U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A-2
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: April 30, 1996
Commission file number: 0-20824
COMPUTER OUTSOURCING SERVICES, INC.
(Exact name of small business issuer as specified in its charter)
New York 13-3252333
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
360 West 31st Street New York, New York 10001
(Address of principal executive offices)
(212) 564-3730
(Issuer's telephone number)
Check whether the registrant (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 [ ]
There were 3,714,850 shares of the registrant's Common Stock, $0.01 par value,
outstanding as of June 12, 1996.
Transitional Small Business Disclosure Form (check one);
Yes [ ] No [X].
Page 1 of 3
<PAGE>
COMPUTER OUTSOURCING SERVICES, INC. AND SUBSIDIARIES
PART II - OTHER INFORMATION
ITEM 6 - Exhibits and Reports on Form 8-K
(a) Exhibit filed herewith:
10.18 Letter agreement between the Company and "K" Line America,
Inc., amending the terms of a Note dated June 8, 1995 [in-
corporated by reference to Exhibit 10.18 filed with the
first Amendment to Form 10-QSB for April 30, 1996.]
27 Financial Data Schedule
(b) Reports on Form 8-K:
None
Page 2 of 3
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COMPUTER OUTSOURCING SERVICES, INC. AND SUBSIDIARIES
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, there-
unto duly authorized.
COMPUTER OUTSOURCING SERVICES, INC.
/s/
October 29, 1996 Zach Lonstein
Principal Executive Officer
Page 3 of 3
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements included in the Company's Quarterly Report on Form 10-QSB
for the period ended April 30, 1996, and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<CASH> 1,083,714
<SECURITIES> 993
<RECEIVABLES> 4,005,809
<ALLOWANCES> 248,256
<INVENTORY> 0
<CURRENT-ASSETS> 6,053,629
<PP&E> 7,189,122
<DEPRECIATION> 3,773,323
<TOTAL-ASSETS> 19,634,036
<CURRENT-LIABILITIES> 4,994,009
<BONDS> 4,051,683<F1>
0
0
<COMMON> 36,914
<OTHER-SE> 11,219,815
<TOTAL-LIABILITY-AND-EQUITY> 19,634,036
<SALES> 0
<TOTAL-REVENUES> 14,317,091
<CGS> 0
<TOTAL-COSTS> 8,833,068
<OTHER-EXPENSES> 4,992,382
<LOSS-PROVISION> 26,333<F2>
<INTEREST-EXPENSE> 210,189
<INCOME-PRETAX> 310,396
<INCOME-TAX> 153,985
<INCOME-CONTINUING> 156,411
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 156,411
<EPS-PRIMARY> 0.04
<EPS-DILUTED> 0.04
<FN>
<F1>Includes current portion of $1,668,958.
<F2>Also included in "Other Expenses" above.
</FN>
</TABLE>