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 September 30, 1995

                                   OR

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

For the transition period from ____________________ to ____________________

                       Commission File No.   0-10516
                   ---------------------------------------
                    Lincoln Telecommunications Company
           (Exact name of registrant as specified in its charter)

              Nebraska                                47-0632436
    (State or other jurisdiction of                (I.R.S. Employer
     incorporation or organization)                 Identification No.)

    1440 M Street, Lincoln, Nebraska                      68508

(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code:  402-436-5289

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 Registrant's 
classes of Common Stock as of the latest practicable date.  


       Class of Common Stock              Outstanding at September 30, 1995
           $.25 par Value                           36,605,299











                     PART I - FINANCIAL INFORMATION
            LINCOLN TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

The following consolidated financial statements of Lincoln 
Telecommunications Company and its wholly owned subsidiaries have been 
prepared pursuant to the rules and regulations of the Securities and 
Exchange Commission (SEC) and, in the opinion of management, include all 
adjustments necessary for a fair statement of income for each period shown. 
All such adjustments made are of a normal recurring nature except when 
noted as extraordinary or nonrecurring.  Certain information and footnote 
disclosures normally included in consolidated financial statements prepared 
in accordance with generally accepted accounting principles have been 
condensed or omitted pursuant to such SEC rules and regulations.  
Management believes that the disclosures made are adequate and that the 
information is fairly presented.  The results for the interim periods are 
not necessarily indicative of the results for the full year.  These 
consolidated financial statements should be read in conjunction with the 
consolidated financial statements and notes thereto in the 1994 Annual 
Report on Form 10-K and in this year's prior Quarterly Reports on Form 
10-Q, which are incorporated by reference.  


































                                
                                
                                
                                -1-


Item 1 - Financial Statements
<TABLE>
             LINCOLN TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS



                                              Sep. 30, 1995   Dec. 31, 1994 
                                               (Unaudited)      (Audited)
                                                  (Dollars in Thousands)
<CAPTION>
ASSETS
<S>                                               <C>             <C>
Current assets                                    $  78,087       $  79,957

Property and equipment less accumulated
 depreciation and amortization                      273,460         241,770

Investments and other assets                        178,178          52,578

Deferred charges                                     19,459          18,879
                                                  ---------       ---------
     Total assets                                 $ 549,184       $ 393,184
                                                  =========       =========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

   Notes payable to banks                            60,624          23,000

   Accounts payable and accrued liabilities          40,542          39,324
                                                  ---------       ---------
     Total current liabilities                      101,166          62,324

Deferred credits and other long-term liabilities     86,712          85,926

Long-term debt                                       74,000          44,000

Preferred stock, 5%, redeemable                       4,499           4,499

Stockholders' equity                                282,807         196,435
                                                  ---------       ---------
     Total liabilities and stockholders' equity   $ 549,184       $ 393,184
                                                  =========       =========

</TABLE>
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                -2-
<TABLE>
                    LINCOLN TELECOMMUNICATIONS COMPANY
                    CONSOLIDATED STATEMENT OF EARNINGS
                                (UNAUDITED)

                                         Three Months Ended  Nine Months Ended
                                         Sep. 30,  Sep. 30,  Sep. 30,  Sep. 30,
                                           1995      1994      1995      1994  
                                     (Dollars in Thousands Except Per Share Data)
<CAPTION>
<S>                                      <C>       <C>       <C>       <C>
Telephone operating revenues:*
   Local network services                $17,905   $17,022   $52,853   $50,209
   Access services                        14,073    12,593    40,136    37,911
   Long distance services                  7,485     8,137    23,275    24,184
   Other wireline communications
    services                               6,022     6,315    17,929    18,286
                                         -------   -------   -------   -------
      Total telephone operating
       revenues                           45,485    44,067   134,193   130,590

Wireless communications revenues          13,632     3,025    20,626     8,235
Telephone equipment sales and
 services                                  4,794     4,722    14,392    13,260
Intercompany revenues                     (1,730)   (2,078)   (5,256)   (5,750)
                                         -------   -------   -------   -------
      Total operating revenues            62,181    49,736   163,955   146,335
                                         -------   -------   -------   -------
Operating expenses:
   Depreciation and amortization          10,442     7,987    26,881    24,002
   Additional non-recurring depreci-
    ation on cellular equipment**           --         --        --      3,398
   Other operating expenses               31,607    26,898    87,287    80,108
   Restructuring charge                    1,552       --      1,552       --
   Taxes, other than payroll
    and income                               857       927     2,563     2,775
   Intercompany expenses                  (1,730)   (2,078)   (5,256)   (5,750)
                                         -------   -------   -------   -------
      Total operating expenses            42,728    33,734   113,027   104,533
                                         -------   -------   -------   -------
      Operating income                    19,453    16,002    50,928    41,802
                                         -------   -------   -------   -------
Non-operating income and expense:
   Income from interest and other
    investments                            1,819     1,433     4,991     3,790
Charge for additional non-recurring 
    depreciation on cellular equipment
    in limited partnership**                 --        --        --      2,179
   Interest expense and other
    deductions                             2,698     1,649     5,981     4,982
                                         -------   -------   -------   -------


