U. S. SECURITIES AND EXCHANGE COMMISSION
                                              WASHINGTON, D.C. 20549

                                                    FORM 10-Q\A

                                                    (Mark One)

                    [X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
                                          SECURITIES EXCHANGE ACT OF 1934
                                  For the quarterly period ended: March 31, 1997
                            [ ] TRANSITION  REPORT PURSUANT SECTION 13 OR 15 (d)
                                                        OF THE
                                          SECURITIES EXCHANGE ACT OF 1934
                                         For the transition period from to

                                          Commission file number: 0-23332

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

                                   Colorado                    84-0854616
                        (State or other jurisdiction of     (I.R.S. Employer
                         incorporation or organization)      Identification No.)
                                                 9351 Grant Street
                                              Denver, Colorado 80229
                                     (Address of principal executive offices)

                                                  (303) 451-8200
                                            (Issuer's telephone number)

                                          Electronic Fab Technology Corp.
                                               7251 West 4th Street
                                           Greeley, Colorado 80634-9763
                            (Former name, former address and former fiscal year,
                             if changed since last report)

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

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

         Class of Common Stock                       Outstanding at May 6, 1997
   Common Stock, par value $0.01                              5,937,060 shares







                                                   INTRODUCTION

         EFTC Corporation, (the "Company") hereby amends its Quarterly Report on
Form 10-Q for the three months ended March 31, 1997, by deleting its response to
Part I, Item 2, contained in its original filing and replacing such section with
the following:

PART I.  FINANCIAL INFORMATION

Item 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION THREE MONTHS ENDED MARCH 31,
1997

         This information set forth below contains "forward looking  statements"
within the  meaning  of the  federal  securities  laws and other  statements  of
expectations,  beliefs,  plans, and similar expressions  concerning matters that
are  not  historical   facts.   These   statements  are  subject  to  risks  and
uncertainties  that could cause actual results to differ  materially  from those
expressed in the statements.

RESULTS OF OPERATIONS

         Net  sales.  Net sales are net of  discounts  and are  recognized  upon
shipment to a customer. The Company's net sales decreased by 6.4% to $14,036,876
for the first quarter of fiscal 1997, from $15,002,959 during the same period in
fiscal  1996.  The  decrease in net sales is due  primarily to the loss of three
customers in 1996 which were not totally backfilled with new sales or sales from
existing customer's new programs in the first quarter of 1997. The effect of the
loss  of  these  three  customers  was  lessened  by the  acquisition  of the CE
Companies  on  February  24,1997,  which  contributed  sales from the day of the
acquisition to the end of the quarter.

         Gross  profit.  Gross  profit  equals net sales less cost of goods sold
(such as salaries, leasing costs, and depreciation charges related to production
operations); and non-direct,  variable manufacturing costs (such as supplies and
employee  benefits).  In the first quarter of fiscal 1997 gross profit increased
151.3% to $1,507,565 compared to $599,822 for the same period in 1996. The gross
profit  margin for the first  quarter of fiscal 1997 was 10.7%  compared to 4.1%
for the same period of fiscal 1996. The primary reason for the increase in gross
profit is the adoption of the Asynchronous  Process  Manufacturing  (APM) in the
later part of 1996.  APM  standardizes  processes and sets them up in a parallel
pattern on the manufacturing floor.  Product can flow to any process,  i.e., any
board to any line. This unique arrangement combined with proprietary information
technologies  allows for the  manufacture  of  high-mix  product in a high speed
mode. The key to making APM work is to increase  throughput by decreasing  setup
time, standardizing work centers and processing smaller lot sizes. EFTC has done
this by designating teams to set up off-line feeders and  standardizing  loading
methods  regardless  of product  complexity.  APM has  allowed  EFTC to increase
productivity  by producing  product with less people  which  ultimately  reduces
costs and increases  gross profit.  The Company also  realized  improvements  in
gross profit from the acquisition of the CE Companies  which  contributed to the
increase by including their






operations  from the closing date of the merger and  acquisition  (February  24,
1997) to the end of the quarter.

         Selling,  General and  Administrative  Expenses.  Selling,  general and
administrative  expenses (SGA expense)  consist  primarily of  non-manufacturing
salaries,  sales commissions,  and other general expenses. SGA expense increased
by 35.9% to $1,102,975  in the first  quarter of 1997,  compared with $811,620 a
year earlier.  As a percentage of net sales SGA expenses  increased from 5.4% of
net sales in the  first  quarter  of fiscal  1996 to 7.9% of net sales in fiscal
1997. The primary reason for the increase in SGA expense is the inclusion of the
CE Companies SGA expenses from February 24, 1997 to March 31, 1997.

         Operating income. Operating income for the first quarter of fiscal 1997
increased to $381,782  from a loss of $211,798  for the first  quarter of fiscal
1996.  Operating  income as a percentage of net sales  increased to 2.71% in the
first  quarter of fiscal  1997 from  (1.4%) in the same  period  last year.  The
increase  in  operating   income  is  attributable  to  increased   efficiencies
associated with APM and the acquisition of the CE Companies as explained above.

         Interest  expense.  Interest  expense for the first quarter of 1997 was
$185,355 compared to $95,526 for the same period in fiscal 1996. The increase in
interest is primarily the result of the  acquisition  debt  associated  with the
merger and acquisition of the CE Companies and increased  operating debt used to
finance both  inventories  and  receivables for EFTC and the CE Companies in the
first quarter of 1997.

