SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


[X] Quarterly report pursuant to section 13 or 15(d) of the Securities  Exchange
    Act of 1934 for the quarter period ended August 31, 1997 or

[ ] Transition report pursuant to section 13 of 15(d) of the Securities Exchange
    Act of 1934 for the Transition period from ________ to ________

                        Commission file number: 0-25104


                   CONTINENTAL INFORMATION SYSTEMS CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                                     
           New York                                           16-0956508
--------------------------------------------------------------------------------
  (State or other jurisdiction                            (I.R.S. Employer 
   of incorporation)                                      Identification No.)


 One Northern Concourse, P.O. Box 4785, Syracuse, NY          13221-4785
--------------------------------------------------------------------------------
     (Address of principal executive offices)                 (Zip Code)


                                 (315) 455-1900
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code) 

                  Indicate by check mark  whether the  registrant  (1) has filed
all  reports  required  to be filed  by  Section  13 or 15(d) of the  Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter  period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes [ X ] No  [   ]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:


                  Indicate by check mark  whether the  registrant  has filed all
documents  and reports  required to be filed by Sections  12, 13 or 15(d) of the
Securities  Exchange Act of 1934  subsequent to the  distribution  of securities
under a plan confirmed by a court. Yes [ X ] No  [  ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS: 

                  Indicate  the  number  of  shares  outstanding  of each of the
issuer's  classes of common  stock,  as of the latest  practicable  date:  As of
September 30, 1997,  the registrant  has 6,939,259  shares of common stock,  par
value $.01 per share, outstanding.
<PAGE>
                   CONTINENTAL INFORMATION SYSTEMS CORPORATION
                              AND ITS SUBSIDIARIES


                                TABLE OF CONTENTS


                                                                                
                                                                                

PART I.             FINANCIAL INFORMATION:                                      

Item 1.             Financial Statements                                        

                    Consolidated Balance Sheets -
                             August 31, 1997 and May 31, 1997                   

                    Consolidated Statements of Operations and Retained
                           Earnings (Accumulated Deficit) - for the three months
                           ended August 31, 1997 and 1996                       

                    Consolidated Statements of Cash Flows -
                           for the three months ended August 31, 1997 and 1996  

                    Notes to Consolidated Financial Statements                  

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


PART II.            OTHER INFORMATION:                                          

Item 6.             Exhibits and Reports on Form 8-K                            
                     


SIGNATURES                                                                      
<PAGE>
                         PART I - FINANCIAL INFORMATION 

Item 1. Financial Statements

<TABLE>
<CAPTION>
Continental Information Systems Corporation
and its Subsidiaries
In Thousands (Except per Share Data)


                               CONSOLIDATED BALANCE SHEETS
                                       (Unaudited)

                                                                August 31,      May 31,
                                                                  1997           1997
                                                                --------      --------
<S>                                                             <C>           <C>  
Assets:
Cash and cash equivalents .................................     $  4,496      $  9,005
Accounts receivable, net ..................................        4,346         2,485
Notes receivable ..........................................     $  3,666         5,094
Inventory..................................................        4,240         6,980
Net investment in direct financing leases (Note 2) ........        6,872         3,446
Rental equipment, net (Note 2) ............................        7,802         7,505
Furniture, fixtures and equipment, net ....................          122           218
Other assets ..............................................          779           446
Goodwill, net .............................................        3,573         3,632
Deferred tax assets .......................................        5,353         5,414
                                                                --------      --------
Total assets ..............................................     $ 41,249      $ 44,225
                                                                ========      ========

Liabilities and Shareholders' Equity:
Liabilities:
Accounts payable and other liabilities ....................     $  1,928      $  1,450
Discounted lease rental borrowings (Note 2) ...............        2,181         5,633
Note payable to institution - secured .....................        1,140         1,005
Notes payable to former owners of acquired company ........        1,536         1,536
                                                                --------      --------
Total liabilities .........................................        6,785         9,624
                                                                --------      --------
Shareholders' Equity:
Common stock, $.01 par value; authorized 10,000,000 shares,
   issued 7,031,667 shares ................................           70            70
Additional paid-in capital ................................       34,992        34,992
Accumulated deficit .......................................         (362)         (461)
                                                                --------      --------
                                                                  34,700        34,601

