benefit (generally six
     months). Direct response advertising and catalog costs consist primarily
     of printing and contract services for catalogs to market the Company's
     products.

     Income Taxes

     Deferred income taxes are provided for temporary differences between
     financial and tax reporting. Income taxes are provided for taxes currently
     payable based on taxable income.

     Environmental Costs

     A liability for environmental assessments and/or cleanup is accrued when
     it is probable a loss has been incurred and is estimable. No significant
     liabilities were in existence at September 30, 1996 and June 30, 1996.

     Net Income Per Common Share

     Net income per common share is computed by dividing net income by the
     weighted average number of common shares outstanding during each period
     after giving effect to stock options and warrants considered to be
     dilutive common stock equivalents.





                                       9
<PAGE>   10
                           SUN COAST INDUSTRIES, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1926

NOTE 1 - THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         (Cont'd)

     Revenue Recognition

     Sales are recognized when the product is shipped. Sales are shown net of
     returns and allowances.

     Research and Development

     Research and development costs associated with new product development,
     application and testing are expensed as incurred.

     Statement of Cash Flows

     For purposes of the statements of cash flows, the Company considers all
     highly liquid investments with original maturities of three months or less
     to be cash equivalents.

     Foreign Currency Translation and Transactions

     The Company's foreign subsidiary uses the local currency as the functional
     currency. Translation gains or losses are included as a component of
     stockholders' equity. Gains or losses from foreign currency transactions
     are included in net income. There were no material gains or losses from
     foreign currency translation or transactions prior to 1996. There was a
     $15,000 translation gain and a $668,000 translation loss for the three
     months ended September 30, 1996 and for fiscal 1996, respectively.

NOTE 2 - INVENTORIES

<TABLE>
<CAPTION>
                                 September 30,
                                     1996              June 30,
                                 (unaudited)            1996
                                  ----------          --------
                                        (in thousands)
<S>                               <C>                 <C>
Raw Materials                     $    4,027          $  2,859
Work-in-process                          629             1,070
Finished good                          6,647             6,712
                                  ----------          --------
                                      11,303            10,641
Obsolescence reserve                    (851)             (766)
                                  ----------          --------
                                  $   10,452          $  9,875
                                  ==========          ========
</TABLE>




                                       10
<PAGE>   11
NOTE 3 - LONG TERM DEBT

<TABLE>
<CAPTION>
                                                         September 30,                   
                                                            1996              June 30, 
                                                         (unaudited)           1996   
                                                         ----------          --------  
                                                              (in thousands)        
<S>                                                      <C>                 <C>
Term Loan                                                $    5,390          $  5,818     
Revolving credit line                                        12,212            12,659     
Capital expenditures term loan                                7,898             8,437     
Industrial development revenue bonds                         2,137             2,175     
Subordinated notes payable                                    1,000             1,000     
Capitalized lease obligations                                   909               192     
                                                         ----------          --------  
                                                             29,546            30,281     
Current maturities on original                                                            
   maturity schedule                                         (4,267)           (3,277)    
Long term debt classified as current                        (23,039)          (23,880)    
                                                         ----------          -------- 
                                                         $    2,240          $  3,124     
                                                         ==========          ========
</TABLE>

     In December 1995, the Company refinanced its existing debt with a new
     lender and increased its credit facility to provide a total of $35.7
     million in borrowings secured by substantially all the assets of the
     Company. The facility provides for borrowings under three separate
     arrangements - (i) two separate one-time term advances in an aggregate
     principal amount of $6.7 million payable in quarterly installments through
     April 1, 2001, (ii) multiple term advances for capital expenditures in an
     aggregate principle amount of $14 million payable in quarterly
     installments over 2 to 7 years, and (iii) a $15.0 million revolving loan,
     due December 31, 1998. As of September 30, 1996, based on the Company's
     borrowing formula incremental borrowing availability was approximately
     $1.4 million under the revolving credit line. The credit facility provides
     for the issuance of up to $2.0 million of letters of credit, subject to
     the borrowing availability under the revolving credit line. The loan
     agreement contains various covenants, including maintaining certain
     financial ratios and tests, limitation on the issuance of debt and the
     amount of capital expenditures, capital leases, investments and dividends.
     The primary financial covenants include quarter end calculations of
     leverage and fixed charge coverage.

