<PAGE>

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

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

     

For Quarter Ended:                                     Commission File Number:
May 31, 1997                                                           0-15588



                     CANTERBURY INFORMATION TECHNOLOGY, INC. 
                   FORMERLY CANTERBURY CORPORATE SERVICES, INC. 
              (Exact name of registrant as specified in its charter)



Pennsylvania                                                        23-2170505
(State of Incorporation)                  (I.R.S. Employer Identification No.)



                               1600 Medford Plaza
                            Route 70 & Hartford Road
                           Medford, New Jersey 08055
                    (Address of principal executive office)
                                  
                       Telephone Number:  (609) 953-0044


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.

     X     Yes                                                      No
   _____                                                      _____

The number of shares outstanding of the registrant's common stock as of the
date of the filing of this report:  16,201,469 shares.
<PAGE>
FORM 10-Q

                         PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements


                    CANTERBURY INFORMATION TECHNOLOGY, INC.
                                    
                          CONSOLIDATED BALANCE SHEET
                                    
                                    
ASSETS
                                             May 31,
                                              1997              November 30,
                                           (Unaudited)              1996        

Current Assets:
  Cash                                     $   453,444       $   440,178
    Accounts receivable net of
   allowance for doubtful accounts
   of $1,839,000 and $1,685,000              3,574,083         3,142,024
  Notes receivable                             864,001           978,582
  Prepaid expenses and
   other assets                                860,742           641,645
  Deferred income tax benefit                1,228,000         1,228,000
                                           ___________       ___________
Total Current Assets                         6,980,270         6,430,429


  Property and equipment
   at cost, net of accumulated
   depreciation and amortization
   of $3,664,000 and $3,305,000              2,654,376         2,752,430
  Goodwill net of accumulated amortization
   of $1,378,000 and $1,178,000              9,049,124         8,914,086
  Notes receivable                           8,713,562         9,092,943
  Other assets                                 309,817           275,131
                                           ___________       ___________
   Total Assets                            $27,707,149       $27,465,019
                                           ===========       ===========


                           See Accompanying Notes
<PAGE>
FORM 10-Q

                      CANTERBURY INFORMATION TECHNOLOGY, INC. 
                            CONSOLIDATED BALANCE SHEET


LIABILITIES AND SHAREHOLDERS' EQUITY

                                              May 31,        
                                               1997          November 30,    
                                            (Unaudited)          1996

Current Liabilities:
  Accounts payable - Trade                $    165,323        $    230,000  
  Accrued expenses                             332,955             374,859  
  Income taxes payable                         490,855             424,845  
  Unearned tuition income                    1,048,732           1,198,991  
  Current portion, long-term
   debt                                      2,295,857           2,230,715  
                                           ___________         ___________
Total Current Liabilities                    4,333,722           4,459,410

  Long-term debt                             3,749,938           4,718,793  

  Deferred income tax liability              1,728,000           2,028,000  


Shareholders' Equity:
  Common stock, $.001 par value,
   50,000,000 shares authorized;
   16,201,000 and 15,054,000
   issued outstanding                           16,201              15,054  

Additional paid in capital                  15,938,011          14,840,642  

  Retained earnings                          2,266,312           1,728,155  
  Treasury stock                             (325,035)           (325,035)
                                           ___________          __________
   Total Shareholders' Equity               17,895,489          16,258,816
                                           ___________          __________
   Total Liabilities and
   Shareholders' Equity                   $ 27,707,149        $ 27,465,019
                                          ============        ============

                           See Accompanying Notes
<PAGE>
FORM 10-Q
    
                   CANTERBURY INFORMATION TECHNOLOGY, INC. 
                       CONSOLIDATED STATEMENTS OF INCOME

The following Consolidated Statements of Income for the three-month and
six-month periods ended May 31, 1997, and May 31, 1996, are unaudited, but the
Company believes that all adjustments (which consist only of normal recurring
accruals) necessary for a fair presentation of the results of operations for
the respective periods have been included.  Quarterly results of operations
are not necessarily indicative of results for the full year.