Treasury stock, at cost; 92,408 shares at August 31, 1997,
    960 shares at May 31, 1997 (Note 4)                             (236)         --
                                                                --------      --------

Total shareholders' equity ................................       34,464        34,601
                                                                --------      --------

Total liabilities and shareholders' equity ................     $ 41,249      $ 44,225
                                                                ========      ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Continental Information Systems Corporation
and its Subsidiaries
In Thousands (Except per Share Data)

                          CONSOLIDATED STATEMENTS OF OPERATIONS
                       AND RETAINED EARNINGS (ACCUMULATED DEFICIT)
                                       (Unaudited)


                                                                  For the Three Months
                                                                          Ended
                                                                        August 31,
                                                                    1997         1996
                                                                  -------      -------
<S>                                                               <C>          <C>                         
Revenues:
Equipment sales .............................................     $ 4,644      $ 4,645
Equipment rentals ...........................................         969        1,401
Income from direct financing leases .........................         187          457
Gain from sale of equipment subject to lease (Note 2) .......          78          --
Interest, fees and other income .............................         544          590
                                                                  -------      -------
                                                                    6,422        7,093
                                                                  -------      -------
Costs and Expenses:
Cost of sales ...............................................       3,693        3,438
Depreciation of rental equipment ............................         480          850
Interest expense ............................................         209          325
Other operating expenses ....................................         491          499
Selling, general and administrative expense .................       1,389        1,755
                                                                  -------      -------
                                                                    6,262        6,867
                                                                  -------      -------

Income from operations before taxes .........................         160          226

Provision for income tax ....................................          61           86
                                                                  -------      -------

Net income ..................................................          99          140

Retained earnings (accumulated deficit), beginning of period         (461)      (1,547)
                                                                  -------      -------

Retained earnings (accumulated deficit), end of period ......     $  (362)     $(1,407)
                                                                  =======      =======


Net income per share of common stock (Note 5) ...............     $   .01      $   .02
                                                                  =======      =======

Weighted average number of shares of common stock outstanding       7,016        6,999
                                                                  =======      =======

</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Continental Information Systems Corporation
and its Subsidiaries
In Thousands

                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                     (Unaudited)
                                                                      For the
                                                                 Three Months Ended
                                                                    August 31,
                                                                1997         1996
                                                              -------      -------

<S>                                                           <C>          <C>                             
Cash flows from operating activities:
Net income ..............................................     $    99      $   140
                                                              -------      -------
Adjustments to reconcile net income to net cash
provided by operating activities:
     Proceeds from sale of equipment subject to lease ...         850          --
     Gain from sale of equipment subject to lease .......         (78)         --
     Proceeds from sale of other leased equipment .......          39          676
     Amortization of unearned income ....................        (187)        (457)
     Collections of rentals on direct financing leases ..         546        1,383
     Depreciation and amortization expense ..............         688        1,091
     Effect on cash flows of changes in:
         Accounts receivable ............................      (1,169)        (515)
         Notes receivable ...............................       1,428          (78)
         Inventory ......................................       1,909       (1,782)
         Other assets ...................................        (333)         650
         Accounts payable and other liabilities .........         477          404
         Deferred tax assets ............................          61           86
         Other ..........................................         (53)         (18)
                                                              -------      -------
                                                                4,178        1,440
                                                              -------      -------

Net cash provided by operations .........................       4,277        1,580
                                                              -------      -------
Cash flows from investing activities:
Purchase of rental equipment ............................      (8,699)      (2,252)
Purchase of property and equipment ......................          (5)          (7)
                                                              -------      -------
     Net cash used in investing activities ..............      (8,704)      (2,259)
                                                              -------      -------
Cash flows from financing activities:
Proceeds from lease, bank and institution financings ....       2,094        3,281
Payments on lease, bank and institution financings ......      (1,940)      (1,934)
Purchase of treasury stock ..............................        (236)         --
                                                              -------      -------
     Net cash provided by (used in) financing activities          (82)       1,347
                                                              -------      -------

     Net increase (decrease) in cash and cash equivalents      (4,509)         668
Cash and cash equivalents at beginning of period ........       9,005        5,382
                                                              -------      -------
Cash and cash equivalents at end of period ..............     $ 4,496      $ 6,050
                                                              =======      =======
</TABLE>
<PAGE>
Continental Information Systems Corporation
and its Subsidiaries
Notes to the Consolidated Financial Statements