(Continued on following page)





                                -3-
                    LINCOLN TELECOMMUNICATIONS COMPANY
                CONSOLIDATED STATEMENT OF EARNINGS (Cont'd)
                                (UNAUDITED)

                                         Three Months Ended  Nine Months Ended
                                         Sep. 30,  Sep. 30,  Sep. 30,  Sep. 30,
                                           1995      1994      1995      1994  
                                      (Dollars in Thousands Except Per Share Data)

Net non-operating expense                    879       216       990     3,371
                                         -------   -------   -------   -------
      Income before income taxes          18,574    15,786    49,938    38,431
Income taxes                               7,344     6,085    19,493    14,786
      Net income                          11,230     9,701    30,445    23,645
                                         -------   -------   -------   -------
Preferred dividends                           57        57       169       169
                                         -------   -------   -------   -------
      Earnings available
       for common shares                  11,173     9,644    30,276    23,476
                                         =======   =======   =======   =======
Earnings per common share                    .31       .30       .90       .72
                                         =======   =======   =======   =======

Weighted average common shares
 outstanding (in thousands)               36,044    32,354    33,598    32,427

Dividends declared per common share          .14       .13       .42       .39



*Certain reclassifications have been made to the historical consolidated 
statements of earnings to conform to the current presentation.
**See comments under "Cellular Activities," pages 8 & 9.
</TABLE>

























                                -4-
<TABLE>
                     LINCOLN TELECOMMUNICATIONS COMPANY
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)

                                                            Nine Months Ended     
                                                      Sep. 30, 1995  Sep. 30, 1994
                                                         (Dollars in Thousands)
<CAPTION>
<S>                                                     <C>            <C>
Cash flows from operating activities:
   Net income                                           $ 30,444       $ 23,645
                                                        --------       --------
   Adjustments to reconcile net income  
    to net cash provided by operating activities:
      Depreciation and amortization                       25,995         27,311
      Net change in investments and other assets          (2,336)           213
      Deferred income taxes                                  432         (2,032)
      Changes in assets and liabilities resulting
       from operating activities:
         Receivables                                      (3,683)        (4,706)
         Materials, supplies and other assets               (758)           691 
         Accounts payable and accrued expenses            (6,890)         1,485
         Other Liabilities                                  (653)          (398)
                                                        --------       --------
               Total adjustments                          12,107         22,564
                                                        --------       --------
               Net cash provided by operating
                activities                                42,551         46,209
                                                        --------       --------
Cash flows from investing activities:
   Expenditures for property and equipment               (31,572)       (19,901)
   Net salvage on retirements                              2,118            931 
                                                        --------       --------
               Net capital additions                     (29,454)       (18,970)

   Proceeds from sale of investments and other
    assets                                                 1,098             27
   Purchases of investments and other assets            (128,615)        (4,669)
   Acquisition, excluding cash acquired                   (4,003)           --
   Purchases of temporary investments                     (1,912)       (14,358)
   Maturities and sales of temporary investments          13,779         24,339
                                                        --------       --------
               Net cash used for investing
                activities                              (149,107)       (13,631) 
                                                        --------       --------
Cash flows from financing activities:
   Dividends to stockholders                             (13,756)       (12,819) 
   Common stock issued                                     1,067            --
   Paid in surplus                                        69,341            --
   Proceeds from issuance of long-term debt               30,000            --
   Proceeds from issuance of notes payable                33,350          1,800
   Retirement of notes payable                           (13,615)       (16,300)
   Net purchases and sales of treasury stock                (127)        (3,803)
                                                        --------       --------

(Continued on following page)
                                

                                -5-

                     LINCOLN TELECOMMUNICATIONS COMPANY
               CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont'd)
                                 (UNAUDITED)

                                                            Nine Months Ended     
                                                      Sep. 30, 1995  Sep. 30, 1994
                                                         (Dollars in Thousands)

               Net cash provided by (used in)
                financing activities                     106,260        (31,122)
                                                        --------       --------
Net increase (decrease) in cash and
 cash equivalents                                           (296)         1,456
Cash and cash equivalents at beginning of year            22,038         15,341
                                                        --------       --------

Cash and cash equivalents at end
 of quarter                                             $ 21,742       $ 16,797
                                                        ========       ========

Supplemental disclosures of cash flow information:
      Interest paid                                     $  4,312       $  3,321
                                                        ========       ========
      Taxes paid                                        $ 20,540       $ 18,025
                                                        ========       ========
</TABLE>
































