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

                                   Form 10-Q/A

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

For Quarterly Period Ended:    January 31, 1997

Commission File Number:   34-11686

                  PLASTIC SPECIALTIES AND TECHNOLOGIES, INC.
            (Exact name of Registrant as specified in its charter)

           DELAWARE                                     22-2515864
(State or other jurisdiction of                       (IRS Employer
incorporation or organization)                      Identification No.)

               65 Railroad Avenue, Ridgefield, New Jersey 07657
                   (Address of principal executive offices)

Registrant's telephone number, including area code: (201)941-6550

         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

         As of May 2, 1997, there were 8,319,833 shares of common stock
outstanding of which 1,441,500 of such shares were held by unaffiliated persons.
The Company is not aware of the market value of the unaffiliated shares.




Part II: OTHER INFORMATION

Item 1.  Legal Proceedings:                          No reportable events

Item 2.  Changes in Securities:                      None

Item 3.  Default upon Senior Securities:             None

Item 4.  Submission of Matters to a Vote
                  of Security Holders:               None

Item 5.  Other Information:                          None

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

         (a)  Exhibits

              (27)  Financial Data Schedule for
                      the six months ended 
                      January 31, 1997

         (b)  None

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                                   SIGNATURES

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

                                    PLASTIC SPECIALTIES AND TECHNOLOGIES, INC.
                                    Registrant

Date:    May 2, 1997                By:  /s/ Thomas V. Gilboy
                                         --------------------------
                                         Thomas V. Gilboy
                                         Chief Financial Officer

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