1.    Basis of Presentation

      The accompanying unaudited financial statements of Continental Information
      Systems  Corporation  and its  subsidiaries  (the  "Company")  contain all
      adjustments which are, in the opinion of management,  necessary for a fair
      statement  of results for the interim  periods  presented.  While  certain
      information  and  footnote  disclosures  normally  included  in  financial
      statements  prepared in  accordance  with  generally  accepted  accounting
      principles have been condensed or omitted,  the Company  believes that the
      disclosures  herein are adequate to make the  information  not misleading.
      The results of operations  for the three months ended August 31, 1997, are
      not  necessarily  indicative  of the  results  for the  full  year.  These
      statements  should be read in conjunction with the consolidated  financial
      statements  and notes  thereto  included for the fiscal year ended May 31,
      1997 appearing in the Company's Form 10-K.

2.    Sale of Equipment Subject to Lease and Telecommunications Business Unit

      On August 31, 1997, the Company, through a wholly-owned subsidiary, sold a
      portion of its leased equipment to a corporate  investor for a sales price
      of approximately $4.4 million,  payable in cash of approximately  $850,000
      and the  assumption by the investor of the Company's  related  outstanding
      non-recourse lease rental borrowings of approximately $3.5 million.

      Additionally,  on August 31,  1997,  the Company,  through a  wholly-owned
      subsidiary,  sold its Telecommunications Business Unit to Meridian Leasing
      Corporation  of  Deerfield,  Illinois.  The sales price  approximated  the
      Business Unit's book value and therefore did not significantly  affect the
      results of operations for the quarter ended August 31, 1997.

3.    Real Estate Financing

      On June 30, 1997,  the Company  announced that it had entered into a Joint
      Investment   Agreement  (the  "Emmes  Agreement")  with  Emmes  Investment
      Management Co. LLC ("Emmes") to provide high-yield,  short-term  financing
      for commercial real estate  transactions.  Under the agreement the Company
      may  provide  up to $8  million  in  financing,  subject  to  management's
      approval of each loan.  The  transaction  with Emmes is part of an ongoing
      restructuring of the Company's asset lending activities.

      The Emmes Agreement is expected to involve  transactions which do not meet
      the underwriting  standards of a traditional  lender,  and instances where
      there are unusual time constraints.  Emmes, founded in 1992 by individuals
      who have been involved in commercial  real estate dating back to the early
      1970s, provides high-yield,  short-term real estate financing as well as a
      broad range of other special  opportunity real estate  investments.  Under
      the Emmes Agreement,  Emmes will identify,  negotiate and service proposed
      transactions,   and  will  present  to  the  Company  the  opportunity  to
      participate  in  such   transactions.   The  Company  will  make  its  own
      independent  determination  whether to participate  in a  transaction.  In
      September 1997, the Company made an initial investment of approximately $1
      million in two approved transactions.
<PAGE>
Continental Information Systems Corporation
and its Subsidiaries
Notes to the Consolidated Financial Statements


4.    Treasury Stock

      On May 27, 1997,  the Company  announced  that its Board of Directors  had
      authorized  the  expenditure  of up to $500,000 for the  repurchase of its
      common stock.  The Company  commenced a voluntary odd lot program  through
      June 30,  1997,  which was extended  through  July 31, 1997.  Shareholders
      owning less than 100 shares of the Company's common stock were offered the
      opportunity  to sell all their  shares at the closing  price of the common
      stock on the NASDAQ  Small-Cap Market on May 23, 1997, which was $2.25 per
      share.  Approximately  20,000 shares were repurchased by the Company at an
      aggregate  cost  of  approximately  $45,000.  Subsequent  to the  odd  lot
      repurchase  program,  the Company  intends to repurchase from time to time
      additional  shares  of its  common  stock up to the  balance  of  $500,000
      remaining  after the odd lot  program.  The  Company  may  repurchase  the
      additional shares at prevailing prices in the open market or in negotiated
      or other  permissible  transactions  at the discretion of management.  The
      Company will hold all repurchased  shares of common stock in its treasury.
      At August 31, 1997,  approximately  72,000 shares were  repurchased by the
      Company in this manner at an aggregate cost of approximately $191,000.