                                -6-


          LINCOLN TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1) Summary of Significant Accounting Policies

Principles of Consolidation and Organization

The consolidated Form 10-Q reflects the operations of Lincoln 
Telecommunications Company (the Company) and its wholly owned subsidiaries. 
The primary subsidiary is The Lincoln Telephone and Telegraph Company 
(LT&T) which provides local and long distance telephone service in 22 
southeastern counties of Nebraska.  It provides cellular telecommunications 
services in the Lincoln, Nebraska Metropolitan Statistical Area (MSA) 
(which includes all of Lancaster County in Nebraska) under the name of 
Lincoln Telephone Cellular.  On July 13, 1995, the Company acquired 
Nebraska Cellular Telephone Corporation (NCTC) which provides cellular 
service outside the Lincoln and Omaha metropolitan areas in Nebraska.  This 
acquisition accounted for as a purchase, is further described in Part II, 
Item 5 of this report.  LinTel Systems Inc. (LinTel) provides toll services 
beyond LT&T's local service territory, sales of non-regulated 
telecommunications products and services and telephone answering services. 
Prairie Communications, Inc. (Prairie) has a 50% investment in, and is the 
operating partner of, a general partnership with Centel Nebraska, Inc. 
which manages a limited partnership providing cellular telecommunications 
services in the Omaha MSA (which includes Douglas and Sarpy Counties in 
Nebraska and Pottawatomie County in Iowa).  The limited partnership is 
doing business as First Cellular Omaha (FCO).  A joint venture with Anixter 
Bros., Inc., doing business as Anixter-Lincoln, warehouses and distributes 
electrical wire, cable, and communications products in a six-state area 
hich includes Nebraska, North and South Dakota, Wyoming, Montana and Idaho.

The Company's telephone operations follow accounting for regulated 
enterprises prescribed by statement of Financial Accounting Standard (FAS) 
No. 71, Accounting for the Effects of Certain Types of Regulation.  The 
effect of FAS No. 71 results in regulatory assets of approximately 
$11,831,000 and $13,745,000 at September 30, 1995 and 1994, respectively, 
and regulatory liabilities of approximately $9,503,000 and $11,318,000 at 
September 30, 1995 and 1994, respectively.  

The Company presently gives accounting recognition to the actions of 
regulators where appropriate, as prescribed by FAS No. 71, "Accounting for 
the Effects of Certain Types of Regulation."  Under FAS No. 71, the Company
records certain assets and liabilities because of the actions of 
regulators.  Amounts charged to operations for depreciation expense reflect
estimated useful lives and methods prescribed by regulators rather than
those that might otherwise apply to unregulated enterprises.  In the event 
the Company determines that it no longer meets the criteria for following
FAS No. 71, the accounting impact to the Company would be a one-time non-
cash charge to operations of an amount which would be material to the
consolidated financial statements.  Criteria that give rise to the 
discontinuance of FAS No. 71 include increasing competition, which 
restricts the Company's ability to establish prices to recover specific



                                -7-
costs, possible obsolescence driven by accelerating technology, and a 
significant change in the manner in which rates are set by regulators from 
cost-based regulation to another form of regulation.  The Company 
periodically reviews these criteria to ensure that continuing application 
of FAS No. 71 is appropriate.  

Certain amounts previously reported for prior periods have been 
reclassified to conform to the current period presentation in the 
accompanying consolidated statements of earnings.  The reclassifications 
had no effect on the results of operations or shareholders' equity as 
previously reported..

Earnings Per Share

Earnings per share of common stock are based on the weighted average number 
of shares of common stock outstanding during the periods presented herein. 
The weighted average shares used in the calculation were 33,597,845 for the 
nine-month period ended September 30, 1995 and 32,427,046 for the same 
period in 1994.   

Stock Dividend

Effective January 6, 1994 the Company distributed a 100% stock dividend to 
common stockholders of record on December 27, 1993, which has been treated 
as a stock split for financial reporting purposes.  Common stock, premium 
on common stock and all per share information has been retroactively 
adjusted to give effect to the stock dividend for all periods presented.

(2) Cellular Activities

Due to changes in technology, customer growth, and usage demand for 
cellular services in their respective markets, Lincoln Telephone Cellular 
and FCO have purchased new cellular telephone systems to replace certain 
existing analog systems serving these markets.  These systems increased 
capacity and performance in these markets.  The FCO system was operational 
in April 1994, and the Lincoln system became operational in April 1995.    