         Income tax expense.  The estimate of the Company's effective income tax
rate  for the  first  quarter  of  fiscal  1997 and 1996  was  34.4%  and  40.3%
respectively.  This percentage fluctuates substantially because relatively small
dollar  amounts tend to move the rate  significantly  as estimates  change.  The
Company  expects that the rate will  normalize in future  quarters and be around
the 37% range.

LIQUIDITY AND CAPITAL RESOURCES

         During the first  quarter of fiscal  1997 cash used in  operations  was
$626,051  compared to cash used in  operations  of $1,987,511 in the same period
last year.

         As of March 31, 1997, working capital totaled  $10,605,830  compared to
$8,508,489 at December 31, 1996. The increase is  attributable  to the inclusion
of the acquisition of the CE Companies that occurred on February 24, 1997.

         Accounts  receivable  increased  64.5% to  $6,359,773 at March 31, 1997
from  $3,866,991  at March 31,  1996.  A comparison  of  receivable  turns (i.e.
annualized sales divided by current  accounts  receivable) for the first quarter
of fiscal  1997 and the first  quarter  of  fiscal  1996 is 8.8 and 15.5  turns,
respectively.  The 1997 receivable  turn is distorted  because the sales for the
first  quarter  includes  only  one  month  and  four  days of the CE  Companies
revenues.  Based on  historical  annual  revenues of the CE  Companies  and EFTC
combined,  the  receivable  turns for the first  quarter of fiscal 1997 would be
14.1 times. Inventories increased 60.1% to $14,645,127






at March 31, 1997 from  $9,146,505 at March  31,1996.  A comparison of inventory
turns (i.e. annualized cost of sales divided by current inventory) for the first
quarter of fiscal 1997 and 1996 shows a decrease to 3.4 from 6.3,  respectively.
The 1997  inventory  turn is  distorted  because the cost of sales for the first
quarter includes only one month and four days of the CE Companies  costs.  Based
on historical  annual cost of sales of the CE Companies and EFTC  combined,  the
inventory turns would be 5.5 times.

         The Company used cash to purchase capital  equipment  totaling $547,858
in the first  quarter of 1997,  compared  with  $708,100 in the same period last
year.  The Company  also used cash to purchase  the CE  Companies,  as explained
earlier in the amount of  $7,279,601.  Proceeds  from  long-term  borrowings  of
$6,700,000 were used to help fund the purchase of the CE Companies.

         On February 24, 1997,  the Company  renegotiated  its revolving line of
credit,  negotiated a 90 day bridge loan and incurred additional  equipment debt
in  conjunction  with  the  merger  and  acquisition  of the CE  Companies.  The
revolving line of credit was increased to $15,000,000 and has a maturity date of
June 5, 1998.  Interest  on this credit  facility  accrues at the Bank One Prime
rate plus .25% (8.5% on March 31, 1997).  The credit facility is  collateralized
by substantially all of the Company's assets,  other than real estate.  The loan
agreement from this facility contains restrictive  covenants relating to capital
expenditures,  borrowings  and  payment  of  dividends,  and  certain  financial
statement  ratios.  The credit facility may be  withdrawn/canceled  at the banks
option  under  certain  conditions  such as default or in the event the  Company
experiences a material  negative change in financial  condition.  The short term
bridge  facility was for $4,900,000 and has a maturity date of May 24, 1997. The
interest  rate  accrues  at the Bank One Prime rate plus .25% (8.5% on March 31,
1997).  The  proceeds  from this loan were used to pay the cash  portion  of the
consideration to be paid in the merger and acquisition  noted above. The Company
has engaged in discussions for issuance of convertible  debt or preferred stock,
the  proceeds  of which would be used to repay the bridge  facility.  The bridge
facility was  conditioned on the Company's  receipt of a third party  commitment
for the  purchase  of the  convertible  debt or  preferred  stock which has been
obtained.  The Company also issued a  $1,800,000  five year note with a maturity
date of April  5,2002.  The interest  rate will be 8.95% per annum.  The Company
will pay this loan in 60  regular  monthly  payments  of  $36,983  and one final
payment of $41,983.  These  payments  include both  principal and interest.  The
proceeds of this loan were used to pay off equipment debt of the CE Companies as
per the merger agreement.

         The Company has committed to construct a new manufacturing  facility in
Oregon to replace  the  present  location  in Oregon at an  approximate  cost of
$5,000,000.  The Company is  currently  negotiating  the  financing  on this new
facility and expects to start construction in late May or early June of 1997.

         The Company may require additional capital to finance  enhancements to,
or expansions  of, its  manufacturing  capacity in accordance  with its business
strategy. Management believes that the need for working capital will continue to
grow at a rate generally consistent with the growth of the Company's operations.
Although no  assurance  can be given that  financing  will be available on terms
acceptable to the Company, the Company may seek additional funds, from





time to  time,  through  public  or  private  debt  or  equity  offerings,  bank
borrowing, or leasing arrangements.

QUARTERLY RESULTS

         Although  management  does not believe that the  Company's  business is
affected by seasonal  factors,  the  Company's  sales and earnings may vary from
quarter to quarter,  depending  primarily upon the timing of customer orders and
product mix.  Therefore,  the  Company's  operating  results for any  particular
quarter may not be indicative of the results for any future quarter of the year.


                                                     SIGNATURE

         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.


                                EFTC CORPORATION
                                  (Registrant)





Date: November 12, 1997                    \s\ Brent Hoffmeister
                                           ------------------------
                                           Brent Hoffmeister, Controller 
                                           (Chief Accounting Officer)