5.    Net Income Per Share

      Net income per share was computed based on the weighted  average number of
      shares of common stock  outstanding  during the periods.  As of August 31,
      1997, the Company had  outstanding  options to purchase  459,000 shares of
      common  stock (see Note 7). The  potential  dilution  of these  options is
      immaterial in the computation of net income per share.

6.    Reclassifications

      Certain  prior  period  balances  in the  financial  statements  have been
      reclassified  to  conform  to  the  current  period  financial   statement
      presentation.

7.    Stock Compensation Plan

      On  July  6,  1995,  the  Board  of  Directors   adopted  the  Continental
      Information  Systems  Corporation 1995 Stock  Compensation Plan (the "1995
      Plan").  The 1995 Plan provides for the issuance of options covering up to
      1,000,000  shares of common stock and stock grants of up to 500,000 shares
      of common  stock to  non-employee  directors  of the  Company  and, in the
      discretion of the  Compensation  Committee,  employees of and  independent
      contractors and consultants to the Company.
<PAGE>
Continental Information Systems Corporation
and its Subsidiaries
Notes to the Consolidated Financial Statements


      A summary of the status of the 1995 Plan as of August 31, 1997 and changes
since inception is presented below:
<TABLE>
<CAPTION>

                                                                   Weighted Average
                                                       Number of    Exercise Price
                                                        Options       Per Option
                                                        -------       ----------
<S>                                                    <C>              <C>
      Outstanding at
            May 31, 1995 (none exercisable) .....       15,000          $ 3.50
      Granted ...................................        9,000          $ 2.50
      Exercised .................................          --           $  --
      Forfeited/expired .........................       (9,000)         $ 3.50
                                                       -------               
      Outstanding at
            May 31, 1996 (6,000 exercisable) ....       15,000          $ 2.90
      Granted ...................................      319,000          $ 1.97
      Exercised .................................      (16,667)         $ 1.97
      Forfeited/expired .........................      (33,333)         $ 1.97
                                                       -------               
                                                                     
      Outstanding at
            May 31, 1997  (188,337 exercisable) .      284,000          $ 2.02
      Granted ...................................      175,000          $ 2.32
                                                       -------               
                                                                     
      Outstanding at
            August 31, 1997 (246,671 exercisable)      459,000          $ 2.13
                                                       =======              

</TABLE>
<PAGE>
Continental Information Systems Corporation
and its Subsidiaries


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

                                    Introduction

The following  discussion and analysis of the financial condition and results of
operations of the Company  should be read in conjunction  with the  consolidated
financial  statements  and the notes  thereto  for the fiscal year ended May 31,
1997, appearing in the Company's Form 10-K.

All statements contained herein that are not historical facts, including but not
limited to, statements regarding anticipated future capital requirements and the
Company's  future  business  plans,  are based on  current  expectations.  These
statements  are  forward  looking  in nature  and  involve a number of risks and
uncertainties.  Actual  results may differ  materially.  Among the factors  that
could cause actual  results to differ  materially  are those set forth below and
the other risk  factors  described  from time to time in the  Company's  reports
filed with the SEC.  The  Company  wishes to caution  readers not to place undue
reliance on any such  forward  looking  statements,  which  statements  are made
pursuant to the Private  Securities  Litigation Reform Act of 1995 and, as such,
speak only as of the date made.

On June  30,  1997,  the  Company  announced  that it had  entered  into a Joint
Investment  Agreement (the "Emmes  Agreement") with Emmes Investment  Management
Co. LLC ("Emmes") to provide  high-yield,  short-term  financing for  commercial
real estate  transactions.  Under the agreement the Company may provide up to $8
million  in  financing,  subject to  management's  approval  of each  loan.  The
transaction  with Emmes is part of an  ongoing  restructuring  of the  Company's
asset lending activities.

