<PAGE>   1

                    U. S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549



                                   FORM 10-QSB



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

                For the quarterly period ended September 30, 1999

                 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
                               OF THE EXCHANGE ACT

                  For the transition period from _____ to _____


                         Commission file number 0-21061


                               LTI HOLDINGS, INC.
        (Exact name of small business issuer as specified in its charter)

            Delaware                                           58-2044990
            --------                                           ----------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                             Identification No.)


             5115 New Peachtree Road, Suite 200, Atlanta, GA 30341
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (770) 454-7403
--------------------------------------------------------------------------------
                           (Issuer's telephone number)



Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 [ ]

The number of shares of the issuer's Common Stock outstanding as of October 31,
1999 was 3,185,100.

Transitional Small Business Disclosure Format      Yes [ ]    No [X]


<PAGE>   2


                        LTI Holdings, Inc. AND SUBSIDIARY



                                      INDEX

<TABLE>
<CAPTION>
                                                                          Page No.
<S>                                                                       <C>
Part I - Financial Information

         Item 1.  Financial Statements

                  Consolidated Balance Sheets as of September 30, 1999        3
                  (Unaudited) and March 31, 1999 (Audited)

                  Consolidated Statements of Operations for the Six           4
                  Months Ended September 30, 1999 and 1998 (Unaudited)

                  Consolidated Statements of Cash Flows for the Six           5
                  Months Ended September 30, 1999 and 1998 (Unaudited)

                  Notes to Consolidated Financial Statements                  6

         Item 2.  Management's Discussion and Analysis of Financial           7
                  Condition and Results of Operations

Part II - Other Information                                                   9
</TABLE>





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<PAGE>   3

                        LTI HOLDINGS, INC. AND SUBSIDIARY
             (formerly Laminating Technologies, Inc. and Subsidiary)

                           Consolidated Balance Sheets

<TABLE>
<CAPTION>
                                                                   September 30,       March 31,
                                                                       1999              1999
                                                                   ------------      ------------
                                                                    (Unaudited)        (Audited)
<S>                                                                <C>               <C>
                             ASSETS

Current Assets:

           Cash                                                    $    124,274      $    210,271

           Investments                                                1,794,181         1,670,299

           Accounts receivable (net of $33,210 allowance for
             doubtful accounts)                                              --           197,733

           Inventory                                                         --           400,812

           Other current assets                                          36,160            61,516
                                                                   ------------      ------------
                    Total Current Assets                              1,954,615         2,540,631

Property and equipment, net                                                  --           261,234
                                                                   ------------      ------------
                    Total Assets                                   $  1,954,615      $  2,801,865
                                                                   ============      ============

                             LIABILITIES

Current Liabilities:

           Current maturity of note payable                        $     16,254      $     39,840

           Accounts payable                                               1,024            50,148

           Accrued expenses                                              75,250           100,080
                                                                   ------------      ------------
                    Total Current Liabilities                            92,528           190,068

Notes payable, less current maturities                                       --                --
                                                                   ------------      ------------
                    Total Liabilities                                    92,528           190,068
                                                                   ------------      ------------

                    STOCKHOLDERS' EQUITY

Series A convertible preferred stock, par value $.01,
           5,000,000 shares authorized, none issued

Common stock, par value $.01, 20,000,000 shares authorized,
           3,185,100 shares and 3,185,100 shares issued and
           outstanding, respectively                                     31,851            31,851

Additional paid-in capital                                           11,709,254        11,709,254

Accumulated deficit                                                  (9,879,018)       (9,129,308)
                                                                   ------------      ------------
                    Total Stockholders' Equity                        1,862,087         2,611,797
                                                                   ------------      ------------
                    Total Liabilities and Stockholders' Equity     $  1,954,615      $  2,801,865
                                                                   ============      ============
</TABLE>


           See notes to accompanying consolidated financial statements


                                       3
<PAGE>   4

                        LTI HOLDINGS, INC. AND SUBSIDIARY
             (formerly Laminating Technologies, Inc. and Subsidiary)

                      Consolidated Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                  Three Months Ended              Six Months Ended
                                                     September 30,                  September 30,
                                               --------------------------    --------------------------
                                                  1999           1998           1999           1998
                                               -----------    -----------    -----------    -----------
<S>                                            <C>            <C>            <C>            <C>
Net sales                                      $        --    $   273,804    $   553,002    $   537,749

Cost of sales                                           --        226,621        399,341        468,678
                                               -----------    -----------    -----------    -----------
Gross profit                                            --         47,183        153,661         69,071

