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

                                   FORM 10-K/A
                                 AMENDMENT NO. 1

(MARK ONE)

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996

                                       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 NO. 0-17909

                              Phoenix Network, Inc.
             (Exact Name of registrant as specified in its charter)

                  DELAWARE                              84-0881154
       (State or other jurisdiction of               (I.R.S. Employer
       incorporation or organization)               Identification No.)

                     1687 COLE BLVD., GOLDEN, COLORADO 80401
                    (Address of principal executive offices)

Registrant's telephone number, including area code: (303) 205-3500

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


     TITLE OF EACH CLASS               NAME OF EACH EXCHANGE ON WHICH REGISTERED
     -------------------               -----------------------------------------
Common Stock $0.001 Par Value                   American Stock Exchange
                                  
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None

         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 [ ]

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

         As of March 24, 1997, the aggregate market value of the voting stock
held by nonaffiliates of the Registrant was $44,187,299 (based on the closing
sales price as reported on the American Stock Exchange).

         The number of shares outstanding of the Registrant's Common Stock,
$0.001 par value, was 25,900,036 at March 24, 1997.
<PAGE>   2
                       DOCUMENTS INCORPORATED BY REFERENCE

         Part III incorporates certain information by reference from the
Registrant's definitive proxy statement for the annual meeting of stockholders
held on September 26, 1996 (the "1996 Proxy"), which is incorporated by 
reference herein.

         Part II incorporates certain information by reference from the
Registrant's Registration Statement on Form S-3 (file no. 333-20923), as amended
(the "Registration Statement on Form S-3"), which was filed with the Securities
and Exchange Commission (the "Commission") on January 31, 1997, and is
incorporated by reference herein.

         Except for the historical information contained herein, the following
discussion contains forward-looking statements that involve risks and
uncertainties. The Registrant's actual results could differ materially from
those discussed here. Factors that could cause or contribute to such differences
include, but are not limited to, those discussed in the sections entitled
"Business" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and in the section entitled "Risk Factors" included
within the Registrant's Registration Statement on Form S-3 incorporated by
reference herein.


                                    PART III

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         The following table sets forth certain information regarding the
beneficial ownership of the voting securities of the Company as of December 31,
1996 by: (i) each director; (ii) each executive officer named above; (iii) all
executive officers and directors of the Company as a group; and (iv) all those
known by the Company to be beneficial owners of more than five percent (5%) of
any class of its voting securities. Each of the Series A, Series B and Series D
Preferred Stock is convertible into shares of Common Stock and vote with the
Common Stock on an as-if-converted basis. Unless otherwise indicated, the
Company believes that each of the persons indicated below has sole voting and
investment power with respect to the shares owned by such person.


<TABLE>
<CAPTION>
                                                          Amount and Nature of Beneficial Ownership                    
                                        -------------------------------------------------------------------------------
                                                                Series A             Series B             Series D
                                           Common Stock      Preferred Stock      Preferred Stock      Preferred Stock
                                        ------------------  -----------------    -----------------    -----------------
                                                                                                                             Percent
                                        Number     Percent  Number    Percent    Number    Percent    Number     Percent    of Total
                                          of         of       of        of         of        of         of         of        Voting
                                        Shares      Class   Shares     Class     Shares     Class     Shares      Class      Power
                                        ------      -----   ------     -----     ------     -----     ------      -----      -----
<S>                                     <C>        <C>      <C>       <C>        <C>       <C>        <C>        <C>        <C>
5% STOCKHOLDERS:
Proactive Partners, L.P.(1)(2) ....     741,734     2.86%       --        --     50,000     43.67%    333,333     100.00%    5.13%
50 Osgood Place
San Francisco, CA 94133

Fremont Proactive .................      24,234        *        --        --      7,500      6.55%         --         --        *
Partners, L.P. (1)(3)
50 Osgood Place
San Francisco, CA 94133

Lagunitas Partners, L.P. (1)(4) ...     210,084        *    20,000     20.28%    35,000     30.57%         --         --     1.92%
50 Osgood Place
San Francisco, CA 94133

McGettigan Wick Investments .......     164,616        *    15,000     15.21%        --        --          --         --        *
50 Osgood Place
San Francisco, CA 94133

Myron A. Wick III(5) ..............      77,247        *     5,000      5.07%        --        --          --         --        *
50 Osgood Place
San Francisco, CA 94133
</TABLE>


