ARNOLD INDUSTRIES INC
10-Q/A, 1995-05-15
TRUCKING (NO LOCAL)
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                                   FORM 10-Q/A

                      SECURITIES AND EXCHANGE COMMISSION 
                           Washington, D.C.  20549 
(Mark One)

[X]   Quarterly Report Pursuant to Section 13 or 15(d) of the    

           
                  Securities Exchange Act of 1934 

For the quarterly period ended March 31, 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 No. 0-10894.

                            ARNOLD INDUSTRIES, INC.
            (Exact name of registrant as specified in its
charter) 

         Pennsylvania                                  23-2200465

      
(State or other jurisdiction of                 (IRS Employer
incorporation or organization)                   Identification
No.)

                 625 South Fifth Avenue, Lebanon, Pennsylvania
                   (Address of principal executive offices)      

       
                              17042  
                            (Zip Code)

                        (717) 274-2521                          
             (Registrant's telephone number, including area code)

                           No Change                             
      (Former name, former address and former fiscal year, 
                  if changed since last report)

      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        

      Common Stock, par value $1.00 per share:  26,634,054 shares
outstanding as of May 11, 1995.


                         PART II.  OTHER INFORMATION 


Item 6.     Exhibits and Reports on Form 8-K

            (a)   Exhibit 27 - Financial Data Schedule

            (b)   NONE APPLICABLE


                                  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.  


                                    ARNOLD INDUSTRIES, INC.
                                          (Registrant)


Date:  May 15, 1995                 By  Heath L. Allen           

                                    Heath L. Allen, Secretary



Date:  May 15, 1995                 By  Ronald E. Walborn        

                                    Ronald E. Walborn, Treasurer


<TABLE> <S> <C>

<ARTICLE>  5
<LEGEND>   THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
           EXTRACTED FROM THE FINANCIAL STATEMENTS CONTAINED IN
           ARNOLD INDUSTRIES, INC.'S FORM 10-Q FOR THE QUARTER
           ENDED 3/31/95 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
           TO SUCH FINANCIAL STATEMENTS
       
<S>                              <C>
<PERIOD-TYPE>                    3-MOS
<FISCAL-YEAR-END>                             DEC-31-1995
<PERIOD-END>                                  MAR-31-1995
<CASH>                                         12,869,098
<SECURITIES>                                   16,562,351
<RECEIVABLES>                                  32,412,764
<ALLOWANCES>                                    1,197,037
<INVENTORY>                                             0
<CURRENT-ASSETS>                               69,867,253
<PP&E>                                        280,743,025
<DEPRECIATION>                                 94,612,234
<TOTAL-ASSETS>                                270,231,688
<CURRENT-LIABILITIES>                          57,192,185
<BONDS>                                                 0
<COMMON>                                       29,942,628
                                   0
                                             0
<OTHER-SE>                                    152,098,183
<TOTAL-LIABILITY-AND-EQUITY>                  270,231,688
<SALES>                                                 0
<TOTAL-REVENUES>                               83,416,865
<CGS>                                                   0
<TOTAL-COSTS>                                  69,998,978
<OTHER-EXPENSES>                                        0
<LOSS-PROVISION>                                  262,543
<INTEREST-EXPENSE>                                438,747
<INCOME-PRETAX>                                13,427,136
<INCOME-TAX>                                    4,918,205
<INCOME-CONTINUING>                             8,508,931
<DISCONTINUED>                                          0
<EXTRAORDINARY>                                         0
<CHANGES>                                               0
<NET-INCOME>                                    8,508,931
<EPS-PRIMARY>                                         .32
<EPS-DILUTED>                                         .32
        

</TABLE>


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