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 March 31, 1999

                                   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 May
11, 1999:
6,083,656
<PAGE>

PART I      FINANCIAL INFORMATION

Item 1.     Financial Statements

            Cobra Electronics Corporation and Subsidiaries
            Condensed Consolidated Statements of Income
               (in thousands, except per share amounts)

<TABLE>
                                    
                                     For the Three Months Ended
                                              (Unaudited)
                                     --------------------------
                                        March 31,    March 31,
                                          1999         1998
                                        ---------    ---------
<S>                                     <C>         <C>
Net sales...........................    $ 19,874    $  21,172
Cost of sales.......................      14,809       16,921
                                        ---------    ---------
 Gross profit.......................       5,065        4,251

Selling, general and
 administrative expense.............       4,829        3,737
                                        ---------    ---------
 Operating income...................         236          514

Other income (expense):
  Interest expense..................        (258)        (238)
  Other income (expense), net.......          82          (39) 
                                        ---------    ---------
Income before taxes.................          60           237
Income taxes........................          23           ---
                                        ---------    ---------
Net income .........................    $     37      $    237    
           
                      =========    =========    
Net income per common share                                       
 Basic...............................    $   0.01     $   0.04
                                                 
Diluted.............................    $   0.01     $   0.04
                                         
Weighted average shares outstanding
 Basic..............................        6,077        6,218
 
 Diluted............................        6,223        6,625
                                        

Cash dividends......................        None        None     
</TABLE>
                                        
See notes to condensed consolidated financial statements.
<PAGE>
          Cobra Electronics Corporation and Subsidiaries
               Condensed Consolidated Balance Sheets
                       (dollars in thousands)
<TABLE>
                                                                 
                                 As of                As of
                                March 31,          December 31,
                                  1999                1998     
                               (Unaudited)            
                               ------------        ------------
<S>                            <C>                 <C>
ASSETS:

Current assets:
  Cash........................  $    1,343          $      100 
  Receivables, less allowance
    for doubtful accounts of
    $805 at March 31, 1999,
    and $985 at December 31,
    1998......................      17,108              27,055
  Inventories, primarily
    finished goods............      21,450              14,213
  Deferred income taxes.......       6,945               6,945 
  Other current assets........       1,684               1,747
                               ------------        ------------
  Total current assets........      48,530              50,060
                               ------------        ------------

Property, plant and equipment,
  at cost:
  Land........................         330                 330
  Building and improvements...       3,614               3,614
  Tooling and equipment.......      13,043              12,765
                               ------------        ------------
                                    16,987              16,709
  Accumulated depreciation
    and amortization..........     (12,298)            (11,960)
                               ------------        ------------
  Net property, plant and
    equipment.................       4,689               4,749
                               ------------        ------------

Other assets:
   Deferred income taxes......       4,089               4,089
   Cash surrender value of
   officers' life insurance        
   policies...................       4,665               4,553  
   Other......................       1,003                 968 
                               ------------        ------------
   Total other assets                9,757               9,610 
                               ------------        ------------
Total assets..................  $   62,976         $    64,419
                               ============        ============
</TABLE>

See notes to condensed consolidated financial statements. 
<PAGE>

             Cobra Electronics Corporation and Subsidiaries
                  Condensed Consolidated Balance Sheets
                          (dollars in thousands)
<TABLE>
                                  As of                As of
                                 March 31,         December 31,
                                   1999                1998
                                (Unaudited)        
                               ------------        ------------
<S>                            <C>                 <C>
LIABILITIES AND SHAREHOLDERS'
   EQUITY:

Current liabilities:
  Accounts payable............ $     3,365         $     3,145
  Accrued salaries and 
  commissions.................         715                 844
Accrued advertising and
  sales promotion costs.......         748               1,804 
  Accrued product warranty
  costs.......................       2,316               2,211 
  Accrued liabilities.........       1,753               2,283
  Short-term debt.............      14,148              14,316
                               ------------        ------------
  Total current liabilities...      23,045              24,603
                               ------------        ------------

