FORM 10-Q/A No. 1

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


              [X] Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934


                  For the Quarterly Period Ended: June 30, 1997

                                       or

              [ ] Transition Report Pursuant to Section 13 or 15(d)
                     Of the Securities Exchange Act of 1934

                         Commission File Number: 0-16479
       

                         PEOPLES TELEPHONE COMPANY, INC.
             (Exact name of registrant as specified in its charter)


                 NEW YORK                               13-2626435 
       (State or other jurisdiction of               (I.R.S. Employer
        incorporation or organization)                   I.D. No.) 

                 2300 NORTHWEST 89TH PLACE, MIAMI, FLORIDA 33172
               (Address of principal executive offices) (Zip Code)
 
                                 (305) 593-9667
              (Registrant's telephone number, including area code)


Part I.  Item 6 of the  Form  10-Q  of  Peoples  Telephone  Company,  Inc.  (the
"Company")  for the  quarter  ended June 30,1 997 is amended in its  entirety to
read as follows:

Item 6.   Exhibits and Reports on Form 8-K

(a) Exhibits:

Exhibits  Description

10.1 Letter  Agreements  dated  February 25, 1997 and March 17, 1997 between the
Company and David Arvizu

10.2 Letter  Agreement  dated July 15,  1997  between the Company and William A.
Baum

27 Financial Data Schedule

(b) Reports on Form 8-K:
(i) A current  report on Form 8-K dated July 10, 1997  related to Item 5 - Other
Information.
(ii) A current  report on Form 8-K dated July 17, 1997 related to Item 5 - Other
Information.



                                   SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  gehalf by the
undersigned thereunto duly authorized.


                        PEOPLES TELEPHONE COMPANY, INC.
                        Registrant



Date: August 29, 1997   /s/ William A. Baum
                        -------------------------------
                        William A. Baum
                        Chief Financial Officer