Form 10-Q
                              
             SECURITIES AND EXCHANGE COMMISSION
                              
                   Washington, D. C. 20549
                              
                              
(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 1995

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

For the transition period from ________________to _________________

For Quarter Ended December 31, 1995


                    TRANSNET CORPORATION
   (Exact name of registrant as specified in its charter)
                              

        DELAWARE________________   ______________22-1892295_________
(State or other jurisdiction of     (I.R.S. EmployerIdentification Number)
incorporation or organization)

45 Columbia Road, Somerville, New Jersey  _08876-3576_
(Address of principal executive offices)  (Zip Code)

Registrant's Telephone Number, Including Area Code:    908-253-0500

________________________________________________________________
Former name, former address and former fiscal year, if changed since last Report


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 the number of shares outstanding of each of the
issuer's classes of common stock, as of February 9, 1996:
5,216,804.


                    TRANSNET CORPORATION
                          FORM 10-Q
                              
                      TABLE OF CONTENTS
                              
                              
                              

Page No.


PART I.  FINANCIAL INFORMATION

     Consolidated Balance Sheets
          December 31, 1995 and June 30, 1995            1


     Consolidated Statements of Operations
          Three Months Ended December 31, 1995 and 1994  2
          Six Months Ended December 31, 1995 and 1994    3


     Consolidated Statements of Cash Flows
          Six Months Ended December 31, 1995 and 19944 - 5


     Notes to Consolidated Financial Statements      6 - 7


     Management's Discussion and Analysis            8 - 9



PART II.  OTHER INFORMATION                             10











                            
            TRANSNET CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED BALANCE SHEETS
                         (UNAUDITED)
                           ASSETS

                                     December 31,       June 30,
                                       1 9 9 5          1 9 9 5
CURRENT ASSETS:
  Cash and Cash Equivalents         $ 1,807,688    $  1,549,206
  Accounts Receivable - Net          11,444,799      10,201,044
  Inventories                         3,827,404       5,011,791
  Other Current Assets                  422,754         413,053

  TOTAL CURRENT ASSETS              $17,502,645     $17,175,094

PROPERTY AND EQUIPMENT - NET        $   462,784     $   529,096

OTHER ASSETS:
  Deposits and Other Assets         $ 1,576,491     $ 1,582,522

  TOTAL ASSETS                      $19,541,920     $19,286,712
                              
                              
            LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts Payable                  $ 8,331,784      $8,331,318
  Accrued Expenses                      633,284         647,843
  Deferred Income                       126,483         328,100
  Other Current Liabilities             258,560         313,739

  TOTAL CURRENT LIABILITIES         $ 9,350,111      $9,621,000

STOCKHOLDERS' EQUITY:
  Capital Stock - Common $.01 Par Value,
  Authorized 15,000,000 Shares;
  Issued 7,294,524 Shares
  (of which 2,252,720 are           $    74,695       $  74,695
   in Treasury)

  Paid-In Capital                    10,686,745      10,686,745
  Retained Earnings                   5,648,012       5,121,915

  Totals                            $16,409,452      $15,883,355
  Less:  Treasury Stock - At Cost    (6,217,643)      (6,217,643)

  TOTAL STOCKHOLDERS' EQUITY        $10,191,809      $ 9,665,712
TOTAL LIABILITIES AND STOCKHOLDERS'
  EQUITY                            $19,541,920      $19,286,712


See Notes to Consolidated Financial Statements.

                              
            TRANSNET CORPORATION AND SUBSIDIARIES
                              
            CONSOLIDATED STATEMENTS OF OPERATIONS
                              
                         (UNAUDITED)


                                  THREE MONTHS ENDED DECEMBER 31,
                                         1 9 9 5        1 9 9 4


REVENUE                              $17,454,435     $12,713,971

COST OF REVENUE                       15,582,064      11,093,183

  GROSS PROFIT                       $ 1,872,371      $1,620,788


EXPENSES
Selling, General and
  Administrative Expenses            $ 1,533,151     $1,408,903
Bad Debt Expense                          12,000         15,000

                                     $ 1,545,151     $1,423,903


OPERATING INCOME                     $   327,220     $  196,885

OTHER INCOME (EXPENSE)
  Interest Income                    $    13,657     $    8,693
  Interest Expense                       (50,896)       (22,032)

  TOTAL OTHER INCOME (EXPENSE) - NET $   (37,239)    $  (13,339)

INCOME BEFORE PROVISION
  FOR INCOME TAXES                   $   289,981     $  183,546

PROVISION FOR INCOME TAX                       0              0


NET  INCOME                          $   289,981     $  183,546

INCOME PER COMMON SHARE              $      0.06     $     0.04



See Notes to Consolidated Financial Statements.
                              