 Deferred compensation........       2,335               2,320
                               -----------         ------------
Total liabilities:............      25,380              26,923 
                               -----------         ------------

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; 6,085,916
    outstanding at March 
    31, 1999 and 6,065,916
    outstanding at December 31,
    1998......................       2,345               2,345
  Paid-in capital.............      20,724              20,799
  Retained earnings...........      20,509              20,472
                               ------------        ------------
                                    43,578              43,616

  Treasury stock, at cost.....      (5,982)             (6,120)
                    
                               ------------        ------------
  Total shareholders' equity..      37,596              37,496
                               ------------        ------------
Total liabilities and share-
  holders' equity............. $    62,976          $   64,419
                               ============        ============
</TABLE>
See notes to condensed consolidated financial statements. 
<PAGE>

           Cobra Electronics Corporation and Subsidiaries
           Condensed Consolidated Statements of Cash Flows
                       (dollars in thousands)
 
<TABLE>
                                    For the Three Months Ended
                                             (Unaudited)
                                 --------------------------------
                                      March 31,         March 31,
                                        1999              1998
                                     ----------        ----------
<S>                                  <C>               <C>
Cash flows from operating activities:
Net income from operations            $     37          $    237
Adjustments to reconcile net income
   from operations to net cash
   provided by (used for)
   operating activities:
   Depreciation and amortization           404               422
Changes in assets and liabilities:                                

Receivables......................        9,947              (494) 
   
Inventories............ .........       (7,237)             (859)
    Other current assets.........           53              (172)
    Other assets.................         (203)             (337)
    Accounts payable.............          220              (861)
    Accrued liabilities..........       (1,610)           (1,128)
    Deferred compensation........           15                25  
            
                                     ----------        ----------
  Net cash flows from (used by)
     operating activities........        1,626            (3,167)
                                     ----------        ----------

Cash flows from investing activities:
   Capital expenditures..........         (278)             (372) 
            
                                     ----------        ----------
  Net cash flows from (used in)
    Investing activities.........         (278)             (372)
                                     ----------        ----------

Cash flows from financing activities:
 Net borrowings (repayments)under the             
    line-of-credit agreement.....         (168)            2,065
 Transactions related to exercise
    of common stock options, net.           82                 2 
 Transactions related to stock
    repurchase...................          (19)               --  
                                     ----------        ----------
Net cash flows from (used in)        
    financing activities.........         (105)            2,067
                                     ----------        ----------
Net increase (decrease)in cash...        1,243            (1,472)
Cash at beginning of period......          100             1,815
                                     ----------        ----------
Cash at end of period............      $ 1,343           $   343 
                                     ==========        ==========

Supplemental disclosure of cash flow information
Cash paid during the period for:
      Interest                         $   258           $   290
      Taxes                                 63                 0
</TABLE>
See notes to condensed consolidated financial statements.
<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, 1998
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 March 31, 1999 and 1998, the Company had outstanding purchase
orders with
suppliers totaling approximately $20.9 million, respectively.


(2) EARNINGS PER SHARE
<TABLE>
                                     1999         1998      
<S>                               <C>           <C>
Income:

Income available to common
 shareholders (thousands)         $    37       $  237      

Basic Earnings Per Share:

Weighted-Average Shares
 Outstanding                    6,076,749    6,218,416 
Basic Earnings Per Share            $0.01        $0.04            
                               ========    ========= 
Diluted Earnings Per Share:

Weighted-Average Shares
 Outstanding                    6,076,749    6,218,416 
Dilutive Shares issuable
 in connection with 
  Stock option plans              691,250      904,375  
Less: Shares purchasable 
  With proceeds                  (544,802)    (497,645)
                                ----------    ---------
Total                           6,223,197    6,625,146   
                                =========    =========
Diluted Earnings Per Share          $0.01        $0.04      
                                =========    ========= 
</TABLE>

(3) NEW ACCOUNTING PRONOUNCEMENTS -- In June 1997, the Financial
Accounting
Standards Board ("FASB") issued Statement of Financial Accounting
Standard
("SFAS") No. 130, "Reporting Comprehensive Income," which
establishes
standards for reporting and displaying comprehensive income and
its components
(net income with non-owner sources of other comprehensive income)
in a full
set of financial statements. SFAS No. 130 did not have an effect
on the
company's financial statements because the company has no items
of "other
comprehensive income."

