FORM 10-Q
       
             SECURITIES AND EXCHANGE COMMISSION
       
                    Washington, DC 20549
       
        QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934
         
             For the Quarter Ended September 30, 1996
                  Commission File Number 1-9014
                                 
                        Chyron Corporation
       (Exact name of registrant as specified in its charter)
                                  
               New York                      11-2117385           
       (State or other jurisdiction of      (I.R.S. Employer Identification    
       incorporation or organization)        Number)
       
          5 Hub Drive, Melville, NY             11747           
       (Address of principal executive offices)         (Zip Code)
       
                               (516) 845-2000                        
          (Registrant's telephone number including area code)
       
       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    
       
       APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
        PROCEEDINGS DURING THE PRECEDING FIVE YEARS
                             
       Indicate by a check mark whether the Registrant has filed all
       documents and reports required to be filed by Section 12, 13 or
       15(d) of the Securities Exchange Act of 1934 subsequent to the
       distribution of securities under a plan confirmed by a court.
       
                            Yes  X       No    
       
       Indicate the number of shares outstanding of each of the
       issuer's classes of common stock, as of the latest practical
       date.
       
       Common Stock $.01 Par Value - 97,094,302 as of
       
                      November 8, 1996
       
       
                     This document consists of 14 pages
              <PAGE>
                             CHYRON CORPORATION
                   CONSOLIDATED STATEMENTS OF OPERATIONS
              THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                   (In thousands except per share amounts)
       
                                   (Unaudited)
                                 
                                      1996    1995    
                                                    
         Net sales................................ $ 20,632 $14,099 
                                 
                                  Costs and expenses: 
         Manufacturing .........................    9,817   6,091
         Selling, general and administrative ...    5,890   4,637  
         Research and development ..............    1,452   1,027   
         Management fee.........................              232  
         West Coast restructuring recapture.....             (552)
       
       Total costs and expenses ................   17,159  11,435 
       
       Operating income ........................    3,473   2,664  
       
       Other expense, net.......................      450     171 
       
       Income before provision for income taxes.    3,023   2,493
       
       Income taxes/equivalent provision........    1,189     686 
         
       Net income............................... $  1,834 $ 1,807
       
       Earnings per common share................ $    .02 $   .02
       
       Weighted average number of common and common
         equivalent shares outstanding..........   98,750  91,408
        
        
       
       
       
              See Notes to Consolidated Financial Statements
              <PAGE>
                                    CHYRON CORPORATION
        CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
               NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                  (In thousands except per share amounts)
       
                                (Unaudited)
       
                                                 1996     1995   
                                             
       Net sales.............................. $ 56,889 $ 38,596
       
       Costs and expenses: 
         Manufacturing .......................   26,887   16,920
         Selling, general and administrative .   16,351   12,648  
         Research and development ............    3,751    3,065   
         Management fee.......................               695  
         West Coast restructuring recapture...              (552)
       
       Total costs and expenses ..............   46,989   32,776 
       
       Operating income ......................    9,900    5,820  
       
       Other expense, net.....................      872      449 
       
       Income before provision for income 
         taxes................................    9,028    5,371
       
       Income taxes/equivalent provision......    3,405    1,477 
         
       Net income.............................    5,623    3,894     
       
       Retained earnings/(accumulated deficit)
         - beginning of period................    1,343   (6,133)
       
       Retained earnings/(accumulated deficit)
         - end of period...................... $  6,966 $ (2,239)
       
       Earnings per common share.............. $    .06 $    .04
       
       Weighted average number of common and common
         equivalent shares outstanding........   96,558   90,597 
        
        
       
       
       
       
       
       
                 See Notes to Consolidated Financial Statements
              <PAGE>
                    CHYRON CORPORATION
                       CONSOLIDATED BALANCE SHEETS
                   (In thousands except share amounts)
       
                               (unaudited)
       
                                 ASSETS
       
                                 
                                      September 30, December 31,
                                          1996         1995
       Current assets:
         Cash and cash equivalents......... $ 3,078 $ 5,012
         Accounts and notes receivable.....  20,206  13,967
         Inventories.......................  24,123  11,645
         Prepaid expenses..................     794     578
         Deferred tax asset................   5,821   6,457
         Other.............................     633              
            Total current assets...........  54,655  37,659
       
       Property and equipment..............  12,766   3,300
       Excess of purchase price over net   
         assets acquired...................   7,205
       Investment in RT-SET................   2,161
       Software development costs..........   1,915   1,716
       Deferred tax asset..................   1,403   1,403
       Other assets........................   1,746     254
       TOTAL ASSETS                         $81,851 $44,332
       
                 LIABILITIES AND SHAREHOLDERS' EQUITY
       
       Current liabilities:
         Accounts payable and accrued
          expenses......................... $16,253 $ 9,120
         Current portion of long-term debt.   4,716
         Capital lease obligations.........     264     160
         Other.............................      99     158
           Total current liabilities.......  21,332   9,438
       Long-term debt......................  14,977   4,741
       Capital lease obligations...........     148     170
         Total liabilities.................  36,457  14,349
       
       Commitments
       Shareholders' equity:
         Preferred stock, par value without designation
         Authorized - 1,000,000 shares, Issued - none
         Common stock, par value $.01             
         Authorized - 150,000,000 shares           
         Issued and outstanding -
         97,094,302 shares at September
          30, 1996
          90,071,394 shares at 
          December 31, 1995................     971     901
         Additional paid-in capital........  37,268  27,739
         Retained earnings.................   6,966   1,343
         Cumulative translation adjustment.     189         
           Total shareholders' equity......  45,394  29,983
       TOTAL LIABILITIES AND 
         SHAREHOLDERS' EQUITY               $81,851 $44,332
       