                              
                              
                              
                              
                              
             TRANSNET CORPORATION AND SUBSIDIARY
                              
            CONSOLIDATED STATEMENTS OF OPERATIONS
                              
                         (UNAUDITED)


                                    SIX MONTHS ENDED DECEMBER 31,
                                         1 9 9 5        1 9 9 4


REVENUE                         $     33,184,402   $ 23,830,205

COST OF REVENUE                       29,595,286     20,830,260

  GROSS PROFIT                  $      3,589,116   $  2,999,945

EXPENSES
Selling, General and
  Administrative Expenses       $      2,958,669   $  2,643,263
Bad Debt Expense                          24,000         25,000

                                $      2,982,669   $  2,668,263


OPERATING INCOME                $        606,447   $    331,682

OTHER INCOME (EXPENSE)
  Interest Income               $         31,583   $     19,610
  Interest Expense                      (111,933)       (34,694)

  TOTAL OTHER INCOME (EXPENSE)  $        (80,350)    $  (15,084)
  -NET 

INCOME BEFORE PROVISION
  FOR INCOME TAXES              $        526,097     $  316,598

PROVISION FOR INCOME TAX                       0              0


NET  INCOME                     $        526,097     $  316,598

INCOME PER COMMON SHARE         $           0.10     $     0.06



See Notes to Consolidated Financial Statements.




                              
                              
                              
                              
             TRANSNET CORPORATION AND SUBSIDIARY
                              
            CONSOLIDATED STATEMENTS OF CASH FLOWS
                              
                         (UNAUDITED)


                                   SIX MONTHS ENDED DECEMBER 31,
                                         1 9 9 5        1 9 9 4


OPERATING ACTIVITIES:
   Net Income                        $   526,097    $   316,598
   Adjustments to Reconcile Net 
        Income to Net Cash:
   Depreciation and Amortization     $    73,512    $    95,472

Changes in Assets and Liabilities:
   (Increase) Decrease in:
   Accounts Receivable                (1,243,755)    (1,192,564)
   Inventory                           1,184,387       (505,655)
   Other Current Assets                   (9,701)      (219,735)
   Other Assets                           (1,169)        (1,758)

Increase (Decrease) in:
   Accounts Payable and Accrued
   Expenses                                  466      1,344,139
   Deferred Income                      (201,617)      (311,485)
   Other Current Liabilities             (69,738)       (55,167)

Total Adjustments                    $  (267,615)    $ (846,753)

NET CASH - OPERATING ACTIVITIES -    $   258,482     $ (530,155)
FORWARD


INVESTING ACTIVITIES:
   Capital Expenditures              $       ---     $   (1,787)

NET CASH - INVESTING ACTIVITIES -    $       ---     $   (1,787)
FORWARD


See Notes to Consolidated Financial Statements.
                              
                              
                              
                              
                              
                              
             TRANSNET CORPORATION AND SUBSIDIARY
                              
            CONSOLIDATED STATEMENTS OF CASH FLOWS
                              
                         (UNAUDITED)
                              
                              
                              
                                    SIX MONTHS ENDED DECEMBER 31,
                                         1 9 9 5      1 9 9 4

NET CASH - OPERATING ACTIVITIES -
   Forwarded                            $258,482     $(530,155)


NET CASH - INVESTING ACTIVITIES -
   Forwarded                            $    ---     $  (1,787)


NET CASH - FINANCING ACTIVITIES              ---            ---



NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                     $258,482     $(531,942)


CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIODS                 $1,549,206   $2,105,355


CASH AND CASH EQUIVALENTS AT
   END OF PERIODS                       $1,807,688   $1,483,413




See Notes to Consolidated Financial Statements.
                              