The implementation of these system upgrades caused the early retirement of 
certain existing analog equipment prior to the expiration of its
anticipated useful life.  As a result, in the first quarter 1994, the
Company wrote down the value of these assets by approximately $3,398,000.  
During the fourth quarter 1994, the Company recognized an additional charge 
of approximately $363,000 after evaluating updated information related to 
this analog equipment.  The aggregate after-tax impact of these non-
recurring non-cash charges to earnings was $2,267,000.  In March 1994, the 
Company's share of a similar charge for FCO was $2,179,000, producing an 
after-tax impact of $1,314,000.  The aggregate non-recurring non-cash 
reduction of 1994 earnings is approximately $3,581,000 or $.11 per share.  



                                
                                
                                
                                
                                
                                
                                
                                
                                -8-
The following table sets forth unaudited supplemental financial and 
operating data for the Company's cellular investments.  The proportionate 
results presented reflect the Company's ownership percentage of cellular 
interests in which the Company exercises significant influence.  This 
supplemental information is not required by generally accepted accounting 
principles; however, the Company believes that proportionate financial and 
operating data facilitate the understanding and analysis of its cellular 
operations.


OPERATING RESULTS(1)       THIRD QUARTER                 YEAR TO DATE
 (Dollars in thousands) 1995    1994     1993       1995     1994     1993

Service revenues (2)  $14,850  $3,948   $2,609    $24,018  $10,669  $6,831
 
Operating income (3)    5,615   1,331      676      8,040   (2,201)  1,661

EBITDA (4)              7,318   1,726      946     10,844    4,479   2,395

EBITDA Margin (4)       49.3%   43.7%    36.3%      45.1%    42.0%   35.1%


OPERATING DATA (1)

POPs (5)            1,234,250 400,540 400,044   1,234,250  400,540  400,044

Cellular customers    107,057  25,921  16,059     107,057   25,921   16,059

Penetration rate         8.7%    6.5%    4.0%        8.7%     6.5%     4.0%

Average monthly
 revenue (6)           $47.53  $52.39  $56.73      $46.82   $51.68   $55.27

NOTES:
 (1)  At September 30, 1995, the Company's proportionate ownership         
      interests in the following managed entities were:  Lincoln Telephone 
      Cellular (100%), Nebraska Cellular Telephone Corporation (100%,      
      effective in July, 1995), First Cellular Omaha (27.6%) and Iowa RSA 1 
      (11.8%, 11% in 1993).  The proportionate data reflects the Company's 
      ownership interests in these markets.  Those interests that are 100% 
      owned are consolidated and the other interests are accounted for on  
      the equity or cost method in the Company's consolidated financial    
      statements.
 (2)  Represents all service revenues net of out-bound roamer expenses and 
      excludes equipment sales
 (3)  Operating income excludes income taxes and interest expense.
 (4)  EBITDA represents earnings before interest, taxes, depreciation and  
      amortization.  EBITDA does not represent cash flow from operations or 
      cash available to the Company.
 (5)  POPs are the estimated market populations multiplied by the Company's 
      ownership interest in these markets.
 (6)  Represents average monthly service revenue per customer for the      
      quarter and nine months ended September 30 of each year presented.

                                
                                
                                
                                
                                
                                -9-
 (3) Operator Services Force Reduction

During third quarter, LT&T, the local operating company, announced its 
decision to reduce its operator service workforce from 140 to approximately 
50 employees by the beginning of 1996.  The remaining force will handle the 
Company's long distance operator service needs.  The Company offered 
retirement and separation incentives along with out-placement services to 
those employees affected by the force adjustment.  These actions resulted in 
a pre-tax non-recurring charge of $1,552,000 or $936,000 after the income 
tax effect, reducing third quarter earnings per share by $0.03.  Savings 
resulting from new procedures are expected to offset this non-recurring 
charge within two years.

(4) Income Taxes

Total income tax expense for the three- and nine-month periods ended 
September 30, 1995 and 1994 was $7,345,000 and $6,085,000; and $19,493,000 
and $14,786,000, respectively, and was comprised solely of income taxes on 
income from continuing operations.  Income tax expense (benefit) 
attributable to income from continuing operations for the nine-month 
periods ended September 30, 1995 and 1994 consists of the following:

                                   Nine Months Ended September 30,
                                        1995             1994     
                                    ------------     ------------
  Current
    U.S. Federal                    $16,364,000      $14,383,000
    State and local                   3,465,000        3,213,000  
                                    ------------     ------------
                                     19,829,000       17,596,000
  Deferred
    U.S. Federal                        293,000       (1,893,000)
    State and local                     222,000         (121,000)
                                    ------------     ------------
                                        515,000       (2,014,000)
  Investment tax credits               (851,000)        (795,000)
                                    ------------     ------------
                                    $19,493,000      $14,786,000
                                    ============     ============















                                
                                
                                
                                
                                
                                -10-
Income tax expense differed from the amounts computed by applying the U. S. 
Federal income tax rate of 35 percent to pretax income from continuing 
operations as stated in the following:

