UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                             FORM 10-Q

  (Mark One)

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

             For the quarterly period ended September, 30 1996

                                   OR

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


                  Commission File Number 0-511


                  COBRA ELECTRONICS CORPORATION
      (Exact name of Registrant as specified in its Charter)

       DELAWARE                         36-2479991
(State of incorporation)    (I.R.S. Employer Identification No.)

       6500 WEST CORTLAND STREET
       CHICAGO, ILLINOIS                          60607
(Address of principal executive offices)        (Zip Code)


Registrant's telephone number, including area code:(312) 889-8870

Securities registered pursuant to Section 12(g) of the Act:

          Common Stock, Par Value $.33 1/3 Per Share

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       
                            -----     -----

Number of shares of Common Stock of Registrant outstanding at
November 11,1996:  6,230,398

<PAGE>

PART I      FINANCIAL INFORMATION

Item 1.     Financial Statements

            Cobra Electronics Corporation and Subsidiaries
            Condensed Consolidated Statements of Operations
               (in thousands, except per share amounts)
<TABLE>
<CAPTION>
                          For the Three           For the Nine
                          Months Ended            Months Ended
                           (Unaudited)             (Unaudited)
                     --------------------    --------------------
<S>                  <C>         <C>         <C>        <C>
                     Sept.30,    Sept.30,    Sept.30,   Sept.30,
                       1996        1995        1996       1995
                     --------    --------    --------   --------
Net sales............$ 25,388    $ 24,513    $ 66,055   $ 66,600
Cost of sales........  20,657      19,548      54,056     53,552
                     --------    --------    --------    -------
  Gross profit.......   4,731       4,965      11,999     13,048

Selling, general and
  administrative    
  expense............   3,873       4,296      10,912     12,210
                     --------    --------    --------    -------
 Operating income....     858         669       1,087        838

Other expense:
  Interest expense...     352         519       1,275      1,232 
  Other, net.........      96          46        (299)         1 
                     --------    --------    --------    -------
Income(loss) before
  taxes..............     410         104         111       (395)
Provision (benefit)
  for taxes..........     ---         ---         ---        ---
                     --------    ---------   ---------   --------
Net income(loss).....$    410    $    104    $    111    $  (395)
                     ========    =========   =========   ========

Net income(loss)
  per share..........$   0.07    $   0.02    $   0.02   $  (0.06)
                     ========    =========   =========  =========
Weighted average
  number of common
  shares and common
  share equivalents
  outstanding........   6,271       6,231       6,278      6,229
                      =========   ========   =========  ========= 

Cash dividends.......   None        None       None       None
                      =========   ========  =========  =========

The accompanying notes are an integral part of these financial
statements.
</TABLE>
<PAGE>

          Cobra Electronics Corporation and Subsidiaries
               Condensed Consolidated Balance Sheets
                       (dollars in thousands)
<TABLE>
<CAPTION>
                             As of               As of
                             September 30,       December 31,
                             1996                1995 
                             (Unaudited)         (Unaudited)
                             -------------       ------------
<S>                          <C>                 <C>
ASSETS:

Current assets:
  Cash.......................$       1,425       $      1,299 
  Receivables, less allowance
    for doubtful accounts of
    $1,060 at September 30,1996,
    and $1,451 at December 31,
    1995......................      18,114             15,228
  Inventories, primarily
  finished goods..............      14,083             18,238
  Other current assets........         823                896
                              ------------       ------------
  Total current assets........      34,445             35,661
                              ------------       ------------
Property, plant and equipment,
  at cost:                                             
  Land........................         482                593
  Building and improvements...       5,687              6,892
  Tooling and equipment.......       9,098             15,462
                              ------------       ------------
                                    15,267             22,947
  Accumulated depreciation
    and amortization..........      (9,725)           (15,877)
                              -------------      -------------
  Net property, plant and
    equipment.................       5,542              7,070
                              ------------       ------------

Other assets..................       5,730              7,350
                              ------------       ------------
Total assets..................$     45,717       $     50,081
                              ============       ============

The accompanying notes are an integral part of these financial
statements.
</TABLE>
<PAGE>

             Cobra Electronics Corporation and Subsidiaries
                  Condensed Consolidated Balance Sheets
                          (dollars in thousands)
<TABLE>
<CAPTION>
                              As of               As of
                              September 30,       December 31,
                              1996                1995
                              (Unaudited)         (Unaudited)
                              -----------         -----------
<S>                           <C>                 <C>
LIABILITIES AND SHAREHOLDERS'
   EQUITY:

Current liabilities:
  Accounts payable............$     5,656         $     6,070
  Accrued liabilities.........      7,003               6,469
  Short-term debt.............     14,765              19,368
                              -----------         -----------
  Total current liabilities...     27,424              31,907 
                              -----------         -----------
Shareholders' equity:
  Preferred stock, $1 par
    value, shares authorized-
    1,000,000; none issued....        ---                 ---
  Common stock, $.33 1/3 par
    value,12,000,000 shares
    authorized; 7,039,100
    issued and 6,230,398
    outstanding at September 30,
    1996 and 6,226,648
    outstanding at December 31,
    1995......................      2,345               2,345

  Paid-in capital.............     22,100              22,118
  Retained earnings...........      1,090                 979
                              -----------         -----------
                                   25,535              25,442
  Treasury stock, at cost.....     (5,519)             (5,545)
  Note receivable from officer's
    exercise of stock options      (1,723)             (1,723)
                              ------------        ------------
  Total shareholders' equity..     18,293              18,174
                              ------------        ------------

Total liabilities and share-
  holders' equity.............$    45,717          $   50,081
                              ============        ============

The accompanying notes are an integral part of these financial
statements.
</TABLE>
<PAGE>

           Cobra Electronics Corporation and Subsidiaries
           Condensed Consolidated Statements of Cash Flows
                        (dollars in thousands)
<TABLE>
<CAPTION>
                                     For the Nine Months Ended
                                             (Unaudited)
                                 --------------------------------
                                  September 30,     September 30,
                                     1996               1995
                                 --------------     -------------
<S>                              <C>                <C>
Cash flows from operating activities:
Net income(loss) from operations. $       111        $     (395)
Adjustments to reconcile net loss
   from operations to net cash
   provided by (used for)
   operating activities:
   Depreciation and amortization        2,214             1,524
  Changes in assets and
      liabilities:                                
    Receivables..................      (2,886)            (7,873) 
    Inventories..................       4,155            (3,099)
    Other current assets.........          53              (304)
    Other assets.................         499              (883) 
    Accounts payable.............        (414)            2,569
    Accrued liabilities..........         534               948 
                                 -------------      -------------
Net cash provided by (used for)
    operating activities.........       4,266            (7,513)
                                 --------------     -------------
Cash flows from investing activities:
  Proceeds from sale of building..      1,095               ---  
  Capital expenditures...........        (709)           (1,574)
  Net cash used for discontinued
    operation....................          69              (288)
                                 --------------     -------------
Net cash provided by (used for)
    investing activities.........         455            (1,862)
                                 --------------     -------------
Cash flows from financing activities:
  Net borrowing (repayments) under
    line-of-credit agreement.....      (4,603)            9,213 
  Transactions related to exercise
    of options, net..............           8                --
                                 --------------     -------------
Net cash provided by (used for)                 
    financing activities.........      (4,595)            9,213 
                                 -------------      -------------
Net increase (decrease) in cash..         126              (162)
Cash at beginning of period......       1,299               197
                                 -------------      -------------
Cash at end of period............$      1,425       $        35 
                                 =============      =============
The accompanying notes are an integral part of these financial
statements.
</TABLE>
<PAGE>

           Cobra Electronics Corporation and Subsidiaries
        Notes to Condensed Consolidated Financial Statements
                         (Unaudited)


The condensed consolidated financial statements included herein
have been prepared by the Company, without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company
believes that the disclosures are adequate to make the
information presented not misleading.  The Condensed Consolidated
Balance Sheet as of December 31, 1995 has been derived from the
audited consolidated balance sheet as of that date.  It is
suggested that these financial statements be read in conjunction
with the financial statements and the notes thereto included in
the Company's latest annual report on Form 10-K.  In the opinion
of management, the information contained herein reflects all
adjustments necessary to make the results of operations for the
interim periods a fair statement of such operations.  All such
adjustments are of a normal recurring nature.  The results of
operations of any interim period are not necessarily indicative
of the results that may be expected for a fiscal year.

(1) PURCHASE ORDERS AND COMMITMENTS:

At September 30, 1996 the Company had outstanding purchase orders
with suppliers totaling approximately $25.2 million compared to
$28.4 million as of September 30, 1995.


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


               ANALYSIS OF RESULTS OF OPERATIONS

Third Quarter 1996 vs. Third Quarter 1995:
------------------------------------------
Sales of telecommunication products and mobile electronic
products increased 3.6 percent to $25.4 million for the third
quarter of 1996.  Telecommunication products increased because of
strong demand for the company's new 25-channel integrated
cordless phone answering system.  Higher mobile electronic
product sales reflected an 8% increase in domestic CB sales due
to strong sales of the handheld models and the addition of new
distribution.

Gross margin was 18.6% in the third quarter of 1996 compared to
20.3% in the third quarter of 1995. A major contributor to the
drop was increased air freight expenses to import the company's
popular Intenna cordless phones and answering systems in order to
take advantage of customer orders that exceeded their original
forecasts.  As a result, the company was not able to use
significantly less expensive ocean freight as it normally does
and still satisfy this demand in a timely manner.   Also
contributing to the decrease in gross margin was a lower gross
margin on sales of integrated radar/laser detectors, which
reflected pricing pressures on several models. 
     