                               Three months ended          Six months ended
                                     May 31,                     May 31,      
                                   (Unaudited)                 (Unaudited)
                                1997         1996         1997         1996

Net revenues                  $4,188,853  $4,378,813   $7,363,132  $7,607,949
Costs and expenses             1,826,953   2,068,134    3,373,089   3,241,303
                              __________  __________   __________  __________
Gross profit                   2,361,900   2,310,679    3,990,043   4,366,646

Selling                          495,834     558,049      965,316     978,186
General and
 administrative                1,113,523   1,272,210    2,052,004   2,100,600
Provision for
 doubtful accounts                76,738     100,526      154,568     176,312
                              __________  __________   __________  __________
Total operating expenses       1,686,095   1,930,785    3,171,888   3,255,098

Other (income)/expenses
 Interest income                (147,488)    (65,593)    (308,096)   (139,637)
 Interest expense                127,339     171,748      248,521     367,973
 Other                               (11)     (3,112)       10,573    (15,294)
                              __________  __________   __________  __________

Income before provision for
 income taxes and
 discontinue operation           695,965     276,851      867,157     898,506

Provision for income taxes       264,000     117,000      329,000     349,000
Income from continuing        __________  __________   __________  __________
 operations                      431,965     159,851      538,157     549,506

Discontinued operation
 Income from discontinued
 operation net of income 
 taxes of $18,000 and $235,000      -         24,969         -        368,424
                              __________  __________   __________  __________
Net income                    $  431,965   $ 184,820   $  538,157  $  917,930
                              ==========  ==========   ==========  ==========
Net income per common
 share and common share
 equivalents:
 Primary:
   Income from continuing
     operations               $     .03    $     .01   $     .04    $     .04
   Discontinued operation            -          -            -            .03
                              _________    _________   _________    _________
   Net income per share       $     .03    $     .01   $     .04    $     .07
                              =========    =========   =========    =========
Common and common
 share equivalents
 (weighted average):
 Primary                     15,931,000   14,360,600  15,606,000   13,944,100


                             See Accompanying Notes
<PAGE>
FORM 10-Q

                     CANTERBURY INFORMATION TECHNOLOGY, INC. 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE SIX MONTHS ENDED MAY 31, 1997 AND MAY 31, 1996
   
                                             May 31,              May 31,
                                              1997                  1996        
Cash flows from operating activities:
   Cash received from
    customers                              $ 6,626,246          $ 6,357,316  
   Cash paid to suppliers and                          
    employees                               (6,442,766)          (6,138,936)
   Interest received                           308,096              139,637  
   Interest paid                              (248,521)            (367,973)
                                           ___________          ___________
   Net cash provided by
    operating activities                         $   243,055          $(9,956) 

Cash flows from investing activities:
   Capital expenditures                       (261,331)            (273,579)
   Collection on notes receivable              497,221              422,179  
                                           ___________          ___________
    Net cash provided by/(used in)
      investing activities                           235,890           148,600 

Cash flows from financing activities:
   Principal payments on long-term debt        (98,436)            (313,645)
   Proceeds from revolving credit facility     -                    100,000  
   Repayment of revolving
    credit facility                            -                   (389,000)
   Proceeds from long-term debt                113,473              337,643  
   Proceeds from exercise of stock
    options and warrants                       -                     11,150  
Proceeds from issuance of common stock, net    438,034            1,163,786  
Repayment on term loan                        (918,750)          (1,037,500)
   Payment of dividends on
    preferred stock                            -                     (7,376)
   Purchase of treasury stock                  -                    (13,000)
                                           ___________          ___________
    Net cash used in
      financing activities                          (465,679)         (147,942)
    Net cash used in 
      discontinued operation                           -              (632,482)

   Net increase/(decrease) in cash                    13,266          (641,780)

    Cash at beginning of period                      440,178         1,471,702  
                                                ------------       -----------

    Cash at end of period                       $    453,444       $   829,922
                                                ============       ===========

                             See Accompanying Notes
<PAGE>
FORM 10-Q

                    CANTERBURY INFORMATION TECHNOLOGY, INC. 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
             FOR THE SIX MONTHS ENDED MAY 31, 1997 AND MAY 31, 1996


                                            May 31,           May 31,
                                             1997              1996         

Reconciliation of income from continuing
operations to net cash provided by
operating activities:

Income from continuing operations                 $  538,157        $  549,506  
Adjustments to reconcile to net cash
    provided by operating activities:
   Depreciation and amortization               559,275             $490,078  
   Provision for doubtful accounts             154,568              176,312  
   Deferred income tax benefit                (300,000)            (460,792)

