SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

  X      QUARTERLY  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
-----    EXCHANGE ACT OF 1934


                For the quarterly period ended                  April 30, 1999
                                                                --------------

         TRANSITION REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
-----    EXCHANGE ACT OF 1934


                For the transition period from              to



                Commission file number 0-13284



                               V BAND CORPORATION
                               ------------------
             (Exact name of registrant as specified in its charter)


        New York                                                  13-2990015
        --------                                                  ----------
(State or other jurisdiction of                                 (IRS Employer
incorporation or organization)                               Identification No.)


                  3 Westchester Plaza, Elmsford, New York 10523
                  ---------------------------------------------
              (Address and zip code of principal executive office)


                                 (914) 789-5000
                                 --------------
              (Registrant's telephone number, including area code)


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
                                      ------   ------

The number of shares of Common  Stock  outstanding,  as of April 30,  1999,  was
5,428,621 shares.
<PAGE>
                               V BAND CORPORATION
                           FORM 10-Q QUARTERLY REPORT
                FOR THE THREE AND SIX MONTHS ENDED APRIL 30,1999


                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                       Page
                          PART I. Financial Information
                          -----------------------------

<S>            <C>                                                                                         <C>
Item 1.        Financial Statements
               Consolidated balance sheets at April 30, 1999 (unaudited) and October 31, 1998
                   ......................................................................................  1
               Consolidated statements of operations for the three and six months ended April
                   30, 1999 and 1998 (unaudited).........................................................  2

               Consolidated statements of cash flows for the six months ended April 30, 1999
                   and 1998 (unaudited)..................................................................  3

               Notes to consolidated financial statements (unaudited)....................................

Item 2.        Management's Discussion and Analysis of Financial Condition and Results of
                   Operations ...........................................................................  6


Item 3.        Quantitative and Qualitative Disclosures About Market Risk................................  7


                           PART II. Other Information

Item 5.        Other Information ........................................................................  7


Item 6.        Exhibits and Reports on Form 8-K .........................................................  7

SIGNATURES                                                                                                 8
----------
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                       V BAND CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                      APRIL 30, 1999 AND OCTOBER 31, 1998
                          (in 000's except share data)
                                                                   April 30,               October 31,
                                                                     1999                     1998
                                                               ------------------       ------------------
      ASSETS                                                      (unaudited)
<S>                                                                        <C>                      <C>
Current Assets:
Cash                                                                       $ 794                    $ 915
Accounts receivable, less allowance for doubtful
      accounts of $367 in 1999 and $289 in 1998                            1,775                    2,813
Inventories, net                                                           3,594                    4,241
Prepaid expenses and other current assets                                    262                      313
                                                               ------------------       ------------------
                         Total current assets                              6,425                    8,282
                                                               ------------------       ------------------
Fixed Assets:
Furniture, fixtures, equipment and leasehold improvements                  7,866                    7,811
Less: Accumulated depreciation and amortization                           (7,580)                  (7,444)
                                                               ------------------       ------------------
                         Total fixed assets                                  286                      367
                                                               ------------------       ------------------

Other Assets                                                                 128                      158
                                                               ------------------       ------------------

      TOTAL ASSETS                                                       $ 6,839                  $ 8,807
                                                               ==================       ==================
      LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term debt                                                            $ 707                  $ 1,425
Accounts payable                                                           2,371                    2,434
Accrued wages                                                              1,010                      842
Customer deposits                                                          1,711                    1,389
Other accrued expenses                                                       567                      797
                                                               ------------------       ------------------
                         Total  current liabilities                        6,366                    6,887
                                                               ------------------       ------------------
Commitments and Contingencies (see notes)

Shareholders' Equity:
Common stock, $.01 par value; authorized 20,000,000 shares;
      issued 7,147,943 shares                                                 71                       71
Capital in excess of par value                                            20,016                   20,016
Deficit                                                                   (8,036)                  (6,639)
Cumulative translation adjustment                                            190                      240
                                                               ------------------       ------------------
                                                                          12,241                   13,688

Less  -  Treasury stock, at cost; 1,719,322 shares                       (11,768)                 (11,768)
                                                               ------------------       ------------------
                         Total shareholders' equity                          473                    1,920
                                                               ------------------       ------------------