                                  Nine Months Ended September 30,
                                       1995             1994     
                                    ------------     ------------
  Computed "expected" tax         
    expense                          $17,478,000      $13,451,000
  Increase (reduction) in 
    income taxes resulting from:
    State and local taxes, net   
       of Federal tax benefit          2,397,000       (2,010,000)
    Non-taxable interest income          (51,000)         (95,000)
    Amortization of regulatory 
      deferred charges                 1,436,000        1,436,000
    Amortization of regulatory 
      deferred liabilities            (1,343,000)      (1,418,000)
    Amortization of investment 
      tax credits                       (851,000)        (795,000)
    Other, net                           427,000          197,000 
                                     ------------     ------------
                                     $19,493,000      $14,786,000
                                     ============     ============ 

The significant components of deferred income tax expense (benefit) 
attributable to income from continuing operations for the nine-month 
periods ended September 30, 1995 and 1994 were the following:   

Nine Months Ended September 30,
                                       1995             1994          
                                    ------------     ------------
  Deferred tax expense (benefit)    $   422,000      $(2,032,000)
  Amortization of regulatory 
    deferred charges                  1,436,000        1,436,000
  Amortization of regulatory 
    deferred liabilities             (1,343,000)      (1,418,000)
                                    ------------     ------------
                                    $   515,000      $(2,014,000)
                                    ============     ============

The tax effects of temporary differences that give rise to significant 
portions of the deferred tax assets and deferred tax liabilities at 
September 30, 1995 and December 31, 1994 are presented in the following:  







                                
                                
                                
                                
                                
 
                                
                                
                                -11-
                                September 30, 1995  December 31, 1994
                                ------------------  -----------------
  Deferred tax assets:
    Accumulated post-retirement 
      benefit cost                  $17,308,000      $16,739,000
    Regulatory deferred credits       4,163,000        4,857,000
    Other                             5,223,000        2,537,000 
                                    ------------     ------------
        Total gross deferred 
         tax assets                  26,694,000       24,133,000 
       Less valuation allowance      (1,827,000)               0 
                                    ------------     ------------
       Net deferred tax assets      $24,867,000      $24,133,000
                                    ============     ============

Deferred tax liabilities:  
     Plant and equipment,
     principally due to
     depreciation differences       $40,395,000      $38,534,000
    Regulatory deferred charges       3,145,000        3,527,000
    Other                             2,734,000        2,614,000  
                                    ------------     ------------
       Total gross deferred tax 
         liabilities                 46,274,000       44,675,000 
                                    ------------     ------------

       Net deferred tax
         liabilities                $21,407,000      $20,542,000
                                    ============     ============

As a result of the nature and amount of the temporary differences which 
give rise to the gross deferred tax liabilities and the Company's expected 
taxable income in future years, there is no valuation allowance for 
deferred tax assets as of December 31, 1994.  The September 30, 1995 
valuation allowance of ($1,827,000) is the result of LB 775 economic 
incentives acquired with the NCTC merger.

(5) Postretirement Benefits

In addition to the Company's defined benefit pension plan, the Company 
sponsors a health care plan (Plan) that provides postretirement medical  
and other benefits to employees who meet minimum age and service 
requirements upon retirement.  








                               
                               
                               
                               
                               
                              
                               
                               
                               -12-
The following table presents the Plan's status reconciled with amounts 
recognized in the Company's consolidated balance sheet at December 31, 
1994:  

  Accumulated Postretirement Benefit Obligation:  

    Retirees                                        $30,872,000
    Fully eligible active plan participants          11,994,000
    Other active plan participants                    7,622,000 
                                                    ------------
                                                    $50,488,000
                                                   
    Plan assets at fair market value                        --
    Unrecognized prior service cost                    (170,000)
    Unrecognized net loss                            (8,001,000)
                                                    ------------
    Accrued postretirement benefit cost
      recognized in the balance sheet               $42,317,000 
                                                    ============

For purposes of measuring the benefit obligation, a discount rate of 8.0% 
and an 11.7% annual rate of increase in the per capita cost of covered 
benefits (i.e., health care cost trend rate) was assumed for 1994.  The 
projected rates for 1995 are 8.0% and 11.8%, respectively.  This rate of 
increase was assumed to decrease gradually to 5.5% by the year 2004.  

The Company has not designated any assets to fund Plan obligations.  Net 
periodic postretirement benefit costs for the nine-month periods ended 
September 30, 1995 and 1994 include the following components:  


                                    Nine Months Ended September 30,
                                       1995             1994          
                                    ------------     ------------
  Service cost                      $   289,000      $   321,000
  Interest cost                       2,946,000        2,771,000
  Unrecognized prior service cost         8,000              --
  Amortization of 
    unrecognized loss                   146,000          125,000  
                                    ------------     ------------
  Net periodic postretirement  
   benefit costs                    $ 3,389,000      $ 3,217,000
                                    ============     ============  

For purposes of measuring the benefit costs, a discount rate of 8.0% and an 
11.8% annual rate of increase in the health care cost trend rate was 
assumed for 1995, 8.0% and 11.7% for 1994.  This rate of increase was 
assumed to decrease gradually to 5.5% by the year 2004.  The health care 
cost trend rate assumptions have a significant effect on the amounts 
reported.  