Change in operating assets
   and liabilities:
Increase in accounts receivable               (358,792)            (713,753)
Increase in prepaid expenses                  (161,675)            (185,166)
Increase in other assets                       (34,686)            (143,805)
Increase/(decrease) in accounts payable        (32,519)              17,127  
Decrease in accrued expenses                   (37,024)             (37,173)
Increase/(decrease) in unearned tuition                       
income                                        (150,259)              80,710
Increase in income taxes payable                66,010              217,000
                                           ___________           __________
    Total adjustments                              (295,102)         (559,462)
                                                 ___________        __________

Net cash provided by/(used in)
   operating activities                           $  243,055       $   (9,956)
                                                 ===========      ============

                             See Accompanying Notes

<PAGE>
FORM 10-Q

                     CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                        
                    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

   Principles of Consolidation

The consolidated financial statements include the accounts of the Company and
all of its subsidiaries.  All material intercompany transactions have been
eliminated.

   Use of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at May 31, 1997,
and revenues and expenses for the six months ended May 31, 1997.  The ultimate
outcome and actual results could differ from the estimates and assumptions
used.

   Revenue Recognition

The Company's computer software training segment records revenue at the time
an individual attends the training class.

The Company's software development segment records revenue at the time of
shipment of product to its clients.

The Company's management training segment records revenue based on performance
of seminars to its clients.

The Company's vocational training segment records tuition revenues ratably
over the term of the courses which run for approximately two to eight weeks.
Receivables for students' tuition are recorded as of the students' first day
of class attendance.  Unearned tuition income represents revenue to be
recognized over the term of the courses.

   Statement of Cash Flows

For purposes of the Statement of Cash Flows, cash refers solely to demand
deposits with banks and cash on hand.

   Depreciation and Amortization

The Company depreciates and amortizes its property and equipment for financial
statement purposes using the straight-line method over the estimated useful
lives of the property and equipment (useful lives of leases or lives of
leasehold improvements and leased property under capital leases, whichever is
shorter).  For income tax purposes, the Company uses accelerated methods of
depreciation.

   Amortization of Intangible Assets

Goodwill is being amortized over twenty-five years using the straight-line
method.
<PAGE>
FORM 10-Q
                    CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                        
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (continued)


   Deferred Income Taxes

The Company utilizes the liability method to account for income taxes.  This
method gives consideration to the future tax consequences associated with the
differences between financial accounting and tax bases of assets and
liabilities.

   Earnings Per Share

Earnings per share is computed using the weighted average common shares
outstanding during the year and includes the dilutive effect of common stock
equivalents (options).

   Accounting Changes

In October 1995, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") 123, "Accounting for
Stock-Based Compensation."  SFAS 123 is effective for fiscal years beginning
after December 15, 1995.  SFAS 123 provides companies with a choice to follow
the provisions of SFAS 123 in determining stock based compensation expense or
to continue with the provisions of APB 25, "Accounting for Stock Issued to
Employees."  The Company will continue APB 25 and will provide the pro forma
disclosures as required by SFAS 123 in the November 30, 1997 notes to the
consolidated financial statements.  The Company does not expect that adoption
of SFAS 123 will have a material effect on its consolidated financial
statements.

2.   Acquisition

On May 5, 1997, the Company acquired the business of ATM Technologies, Inc. of
Houston, Texas for $500,000 of Canterbury restricted common stock and the
opportunity to earn an additional $840,000 in Canterbury restricted common
stock after the first year based on achievement of certain pretax earnings
levels.  Based on the market price of Canterbury stock as of the purchase
date, 457,143 shares were issued to the previous owners of ATM.  The results
of operations are insignificant and do not materially change actual historical
reported results for the six months ended May 31, 1996.  Based on this fact,
no pro forma information is presented for that period.

3.   Segment Reporting

The Company is organized into four operating segments:  computer software
training, management training, software development and vocational training.

The computer software training segment trains corporate workers and managers
as an authorized training center for Microsoft, Lotus, Borland, WordPerfect,
Aldus and Apple on DOS, Windows and Macintosh platforms.

The management training segment conducts corporate seminars in management
and team development, selling and negotiating, interpersonal communication,
executive development and organizational problem solving.

