SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------
                                    FORM 10-Q/A

(Mark One)

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

                  For the quarterly period ending June 30, 1997
                                                  -------------
                                       OR

   [_]            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 1-4719
                                                 ------

                             THE DELTONA CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            DELAWARE                                         59-0997584
--------------------------------------------------------------------------------
(State of other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                         Identification Number)

 999 BRICKELL AVENUE, SUITE 700, MIAMI, FLORIDA               33131
--------------------------------------------------------------------------------
(Address of principal executive office)                     (Zip Code)

Registrant's telephone number, including area code         (305) 579-0999
                                                  ------------------------------

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of  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 the number of shares  outstanding  of the issuer's  classes of
common stock,  as of the latest  practicable  date:  6,734,939  shares of common
stock, $1 par value, excluding treasury stock, as of June 30, 1997.


<PAGE>


                          PART I FINANCIAL INFORMATION
                          ============================

ITEM I.   FINANCIAL STATEMENTS

                    THE DELTONA CORPORATION AND SUBSIDIARIES
                  --------------------------------------------
                 UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
               ---------------------------------------------------
                       JUNE 30, 1997 AND DECEMBER 31, 1996
                      ------------------------------------
                                 ($000 Omitted)
<TABLE>
<CAPTION>

                                                       June 30,       December 31,
                                                         1997            1996
                                                       --------      ------------
<S>                                                    <C>            <C>
Cash and temporary cash investments,
 including escrow deposits and restricted
 cash of $600 in 1997 and $845 in 1996...............  $     672      $     907
                                                       ---------      ---------
Contracts receivable for land sales - net............      8,006          6,965
                                                       ---------      ---------
Mortgages and other receivables - net................        315            384
                                                       ---------      ---------

Inventories (b):
 Land and land improvements..........................      9,953         10,287
 Other...............................................         99             99
                                                       ---------      ---------
         Total inventories...........................     10,052         10,386
                                                       ---------      ---------

Property, plant, and equipment at cost - net.........        393            413
                                                       ---------      ---------
Prepaid expenses and other...........................        273            367
                                                       ---------      ---------
         Total.......................................  $  19,711      $  19,422
                                                       =========      =========


                LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
                -------------------------------------------------

Mortgages and similar debt(c):
 Mortgage notes payable..............................  $  18,707      $  18,707
 Other loans ........................................      3,661          3,661
                                                       ---------      ---------
   Total mortgages and similar debt..................     22,368         22,368

Accounts payable, accrued expenses,
 customers' deposits.................................      8,877          7,169
Allowance for Marco permit costs (d).................          0              0
Deferred revenue.....................................      6,946          7,764
                                                       ---------      ---------
         Total liabilities...........................     38,191         37,301
                                                       ---------      ---------

Commitments and contingencies (d):
 Stockholders' equity (deficiency):
  Common stock, $1 par value -
  authorized 15,000,000 shares;
  outstanding: 1997 and 1996 -
  6,734,939 shares and 6,734,572
  shares (excluding 12,228 shares
  held in treasury in 1997 and 1996).................      6,735          6,734
 Capital surplus.....................................     44,715         44,714
 Accumulated deficit.................................    (69,930)       (69,327)
                                                       ---------      ---------
         Total stockholders' (deficiency)............    (18,480)       (17,879)
                                                       ---------      ---------
                  Total..............................  $  19,711      $  19,422
                                                       =========      =========

</TABLE>

                                       2
<PAGE>

                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
            ---------------------------------------------------------
                            FOR THE PERIODS INDICATED
                            -------------------------
                     ($000 Omitted Except Per Share Amounts)

<TABLE>
<CAPTION>

                                                 Six Months Ended            Three Months Ended
                                             -----------------------       -----------------------
                                             June 30,       June 30,       June 30,       June 30,
                                               1997           1996           1997          1996
                                             --------       --------       --------       --------                  
<S>                                          <C>            <C>            <C>            <C>
Revenues (a):
 Net land sales.......................       $  2,091       $  2,121       $    962       $  1,073
 House and apartment sales............            562            607            241            243
 Recognized improvement
  revenue/ prior period
  sales...............................            761            647            577            516
 Interest income......................            679            537            349            293
 Other revenues.......................            270            356            162            126
                                             --------       --------       --------       --------
     Total............................          4,363          4,268          2,291          2,251
                                             --------       --------       --------       --------
Costs and expenses (a):
 Cost of sales and
  improvements........................          1,265          1,352            636            684
 Selling, general and
  administrative and other
  expenses............................          2,783          2,636          1,368          1,305
 Interest expense (c)(e)..............            918            863            461            441
                                             --------       --------       --------       --------
     Total............................          4,966          4,851          2,465          2,430
                                             --------       --------       --------       --------

Loss from operations .................           (603)          (583)          (174)          (179)
                                             --------       --------       --------       --------
Net Income (Loss).....................       $   (603)      $   (583)      $   (174)      $   (179)
                                             ========       ========       ========       ========
Earning (Loss) per share:
 From operations......................       $   (.09)      $   (.09)      $   (.03)      $   (.03)
                                             --------       --------       --------       --------
Net Income (Loss).....................       $   (.09)      $   (.09)      $   (.03)      $   (.03)
                                             ========       ========       ========       ========
Number of common and common
 equivalent shares....................       6,734,932      6,726,042      6,734,939      6,729,142
                                             =========      =========      =========      =========


<FN>
No dividends have been paid on Common Stock.
Results of operations  for the first six months may not be indicative of results
which  may be  expected  for the full  year.  See Notes to  Unaudited  Condensed
Consolidated Financial Statements.
See Management's Analysis of Quarterly Statements of Operations included herein.
Certain amounts have been reclassified for comparative purposes.
</FN>
</TABLE>
                                        3
<PAGE>


                                    SIGNATURE
                                    ---------




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.



                                             THE DELTONA CORPORATION



Date: August  7, 1997                         By: /s/Donald O. McNelley
      ---------------                             ---------------------
                                                  Donald O. McNelley
                                                  Treasurer
                                                  (Principal Financial Officer)





                                       4