Selling, general and administrative expenses       118,368        291,715        589,792        598,920

Research and development expenses                       --         72,382         46,142        304,906
                                               -----------    -----------    -----------    -----------
Operating (loss)                                  (118,368)      (316,914)      (482,273)      (834,755)

Interest expense                                      (484)        (1,397)        (1,203)        (3,011)

Investment income                                   23,416         32,322         43,878         72,768

Loss on sale of assets                                                          (335,489)
                                               -----------    -----------    -----------    -----------
Net (loss)                                     $   (95,436)   $  (285,989)   $  (775,087)   $  (764,998)
                                               ===========    ===========    ===========    ===========
Net (loss) per share of common stock                 (0.03)         (0.10)         (0.28)         (0.28)
                                               ===========    ===========    ===========    ===========
Weighted average number of common
    shares outstanding                           2,775,100      2,775,100      2,775,100      2,775,100
                                               ===========    ===========    ===========    ===========
</TABLE>


           See notes to accompanying consolidated financial statements



                                       4
<PAGE>   5

                        LTI HOLDINGS, INC. AND SUBSIDIARY
             (formerly Laminating Technologies, Inc. and Subsidiary)

                 Consolidated, Condensed Statement of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                     Three Months Ended          Six Months Ended
                                                         September 30              September 30,
                                                  ------------------------    ----------------------
                                                      1999         1998         1999         1998
                                                  -----------    ---------    ---------    ---------
<S>                                               <C>            <C>          <C>          <C>
Cash flows from operating activities:

  Net (loss)                                      $   (95,436)   $(285,989)   $(775,087)   $(764,998)

Adjustments to reconcile net (loss) to net cash
  (used in) operating activities:
  Depreciation and amortization                                     23,816       18,305       46,698
  Changes in current assets and liabilities           (21,374)    (231,810)     549,947      (99,094)
                                                  -----------    ---------    ---------    ---------
    Net cash (used) in operating activities          (116,810)    (493,983)    (206,835)    (817,394)
                                                  -----------    ---------    ---------    ---------
Cash flows from investing activities:
  Sale (purchase) of investments                     (797,156)      (1,936)     (98,506)     469,199
  Acquisitions of fixed assets                                     (26,048)     242,929     (171,687)
                                                  -----------    ---------    ---------    ---------
    Net cash (used) in investing activities          (797,156)     (27,984)     144,423      297,512
                                                  -----------    ---------    ---------    ---------
Cash flows from financing activities:
  (Repayment) of notes payable                        (11,910)     (11,910)     (23,585)     (22,690)
                                                  -----------    ---------    ---------    ---------
    Net cash (used) in financing activities           (11,910)     (11,910)     (23,585)     (22,690)
                                                  -----------    ---------    ---------    ---------
NET (DECREASE) IN CASH AND CASH EQUIVALENTS          (925,876)    (533,877)     (85,997)    (542,572)
Cash and cash equivalents - beginning of period     1,050,150      730,238      210,271      738,933
                                                  -----------    ---------    ---------    ---------
CASH AND CASH EQUIVALENTS  - END OF PERIOD        $   124,274    $ 196,361    $ 124,274    $ 196,361
                                                  ===========    =========    =========    =========
</TABLE>




           See notes to accompanying consolidated financial statements




                                       5
<PAGE>   6

                        LTI HOLDINGS, INC. AND SUBSIDIARY
             (formerly Laminating Technologies, Inc. and Subsidiary)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE A.  FINANCIAL INFORMATION

         The accompanying financial statements have been prepared on a
consolidated basis. They include the accounts of the Company and its
wholly-owned inactive subsidiary, Revenue Process Development, Inc. All
intercompany transactions and balances have been eliminated in consolidation.

         The unaudited interim condensed financial statements of LTI Holdings,
Inc. and Subsidiary (the "Company") have been prepared pursuant to the rules and
regulations of the Securities and Exchange Commission. Accordingly, certain
information and footnote disclosures normally included in financial statements
prepared in accordance with Generally Accepted Accounting Principles have been
condensed or omitted. These interim condensed financial statements should be
read in conjunction with the financial statements and notes included in the
Company's Form 10-KSB for the fiscal year ended March 31, 1999.

         In the opinion of management, the interim condensed financial
statements reflect all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the interim periods. The
results of operations for the interim periods are not necessarily indicative of
the results of operations to be expected for the full year.

         As of June 30, 1999, the Company sold substantially all of its
operating assets for approximately $400,000. As of the present time, the Company
has no operating business. In connection with the sale of the operating assets,
the Company changed its name from Laminating Technologies, Inc. to LTI Holdings,
Inc.