The software development segment specializes in the development, marketing
and distribution of document imaging and tracking software.

The Company's vocational training segment develops, markets and teaches
courses that focus upon job-related skills in vocations such as word
processing specialist, computer operator, tractor trailer driver, bartender,
phlebotomy technician and electrocardiography technician.  Its clients are
individuals who wish to seek employment, corporations who need to hire these
individuals, as well as other corporations that hire Canterbury on a direct
basis to train its existing employees.
<PAGE>
FORM 10-Q
                    CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                        
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (continued)

Selected financial information for each segment, which includes an allocation
of corporate expenses, is as follows:


Six Months                     Income              Capital      Depreciation &
Ended 5/31/97      Revenues  Before Taxes  Assets  Expenditures  Amortization 
                                  
Computer Software
Training          $5,694,388  $ 468,616  $ 3,147,963  $261,331     $243,944
Software
Development          183,559     30,277      208,106     -              359
Management
Training             781,984    278,454      291,110     -              241
Vocational
Training/Corporate   703,201     89,810   24,059,970     -          314,731
                  __________  _________  ___________  ________     ________ 
                  $7,363,132  $ 867,157  $27,707,149  $261,331     $559,275
                  ==========  =========  ===========  ========     ========   
                 
Six Months                     Income              Capital      Depreciation &
Ended 5/31/96      Revenues  Before Taxes  Assets  Expenditures  Amortization 
                                      
Computer Software
Training          $5,782,715  $551,025   $ 2,925,020  $273,579     $ 215,238
Software
Development           -          -            -          -              -    
Management
Training             798,399   349,953       287,851     -               577
Vocational
Training/Corporate 1,026,835   (2,472)    20,434,998     -           274,263
                  __________  ________   ___________  ________     _________  
                  $7,607,949  $898,506   $23,647,869  $273,579      $490,078
                  ==========  ========   ===========  ========      ======== 
                                     
4. Discontinued Operation
                                     
On November 30, 1996 the Company sold Landscape Maintenance Services, Inc.,
which comprised its business maintenance services segment.  The proceeds of
the sale consisted of both cash and notes totalling $4,500,000.  The note
bears interest at 8% per annum and is secured by substantially all assets
and business of the buyer. 
                                     
The results of operations has been reported as a discontinued operation and
the financial statements for the quarter ended May 31, 1996 have been restated
to reflect the discontinuation of the business maintenance services segment.
      
The following is a summary of the results of operations of the Company's
business maintenance services segment.

                               Six Months ended
                                 May 31, 1996
                                       
              Revenue                           $ 6,565,360
              Income from operations
              (net of taxes of $235,000)            368,424


Cost and expenses for this discontinued segment include approximately $530,000
representing allocated costs from corporate for the six months ended May 31,
1996.

<PAGE>
FORM 10-Q

                     CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                        
                    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (continued)

The net assets of discontinued operation were as follows:
                                                       
                                  May 31, 1996
             
           Current Assets                          $ 2,480,316 
           Current liabilities                      (1,638,841)
           Property, plant and equipment, net          800,452    
           Other, net                                 (167,099)
                                                   ___________
           Total                                   $ 1,474,828 
                                                   ===========

5.  Property and Equipment

Property and equipment consists of the following:

                                             May 31,             November 30,
                                               1997                 1996

   Land, buildings and improvements       $   725,910           $   725,910  
   Equipment                                3,811,128             3,262,009  
   Furniture and fixtures                   1,188,229             1,184,741  
   Leased property under capital
     leases and leasehold
     improvements                             593,480               884,756  
                                          ___________           ___________     
                                            6,318,747             6,057,416  

   Less: accumulated depreciation
     and amortization                      (3,664,371)           (3,304,986)
                                          ___________           ___________
   Net property and equipment             $ 2,654,376           $ 2,752,430  
                                          ===========           ===========

6. Long-Term Debt
                                             May 31,             November 30,
                                               1997                 1996        
   Long-term obligations consist of:  
     Term loan                            $ 2,712,500           $ 3,631,250  
     Revolving credit line                  2,774,620             2,774,620  
   Capital lease obligations                  558,675               543,638
                                          ___________           ___________
                                            6,045,795             6,949,508  
   Less:  Current maturities               (2,295,857)           (2,230,715)
                                          ___________           ___________
                                          $ 3,749,938           $ 4,718,793  
                                          ===========           ===========

