diff --git a/hw/net/pcnet.c b/hw/net/pcnet.c
index d344c15da0..f409b9293d 100644
--- a/hw/net/pcnet.c
+++ b/hw/net/pcnet.c
@@ -1212,7 +1212,7 @@ static void pcnet_transmit(PCNetState *s)
     hwaddr xmit_cxda = 0;
     int count = CSR_XMTRL(s)-1;
     int add_crc = 0;
-
+    int bcnt;
     s->xmit_pos = -1;
 
     if (!CSR_TXON(s)) {
@@ -1247,35 +1247,40 @@ static void pcnet_transmit(PCNetState *s)
             s->xmit_pos = -1;
             goto txdone;
         }
-        if (!GET_FIELD(tmd.status, TMDS, ENP)) {
-            int bcnt = 4096 - GET_FIELD(tmd.length, TMDL, BCNT);
-            s->phys_mem_read(s->dma_opaque, PHYSADDR(s, tmd.tbadr),
-                             s->buffer + s->xmit_pos, bcnt, CSR_BSWP(s));
-            s->xmit_pos += bcnt;
-        } else if (s->xmit_pos >= 0) {
-            int bcnt = 4096 - GET_FIELD(tmd.length, TMDL, BCNT);
-            s->phys_mem_read(s->dma_opaque, PHYSADDR(s, tmd.tbadr),
-                             s->buffer + s->xmit_pos, bcnt, CSR_BSWP(s));
-            s->xmit_pos += bcnt;
-#ifdef PCNET_DEBUG
-            printf("pcnet_transmit size=%d\n", s->xmit_pos);
-#endif
-            if (CSR_LOOP(s)) {
-                if (BCR_SWSTYLE(s) == 1)
-                    add_crc = !GET_FIELD(tmd.status, TMDS, NOFCS);
-                s->looptest = add_crc ? PCNET_LOOPTEST_CRC : PCNET_LOOPTEST_NOCRC;
-                pcnet_receive(qemu_get_queue(s->nic), s->buffer, s->xmit_pos);
-                s->looptest = 0;
-            } else
-                if (s->nic)
-                    qemu_send_packet(qemu_get_queue(s->nic), s->buffer,
-                                     s->xmit_pos);
 
-            s->csr[0] &= ~0x0008;   /* clear TDMD */
-            s->csr[4] |= 0x0004;    /* set TXSTRT */
-            s->xmit_pos = -1;
+        if (s->xmit_pos < 0) {
+            goto txdone;
         }
 
+        bcnt = 4096 - GET_FIELD(tmd.length, TMDL, BCNT);
+        s->phys_mem_read(s->dma_opaque, PHYSADDR(s, tmd.tbadr),
+                         s->buffer + s->xmit_pos, bcnt, CSR_BSWP(s));
+        s->xmit_pos += bcnt;
+        
+        if (!GET_FIELD(tmd.status, TMDS, ENP)) {
+            goto txdone;
+        }
+
+#ifdef PCNET_DEBUG
+        printf("pcnet_transmit size=%d\n", s->xmit_pos);
+#endif
+        if (CSR_LOOP(s)) {
+            if (BCR_SWSTYLE(s) == 1)
+                add_crc = !GET_FIELD(tmd.status, TMDS, NOFCS);
+            s->looptest = add_crc ? PCNET_LOOPTEST_CRC : PCNET_LOOPTEST_NOCRC;
+            pcnet_receive(qemu_get_queue(s->nic), s->buffer, s->xmit_pos);
+            s->looptest = 0;
+        } else {
+            if (s->nic) {
+                qemu_send_packet(qemu_get_queue(s->nic), s->buffer,
+                                 s->xmit_pos);
+            }
+        }
+
+        s->csr[0] &= ~0x0008;   /* clear TDMD */
+        s->csr[4] |= 0x0004;    /* set TXSTRT */
+        s->xmit_pos = -1;
+
     txdone:
         SET_FIELD(&tmd.status, TMDS, OWN, 0);
         TMDSTORE(&tmd, PHYSADDR(s,CSR_CXDA(s)));