      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                         $ 6,839                  $ 8,807
                                                               ==================       ==================
</TABLE>

                                       1
<PAGE>
                      V BAND CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
     FOR THE THREE AND SIX MONTHS ENDED APRIL 30, 1999 AND 1998 (unaudited)
                        (in 000's, except per share data)
<TABLE>
<CAPTION>
                                                                   Three Months Ended                   Six Months Ended
                                                                        April 30,                           April 30,
                                                                  1999              1998              1999              1998
                                                                  ----              ----              ----              ----
<S>                                                             <C>               <C>               <C>               <C>
Sales
      Equipment                                                 $ 1,166           $ 3,453           $ 3,259           $ 6,681
      Service                                                     1,722             1,366             3,405             2,862
                                                                -------           -------           -------           -------
          Total sales                                             2,888             4,819             6,664             9,543
                                                                -------           -------           -------           -------

Cost of Sales
      Equipment                                                     755             2,577             2,394             5,000
      Service                                                     1,215             1,001             2,281             1,987
                                                                -------           -------           -------           -------
          Total cost of sales                                     1,970             3,578             4,675             6,987
                                                                -------           -------           -------           -------

          Gross profit                                              918             1,241             1,989             2,556
                                                                -------           -------           -------           -------

Operating Expenses
      Selling, general and administrative                         1,542             1,890             2,967             4,854
     Research and development                                       165               589               354             1,191
                                                                -------           -------           -------           -------
          Total operating expenses                                1,707             2,479             3,321             6,045
                                                                -------           -------           -------           -------

          Operating loss                                           (789)           (1,238)           (1,332)           (3,489)

Interest Expense                                                    (27)              (44)              (62)              (94)
Other Income (Expense)                                              (13)               29                (3)                8
                                                                -------           -------           -------           -------
          Net loss                                               $ (829)         $ (1,253)         $ (1,397)         $ (3,575)
                                                                =======           =======          ========          ========
Net loss per basic and diluted common share                      $ (.15)         $   (.23)            $(.26)            $(.66)
                                                                =======           =======          ========          ========

Weighted average number of basic and diluted
    shares outstanding                                            5,429             5,427             5,429             5,420
                                                                =======           =======          ========          ========

</TABLE>
                 See notes to consolidated financial statements

                                      2
<PAGE>

                       V BAND CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE SIX MONTHS ENDED APRIL 30, 1999 AND 1998 (unaudited)
                                   (in 000's)
<TABLE>
<CAPTION>
                                                                       1999                1998
                                                                 ---------------     ---------------
<S>                                                                    <C>                 <C>
Cash Flows from Operating Activities
    Net loss                                                           $ (1,397)           $ (3,575)
    Adjustments to reconcile net loss to net
       cash provided by operating activities:
       Depreciation                                                         136                 246
       Amortization of other assets                                          17                  17
       Provision for doubtful accounts                                       81                   6
       Waiver of Chief Executive Officer's compensation                       -                 100
       Changes in assets and liabilities:
           Accounts receivable                                              957               4,626
           Inventories                                                      647                (705)
           Prepaid expenses and other current assets                         51                 (98)
           Other assets                                                      13                   -
           Accounts payable and other current liabilities                   197               1,625
           Foreign currency translation adjustment                          (50)                 23
                                                                 ---------------     ---------------
               Net cash provided by operating activities                    652               2,265
                                                                 ---------------     ---------------

Cash Flows from Investing Activities
    Capital expenditures                                                    (55)                (64)
                                                                 ---------------     ---------------
               Net cash used in investing activities                        (55)                (64)
                                                                 ---------------     ---------------

Cash Flows from Financing Activities
    Proceeds from short-term debt                                         5,390              10,794
    Payments of short-tem debt                                           (6,108)            (11,764)
    Proceeds from issuance of common stock                                    -                   9
                                                                 ---------------     ---------------
               Net cash used in financing activities                       (718)               (961)
                                                                 ---------------     ---------------

Net increase (decrease) in cash                                            (121)              1,240
Cash at beginning of period                                                 915                 336
                                                                 ---------------     ---------------
Cash at end of period                                                     $ 794             $ 1,576
                                                                 ===============     ===============

Supplementary Disclosures
    Income taxes paid                                                       $ -                $ 16
                                                                 ===============     ===============
    Interest paid                                                          $ 62                $ 94
                                                                 ===============     ===============