During 1996 the Company and its primary lender, Chase Manhattan Bank,
instituted litigation, each claiming that the other party violated the terms
of the credit agreement.  As a result, the debt was declared in default.  In
February, 1997, the litigation was settled and all outstandings with Chase
were restructured and become due on December 31, 1997.  The Company and Chase
agreed that all alleged defaults under the previous agreements were
permanently waived and the Company would use its best efforts to replace Chase
during 1997.  
<PAGE>
FORM 10-Q
                  CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                      
                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               (continued)

The Company is in the process of replacing Chase as its primary lender and is
confident that this refinancing should be completed before December, 1997.
Based on this assumption, the Company is continuing to classify a significant
portion of the bank debt as long term.  The projected maturities of the debt
beyond December, 1997 cannot be readily determined at this time.

The Company agreed to make principal payments against the term loan throughout
1997.  The first payment of $919,000 was made in April, 1997; $518,750 was
paid in June and $518,750 is to be paid during September, 1997.  The revolving
credit facility will remain at $2,774,600 until December 31, 1997, with no
additional borrowings or repayments scheduled during Fiscal 1997.  The capital
leases will be paid as usual on a monthly basis, with any remaining balance
due on December 31, 1997.

Interest rates on all outstanding debt will remain at the same rate as before
the restructuring.  The term loan interest rate is LIBOR plus 3% or the Bank's
prime rate plus 1/2%.  The revolving credit facility carries an interest rate of
LIBOR plus 2 1/2% or the Bank's prime rate of interest.  The Company has the
right to choose which rate is to be utilized on a periodic basis.  The 30 day
LIBOR rate at May 31, 1997 was 5.69%.  As of May 31, 1997, the Company was in
compliance with or has received a waiver on all of the debt covenants relating
to both the term loan and the revolving credit facility.

The long-term debt is secured by substantially all of the assets of the
Company.

Aggregate maturities on long-term debt for the next five years, exclusive of
obligations under capital leases, are approximately $5,487,120, $0, $0, $0 and
$0 respectively.

The carrying value of the long-term debt approximates its fair value. 

7. Capital Leases

Capital lease obligations are certain equipment leases which expire from
October, 1998 to June, 2001.  Future payments under capitalized leases
together with the present value, calculated at the respective leases' implicit
interest rate of approximately 10.5% to 11% at their inception, are as
follows:

Year ending November 30, 1997                  $160,750
Year ending November 30, 1998                   244,236
Year ending November 30, 1999                   190,864
Year ending November 30, 2000                    28,248
Year ending November 30, 2001                     8,525
                                               ________
Total minimum lease payments                    632,623
Less amount representing interest               (73,948)
                                               ________
Present value of long-term obligations
under capital leases                           $558,675
                                               ========
<PAGE>
FORM 10-Q
                   CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                      
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 (continued)

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

Liquidity and Capital Resources

Working capital at May 31, 1997 was $2,646,000.  During 1996 the Company and
its primary lender, Chase Manhattan Bank, instituted litigation, each claiming
that the other party violated the terms of the credit agreement.  As a result,
the debt was declared in default.  In February, 1997, the litigation was
settled and all outstandings with Chase were restructured and become due on
December 31, 1997.  The Company and Chase agreed that all alleged defaults
under the previous agreements were permanently waived and the Company would
use its best efforts to replace Chase during 1997.  The Company is in the
process of replacing Chase as its primary lender and is confident that this
refinancing should be completed before December, 1997.

Management believes that positive cash flow contributions from the Company's
operating segments will be sufficient to cover cash flow requirements for
Fiscal 1997.  There was no material commitment for capital expenditures as of
May 31, 1997.  Inflation was not a significant factor in the Company's
financial statements.

Cash flow from continuing operations for the six months ended May 31, 1997 was
$243,000, an increase of $253,000 over the previous year.  This increase was
attributed to higher interest income and lower interest expense.

In February, 1997, the Company raised $434,782, net of applicable costs,
through a Regulation D Private Placement of its common stock to one accredited
investor at a price of $1.00 per share.  This equity was used for general 
working capital purposes.

