SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                 AMENDMENT NO. 1
                                      TO
                                   FORM 10-Q

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

For the quarterly period ended September 28,1997
 

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

For the transition period from                     to
                              ---------------------   ------------------
Commission file number    0 -19703
                      ----------------

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

             DELAWARE                                   22-2689245
             --------                                   ----------
 (State or other jurisdiction of                    (I.R.S. Employer
 incorporation or organization)                     Identification No.)

                 25 Main Street, Ansonia, Connecticut, 06401
                 -------------------------------------------
             (Address of principal executive offices) (Zip Code)

                                (203) 736-5500
              (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 CORPORATE ISSUERS:
                     ------------------------------------

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

            CLASS                              OUTSTANDING AT November 5, 1997
------------------------------------------------------------------------------

Common Stock (Voting), $.01 par value                      5,942,482





<PAGE>
                              EXPLANATORY NOTE

     This amendment to the Quarterly Report on Form 10-Q of Farrel Corporation
for the quarter ended September 28, 1997 is being filed to correct a
typographical error in a caption in Exhibit 11.

                               Page 2 of 5
<PAGE>

<TABLE>
                                                                                                            Exhibit 11

                                                       FARREL CORPORATION
                                                       ------------------
                                         STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                         -----------------------------------------------
                                         (In thousands, except per share and share data)
                                         -----------------------------------------------

<CAPTION>
                                                           Three Months Ended                 Nine Months Ended
                                                           ------------------                 -----------------
                                                    September 28,      September 29,     September 28,     September 29,
                                                        1997               1996              1997               1996
                                                        ----               ----              ----               ----

<S>                                               <C>                 <C>               <C>                <C>

Primary
-------
Net income/(loss) applicable to common stock             $712                ($25)           $1,476             ($1,014)
                                                  ============        ============      ============       =============

Weighted average number of common shares
  outstanding during the period                     5,949,457           5,962,876         5,952,973           5,971,312

Stock option and purchase plans                         5,412                   0             5,412                   0
                                                  ------------        ------------      ------------       -------------

Total common and common equivalent shares
  outstanding                                       5,954,869           5,962,876         5,958,385           5,971,312

Net income/(loss) per common and common
  equivalent share - primary                            $0.12              ($0.00)            (0.25)             ($0.17)
                                                  ============        ============      ============       =============

Fully Diluted
-------------

Net income/(loss) applicable to common stock             $712                ($25)           $1,476             ($1,014)
                                                  ============        ============      ============       =============

Weighted average number of common shares
  outstanding during the period                     5,949,457           5,962,876         5,952,973           5,971,312

Stock option and purchase plans                         5,412                   0             5,412                   0
                                                  ------------        ------------      ------------       -------------

Total common and common equivalent shares
  outstanding                                       5,954,869           5,962,876         5,958,385           5,971,312
                                                  ============        ============      ============       =============

Net income/(loss) per common and common
  equivalent share - fully diluted                      $0.12              ($0.00)            $0.25              ($0.17)
                                                  ============        ============      ============       =============
</TABLE>






                                                       Page 3 of 5


<PAGE>



PART II - OTHER INFORMATION


ITEM 2 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

       Exhibit 11 - (Regulation S-K) Computation of Earnings Per Share.

   See Page  3.

       Reports on Form 8-K

   No such reports were filed by the Company during the third quarter of 1997.






                              Page 4 of 5


<PAGE>



                                 SIGNATURES


PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS AMENDMENT TO ITS REPORT TO BE SIGNED ON ITS
BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.

  
                                 FARREL CORPORATION
                                 ------------------
                                 REGISTRANT




 DATE: NOVEMBER  13, 1997       /S/ ROLF. K LIEBERGESELL
       ----------------       ----------------------------------------
                              ROLF K. LIEBERGESELL
                              CHIEF EXECUTIVE OFFICER,
                              PRESIDENT AND CHAIRMAN OF THE BOARD





 DATE: NOVEMBER  13, 1997       /S/ CATHERINE M. BOISVERT
       ----------------       ----------------------------------------
                              CATHERINE M. BOISVERT
                              VICE PRESIDENT AND CONTROLLER
                              (CHIEF ACCOUNTING OFFICER)





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