                               
                               
                               
                               
                               
                               
                               
                               -13-
 (6) Temporary Investments

Effective December 31, 1994, the Company adopted Statement of Financial 
Accounting Standards (FAS) No. 115, Accounting for Certain Investments in 
Debt and Equity Securities.  The Company will apply the provisions of this 
accounting standard prospectively.  

FAS No. 115 requires fair value reporting for certain investments in debt 
and equity securities.  Pursuant to FAS No. 115, the Company has classified 
all of its investments as "available for sale" at September 30, 1995.  This 
information is summarized as follows:  

                                                                 Estimated
                              Amortized      Gross Unrealized      Market
                                Cost         Gains     Losses      Value  
                              ---------      -----     ------    ---------

Equity Securities            $ 1,415,000    41,000    (31,000)    1,425,000
U.S. Government obligations      797,000       --     (35,000)      762,000
U.S. Government agency
  obligations                  6,350,000   118,000   (154,000)    6,314,000
Corporate debt securities      4,415,000    58,000   (277,000)    4,196,000
                             -----------   -------   ---------   ----------
                             $12,977,000   217,000   (497,000)   12,697,000
                             ===========   =======   =========   ==========

The net unrealized loss on investments available for sale is not reported 
separately as a component of stockholders' equity due to its insignificance 
to the consolidated balance sheet at September 30, 1995.  

The amortized cost and estimated market value of debt securities at 
September 30, 1995, by contractual maturity, are shown in the following.  
Expected maturities will differ from the contractual maturities because 
borrowers may have the right to call or prepay obligations with or without 
call or prepayment penalties.  

                                                                Estimated
                                                 Amortized        Market
                                                   Cost           Value  
                                                 ---------      ---------
                                                
Due after three months through five years       $ 9,560,000    $ 9,304,000
Due after five years through ten years            2,002,000      1,968,000
                                                -----------    -----------

                                                $11,562,000    $11,272,000
                                                ===========    ============

The gross realized gains and losses on the sale of securities were 
insignificant to the consolidated financial statements for the nine months 
ended September 30, 1995.  The Company does not invest in securities 
classified as held to maturity or traded securities.  







                                -14-
Item 2 - Management's Discussion and Analysis of Financial 
         Condition and Results of Operations

Liquidity and Capital Resources

Total capital additions to communications facilities for 1995 are now 
projected to be $54,735,000.  During the nine-month period ended 
September 30, 1995, capital expenditures exceeded cash provided by 
operating activities, less dividends paid.  Short-term borrowings and 
temporary investments are used to fund the expenditures in excess of cash 
provided by operating activities.  These capital expenditures included 
$11,396,000 of the cost of the new cellular telephone system purchased by 
Lincoln Telephone Cellular and put in operation in April 1995.

The Company consummated the acquisition of NCTC on July 13, 1995.  In 
connection with this acquisition, the following assets were acquired, 
liabilities assumed/incurred and common stock issued (in thousands):

Property, plant and equipment                  $ 28,101
Excess cost of net assets acquired              126,702
Notes payable assumed                           (17,890)
Other assets and liabilities,
  excluding cash and cash equivalents                74 
Prior investment in NCTC                         (6,282)
Common stock issued                             (70,408)
Notes payable incurred                          (30,000)
Long-term debt incurred due 07/01/00            (30,000)
                                              ---------
Decrease in cash                              $     297
                                              =========

This acquisition is reflected in the investing activities of the Company's 
consolidated statement of cash flows and further explained in Part II,
Item 5.

As of September 30, 1995, the Company had consolidated notes payable of 
$60,624,000 consists primarily of $30,000,000 used in financing the NCTC 
merger; $17,890,000 assumed from NCTC as a result of the merger; and 
$9,000,000 remains from borrowings of $35,000,000 used to fund the call of 
long-term mortgage bonds.  The Company utilized short and long-term bank 
credit facilities to fund the cash portion of the purchase price paid in 
connection with the cash-election merger of NCTC into a wholly-owned 
subsidiary of the Company.   