The Emmes  Agreement is expected to involve  transactions  which do not meet the
underwriting  standards of a traditional  lender,  and instances where there are
unusual time  constraints.  Emmes,  founded in 1992 by individuals who have been
involved in  commercial  real estate  dating back to the early  1970s,  provides
high-yield,  short-term real estate  financing as well as a broad range of other
special  opportunity real estate investments.  Under the Emmes Agreement,  Emmes
will identify, negotiate and service proposed transactions,  and will present to
the Company the  opportunity to participate  in such  transactions.  The Company
will  make  its  own  independent  determination  whether  to  participate  in a
transaction.  In  September  1997,  the Company  made an initial  investment  of
approximately $1 million in two approved transactions.

                                Results of Operations

            Comparison of the Three Months Ended August 31, 1997 and 1996

Total revenues  decreased 9.5% to $6.4 million for the three months ended August
31, 1997 from $7.1 million for the  comparable  fiscal  quarter in 1996.  Within
this  category,  equipment  rentals  and income  from  direct  financing  leases
decreased  37.8% to $1.2 million for the three months ended August 31, 1997 from
$1.9  million  for the  comparable  fiscal  quarter in 1996.  This  decrease  is
directly  related to the sale of a substantial  portion of the Company's  leased
<PAGE>
Continental Information Systems Corporation
and its Subsidiaries


equipment to an  institutional  investor in the second and third quarters of the
prior fiscal year.  Additionally,  on August 31,  1997,  the Company,  through a
wholly-owned  subsidiary,  sold  additional  leased  equipment  to  a  corporate
investor  for a sales  price of  approximately  $4.4  million.  The  Company  is
acquiring additional equipment, subject to lease, which it intends to sell on an
ongoing basis,  as market  conditions  permit.  Interest,  fees and other income
decreased  7.8% to $544,000 for the quarter  ended August 31, 1997 from $590,000
for the comparable  fiscal quarter in 1996. This decrease  primarily  reflects a
decline in management fees received from income funds.

Costs and  expenses  decreased  8.8% to $6.3  million for the three months ended
August 31, 1997 from $6.9  million for the  comparable  fiscal  quarter in 1996.
Within this  category,  cost of sales,  as a percentage of sales,  for the three
months ended August 31, 1997 and 1996 was 79.5% and 74.0%,  respectively.  These
variances are  primarily  the result of product mix, with the aircraft  business
unit  usually  generating   significant   margins  on  a  relatively  few  large
transactions and the  telecommunications  and printing business units generating
comparably  lesser  margins on a greater number of  transactions.  On August 31,
1997 the Company, through a wholly-owned subsidiary, sold its Telecommunications
Business Unit to Meridian Leasing Corporation of Deerfield,  Illinois. The sales
price  approximated  the  Business  Unit's  book  value  and  therefore  did not
significantly  affect the results of operations for the quarter ended August 31,
1997.  Sales and margins for the  Company's  laser  printing  business have been
adversely  impacted,  and may continue to be impacted,  as a result of increased
activity  in the used  high  speed  printer  market  by Xerox  Corporation,  the
manufacturer of the Company's laser printers,  and another large leasing company
that has entered the market.  Sales and earnings from the aircraft  business are
likely  to  continue  to  vary  quarter-to-quarter,   based  on  the  volume  of
transactions.  Depreciation of rental equipment  decreased 43.5% to $480,000 for
the three months ended August 31, 1997 from $850,000 for the  comparable  fiscal
quarter in 1996. This decrease is directly related to the aforementioned sale of
a  substantial  portion of the  Company's  portfolio of leased  equipment in the
second and third quarters of the prior fiscal year.  Interest expense  decreased
35.7% to $209,000 for the three  months ended August 31, 1997 from  $325,000 for
the comparable fiscal quarter in 1996. This decrease was primarily the result of
a decrease in the average  debt  outstanding  during the current  quarter  ended
August 31, 1997.  Other  operating  expenses  decreased 1.6% to $491,000 for the
three  months  ended August 31, 1997 from  $499,000  for the  comparable  fiscal
quarter in 1996.  This  decrease  is chiefly the result of a decrease in machine
refurbishment  expenses for the laser printing business unit.  Selling,  general
and administrative expenses decreased 20.9% to $1.4 million for the three months
ended August 31, 1997 from $1.8  million for the  comparable  fiscal  quarter in
1996. This decrease was principally  due to cost  containment  efforts and staff
reductions  between the periods.  For the three months ended August 31, 1997 and
1996,  a  provision  for  deferred  income  tax on income  from  operations  was
recorded,  at an  effective  rate of 38%, in the amounts of $61,000 and $86,000,
respectively.
<PAGE>
Continental Information Systems Corporation
and its Subsidiaries