</TABLE>
                 See notes to consolidated financial statements

                                        3
<PAGE>
                       V BAND CORPORATION AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (in 000's)

Note A -- Basis of Presentation

The accompanying  consolidated  financial  statements  include the accounts of V
Band  Corporation  and  its  wholly-owned  subsidiaries  (the  "Company").   All
significant intercompany balances and transactions have been eliminated. Certain
information and footnote  disclosures  normally included in financial statements
prepared in accordance with generally accepted  accounting  principles have been
condensed or omitted.  These consolidated financial statements should be read in
conjunction with the Company's audited financial  statements for the fiscal year
ended October 31, 1998 as set forth in the Company's annual report on Form 10-K.
In the  opinion of  management,  all  adjustments  (which  include  only  normal
recurring  adjustments)  necessary  to present  fairly the  financial  position,
results of operations and cash flows at April 30, 1999 and all periods presented
have been made.

The accompanying  consolidated  financial statements have been prepared assuming
that the Company will  continue as a going  concern.  The  Company's  ability to
continue as a going concern is uncertain based on the matters  discussed  below.
The consolidated financial statements do not include any adjustments relating to
the  recoverability  and  classification of assets or the amounts of liabilities
that might be  necessary  should the  Company be unable to  continue  as a going
concern.  The Company's  continuation  as a going concern is dependent  upon the
Company's ability to return to profitability and to maintain compliance with its
amended bank covenants.

The Company has incurred  recurring losses from  operations.  As a result of the
Company's results of operations, the bank amended the financial covenants of the
Credit  Agreement (see Note D). However,  the Company did not satisfy all of the
amended  financial  covenants  for the  second  quarter of 1999.  The  Company's
operations  are dependent upon the continued  availability  of funding under the
Credit  Agreement.  The  continued  availability  of  funding  under the  Credit
Agreement  is  dependent,  in turn,  upon the  Company's  ability to satisfy the
amended  financial  covenants  set forth in the  Credit  Agreement  and upon the
ability  of  the  Company  to  generate  sufficient  revenue  and  results  from
operations to support such funding.  The Company is presently seeking additional
sales  orders in order to improve  the  results of its  operations.  There is no
assurance that the Company will be able to improve the results of its operations
to satisfy the amended financial covenants.

Note B -- Significant accounting policies

Revenue  recognition  -  Equipment  revenue,  for new system  installations  and
modifications  to existing systems at customer  locations,  is recognized as the
product is shipped.  For long-term  contracts,  equipment  revenue is recognized
under the  percentage of completion  method.  Service  revenue,  which  includes
maintenance  contract  revenue and repairs,  is recognized  when the service has
been completed.

Note C -- Inventories

Inventories are summarized as follows:
<TABLE>
<CAPTION>
                                                1999                          1998
                                            -------------                 -------------
<S>                                              <C>                           <C>
Finished goods                                   $ 3,278                       $ 3,812
Parts and components                               2,824                         3,339
                                            -------------                 -------------
                                                   6,102                         7,151
Less:  Inventory reserves                         (2,508)                       (2,910)
                                            =============                 =============
                                                 $ 3,594                       $ 4,241
                                            =============                 =============

</TABLE>
                                       4
<PAGE>
Note D - Short-term Debt

In May 1997, the Company  entered into a Credit  Agreement with National Bank of
Canada, (the "Credit Agreement") which expires in May 2000. The Credit Agreement
provided a revolving loan and letter of credit facility of up to $4 million. The
Company's  obligations  under the  Credit  Agreement  are  secured by a security
interest  in  all  of  the  assets  of  V  Band  Corporation  and  its  domestic
subsidiaries. Under the terms of the Credit Agreement, the Company is restricted
from paying  dividends  if an event of default has  occurred  and is  continuing
thereunder.  Due to the Company's  results of operations  for 1997,  the Company
failed to satisfy the financial  covenants set forth in the Credit Facility.  On
February  9,  1998,  National  Bank of Canada  waived the  Company's  failure to
satisfy those covenants at October 31, 1997 and amended the covenants for fiscal
year 1998. In addition,  the interest  rate on the  outstanding  borrowings  was
modified  to prime  plus 2 percent  effective  February  1,  1998.  The  amended
financial  covenants were not satisfied for the  three-month  period ended April
30, 1998. On June 4, 1998,  National Bank of Canada waived the Company's failure
to satisfy  those  covenants at April 30, 1998 and amended the covenants for the
remainder  of fiscal year 1998.  The  Company  satisfied  the amended  financial
covenants for the three-month  periods ended July 31, 1998, October 31, 1998 and
January 31, 1999, but was in violation of a non-financial covenant as of October
31, 1998. On February 18, 1999, National Bank of Canada waived the non-financial
covenant  default,  amended the  financial  covenants  for all  periods  through
expiration,  and reduced the revolving  loan and credit  facility to $2 million.
The  amended  financial  covenants  require,  among  other  things,  a return to
profitability  in the third fiscal  quarter of 1999. The Company did not satisfy
all of the amended  financial  covenants for the three-month  period ended April
30, 1999. The prime rate was 7.75% at April 30, 1999.


