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, 1997

                                   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                          60707
(Address of principal executive offices)        (Zip Code)

Registrant's telephone number, including area code:(773) 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 6, 1997: 6,217,166
<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,
                       1997        1996        1997       1996
                     --------    --------    --------   --------
Net sales............$ 31,353    $ 25,388    $ 78,740   $ 66,055
Cost of sales........  24,585      20,657      62,764     54,056
                     --------    --------    --------    -------
  Gross profit.......   6,768       4,731      15,976     11,999

Selling, general and
  administrative    
  expense............   5,022       3,873      12,303     10,912
                     --------    --------    --------    -------
 Operating income....   1,746         858       3,673      1,087

Other income(expense):
  Interest expense...    (357)       (352)       (928)    (1,275)
  Gain on sale of 
  building...........   1,132         ---       1,132         --
  Other, net.........     104         (96)         90        299 
                     --------    --------    --------    -------
Income before taxes..   2,625         410       3,967        111 
Provision (benefit)
  for taxes..........     ---         ---         ---        ---
                     --------    --------   ---------   --------
Net income ..........$  2,625     $   410    $   3,967    $   111 
                    ========    ========   =========   ========
Net income per share.$   0.40    $   0.07   $    0.62   $   0.02 
                     ========    ========   =========   ========
Weighted average
  number of common
  shares and common
  share equivalents
  outstanding........   6,532       6,271       6,423      6,278
                      ========    ========   =========    ======= 

Cash dividends.......   None        None       None       None
                     ========   ========   =========   ========
See notes to condensed consolidated financial statements. 
</TABLE>
<PAGE>

        Cobra Electronics Corporation and Subsidiaries
             Condensed Consolidated Balance Sheets
                   (dollars in thousands)
<TABLE>
<CAPTION>
                             As of                    
                             Sept.30,            As of       
                             1997                December 31,
                             (Unaudited)         1996       
                             -------------       ------------
<S>                          <C>                 <C>
ASSETS:

Current assets:
  Cash.......................$         878       $      2,606 
  Receivables, less allowance
    for doubtful accounts of
    $735 at Sept.30, 1997,
    and $792 at December 31,
    1996......................      21,252             12,314
  Inventories, primarily
  finished goods..............      19,130             15,418
  Other current assets........       1,078                733
                              ------------       ------------
  Total current assets........      42,338             31,071
                              ------------       ------------
Property, plant and equipment,
  at cost:                                             
  Land........................         330                482
  Building and improvements...       3,553              5,804
  Tooling and equipment.......      10,983             10,091
                              ------------       ------------
                                    14,866             16,377
  Accumulated depreciation
    and amortization..........      (9,756)           (10,244)
                              -------------      -------------
  Net property, plant and
    equipment.................       5,110              6,133
                              ------------       ------------

Other assets..................       5,150              5,392
                              ------------       ------------
Total assets..................$     52,598       $     42,596
                              ============       ============

See notes to condensed consolidated financial statements. 
</TABLE>
<PAGE>


             Cobra Electronics Corporation and Subsidiaries
                  Condensed Consolidated Balance Sheets
                          (dollars in thousands)
<TABLE>
<CAPTION>
                              As of                     
                              Sept.30,            As of       
                              1997                December 31,
                              (Unaudited)         1996
                              -----------         -----------
<S>                           <C>                 <C>
LIABILITIES AND SHAREHOLDERS'
   EQUITY:
Current liabilities:
  Accounts payable............$     6,579         $     3,335
  Accrued salaries and
   commissions................      3,181               2,333
  Accrued advertising and sales
   promotion costs...........       1,204                 654
  Accrued product warranty costs    4,421               2,838
  Other accrued liabilities....     1,674               1,446
  Short-term debt.............     12,604              13,277
                              -----------         -----------
  Total current liabilities...     29,663              23,883 
                              -----------         -----------
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 6,093,773
    outstanding at Sept.30, 
    1997 and 6,241,648
    outstanding at December 31,
    1996......................      2,345               2,345

  Paid-in capital.............     21,414              22,062
  Retained earnings...........      5,547               1,580
                              -----------         -----------
                                   29,306              25,987
  Treasury stock, at cost.....     (6,371)             (5,450)
  Note receivable from officer's
    exercise of stock options          --              (1,824)
                              ------------        ------------
  Total shareholders' equity..     22,935              18,713
                              ------------        ------------

Total liabilities and share-
  holders' equity.............$    52,598          $   42,596
                              ============        ============

See notes to condensed consolidated 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)
                                     ----------------------------
<S>                                  <C>                 <C>
                                      Sept.30,           Sept.30,
                                        1997               1996
                                     ----------         ---------
Cash flows from operating activities:
Net income from operations           $  3,967           $   111 
Adjustments to reconcile net income
   from operations to net 
   cash provided by (used for)
   operating activities:
   Depreciation and amortization        2,159             2,214
   Gain on sale of building            (1,132)               --
  Changes in assets and
      liabilities:                                
    Receivables..................      (8,938)            (2,886) 