NOTE B.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         (1)      Investments

                  Investments consist primarily of commercial paper. These
                  investments are accounted for as available for sale securities
                  and are stated at fair value, which approximates cost.

         (2)      Inventory

                  Inventory is recorded at lower of cost or market, using the
                  first-in, first-out (FIFO) cost flow method.

         (3)      Net loss per share of common stock

                  Net loss per share of common stock was determined by dividing
                  net loss by the weighted average number of shares outstanding
                  during each period. The weighted average number of shares
                  outstanding excludes 410,000 shares held in escrow. The
                  computation of fully diluted net loss per share of common
                  stock would have been antidilutive in each of the periods
                  presented.



                                       6
<PAGE>   7




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

GENERAL

         The Company was a development stage company organized to develop,
design and market value-added packaging and specialty display products. Since
its inception, the Company's efforts had been principally devoted to research,
development and design of products, marketing activities and raising capital.
The Company had only limited sales and has incurred substantial operating losses
from these activities. As previously announced by the Company, as of June 30,
1999 the Company sold substantially all of its operating assets to Packaging
Atlanta Corporation. The Company has ceased its operations and is in the process
of exploring opportunities to effect an acquisition of the Company, by merger,
exchange or issuance of securities, or similar business combination (a "Business
Combination"). Therefore, readers should note that the following discussion of
Results of Operations is being provided for historical comparison purposes only
and is not meant to describe the Company's present operations or planned future
operations.

         The following discussion should be read in conjunction with the
Company's audited financial statements for the year ended March 31, 1999
included in Form 10-KSB.

RESULTS OF OPERATIONS

Three Months Ended September 30, 1998 and 1999.

         Net sales decreased from approximately $274,000 in the three months
ended September 30, 1998 ("1998 Three Months") to $0 in the three months ended
September 30, 1999 ("1999 Three Months"). This decrease is due to the Company
selling its operating assets as of June 30, 1999.

         Gross profit decreased from approximately $47,000 in the 1998 Three
Months, to $0 in the 1999 Three Months. The gross profit margin decrease is due
to the Company selling its operating assets as of June 30, 1999.

         Selling, general and administrative expenses decreased 60% from the
1998 Three Months of approximately $292,000 to approximately $118,000 in the
1999 Three Months. This decrease is primarily due to the reduction in personnel
due to the company selling its operating assets as of June 30, 1999.

         Research and development expense decreased from approximately $72,000
in the 1998 Three Months to $0 in the 1999 Three Months. This decrease is due to
the Company selling its operating assets as of June 30, 1999.

         Interest expense decreased approximately $1,000 from the 1998 Three
Months of approximately $1,000 to approximately $0 in the 1999 Three Months.
This decrease is due to the reduction in principal of an outstanding note.
Interest income decreased from approximately $32,000 in the 1998 Three Months to
approximately $23,000 in the 1999 Three Months. This decrease is primarily due
to the amount of cash available for investing being greater in the 1998 Three
months than in the 1999 Three Months.

         Net loss decreased from approximately $286,000 or ($.10) per share in
1998 Three Months to approximately $95,000, or ($.03) per share, in 1999 Three
Months as a result of the foregoing factors.

Six Months Ended September 30, 1998 and 1999.

         Net sales increased from approximately $538,000 in the six months ended
September 30, 1998 ("1998 Six Months") to $553,000 in the six months ended
September 30, 1999 ("1999 Six Months"). This



                                       7
<PAGE>   8

increase is due to the Company's sales growth in its baking products line during
the first quarter of fiscal 1999.

         Gross profit increased from approximately $69,000 in the 1998 Six
Months, or 12.8% of sales to approximately $154,000 in the 1999 Six Months, or
27.8% of sales. The gross profit margin increase is primarily due to the Company
being able to sell more of its recently developed higher margin products.

         Selling, general and administrative expenses decreased 1% from the 1998
Six Months of approximately $599,000 to approximately $590,000 in the 1999 Six
Months. Expenses incurred in connection with the sale of the Company's operating
assets prevented a more substantial decrease from occurring.

         Research and development expense decreased from approximately $305,000
in the 1998 Six Months to $46,000 in the 1999 Six Months. This decrease is due
to the Company reducing research and development expenses due to the plan to
sell its operating assets.

         Interest expense decreased approximately $2,000 from the 1998 Six
Months of approximately $3,000 to approximately $1,000 in the 1999 Six Months.
This decrease is due to the reduction in principal of an outstanding note.
Interest income decreased from approximately $73,000 in the 1998 Six Months to
approximately $44,000 in the 1999 Six Months. This decrease is primarily due to
the amount of cash available for investing being greater in the 1998 Six months
than in the 1999 Six Months.