             TRANSNET CORPORATION AND SUBSIDIARY
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Information as of December 31, 1995 and 1994 is unaudited)
                              
                              
(1.)    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Consolidation:    The  consolidated  financial   statements
   include  the  accounts of the Corporation and  its  wholly-
   owned    subsidiary:     Century   American    Corporation.
   Intercompany   transactions   and   accounts   have    been
   eliminated  in  consolidation.  During the prior  year  the
   Corporation  liquidated  four inactive  subsidiaries  whose
   activities were previously merged with the Corporation.

   Inventory:   Inventory  consists of  finished  goods.   The
   Corporation's  inventory is valued at  the  lower  of  cost
   (determined on the average cost basis) or market.

   Cash  and  Cash  Equivalents:   For  the  purposes  of  the
   statement  of cash flows, the Corporation considers  highly
   liquid  debt  instruments, purchased  with  a  maturity  of
   three months or less, to be cash equivalents.

   Earnings  Per Share:  Earnings per common share  are  based
   on  5,216,804 and 5,041,804 weighted shares outstanding for
   the   periods   ended   December   31,   1995   and   1994,
   respectively.


(2.)  INCOME TAXES

   Effective  July 1, 1993, the Corporation adopted  Financial
   Accounting  Standards  Statement No.  109,  Accounting  for
   Income  Taxes  ("FAS 109").  Under FAS  109,  deferred  tax
   assets  and liabilities are determined based on differences
   between  financial reporting and tax bases  of  assets  and
   liabilities, and are measured using the enacted  tax  rates
   and  laws  that will be in effect when the differences  are
   expected  to reverse.  Adoption of FAS 109 had no  material
   effect  on the Financial Statements.  Prior to the adoption
   of  FAS  109,  income tax expense was reported pursuant  to
   Financial Accounting Standards Statement No. 96.

   The  Corporation  has  a deferred tax asset  of  $1,226,000
   based  on net operating loss carryforwards of approximately
   $2,400,000.   A  valuation allowance of $962,450  has  been
   provided against this deferred asset.  Realization  of  the
   tax   asset  is  dependent  upon  future  events  effecting
   utilization   of  the  net  operating  loss   carryforwards
   ("NOL's").  NOL's expire in the years 2005 and 2006.

   Current tax expense of $210,000 has been offset by the  net
   operating  loss  carryforward benefit of $210,000  for  the
   six  months  ended  December 31,  1995.   Tax  expense  and
   carryforward  benefit amounted to $115,600  for  the  three
   month period ended December 31, 1995.


(3.)  RECLASSIFICATION

   Certain   items  from  prior  year's  Balance   Sheet   and
   Statement  of Operations have been reclassified to  conform
   to the current year's presentation.



In  the  opinion  of  management, the  accompanying  unaudited
consolidated  financial  statements  contain  all  adjustments
consisting  only of normal recurring adjustments necessary  to
present   fairly  the  financial  position,  the  results   of
operations and cash flows for the periods presented.

These  statements  should  be read  in  conjunction  with  the
summary of significant accounting policies and notes contained
in the Corporation's annual report on Form 10-K for the  year
ended June 30, 1995.




                              
                              
                              
                              
                              
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Results of Operations
Revenues  for  the three months ended December 31,  1995  were
$17,454,435 as compared with $12,713,971 for the quarter ended
December  31, 1994.  For the quarter ended December  31,  1995
the  Corporation reported net income of $289,981  as  compared
with  net  income of $183,546 for the similar period in  1994.
For  the  six  months ended December 31, 1995,  revenues  were
$33,184,402,  as  compared  to $23,830,205  reported  for  the
similar  period  in 1994, with earnings of  $526,097  for  the
period ended December 31, 1995, compared with net earnings  of
$316,598  for  the  same  period in  1994.   The  increase  in
revenues  is  due to increases in hardware sales  as  well  as
increased  demand  for  the Corporation's  technical  services
(hardware  service contracts, technical support contracts  and
training).