                           Liquidity and Capital Resources 

Cash provided by operations  for the three months ended August 31, 1997 was $4.3
million as  compared  to $1.6  million for the  comparable  period in 1996.  The
increase  was  primarily  due to a  decrease  in  the  Company's  investment  in
inventory of $1.9  million and the  proceeds  generated by the sale of equipment
subject to lease of  $850,000.  In  addition  to the cash  payment  of  $850,000
relative to the sale of leased equipment,  the buyer assumed  approximately $3.5
million  of  the  Company's  related   outstanding   non-recourse  lease  rental
borrowings.  The Company  purchased  approximately  $8.7  million of  additional
rental  equipment  during the  current  quarter,  which it intends to sell on an
ongoing  basis,  as market  conditions  permit.  Proceeds  from lease,  bank and
institution  financings  decreased by approximately $1.2 million to $2.1 million
for the three months ended August 31, 1997 from $3.3 million for the  comparable
fiscal  quarter in 1996.  This decrease is primarily the result of a decrease in
the discounting of lease rentals with lending institutions.

On May 27,  1997,  the  Company  announced  that  its  Board  of  Directors  had
authorized  the  expenditure  of up to $500,000 for the repurchase of its common
stock. The Company  commenced a voluntary odd lot program through June 30, 1997,
which was  extended  through July 31,  1997.  Shareholders  owning less than 100
shares of the Company's  common stock were offered the  opportunity  to sell all
their shares at the closing  price of the common  stock on the NASDAQ  Small-Cap
Market on May 23, 1997, which was $2.25 per share.  Approximately  20,000 shares
were repurchased by the Company at an aggregate cost of  approximately  $45,000.
Subsequent to the odd lot repurchase program,  the Company intends to repurchase
from time to time  additional  shares of its common  stock up to the  balance of
$500,000  remaining  after the odd lot program.  The Company may  repurchase the
additional  shares at  prevailing  prices in the open market or in negotiated or
other permissible transactions at the discretion of management. The Company will
hold all repurchased shares of common stock in its treasury. At August 31, 1997,
approximately 72,000 shares were repurchased by the Company in this manner at an
aggregate cost of approximately $191,000.

The Company expects that  operations  will generate  sufficient cash to meet its
operating expenses and current  obligations for the foreseeable  future. In July
1996, the Company  finalized two revolving loan agreements with  institutions to
provide  (1)  warehouse  lease  financing  in the amount of $5  million  and (2)
inventory  financing for LaserAccess and CIS Air in the amount of $7 million. At
August 31, 1997,  approximately  $1.1 million in loans payable were  outstanding
under these lines of credit. The LaserAccess and CIS Air loan agreements contain
various  covenants  including  limitations  on additional  indebtedness  and the
maintenance  of minimum  levels of net worth/net  earnings.  At August 31, 1997,
LaserAccess  did not meet the  minimum net  worth/net  earnings  requirement;  a
waiver relative to this covenant was obtained from the lending  institution.  In
July 1997, the Company signed letters of intent with two institutions to provide
lease and  inventory  financing  in the total amount of $20 million for CIS Air.
The Company is currently  engaged in  negotiations  relative to the terms of the
proposed lines of credit,  including the potential effect on existing lines, and
due diligence reviews with the institutions.
<PAGE>


                             PART II - OTHER INFORMATION 



Item 6.  Exhibits and Reports on Form 8-K

           (a)    Exhibits

                  27.1  Financial Data Schedule

           (b)    Reports on Form 8-K - No reports on Form 8-K were filed by the
                  Company during the quarter ended August 31, 1997.



<PAGE>



                                   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.

                                          CONTINENTAL INFORMATION SYSTEMS
                                          CORPORATION

Date: October 1, 1997                     By: /s/ Michael L. Rosen
                                              --------------------
                                              Michael L. Rosen
                                              President, Chief Executive Officer
                                              and Director



Date: October 1, 1997                     By: /s/ Jonah M. Meer
                                              -----------------
                                              Jonah M. Meer
                                              Senior Vice President, 
                                              Chief Operating Officer
                                              and Chief Financial Officer