In June 1997, the FASB issued SFAS No. 131, "Disclosure about
Segments of an
Enterprise and Related Information," which changes the way public
companies
report information about operating segments. This Statement,
which is based on
the management approach to segment reporting, establishes
requirements to
report selected segment information. Management of the company
considers the
company to have one reportable segment, consumer electronics, and
assesses
performance on a single segment basis. Therefore, the adoption of
this new
standard did not have an effect on the content of the company's
disclosures.

In February 1998, the FASB issued SFAS No. 132, "Employers'
Disclosures about
Pensions and Other Postretirement Benefits." This Statement
revises employers'
disclosures about pension and other postretirement benefit plans.
It does not
change the measurement or recognition of those plans. The
adoption of this new
standard did not have an effect on the compnay's financial
statements because
the company had no such benefit plans.

In June 1998, the Financial Accounting Standards Board issued
SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities".
SFAS No. 133
establishes accounting and reporting standards for derivative
instruments and
for hedging activities. It requires that an entity recognize all
derivatives
as either assets or liabilities in the balance sheet and measure
these
instruments at fair value. This statement is effective on the
first day of the
first fiscal year beginning after June 15, 1999, or January 1,
2000 in the
case of the company. The company is in the process of assessing
the impact
that adopting SFAS No. 133 will have on its financial position
and results of
operations when such statement is adopted.  
           

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


                        ANALYSIS OF RESULTS OF OPERATIONS

First Quarter 1999 vs. First Quarter 1998:
------------------------------------------

For the first quarter ended March 31, 1999, net income was
$37,000, or $0.01
per diluted share, which includes a provision for income taxes
that the
Company did not have in the prior year's quarter, compared to net
income of
$237,000, or $0.04 per diluted share, in the first quarter of
1998.  Applying
the same tax rate to the first quarter of 1998 as used in the
current quarter
would have resulted in net income of $146,000 in 1998, or $0.02
per diluted
share.  The current quarter also included a one-time charge of
approximately
$230,000, or $0.02 per share on an after tax basis, related to
due diligence
expenses incurred for the terminated Beltronics acquisition.

Sales for the first quarter of 1999 decreased by $1.3 million or
6.1% to $19.9
million compared to $21.2 million for the first quarter of 1998.
Contributing
to this decrease were lower sales of 25-channel cordless phones,
because the 
Company has shifted its business to the Company's new line of 900
MHz cordless
phones, and lower international sales, mainly sales of radar
detectors to
economically troubled Russia. Partially offsetting these declines
were strong
sales of Family Radio Service two-way radios, because of the
MicroTALK  line 
introduced in September 1998, and proprietary 6 Band  radar
detectors, which 
began shipping late in the first quarter of 1998. 

Gross margins improved dramatically in the current quarter to
25.5% from 20.1%
in the prior year's quarter.  This marked the seventh consecutive
quarter of
higher comparable gross margin and reflected a more favorable
sales mix of
higher margin MicroTALK radios and 6 Band detector sales.  

Net selling, general and administrative expenses increased $1.1
million in the
first quarter of 1999 from the same period a year ago, and as a
percentage of
net sales was 24.3% compared to 17.7% for the first quarter of
1998. The
increase was due to the one-time charge for expenses related to
the terminated
Beltronics acquisition and to continuing investments in sales and
marketing
programs to expand shelf space and promote Cobra products.  The
Company has
implemented a program to restrain the growth in overhead costs
and expects to
reduce its planned overhead spending for the remainder of 1999 by
approximately $1 million.

Interest expense for the current quarter increased $20,000
compared to the
prior year's first quarter, primarily due to higher average debt
levels, the
result of higher receivable levels during the current quarter.