   Inventories..................      (3,712)            4,155 
    Other current assets.........        (401)               53 
    Other assets.................        (676)              499 
    Accounts payable.............       3,244              (414)
    Accrued liabilities..........       3,209               534 
                                      --------          ---------
Net cash provided by (used for)
    operating activities.........      (2,280)            4,266 
                                      ---------         ---------
Cash flows from investing activities:
  Capital expenditures...........      (1,029)             (709)
  Proceeds from sale of building.       1,999             1,095
  Net cash used for discontinued 
  operations.....................                            69
                                      ---------         ---------
Net cash provided by investing
    activities...................         970               455 
                                      ---------         ---------
Cash flows from financing activities:
  Net repayments under
    line-of-credit agreement.....        (673)           (4,603)
  Transactions related to exercise
    of options, net..............         255                 8
                                      ---------         ---------
Net cash used for 
    financing activities.........        (418)           (4,595)
                                      ---------         ---------
Net increase (decrease) in cash..      (1,728)              126 
Cash at beginning of period......       2,606             1,299
                                      ---------         ---------
Cash at end of period............     $   878           $ 1,425 
                                      =========         =========
Supplemental disclosure of cash flow information
    Cash paid during the nine months ended
    September 30 for:
        Interest                 $        908        $    1,299
        Taxes                             188                35  

See notes to condensed consolidated 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, 1996 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, 1997, the Company had outstanding purchase
orders with suppliers totaling approximately $26.7 million
compared to $25.2 million as of September 30, 1996.

(2) INCOME TAXES

No income tax provision is required due to net operating loss carryforwards
which amounted to $40 million as of December 31, 1996.

(3) RECENT ACCOUNTING PRONOUNCEMENT

In June 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard No. 131, "Disclosure about Segments of an
Enterprise and Related Information". This statement establishes standards
for the way public business enterprises report information about operating
segments. It also establishes standards for related disclosures about
products and services, geographic areas, and major customers. This statement
is effective for the Company's financial statement for the year ended
December 31, 1997 and the Company does not expect the adoption of SFAS 131 to
materially effect the financial statement presentation.

In June 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard No. 130, "Reporting Comprehensive Income". This
statement establishes standards for reporting and display of comprehensive
income in financial statements. All components of comprehensive income shall
be reported in the financial statements for the period in which they are
recognized. A total amount for comprehensive income shall be displayed in the
financial statement where the components of other comprehensive income are
reported. This statement divides comprehensive income into net income and
other comprehensive income. Other comprehensive income shall be classified
separately into foreign currency items, minimum pension liability adjustments,
and unrealized gains and losses on certain investments in debt and equity
securities. The accumulated balance of other comprehensive income shall be
reported in the equity section of the balance sheet separately from retained
earnings and additional paid-in-capital. This statement is effective for the
Company's financial statement for the year ended December 31, 1997 and the
Company does not expect the adoption of SFAS 130 to materially effect the
financial statement presentation.

In February 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard No. 128, "Earnings Per Share". This statement
establishes standards for computing and presenting earnings per share ("EPS")
and applies to all entities with publicly held common stock or potential
common stock. This statement replaces the presentation of primary EPS and
fully diluted EPS with a presentation of basic EPS and diluted EPS, 
respectively. Basic EPS excludes dilution and is computed by dividing earnings
available to common stockholders by the weighted-average number of common
shares outstanding for the period. Similar to fully diluted EPS, diluted EPS
reflects the potential dilution of securities that could share in the
earnings. This statement is effective for the Company's financial statement
for the year ended December 31, 1997 and is not expected to have a material
effect on the Company's reported EPS amounts.

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


              ANALYSIS OF RESULTS OF OPERATIONS

Third Quarter 1997 vs. Third Quarter 1996:
------------------------------------------
Sales for the third quarter of 1997 increased $6.0 million, or
23.5 percent, to $31.4 million from $25.4 million for the same
period a year ago.  The higher sales were due to a 46 percent
increase in sales of mobile electronics products.  This reflected
strong demand for the company's new CBs with its exclusive,
patent pending SoundTracker  technology as well as a surge in
radar detector shipments both domestically and internationally. 
The domestic radar market detector business was up because of the
success of an all new product line-up for 1997.  Internationally, the
company's business benefitted from a strong demand for radar
detectors in Russia as well as from steady sales of CB, radar
detectors and telecom products into Canada, South America and
Europe, which are the company's other principal international
markets.  Partially offsetting the increase in mobile electronics
sales was a drop of 8 percent in telecommunication sales due to
lower sales of both 25-channel integrated cordless phone
answering systems and factory reconditioned products.  The main
reason for the lower factory reconditioned product sales was
agreements with the company's vendors that allow product returned
from the company's customers to be returned to the vendor for
partial credit towards future purchases.

Gross margin for the third quarter of 1997 increased to 21.6
percent from 18.6 percent in the prior year's quarter primarily
due to an improvement in sales mix of higher margin CB and radar
detector products.     