Earnings   for  the  quarter  ended  December  31,  1995   are
attributable to increased revenues, management's concentration
on  sales  of  network and system integration  products  which
yield  higher  profit  margins,  the  Corporation's  technical
service and support programs, and continued adherence to  cost
control  measures.   Service related revenues,  though  not  a
material source of the Corporation's revenues, are significant
in  their  contributions to earnings because these  operations
yield  a  higher  profit  margin than  equipment  sales.   The
Corporation anticipates that the technical service segments of
its operations will continue to expand in the future.  For the
quarter ended December 31, 1995, the increase in revenues from
the  provision  of service, support, outsourcing  and  network
integration is largely the result of the Corporation  entering
into  service  contracts  with a  number  of  large  corporate
customers.   Most  of these contracts are short-term,  usually
twelve  months or less, and contain  provisions  which  permit
early  termination.  Although the contracts generally  contain
renewal  terms, there is no assurance that such renewals  will
occur.

To  maximize  the Corporation's profit margin  management  has
modified  its  marketing  strategy and  has  enforced  expense
controls.  Management's current marketing strategy is designed
to  increase  sales  of  lower  revenue/higher  profit  margin
products   related   to   service  and   support   operations.
Management's  efforts  include targeting commercial  customers
who  provide  marketplaces for a wide range  of  products  and
services  at  one  time, a cost-effective approach  to  sales.
Management believes it maximizes profits through concentration
on   sales  of  value-added  applications;  promotion  of  the
Corporation's  service  and  support  operations;  and  strict
adherence  to  cost-cutting controls.  Management   emphasizes
the  promotion of its technical service, support,  outsourcing
and   network  integration  capabilities,  and  continues  the
aggressive  pursuit of an increased volume of equipment  sales
and promotion of its training services.

Interest income for the quarter increased as compared  to  the
corresponding period in the prior year because of the increase
in  the amount of funds invested and  higher yields.  Interest
expense  increased in the quarter and six-month  period  ended
December  31, 1995 compared to the same periods in 1994  as  a
result  of  financing  costs associated with  increased  sales
volume and related inventory and accounts receivable.













Selling,  general and administrative expenses decreased  as  a
percentage  of  revenues for both the  quarter  and  six-month
period from approximately 11% in 1994 to approximately  9%  of
revenues  for  the  1995 periods, due to  management's  strict
adherence to cost-control measures.

Liquidity and Capital Resources

There are no material commitments of the Corporation's capital
resources.

The  Corporation  currently finances  the  a  portion  of  its
accounts receivable and finances purchases of portions of  its
inventory through floor-planning arrangements under which such
inventory secures the amount outstanding.  Inventory decreased
in  the  quarter  ended December 31, 1995 as compared  to  the
corresponding  period  in  1994  in  response   to   increased
inventory  turns  related  to  the  higher  volume  of  sales.
Management shall continue its efforts to increase turnover and
to  provide the Corporation with protection against  inventory
obsolescence  resulting from the rapid technological  advances
of the computer industry.

Accounts receivable and payable increased for the quarter  and
six-month  period  ended December 31, 1995 compared  with  the
same  periods  in 1994 as a direct result of  an  increase  in
equipment  sales.   Cash levels increased in  the  six  months
ended  December  31, 1995 as compared to a  decrease  in  cash
levels  during the corresponding period in 1994.  The increase
is  due  to  availability  of funds  resulting  from  customer
payment of accounts receivable.

For the fiscal quarter and six months ended December 31, 1995,
as  in  the  periods  ended December  31,  1994  the  internal
resources  of  the Corporation were sufficient to  enable  the
Corporation to meet its obligations.

                              
                              
                              
                              
                          PART  II.
                              
                      OTHER INFORMATION


Item 6:  Exhibits and Reports on Form 8-K

          A.  Exhibits - None required to be filed for Part II
of this report.

          B.  Reports on Form 8-K - None filed during the
quarter for which this report      is submitted.



                         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.




                                TRANSNET CORPORATION
                                (Registrant)




                                /s/ Steven J. Wilk
                                Steven J. Wilk, President



                                /s/ John J. Wilk

                                John J. Wilk,                            
                                Principal Financial and Accounting Officer
                                and Chairman of the Board of Directors





DATE:  February  8, 1996