Selling, general and administrative expenses decreased $423,000,
or 9.8%, in the third quarter of 1996 from the same period a year
ago, and also, as a percentage of net sales, decreased to 15.3%
from 17.5% for the third quarter of 1995.  The major contributor
to the decrease was lower selling and marketing expense, which
declined because of lower consumer advertising expenses, a change
in sales commission programs and the implementation of other cost
reduction programs such as bringing in house some packaging and
print media design activities.  Partially offsetting these
expense reductions was a $300,000 charge to reduce advertising
credits to their net realizable value, which was partially offset
by a decrease in bad debt expense because of an improvement in
the quality of the receivable portfolio and favorable collections
experience.

Interest expense for the current quarter decreased $167,000
compared to the prior year's quarter.  Debt levels declined in
part as a result of lower inventory levels. In addition, because
of the consolidation of warehousing activities, the company sold
one of its three Chicago buildings for approximately $1.1
million, which approximated its book value and further reduced
borrowings.


Nine Months 1996 vs. Nine Months 1995
-------------------------------------
Sales for the nine months ended September 30, 1996 were $66.1
million compared to $66.6 million for the nine months ended
September 30, 1995. Sales of mobile electronics products,
primarily CBs, decreased due mainly to weakness in the retail
environment during the first quarter. Since the first quarter
the retail environment has strengthened and CB sales for both the
second and third quarter exceeded 1995 for the same periods. 
This slowdown during the first quarter of 1996 was due in part to
a continuation of the soft consumer demand that negatively
impacted 1995's year-end holiday selling season as well as the
result of the severe winter storms that plagued the East Coast
early in the first quarter and kept consumers inside their homes
and out of the stores. Partially offsetting the decrease in
mobile electronics sales was higher sales of telecommunication
products due to strong demand for the company's new 25-channel
integrated cordless phone answering system.

Gross margin for the nine months ended September 30, 1996 was
18.2% compared to 19.6% for the prior year period.  As discussed
above, most of the decline was due to increased air freight
expenses to import the company's popular Intenna cordless phones
and answering systems and lower gross margins on sales of 
integrated radar/laser detectors. 

Selling, general and administrative expenses decreased $1.3
million, or 10.6%, for the nine months ended September 30, 1996
from the same period a year ago, and also, as a percentage of net
sales, decreased to 16.5% from 18.3% for the nine months ended
September 30, 1995.  As discussed above, lower selling and
marketing expense was the key contributor.  Partially offsetting
the lower selling and marketing expense was a $900,000 charge to
reduce advertising credits to their net realizable value, which
was partially offset by a decline in bad debts expense because of
an improvement in the quality of the receivable portfolio and
favorable collections experience.

Other income of $299,000 reflects a gain of $373,000 from a suit
against a former distributor for violation of a licensing
agreement.   


                LIQUIDITY AND CAPITAL RESOURCES

Operating activities generated cash of $4.3 million during the
nine months ended September 30, 1996, primarily because of a $4.2
million reduction in inventory due to higher tha anticipated
sales of telecommunication products and management's efforts to
reduce detection inventory to better match demand. Partially
offsetting the inventory decline was a $2.9 million increase in
receivables. Part of the increase was due to $1.1 million of duty
refunds, subsequently collected, relating to the reinstatement of
the duty-free status for several countries from which the company
imports product. In addition, some of the increase in receivables
was for product returned to certain of the company's vendors for
credit against future purchases.  

Investing activities provided cash of approximately $455,000
primarily due to $1.1 million in proceeds from the sale of a
building.    

The company was able to reduce borrowings under its
line-of-credit agreement by $4.6 million and, at September 30,
1996, had approximately $1.8 million of unused credit line.  In
October, 1996, the agreement for this credit facility was
extended to March 31, 1998, with the terms of the agreement
remaining substantially unchanged.   

Also, tooling which was fully amortized and related to products
no longer produced by the company was written off in the first
quarter of 1996.
<PAGE>

                           PART II
                       OTHER INFORMATION


Items 1,  2,  3, 4 and 5 Not Applicable.
----------------------------------------


Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------
a) Exhibits:

   Exhibit No.      Description
   -----------      ---------------------------------------------
       27           Financial data schedule required under 
                    Article 5 of Regulation S-X


b) During the quarter, the Company filed no Current Reports on
Form 8-K.
<PAGE>



                            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.


                             COBRA ELECTRONICS CORPORATION


                             By   
                                  ------------------------     
                                  Gerald M. Laures
                                  Vice President - Finance,
                                  and Corporate Secretary


Dated: November 14, 1996

<PAGE>