Results of Operations

   Revenues

Revenues for the three months ended May 31, 1997 decreased by $189,000 (4%) to
$4,189,000 from the same period last year.  For the six months ended May 31,
1997, revenues decreased by $235,000 (3%).  These decreases were attributable
to reduction in the vocation training segment.

   Costs and Expenses

Costs and expenses for the three months ended May 31, 1997 decreased by
$241,000 (12%) over the same three-month period in 1996.  This reduction was
the result of lower delivered revenues in the vocational training segment, as
well as overall cost reductions in the other operating segments.  For the six
month period ending May 31, 1997, costs and expenses increased by $132,000
(4%), due to higher expenses in the first quarter of the year associated with
the computer training segment in the form of additional facilities and
personnel costs.

Selling expense for the three-month period ended May 31, 1997 decreased by
$62,000 (11%) over the previous year due to lower commissions paid on lower
revenues as well as a reduction in total sales force and territorial
realignment for the computer training segment.
<PAGE>
FORM 10-Q

                   CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                      
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (continued)
                                      

General and administrative costs also decreased for the three-month period
ended May 31, 1997 versus the same three months in 1996.  The reduction of
$159,000 (12%) was related to reduced personnel related costs was the main
reason for the decrease during the quarter.

Interest income for the quarter ended May 31, 1997 increased by $82,000 (126%)
over the same period in 1996.  This increase is due to the note receivable
income generated by the sale of the discontinued operation (business
maintenance services).

Interest expense deceased by $45,000 (26%) for the quarter ended May 31, 1997,
and $120,000 (34%) for the six months ended May 31, 1997 versus the comparable
periods in Fiscal 1996 due to a reduction in the principal balance of the
Company's term loan.  As of the date of this report the term loan balance has
been reduced by over $6,100,000 since its inception in June, 1994.

                           PART II - OTHER INFORMATION

Item 1     Legal Proceedings
           See Footnote 6 to the Financial Statements

Item 2     Changes in Securities
           None

Item 3     Defaults Upon Senior Securities
           None

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

As a subsequent event, the Company held its Annual Meeting of Stockholders on
June 12, 1997, wherein the shareholders voted for the following Directors:
Stanton M. Pikus, Kevin J. McAndrew, Jean Z. Pikus, Alan Manin, Stephen
Vineberg, Paul Shapiro and Frank A. Cappiello by at least 96.88% of the vote.
The shareholders also ratified Ernst & Young, LLP as the Company's Indpendent
Public Auditors (98.78%).  98.78% of the shareholders voted to approve the
name change of the Company to Canterbury Information Technology, Inc. by
amending its Certificate of Incorporation.

Item 5     Other Information
               
As a subsequent event, in June, 1997, the Company raised $431,000, net of
applicable costs through the Private Placement of Class D, non-trading
Convertible Preferred Stock to two accredited investors at a price of $1.00
per share of Convertible Preferred Stock.  The Convertible Preferred Stock
converts into common stock, par value $.001 per share of the Company at a 20%
discount to the Market Price at a rate of 1/3 of the Preferred Stock five days
following the effective date of a registration statement for the common shares
(to be filed within 60 days after the Private Placement is complete), 1/3
thirty days after the first conversion date and the remaining 1/3 thirty days
after the second conversion date.  The equity raised in this Private Placement
was used for general working capital purposes.

Item 6     Exhibits and Reports on Form 8-K
           (a)  Exhibits:  None
           Reports on Form 8-K:  

           None.

As a subsequent event, a Form 8-K was filed on June 20, 1997 to report the
Amendment to the Certificate of Incorporation to change the Company's name to
Canterbury Information Technology, Inc.
     
<PAGE>
FORM 10-Q

                  CANTERBURY INFORMATION TECHNOLOGY, INC. 



                                 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.


                                CANTERBURY INFORMATION TECHNOLOGY, INC. 
                                (Registrant)


                                By:/s/ Stanton M. Pikus                     
                                   _____________________________________
                                   Stanton M. Pikus
                                   President
                                   (Chief Executive Officer and duly
                                   authorized signer)


                                By:/s/ Kevin J. McAndrew                    
                                   _____________________________________
                                   Kevin J. McAndrew, C.P.A.
                                   Chief Operating Officer, Executive Vice
                                   President
                                   (Chief Financial Officer and duly
                                   authorized signer)





July 15, 1997