         Loss on sale of assets was approximately $335,000 for the 1999 Six
Months. This loss was recognized as a result of the Company selling
substantially all of its assets as of June 30, 1999. There was no such activity
in the 1998 Six months.

         Net loss increased from approximately $765,000 or ($.28) per share in
1998 Six Months to approximately $775,000, or ($.28) per share, in 1999 Six
Months as a result of the foregoing factors.

LIQUIDITY AND CAPITAL RESOURCES

    The Company used the approximately $400,000 proceeds from the sale of its
assets to repay substantially all of LTI's indebtedness and satisfy its other
obligations. On a going-forward basis, LTI plans to use its remaining cash to
pay ongoing general and administrative expenses, which are significantly reduced
from their historical levels, and to seek suitable Business Combination
candidates.

    Pending a Business Combination, the Company's cash assets will be invested
as the Company believes appropriate under the circumstances, which may include
certificates of deposit, money-market accounts, United States Government
securities or other short-term instruments. LTI will attempt to make such
investments in a manner that will not cause it to be considered an investment
company subject to regulation under the Investment Company Act of 1940.

    Certain common stockholders have agreed to place 410,000 shares of Common
Stock of the Company into escrow ("Escrow Shares"). The Escrow Shares will be
released from escrow only if certain financial conditions or market prices for
the Common Stock have been met or achieved. As of the date of this Report, none
of the financial conditions has been satisfied, nor has the market price been
achieved; therefore, no Escrow Shares have been released from escrow. In the
event of the release of the Escrow Shares, the Company will recognize during the
period in which the earnings thresholds are probable of being met or such stock
price levels achieved, a substantial non-cash charge to earnings (not deductible
for income tax purposes) equal to the fair market value of such shares on the
date of their release, which would have the effect of significantly increasing
the Company's loss or reducing or eliminating earnings, if any, at such time.
There can be no assurance that the Company will attain the targets which would
enable the



                                       8
<PAGE>   9

Escrow Shares to be released from escrow. The recognition of the potential
charges to income described above may have a depressive effect on the market
price of the Company's securities.

    At September 30, 1999 the Company had net operating loss carry-forwards for
Federal income tax purposes of approximately $8,353,000. The net operating loss
and credit carry-forwards expire from March, 2009 through March, 2019. Also, the
Company's ability to utilize its net operating loss carry-forwards may be
subject to annual limitations pursuant to Section 382 of the Internal Revenue
Code. In addition, depending on the future Business Combination recommended by
management as discussed herein, the use of the Company's operating losses may be
limited or prohibited entirely depending on the Business Combination
opportunities implemented, and whether there is a continuation of the Company's
historic business.


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


    This Form 10-QSB contains or incorporates by reference statements that
constitute forward-looking information within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements regarding the Company's
future financial condition, results of operations, cash flows, financing plans,
business strategy, projected costs and capital expenditures, operations after
the sale of substantially all of the Company's operating assets and words such
as "anticipate," "estimate," "expect," "project," "intend," and similar
expressions are intended to identify forward-looking statements. Such statements
are subject to certain risks, uncertainties and assumptions. All of these
forward-looking statements are based on estimates and assumptions made by the
Company's management which, although believed by the Company's management to be
reasonable, are inherently uncertain. Stockholders are cautioned that such
forward-looking statements are not guarantees of future performance or results
and involve risks and uncertainties and that actual results or developments may
differ materially from the forward-looking statements as a result of various
considerations, including the considerations described in this Form 10-QSB,
Proxy Statement and the Company's other filings with the Securities and Exchange
Commission.

PART II.  OTHER INFORMATION

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

         (a)      Exhibits - The following exhibits are filed with this report:

                        27.1     Financial Data Schedule (for SEC use only)

         (b)      One report was filed on Form 8-K.

                        On July 8, 1999 Form 8-K was filed indicating the
                        Company had completed the sale of its operating assets
                        as of June 30, 1999, and that the Company was in the
                        process of changing its name to LTI Holdings, Inc.





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<PAGE>   10

                                   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.


November 2, 1999                   LTI HOLDINGS, INC.



                                   By: /s/ Michael E. Noonan
                                       -----------------------------------------
                                       Michael E. Noonan
                                       Chief Executive Officer and President



                                   By: /s/ Shirley Pigg
                                       -----------------------------------------
                                       Shirley Pigg
                                       Controller (Principal Accounting Officer)





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