For the first quarter of 1999, the Company had a provision for
income taxes of
$23,000 compared to no tax provision for the prior year's
quarter.  This is
because in the fourth quarter of 1998, the Company reversed it
valuation
allowance that had substantially offset all of the Company's net
deferred tax
asset.  Accordingly, tax expense can no longer be offset against
the valuation
allowance.   

 
                     LIQUIDITY AND CAPITAL RESOURCES

Operating activities provided cash of $1.6 million during the
first quarter of
1999.  The decrease in receivables reflected heavy collections
related to the
high volume of fourth quarter sales, particularly strong December
1998 sales. 
Inventories increased due mainly to MicroTALK radios in
anticipation of
increased purchases by mass merchant customers for Spring
promotions. Accrued
liabilities decreased because deductions were taken by customers
against
normal year-end advertising accruals during the first quarter of
1999.
Additionally, accruals made in 1998 for professional fees and the
Company's
profit sharing program were paid in the first quarter of 1999.
Debt decreased
$168,000 during the first quarter and, at March 31, 1999, the
Company had
approximately $6.6 million of unused credit line.
 
In late August 1998, the Company's board of directors authorized
a program to
repurchase up to $1 million of the Company's common shares.
During the first
quarter of 1999, the Company spent $19,000 to repurchase 5,000 of
its common
shares.  To date, the Company has repurchased 247,000 of its
common shares at
a total cost of approximately $929,000. On May 17, 1999, the
Company announced
that a second repurchase program has been approved to acquire up
to a $1
million of common stock.


YEAR 2000

The Company initiated the process of preparing its computer
systems and
applications for the Year 2000 in 1997. This process primarily
involved two
parts: replacing certain Company hardware and modifying software
maintained by
the Company, as well as inquiring into the Year 2000 compliance
of the
Company's major customers and vendors. In February 1999, the
replacement of
hardware and software modifications were completed by an outside
consulting
firm. The Company has tested the hardware and modified software
for Year 2000
compliance.  The Company believes its hardware and software are
Year 2000
compliant, but it will continue testing during 1999. The Company
has also
queried all major customers and vendors as to their preparedness.
The
responses received to date indicate that the Company's major
customers and
vendors are or will be Year 2000 compliant by year end. 

The failure to correct a Year 2000 problem could interrupt, or
result in a
failure of, normal business operations and consequently
materially affect the
Company's financial position or results of operations.  While the
Company
believes its own hardware and software are Year 2000 compliant,
the Year 2000
readiness of the Company's customers and vendors is inherently
uncertain and
beyond the Company's control.  Accordingly, the Company cannot
determine at
this time whether the consequences of Year 2000 interruptions or
failures will
materially affect the Company's financial position or results of
operations.

The Company has not developed formal contingency plans to date. 
However, the
Company has a network of suppliers and the Company does not enter
into long-
term supply contracts.  The Company believes that, if necessary,
other
suppliers could be found.  As stated above, customer responses to
Company
inquiries indicate that the Company's major customers are or will
be Year 2000
compliant by year-end. In the event a major customer is not Year
2000
compliant, the Company believes that such non-compliance is
unlikely to
materially affect the company's financial condition or results of
operations.


Item 3  Market Risk and Financial Instruments 

The company is subject to market risk associated principally with
changes in
interest rates. Interest rate exposure is principally limited to
the $14.1
million of debt of the company outstanding at March 31, 1999. The
debt is
priced at interest rates that float with the market, which
therefore minimizes
interest rate exposure. A 50 basis point movement in the interest
rate on the
floating rate debt would result in an approximately $70,000
increase or
decrease in interest expense and cash flows. The company does not
use
derivative financial or commodity instruments for trading or
other purposes.

The company's suppliers are located in foreign countries,
principally in the
Far East, and the company made approximately 7.2% of its sales
outside the
United States in 1998, however, the company minimizes its foreign
currency
exchange rate risk by conducting all of its transactions in US
dollars.
<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: May 17, 1999

<PAGE>