                                         












                               
                               -15-
Results of Operations

Revenues
                                   Third Quarter 1995    Nine Months 1995
                                  Increase (Decrease)   Increase (Decrease)
                                      Over Third             Over Nine
                                      Quarter 1994          Months 1994
                                  -------------------   -------------------    
Telephone Operating Revenues:
  Local network services                 5.2%                 5.3%
  Access services                       11.8%                 5.9%
  Long distance services                (8.0%)               (3.8%)
  Other wireline communications         (4.6%)               (2.0%)
   services
      Total telephone operating          3.2%                 2.8%
       revenues

  Wireless communications revenues     350.6%               150.5%
  Telephone equipment sales and          1.5%                 8.5%
   services
  Intercompany revenues                 16.7%                 8.6%
      Total operating revenues          25.0%                12.0%

All comparisons hereinafter made are of the third quarter and nine-month 
periods for 1995 with the same periods in 1994.  The adjustments included 
are all of a normal recurring nature except when noted as extraordinary or 
nonrecurring.  

Local network services revenue increased $883,000 (5.2%) and $2,644,000 
(5.3%), respectively.  Basic local services revenue increased $666,000 
(5.4%) and $1,828,000 (5.0%) led by growth in revenue from residence and 
small business services for the three- and nine-month periods.  Residential 
and business telephone access lines in service grew by 7,640 (3.1%) from 
September 30, 1994.  Revenue from Custom Calling-CLASS services increased 
$109,000 (38.3%) and $282,000 (32.5%), respectively. 

Access services revenue increased $1,480,000 (11.8%) and $2,225,000 (5.9%), 
respectively.  Interstate access services revenues increased $1,235,000 
(16.5%) and $1,254,000 (5.4%), respectively, principally due to the 
expiration of a liability for the 1991-92 monitoring period and new tariffs 
which became effective in the third quarter.  Intrastate access revenues 
have increased uniformly due to increased traffic $235,000 (4.6%) and 
$971,000 (6.5%) for the three- and nine-month periods.  Overall minutes of 
access use increased by 7.1% and 7.3%, respectively.

Long distance services revenues decreased $652,000 (8.0%) and $909,000 
(3.8%), respectively.  Revenues from LinTel's long distance division
decreased $356,000 (7.8%) and $614,000 (4.4%).  Minutes of use remained 
constant; competition forced rates to decrease, and thus, decreased 
revenues.  LT&T's long distance revenue decreased $296,000 (8.4%) for the 
third quarter and decreased $296,000 (2.9%) for the nine-month period 
compared to the same periods in 1994.

Other wireline communications services revenues, consisting of directory 
advertising and sales, carrier billing and collections, data 
communications, and miscellaneous items, decreased $293,000 (4.6%) and 
$357,000 (2.0%), respectively.


                               -16-
Wireless communications revenues increased dramatically for the three- and 
nine-month periods, principally due to the merger with NCTC.  These 
revenues increased $10,607,000 (350.6%) and $12,391,000 (150.5%), of which, 
$9,800,000 are revenues from NCTC.  Lincoln Telephone Cellular revenues 
increased $2,593,000 (31.5%) for the nine-month period and added 8,236 new 
customers.  Customer penetration rates reached 11.8% for Lincoln Telephone 
Cellular and 8.4% for NCTC at the end of September 1995.

Telephone equipment sales and services revenues increased $1,132,000 (8.5%) 
for the nine-month period.  LinTel's sales of telecommunication products 
and services increased $1,111,000 (14.5%).

Overall, total operating revenues increased $12,445,000 (25.0%) and 
$17,620,000 (12.0%) for the three- and nine-month periods ended September 
30, 1995 over the same periods in 1994.  

Operating Expenses
                                   Third Quarter 1995    Nine Months 1995
                                  Increase (Decrease)   Increase (Decrease)
                                      Over Third             Over Nine
                                      Quarter 1994          Months 1994
                                  -------------------   -------------------    
Depreciation and amortization           30.7%                12.0%
Additional non-recurring 
  depreciation on cellular 
  equipment                               --               (100.0%)  
Other operating expenses                17.5%                 9.0% 
Restructuring charge                      --                   -- 
Taxes, other than payroll
  and income                            (7.6%)               (7.6%)
Intercompany expenses                   16.7%                 8.6% 
    Total operating expenses            26.7%                 8.1% 

All comparisons hereinafter made are of the third quarter and nine-month 
periods for 1995 with the same periods in 1994.  The adjustments included 
are all of a normal recurring nature except when noted as extraordinary or 
nonrecurring.  

Depreciation and amortization increased $2,455,000 (30.7%) and $2,879,000 
(12.0%), respectively.  This is due principally to the integration of 
NCTC's depreciation expense and amortization associated with the merger 
with NCTC.

Other operating expenses increased by $4,709,000 (17.5%) and $7,179,000
(9.0%), respectively.  Incorporation of NCTC led to these significant 
increases.  

The restructuring charge of $1,552,000 is due to the Operator Services 
workforce reduction discussed previously on page 10.