Note E - Agreement and Plan of Merger

On April 14, 1999, the Company entered into an Agreement and Plan of Merger (the
"Merger Agreement") among IPC Information Systems, Inc. ("IPC"), IPC Merger Sub,
Inc., a wholly-owned  subsidiary of IPC ("Merger Sub"),  and the Company.  Under
the Merger Agreement,  and subject to the approval of shareholders  representing
two-thirds of the  outstanding  shares of Common Stock and the  satisfaction  of
certain other conditions, a merger (the "Merger") will occur between the Company
and Merger Sub. Upon consummation of the Merger, the Company will merge with and
into Merger Sub,  the  separate  existence  of the Company  will cease,  and all
shareholders of the Company, with the exception of the shareholders who properly
exercise  their  dissenter's  rights,  will receive  $0.27 for each share owned,
without interest.  Shareholders who properly  exercise their dissenter's  rights
will receive  payment in  accordance  with  Sections 623 and 910 of the New York
Business Corporation Law.

                                       5
<PAGE>
Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (in 000's except per share data)

Results of Operations
---------------------

Sales for the second  quarter of 1999,  ended  April 30,  1999,  of $2,888  were
$1,931,  or 40%,  lower than the $4,819  reported in the second quarter of 1998.
Equipment sales of $1,166 in the second quarter of 1999 decreased by $2,287,  or
66%,  from the  equipment  sales of $3,453 in the second  quarter of 1998.  This
decrease was primarily due to decreased demand for the Company's products. Sales
from the Company's service business  increased to $1,722, or 26%, for the second
quarter of 1999 from $1,366 for the second  quarter of 1998.  This  increase was
primarily due to new maintenance  contracts entered into after the expiration of
warranty periods for  installations of the Company's  eXchange phone in previous
fiscal years and an increase in other customers serviced by the Company.

Gross  profit  margin for the three and six months  ended April 30, 1999 was 32%
and 30%  respectively  as  compared  to 26% and 27% for the  three and six month
periods  in 1998.  Equipment  gross  profit  margin for the three and six months
ended  April 30, 1999 was 35% and 27%  respectively  as compared to 25% for both
periods in 1998. This increase was primarily  attributable to  modifications  to
existing systems  representing a higher  percentage of total equipment sales. In
general,  modifications to existing systems generate higher gross profit margins
than new  installations.  The gross profit  margin for service sales was 29% for
the second  quarter and 33% for the six months  ended April 30, 1999 as compared
to 27% and 31%  respectively  for the comparable 1998 periods.  The increase was
attributable to the increase in maintenance sales.

Operating expenses for the second quarter of 1999 were $1,706 or $773 lower than
the $2,479  reported for the second  quarter of 1998. The decrease was primarily
attributable  to  reductions  in the number of  employees  and in  research  and
development expenditures.

The net loss  reported in the second  quarter  ended April 30, 1999 was $829, or
$.15 per share,  compared  to a net loss of $1,253,  or $.23 per share,  for the
second  quarter  of  1998.  The  smaller  loss  was  primarily  attributable  to
reductions  in  the  number  of  employees  and  in  research  and   development
expenditures.  The average  shares  outstanding  for the quarter ended April 30,
1999 increased to 5,429 versus 5,427 for the same period in 1998.

