GREENSTONE ROBERTS ADVERTISING INC
10-K/A, 1996-02-26
ADVERTISING AGENCIES
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A Amendment No. 2


[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED).

For the fiscal year ended October 31, 1995 

OR

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED).

For the transition period from              to                   
Commission file number 000-17468



GREENSTONE ROBERTS ADVERTISING, INC.
(Exact name of registrant as specified in its charter)


NEW YORK                               11-2250305
(State or other jurisdiction of    (I.R.S. Employer
incorporation or organization)    Identification No.)

One Huntington Quadrangle
Suite 1C14
Melville, New York                      11747
(Address of principal executive offices)(Zip Code)

 (516) 249-2121
Registrant's telephone number, including area code



Securities registered pursuant to Section 12 (b) of the Act: None.
Securities registered pursuant to Section 12 (g) of the Act:
Common Stock, par value $.01 per share

(Title of Class)

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 by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein
and will not be contained, to the best of Registrant's
knowledge, in definitive proxy or information statements incorporated
by reference in Part
III of this Form 10-K or any amendment to this Form 10-K.  [ X ]

State the aggregate market value of the voting stock held by
non-affiliates of the registrant. The aggregate market value
shall be computed by reference to the price at which the stock
was sold, or the average bid and asked prices of such stock, as
of a specified date within 60 days prior to the date of filing. 
$3,153,270 as of January 22, 1996

Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest
practicable date.
             Common Stock, $0.01 par value -- 7,474,418 shares
                  (as of February 22, 1996)

Item 14.    Exhibits, Financial Statement Schedules and                
                  Reports on Form 8-K.

Exhibit 27  Financial Data Schedule.
<PAGE>

                                 SIGNATURES

Pursuant to the requirements of the Section 15(d) 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 in
the City of Melville, State of New York on February 26, 1996.

                    Greenstone Roberts Advertising, Inc.

                                 By: /s/Ronald M. Greenstone
                                   Ronald M. Greenstone
                                   Chairman of the Board

Pursuant to the requirements of the Securities Exchange Act of 1934,
this Report has been signed by the following persons in the capacities
and on the dates indicated.


RONALD M. GREENSTONE   Chairman of the Board, February 26, 1996
                       Chief Executive Officer,
                       (principal executive
                       officer) and Director

GARY C. ROBERTS        President, Chief       February 26, 1996
                       Operating Officer
                       and Director

GREGORY A. RICE        Senior Vice President, February 26, 1996
                       Chief Financial
                       Officer, Treasurer

ANTHONY V. CURTO       Director              February 26, 1996

RICHARD PROJAIN        Director              February 26, 1996

LEONARD SCHRIFT        Director              February 26, 1996

MARTIN SUSSMAN         Director              February 26, 1996


<TABLE> <S> <C>

<ARTICLE>     5
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1995
<PERIOD-START>                             NOV-01-1994
<PERIOD-END>                               OCT-31-1995
<CASH>                                       3,184,620
<SECURITIES>                                 1,121,015
<RECEIVABLES>                                7,394,429
<ALLOWANCES>                                 (377,723)
<INVENTORY>                                          0
<CURRENT-ASSETS>                            12,298,374
<PP&E>                                       2,775,422
<DEPRECIATION>                             (1,883,435)
<TOTAL-ASSETS>                              13,596,373
<CURRENT-LIABILITIES>                        8,210,360
<BONDS>                                        250,000
                                0
                                          0
<COMMON>                                       106,000
<OTHER-SE>                                   4,976,904
<TOTAL-LIABILITY-AND-EQUITY>                13,596,373
<SALES>                                              0
<TOTAL-REVENUES>                             9,685,169
<CGS>                                                0
<TOTAL-COSTS>                                6,921,093
<OTHER-EXPENSES>                             3,090,593
<LOSS-PROVISION>                                51,907
<INTEREST-EXPENSE>                           (160,034)
<INCOME-PRETAX>                              (218,390)
<INCOME-TAX>                                   (7,328)
<INCOME-CONTINUING>                          (211,062)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (211,062)
<EPS-PRIMARY>                                   (0.02)
<EPS-DILUTED>                                   (0.02)
        

</TABLE>


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