Overall, total operating expenses increased $8,994,000 (26.7%) and 
$8,494,000 (8.1%) for the three- and nine-month periods ended September 30, 
1995, over the same periods in 1994.






                               -17-
Non-Operating Income (Expense)
                                   Third Quarter 1995    Nine Months 1995
                                  Increase (Decrease)   Increase (Decrease)
                                      Over Third             Over Nine
                                      Quarter 1994          Months 1994
                                  -------------------   -------------------    

Income from interest and 
  other investments                     26.9%                31.7%
Charge for additional non-recurring
  depreciation on cellular equipment                               
  in limited partnership                  --               (100.0%)
Interest expense and other 
  deductions                            63.6%                20.1% 
    Net non-operating expense          306.9%               (70.6%)

Income from interest and other investments increased $386,000 (26.9%) and 
$1,201,000 (31.7%), respectively.  The increase is primarily attributable 
to two factors; 1) the Company's interest income from Omaha Cellular 
General Partnership increased $320,000 to $3,078,000 in the first nine 
months of the year; and 2) the Company's net of tax income from Anixter-
Lincoln increased $543,000 (276.1%) over the first nine months of 1994.

Interest expense and other deductions increased $1,049,000 (63.6%) and 
$999,000 (20.1%) respectively.  The increases are a result of interest 
expense in the third quarter from short- and long-term debt related to the 
NCTC merger.

Income Taxes

Income taxes increased $1,259,000 (20.7%) and $4,707,000 (31.8%) for the 
three- and nine-month periods.  The increase is attributable to increased 
revenues and operating income over the third quarter and first nine months 
of 1994.

























                               -18-
PART II - OTHER INFORMATION

Item 1-4  -  Not applicable

Item 5    -  Purchase of Common Stock

             On April 24, 1991 the Board of Directors of the Company       
             authorized the Company to purchase up to 600,000 shares of its 
             common stock from time to time as market conditions warrant.  
             As of September 30, 1995, 289,376 shares have been purchased. 
             No shares were purchased through nine months in 1995.         
             These purchases are in addition to the purchases which the    
             Company has been making for purposes of satisfying participant 
             requirements under the Employee and Stockholder Dividend      
             Reinvestment and Stock Purchase Plan, satisfying Employer     
             Matching and Stock Bonus Contributions under the Company's    
             401(k) Savings and Stock Ownership Plan and satisfying        
             participant requirements under the Company's 1989 Stock and   
             Incentive Plan.  

             Acquisition 

             On July 13, 1995, the Company completed the acquisition of all 
             of the issued and outstanding common stock of Nebraska        
             Cellular Telephone Corporation, a Nebraska corporation        
             ("NCTC").  NCTC provides cellular service outside the Lincoln 
             and Omaha metropolitan areas in Nebraska.  Its network serves 
             cellular users with transparent interconnection along the     
             Interstate 80 corridor and other major highway systems across 
             Nebraska.  Prior to the acquisition, the Company owned        
             approximately 16% of NCTC's outstanding common stock. As      
             consideration for the remaining 84%, the Company issued to the 
             shareholders of NCTC an aggregate of 4,267,146 shares of      
             Company Common Stock and paid approximately $61.6 million in  
             cash.  The acquisition was accounted for as a purchase.  NCTC 
             operates as a wholly-owned subsidiary of the Company.    

             Labor Contracts
            
             Three-year agreements between LT&T and the Communications     
             Workers of America (CWA) expired on October 15, 1995.  A new  
             three-year agreement was reached on October 16, 1995, and     
             became effective immediately.  A three-year agreement between 
             LinTel and the CWA expired on May 19, 1995, and a new three-  
             year agreement was reached and became effective on May 20,    
             1995.  Each contract concerns wages and general working       
             conditions.  The LT&T contract includes a general wage        
             increase of 10.9% over the three-year period.

Item 6    -  a)  See Exhibit Index.  

             b)  On July 27, 1995, Registrant filed a Form 8-K to report   
                 the completion of the merger of Nebraska Cellular         
                 Telephone Corporation with and into a wholly-owned        
                 subsidiary of the Registrant.




                               -19-
                             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.  


                            Lincoln Telecommunications Company
                            ----------------------------------
                                       (Registrant)





      November 14, 1995            /s/ Robert L. Tyler
Date.....................   ......................................
                                         (Signature)
                            Robert L. Tyler, Senior Vice President-
                               Chief Financial Officer





      November 14, 1995          /s/ Michael J. Tavlin
Date.....................   ......................................
                                         (Signature)
                            Michael J. Tavlin, Vice President-
                               Treasurer






____________________________
 *See General Instruction G
**Print name and title of the signing officer under his signature.  

















                                  
                               -20-


                                                                Form 10-Q
                            Exhibit Index


Exhibit                 Title                                     Page No.

27     Financial Data Schedule
















































                                -21-