Financial Condition
-------------------

The  Company's  cash was $794 at April 30,  1999,  a  decrease  of $121 from the
October 31, 1998 balance of $915. Accounts receivable decreased $1,038 primarily
due to the decrease in sales for the six months ended April 30, 1999 as compared
to the same  period  in 1998.  Short-term  debt  decreased  $718 as a result  of
payments  made during the  six-month  period.  Inventory  decreased  $647 as the
Company substantially  reduced new purchases and also rescheduled  deliveries of
goods previously ordered from its subcontractors and suppliers.
<PAGE>
The Company's  losses for 1997, 1998 and the first six months of 1999 have had a
substantial  impact on its working  capital and  liquidity.  On May 28, 1997 the
Company entered into a Credit  Agreement (the "Credit  Agreement") with National
Bank of Canada, New York Branch (the "Bank"). The Credit Agreement provides a $2
million  credit  facility to the  Company  secured by  substantially  all of the
assets  of the  Company  and  its  domestic  subsidiaries.  As a  result  of the
Company's results of operations, the Bank amended the financial covenants of the
Credit  Agreement.  The Company's  operations  are dependent  upon the continued
availability of funding under the Credit Agreement.  The continued  availability
of funding under the Credit Agreement is dependent,  in turn, upon the Company's
ability to  satisfy  the  amended  financial  covenants  set forth in the Credit
Agreement. The amended financial covenants require, among other things, a return
to  profitability  in the third  fiscal  quarter of 1999.  The  Company  did not
satisfy all of the amended financial  covenants for the three-month period ended
April 30, 1999.
                                       6
<PAGE>
Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Although  the  Company  currently  invoices  its  customers  in US dollars or UK
pounds,  exchange rates for these and other local  currencies in countries where
the  Company  may  operate in the future may  fluctuate  in  relation  to the US
dollar.  Such fluctuations may have an adverse effect on the Company's  earnings
or assets when local  currencies are exchanged for US dollars.  Any weakening of
the value of such local  currency  against the US dollar  could  result in lower
revenues  and earnings for the  Company.  To date,  gains and losses  related to
foreign currency  transactions  and foreign  currency  translation have not been
material for the Company.  Included in the Company's  consolidated balance sheet
at October 31, 1998 are net assets of the Company's United Kingdom subsidiary of
$816,000. There has been no material change in this information during the first
six months of 1999.

Item 5.  Other Information

At a special  meeting of the Company's  shareholders  held on June 14, 1999, the
Company's  shareholders  approved and adopted the  Agreement  and Plan of Merger
dated April 14, 1999 (the "Merger  Agreement")  among IPC  Information  Systems,
Inc.  ("IPC"),  IPC Merger Sub, Inc., a wholly-owned  subsidiary of IPC ("Merger
Sub"),  and the Company  and the merger of the Company  with and into Merger Sub
(the  "Merger").   Shareholders   holding  3,701,328  shares  of  the  Company's
outstanding  Common Stock voted for, and shareholders  holding 229,919 shares of
the  Company's  Common  Stock voted  against,  the  approval and adoption of the
Merger  Agreement  and the Merger.  There were 5,251  shares  which  constituted
abstentions and broker non-votes.

The  completion of the Merger is subject to the  satisfaction  of the conditions
set forth in the Merger Agreement.


Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits
                  10.21    Amendment #3 to Credit  Agreement dated as of January
                           19, 1999 between V Band Corporation and National Bank
                           of Canada, New York Branch.
                  10.22    Amendment #4 to Credit Agreement dated as of February
                           18, 1999 between V Band Corporation and National Bank
                           of Canada, New York Branch.
                  10.23    Agreement  and  Plan  of  Merger  by  and  among  IPC
                           Information Systems, Inc., IPC Merger Sub, Inc. and V
                           Band Corporation dated April 14, 1999.


                                       7
<PAGE>
                               V BAND CORPORATION

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.



                                                  V BAND CORPORATION
                                                  ------------------
                                                     (Registrant)

Date: June 14, 1999
                                                  /s/ Thomas E. Feil
                                                  ------------------
                                                  Thomas E. Feil
                                                  Chief Executive Officer
                                                  (Duly Authorized Officer)



Date:  June 14, 1999
                                                  /s/ Robert O. Riiska
                                                  --------------------
                                                  Robert O. Riiska
                                                  Chief Financial Officer
                                                  (Principal Accounting Officer)