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<TABLE>
<CAPTION>
                                      --------------------------------------------------------------------------------
                                                                 Series A             Series B            Series D
                                          Common Stock       Preferred Stock      Preferred Stock     Preferred Stock
                                      --------------------  ------------------   -----------------    ----------------
                                                                                                                            Percent 
                                        Number     Percent   Number    Percent   Number    Percent    Number   Percent      of Total
                                          of         of        of        of        of        of         of       of          Voting
                                        Shares      Class    Shares     Class    Shares     Class     Shares    Class        Power
                                        ------      -----    ------     -----    ------     -----     ------    -----        -----
<S>                                   <C>          <C>       <C>       <C>       <C>       <C>        <C>      <C>          <C>
Jon D. Gruber(6) .................        8,000        *      4,000     4.06%        --       --        --       --             *
50 Osgood Place                                                                                                             
San Francisco, CA 94133                                                                                                     
                                                                                                                            
J. Patterson McBaine(7) ..........        8,000        *      1,000     1.01%        --       --        --       --             *
50 Osgood Place                                                                                                             
San Francisco, CA 94133                                                                                                     
                                                                                                                            
Judy Van Essen ...................    2,800,000    10.81%        --       --         --       --        --       --         10.22%
15100 North 78th Way, Ste. 200                                                                                              
Scottsdale, AZ 85260                                                                                                        
                                                                                                                            
Penelope DeYoung Trust ...........           --       --      5,000     5.07%        --       --        --       --             *
c/o Winston Partners                                                                                                        
225 W. Washington St., #1600                                                                                                
Chicago, IL 60606                                                                                                           
                                                                                                                            
Jupiter Partners .................       48,728        *     10,000    10.14%        --       --        --       --             *
c/o John M. Bryan                                                                                                           
600 Montgomery St., 35th Floor                                                                                              
San Francisco, CA 94111                                                                                                     
                                                                                                                            
Elizabeth D. Wick ................        2,667        *     10,000    10.14%        --       --        --       --             *
444 South Beach Road                                                                                                        
Hobe Sound, FL 33455                                                                                                        
                                                                                                                            
Walter D. Wick Trust .............           --       --      5,000     5.07%        --       --        --       --             *
c/o Winston Partners                                                                                                        
225 W. Washington St., #1600                                                                                                
Chicago, IL 60606                                                                                                           
                                                                                                                            
James W. DeYoung .................           --       --      5,000     5.07%        --       --        --       --             *
c/o Winston Partners                                                                                                        
225 W. Washington St., #1600                                                                                                
Chicago, IL 60606                                                                                                           
                                                                                                                            
Benjamin F. Dillingham II ........           --       --      5,000     5.07%        --       --        --       --             *
1508 Smith Road                                                                                                             
Yuba City, CA 95993                                                                                                         
                                                                                                                            
BMA, Inc. ........................           --       --         --       --     10,000     8.73%       --       --             *
2001 Kirby Ave                                                                                                              
Houston, TX 77019                                                                                                           
                                                                                                                            
Michael McCord ...................           --       --         --       --     10,000     8.73%       --       --             *
3415 Meadow Lake Lane                                                                                                       
Houston, TX 77027                                                                                                           
                                                                                                                            
DIRECTORS AND EXECUTIVE                                                                                                     
 OFFICERS:                                                                                                                  
Wallace M. Hammond(1) ............      341,000     1.30%        --       --         --       --        --       --          1.23%
Jeffrey L. Bailey(1)(8) ..........      131,874        *         --       --         --       --        --       --             *
J. Rex Bell(1) ...................       96,874        *         --       --         --       --        --       --             *
Jon F. Beizer(1) .................       29,125        *         --       --         --       --        --       --             *
Thomas H. Bell(1)(9) .............    2,968,900    11.23%        --       --         --       --        --       --         10.62%
</TABLE>



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<TABLE>
<CAPTION>
                                     ------------------------------------------------------------------------------------
                                                                   Series A               Series B            Series D
                                         Common Stock          Preferred Stock        Preferred Stock     Preferred Stock
                                     --------------------     -----------------      -----------------   -----------------
                                                                                                                             Percent
                                      Number      Percent     Number    Percent      Number    Percent   Number    Percent  of Total
                                        of          of          of        of           of        of        of        of      Voting
                                      Shares       Class      Shares     Class       Shares     Class    Shares     Class    Power
                                      ------       -----      ------     -----       ------     -----    ------     -----    -----
<S>                                  <C>          <C>         <C>       <C>          <C>       <C>        <C>      <C>      <C>
James W. Gallaway(1) ...........       475,486      1.83%         --        --         --        --        --        --       1.73%
Merrill L. Magowan(1) ..........        96,499         *      10,000     10.14%        --        --        --        --          *
Charles C. McGettigan(1)(10) ...        24,000         *          --        --         --        --        --        --          *
David Singleton(1) .............       151,961         *          --        --         --        --        --        --          *
Max E. Thornhill(1)(11) ........     1,376,271      5.29%         --        --         --        --        --        --       5.00%
All directors and executive                                                                                                 
 officers as a group                                                                                                        
 (10 persons)(1) ...............     5,691,990     20.78%     10,000     10.14%        --        --        --        --      19.84%
</TABLE>


*      Less than one percent.