     The Company was not in compliance with two of its loan covenants at
     September 30, 1996: (1) The Company's Tangible Net Worth (as defined in
     the credit facility) was below the required minimum $14,650,000 and (2)
     the Company's Fixed Charge Coverage Ratio (as defined in the Credit
     Facility) was below the required minimum of 1.3 to 1.0. The Company has
     not obtained a waiver of these covenants as of September 30, 1996 and it
     has not received a letter of default from its lender. The same or more
     restrictive covenants must be met in future periods. As a result, the debt
     will be subject to accelerated maturity at future dates in the absence of
     refinancing and, therefore, has been classified as a current liability on 
     the consolidated balance sheet at September 30, 1996.

     The Company is currently pursuing various strategic and financing
     alternatives, including a refinancing of the existing senior lender,
     although there is no assurance that such alternatives will be in place by
     December 31, 1996, the next measurement date for the loan covenant
     compliance. In the event of noncompliance, management intends to seek the
     necessary waivers such that the loan agreement will remain in force;
     however, currently the Company's lender is unwilling to grant additional
     waivers or amendments.





                                       11
<PAGE>   12
Item II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

     Three Months Ended September 30, 1996, Compared to the Three Months
                           Ended September 30, 1995

     Sales for the three months ended September 30, 1996, increased $1,294,000
     or 6.7%, when compared to the same period in 1995.  Closure Division's
     sales increased 12.1% due to increased demand.  Consumer Products and
     Foodservice Divisions' sales decreased 10.3% as a result of the downturn
     in the retail economy. Chemical Division's sales increased 13.1% due to
     increased customer demand.

     Cost of sales as a percentage of net sales increased to 81.2% from 81.0%.
     The decline in gross margin was primarily the result of volume declines in
     the Foodservice and Consumer Products Divisions causing shortfalls in the
     absorption of fixed costs.

     Selling, general and administrative expense ("SG&A") decreased $121,000
     to 14.4% of sales for the three months ended September 30, 1996 as
     compared to 16.0% of sales for the three months ended September 30, 1995.
     This decline is the result of a $115,000 gain on the sale of certain real
     estate recorded in the quarter ended September 30, 1996.

     Interest expense has increased $154,000 for the three months ended
     September 30, 1996 compared to the three months ended September 30, 1995
     due to an increase in interest rates.

     Net income increased $102,000 from the comparable prior fiscal period
     primarily due to increased sales volumes and the decrease in SG&A
     explained above, which was partially offset by increased interest expense.

     Liquidity and Capital Resources

     Management reviews the Company's working capital, accounts receivable and
     relationship of debt to equity on a continuing basis. The Company's growth
     has been financed through long-term debt financing and cash generated from
     operations. During the three months ended September 30, 1996, the Company
     decreased net borrowings by $735,000. Cash flow from operations generated
     $1.6 million.

     Capital expenditures for the three months ended September 30, 1996 were
     $196,000, Anticipated future capital additions should approximate less
     than $3 million for the remainder of fiscal 1997 unless a new financing
     facility is obtained at which time incremental expenditures will be
     considered.