Selling, general and administrative expenses increased $1.1
million in the third quarter of 1997 from the same period a year
ago, and increased as a percentage of net sales from 15.3% for
the third quarter of 1996 to 16.0% for the third quarter of 1997. 
Variable selling expenses increased because of the higher sales
volume.  Fixed selling and marketing expenses increased primarily
as a result of the addition of a senior vice president of
marketing and sales, a newly created position, in February 1997
and higher promotional expenditures mainly to promote the new
SoundTracker technology.   The expenses of the chief operating
officer, who joined the Company in July 1997, and who will replace the
current chief executive officer when he retires at the end of 1997, and
higher bonus expense also contributed to the increase in selling,
general and administrative costs.

In third quarter of 1997 the company recorded a gain of $1.1
million for the sale of a building, which was not needed for
operations and was being leased to an outside party.      

Other income for the third quarter of 1997 was $104,000 compared
to other expense of $96,000 in the prior year primarily due to
income earned on the cash surrender value of life insurance.  


Nine Months 1997 vs. Nine Months 1996:
-------------------------------------

Sales for the nine months ended September 30, 1997 increased
$12.7 million, or 19.2 percent, to $78.7 million from $66.0
million for the nine months ended September 30, 1996.  Sales of
mobile electronics products increased 45 percent due to strong
demand for the company's new CBs with its exclusive, patent
pending SoundTracker  technology as well as a surge in radar
detector shipments both internationally and domestically, as
discussed above. Partially offsetting the increase in mobile
electronics sales was a 28 percent decline in telecommunication
sales due to lower sales of both 25-channel products to several
large retail customers and, as discussed above, factory
reconditioned product.

Gross margin increased to 20.3% for the nine months ended
September 30, 1997 from 18.2% in the prior year period.  This
improvement was due primarily to a more favorable product mix
because of higher CB and detection system sales. In addition, repair costs
on returned proucts declined, resulting from agreements with the Company's
vendors that allow product returned from the Company's customers to be
returned to the vendor for partial credit towards future purchases.
Partially offsetting these favorable variances was a $742,000 increase in
air freight incurred mainly to satisfy the strong demand for CBs with the new
SoundTracker system.  Normally, the company uses significantly
less expensive ocean freight to import its products.

Selling, general and administrative expenses increased $1.4
million for the nine months ended September 30, 1997 from the
same period a year ago, and as a percentage of net sales
decreased to 15.6% from 16.5% for the year ago period.  Sales and
marketing expenses increased due to: higher variable expenses
resulting from the increase in sales volume; the addition of a
senior vice president of marketing and sales, a newly created
position, in February 1997; and increased promotional spending
mainly to promote the new SoundTracker technology.  In addition,
higher bonus expense in 1997 and lower bad debt expense in 1996 due to
an improvement in the quality of the receivable portfolio and favorable
collections experience also contributed to the increase in selling, general
and administrative expenses.    

Interest expense for the period decreased $347,000 compared to
the prior year.  Debt levels declined due to lower average inventory and
receivable levels during the period.  

In 1997 the company recorded a gain of $1.1 million for the sale
of a building, which was not needed for operations and was being
leased to an outside party.      

Other income of $90,000 for the nine months ended September 30,
1997 compared to other income of $299,000 in the prior year. 
Prior years other income included a gain of $373,000 from a suit
against a former distributor for violation of a licensing
agreement.
          

               LIQUIDITY AND CAPITAL RESOURCES
          
Cash flows used in operating activities were $2.3 million for the
nine months ended September 30, 1997.  Receivables increased
because of higher sales during the third quarter of 1997 compared
to the fourth quarter of 1996.  Inventories increased in
anticipation of sales in the fourth quarter, which is a heavier
shipping period than the first quarter.  Accordingly, accounts
payable increased due to an increase in unpaid letters of credit. 
Accrued liabilities increased due to an increase in warranty
reserves as a result of the increased sales volume.    

Cash flows provided by investing activities were $970,000. 
Capital expenditures represents primarily tooling at overseas
suppliers.  The company received approximately $2 million for the
sale of a building, which was not needed for operations and was
being leased to an outside party.      

Cash flows provided by and used for financing activities
primarily reflects changes in the company's borrowing
requirements under its line-of-credit agreement.  At September
30, 1997 the company had approximately $5.6 million of unused
credit line.

In August 1997, the company repurchased 300,000 shares of its
common stock.  These shares, owned by the president and chief
executive officer had been part of a total of 375,000 shares
purchased by the executive through the exercise of options in 1990.
Pursuant to an employment agreement, the company loaned the executive $1.25
million for the share purchase.  The company paid for the
purchased shares by canceling the executive's indebtedness to the
company in the amount of approximately $1.9 million, which
included the $1.25 million plus accrued interest. 

<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: /S/ GERALD M. LAURES
                                     Gerald M. Laures
                                     Vice President - Finance,
                                     and Corporate Secretary


Dated: November 13, 1997

<PAGE>