(1)    Includes shares of common stock which certain principal stockholders,
       directors and officers of the Company have the right to acquire within 60
       days after the date of this table pursuant to outstanding options and
       warrants as follows: Proactive Partners, L.P., 50,225 shares; Fremont
       Proactive Partners, L.P., 2,000 shares; Lagunitas Partners, L.P., 12,000
       shares; Wallace M. Hammond, 325,000 shares; Jeffrey L. Bailey, 131,874
       shares; J. Rex Bell, 96,874 shares; Jon F. Beizer, 29,125 shares; Thomas
       H. Bell, 548,000 shares; James W. Gallaway, 104,936 shares; Merrill L.
       Magowan, 96,499 shares; Charles C. McGettigan, 24,000 shares; David
       Singleton, 16,281 shares; and Max E. Thornhill, 118,281 shares.

(2)    The general partner of Proactive Partners, L.P., a California limited
       partnership ("PP"), is Proactive Investment Managers, L.P., a California
       limited partnership ("PIM"), of which Messrs. Gruber, McBaine, McGettigan
       and Myron A. Wick III are general partners.

(3)    The general partner of Fremont Proactive Partners, L.P., a California
       limited partnership ("FPP"), is PIM, of which Messrs. Gruber, McBaine,
       McGettigan and Wick are general partners.

(4)    The general partners of Lagunitas Partners, L.P., a California limited
       partnership, are Gruber & McBaine Capital Management, a California
       corporation ("GMCM"), and Messrs. Gruber and McBaine.

(5)    Includes 5,000 shares of Series A Preferred Stock held of record by the
       Myron A. Wick III Trust, a trust for which Mr. Wick is the trustee. The
       address of the Myron A. Wick III Trust is c/o Winston Partners, 225 W.
       Washington St., #1600, Chicago, IL 60606.

(6)    Includes only shares held of record by Mr. Gruber. Mr. Gruber is also a
       director of GMCM, which owns of record 30,500 shares of common stock and
       which is a general partner of Lagunitas Partners, L.P., GMJ Investments,
       L.P., a California limited partnership which owns of record 5,000 shares
       of common stock, and Lagunitas International, a Cayman Islands limited
       partnership which owns 5,000 shares of common stock. Mr. Gruber is also a
       general partner directly in Lagunitas Partners, L.P. and GMJ Investments,
       L.P. Moreover, Mr. Gruber is a general partner of PIM, which is the
       general partner of PP and FPP. Accordingly, Mr. Gruber may be deemed to
       beneficially own some or all of the shares of the capital stock of
       Phoenix held by such companies. Mr. Gruber's address is 50 Osgood Place,
       San Francisco, CA 94133.

(7)    Includes only shares held of record by Mr. McBaine. Mr. McBaine is also a
       director of GMCM, which is a general partner of the entities described in
       note (6) above. Mr. McBaine is also a general partner directly in
       Lagunitas Partners, L.P. and GMJ Investments, L.P. Moreover, Mr. McBaine
       is a general partner of PIM, which is the general partner of PP and FPP.
       Accordingly, Mr. McBaine may be deemed to beneficially own some or




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       all of the shares of capital stock of Phoenix held by such companies. Mr.
       McBaine's address is 50 Osgood Place, San Francisco, CA 94133.

(8)    Mr. Bailey resigned as an executive officer of the Company effective
       March 31, 1997.

(9)    Mr. Bell's address is 1687 Cole Blvd., Golden, CO 80401.

(10)   Includes only shares held of record by Mr. McGettigan. Mr. McGettigan is
       a general partner of McGettigan, Wick Investments, a partnership which
       holds 10,666 shares of Common Stock, immediately exercisable warrants to
       purchase 153,950 shares of Common Stock, and 15,000 shares of Series A
       Preferred Stock. Mr. McGettigan is also a general partner of PIM, which
       is the general partner of PP and of FPP. Accordingly, Mr. McGettigan may
       be deemed to beneficially own some or all of the shares of the capital
       stock of Phoenix held by such companies. Mr. McGettigan's address is 50
       Osgood Place, San Francisco, CA 94133.

(11)   Mr. Thornhill's address is 1687 Cole Blvd, Golden, CO 80401.




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                                   SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d) 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.

                               PHOENIX NETWORK, INC.
    
    
                               By: /s/ Wallace M. Hammond
                                  ----------------------------------------------
                               Wallace M. Hammond
                               President and Chief Executive Officer
                               (Principal Executive Officer)
    
    
                               By: /s/ Jonathan F. Beizer
                                  ----------------------------------------------
                               Jonathan F. Beizer
                               Senior Vice President and Chief Financial Officer
                               (Principal Financial and Accounting Officer)


Dated: April 30, 1997




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