     In December 1995, the Company refinanced its existing debt with a new
     lender and increased its credit facility to provide a total of $35.7
     million in borrowings secured by substantially all the assets of the
     Company. The facility provides for borrowings under three separate
     arrangements - (i) two separate one-time term advances in an aggregate
     principal amount of $6.7 million payable in quarterly installments through
     April 1, 2001, (ii) multiple term advances for capital expenditures in an
     aggregate


                                       12
<PAGE>   13
     principle amount of $14 million payable in quarterly installments over 2
     to 7 years, and (iii) a $15.0 million revolving loan, due December 31,
     1998. As of September 30, 1996, outstanding borrowings under the credit
     facility included $5.4 million under the two term loans, $7.9 million
     under the capital expenditure term loan and $12.2 million under the
     revolving credit line. At September 30, 1996, based on the Company's
     borrowing formula incremental borrowing availability was approximately
     $1.4 million under the revolving credit line. The credit facility provides
     for the issuance of up to $2.0 million of letters of credit, subject to
     the borrowing availability under the revolving credit line. The loan
     agreement contains various covenants, including maintaining certain
     financial ratios and tests, limitation on the issuance of debt and the
     amount of capital expenditures, capital leases, investments and dividends.
     The primary financial covenants include quarter end calculations of
     leverage and fixed charge coverage.

     The Company was not in compliance with two of its loan covenants at
     September 30, 1996: (1) The Company's Tangible Net Worth (as defined in
     the credit facility) was below the required minimum $14,650,000 and (2)
     the Company's Fixed Charge Coverage Ratio (as defined in the Credit
     Facility) was below the required minimum of 1.3 to 1.0. The Company has
     not obtained a waiver of these covenants nor has it received a notice of
     default as of September 30, 1996. The same or more restrictive covenants
     must be met in future periods. As a result, the debt will be subject to
     accelerated maturity at future dates in the absence of refinancing and, 
     therefore, has been classified as a current liability on the consolidated 
     balance sheet at September 30, 1996.

     The Company is currently pursuing various strategic and financing
     alternatives, including a refinancing of the existing senior lender
     although there is no assurance that such alternatives will be in place by
     December 31, 1996, the next measurement date for the loan covenant
     compliance. In the event of non-compliance, management intends to seek the
     necessary waivers such that the loan agreement will remain in force;
     however, currently the Company's lender is unwilling to grant additional
     waivers or amendments.

     Disclosures Regarding Forward-Looking Statements

     This report on Form 10-Q includes "forward-looking statements" within the
     meaning of Section 27A of the Securities Act of 1933, as amended, and
     Section 21E of the Securities Exchange Act of 1934, as amended. All
     statements other than statements of historical facts included in this Form
     10-Q, including, without limitation, statements contained in this
     "Management's Discussion and Analysis of Financial Condition and Result of
     Operations" regarding the Company's financing alternatives, financial
     position, business strategy, plans and objectives of management of the
     Company for future operations, and industry conditions, are
     forward-looking statements. Although the Company believes that the
     expectations reflected in any such forward-looking statements are
     reasonable, it can give no assurance that such expectations will prove to
     have been correct. Any forward-looking statements herein are subject to
     certain risks and uncertainties in the Company's business, including but
     not limited to, the intense competition in its markets, its recent
     experience of increasing raw material prices, the absence of assurance of
     strategic and financing alternatives, Mexican currency fluctuations and
     its reliance on certain key customers; all of which may be beyond the
     control of the Company. Any one or more of these factors could cause
     actual results to differ materially from those expressed in any forward-
     looking statement. All subsequent written and oral forward-looking
     statements attributable to the Company or person acting on its behalf are
     expressly qualified in their entirety by the cautionary statements
     disclosed in this paragraph and otherwise in this report.





                                       13
<PAGE>   14
                           SUN COAST INDUSTRIES, INC.
                               SEPTEMBER 30, 1996

PART II - OTHER INFORMATION

     Item 1 - 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

     Item 6 - Exhibits and Reports in Form 8K

        (a) Exhibits:





                                       14
<PAGE>   15
                                   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.

                         Sun Coast Industries, Inc.
                         ------------------------------------------------------
                         Registrant

11/13/96                 By:
--------                     --------------------------------------------------
 Date                        Eddie Lesok, Chief Executive Officer and President

11/13/96                 By:
--------                     --------------------------------------------------
 Date                        Cynthia R. Morris, CFO, Secretary and Treasurer



                                       15