            See Notes to the Consolidated Financial Statements
              <PAGE>
                               CHYRON CORPORATION
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                                (In Thousands)
       
                                  (Unaudited)
       
       CASH FLOWS FROM OPERATING ACTIVITIES          1996     1995
       Net income.................................$ 5,623 $  3,894 
       Adjustments to reconcile net income       
        to net cash provided by operations:                       
          Depreciation and amortization .........   2,001    1,481
          Utilization of deferred tax asset......     688    1,342
       Changes in operating assets and liabilities:
          Accounts and trade notes receivable....     914   (1,463)
          Inventories............................  (4,748)  (4,944) 
          Prepaid expenses ......................     (48)     586 
          Accounts payable and accrued expenses..  (2,020)   5,345
          Management fee payable.................  (1,000)
          Other liabilities......................     (59)  (1,908) 
       Net cash provided by operating activities.   1,351    4,333 
       
       CASH FLOWS FROM INVESTING ACTIVITIES
       Acquisition of Pro-Bel and Investment in
         RT-SET..................................  (7,226)
       Acquisitions of property and equipment....  (1,358)    (656)
       Capitalized software development .........    (705)    (190)
       Other.....................................    (608)      82
       Net cash (used in) investing activities...  (9,897)    (764) 
                                  
       CASH FLOWS FROM FINANCING ACTIVITIES
       Payments of capital lease obligations.....    (179)     (69)
       Proceeds from exercise of common stock    
        purchase warrants, net...................     239      323
       Proceeds from exercise of stock options...     542  
       Payments of revolving credit agreement....  (5,644)  (4,500)
       Proceeds from new credit facility, net....  11,654     6,128  
       Other.....................................              (52)
       Net cash provided by financing activities.   6,612    1,830 
       
       Change in cash and cash equivalents.......  (1,934)   5,399 
       Cash and cash equivalents at beginning 
        of period................................   5,012    1,555 
       Cash and cash equivalents at end of
         period.................................. $ 3,078  $ 6,954
       
       Noncash investing and financing activities:
       During January 1996, the Company entered into 
       capital lease obligations totaling $90,000 for the
       purchase of equipment.  
       
       On February 29, 1996, the Company acquired a 19%
       interest in RT-SET Ltd. in exchange for 2.4 million
       shares of Chyron common stock.  See Note 4 to the
       Consolidated Financial Statements.
       
       On April 12, 1996, the Company acquired the issued
       and outstanding shares of Pro-Bel Limited.  The
       consideration in addition to cash included
       3,146,205 shares of Chyron common stock valued at
       $6,868,000 and notes payable valued at
       $5,349,000.  See Note 3 to the Consolidated
       Financial Statements.
              <PAGE>
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          UNAUDITED
       
       1.     BASIS OF PRESENTATION
       
       The accompanying unaudited consolidated financial statements
       have been prepared in conformity with generally accepted
       accounting principles for interim financial reporting. 
       Accordingly, they do not include all of the information and
       footnotes required by generally accepted accounting principles
       for complete financial statements.  These statements should be
       read in conjunction with the consolidated financial statements
       and footnotes thereto included in the Company's annual report
       on Form 10-K for the year ended December 31, 1995.
       
       In the opinion of management, all adjustments (consisting of
       normal recurring accruals) considered necessary for a fair
       presentation have been included.  Operating results for the
       three and nine months ended September 30, 1996 are not
       necessarily indicative of the results that may be expected for
       the year ending December 31, 1996.
       
       2.   TRANSLATION OF FOREIGN CURRENCIES
       
       The functional currency for the Company's foreign operations is
       the applicable local currency.  The translation from the
       applicable foreign currency to U.S. dollars is performed for
       asset and liability accounts using period-end exchange rates
       and for revenue and expense accounts using a weighted average
       exchange rate during the period.  The gains or losses resulting
       from such translation are  recorded in the cumulative
       translation adjustment account which is included in
       shareholders' equity.  Gains or losses from foreign currency
       transactions are included in other income as they occur.
       
       3.     ACQUISITION OF PRO-BEL LIMITED
       
       On April 12, 1996, the Company completed the acquisition of the
       issued and outstanding shares of Pro-Bel Limited ("Pro-Bel"),
       located in the United Kingdom.  Pro-Bel manufactures and
       distributes video signal and switching equipment and systems. 
       The consideration consisted of $6.9 million in cash, $5.3
       million in notes, and 3,146,205 shares of restricted Chyron
       common stock valued at $6.9 million.
       
       The acquisition of Pro-Bel was accounted for as a purchase. 
       Accordingly, the purchase price was allocated to the net assets
       acquired based upon their estimated fair values.  The excess of
       purchase price over the estimated fair value of net assets
       acquired amounted to $7,532,000, which is being amortized over
       12 years using the straight line method.  
       
       The accompanying consolidated statements of operations include
       the operating results of Pro-Bel since the date of the
       acquisition.  Proforma unaudited consolidated operating results
       of the Company and Pro-Bel for the nine months ended September
       30, 1996 and 1995, assuming the acquisition had been made as of
       January 1, 1996 and 1995, respectively, are summarized below
       (in thousands except per share amounts).
       
                   September  September 
                    30, 1996   30, 1995  
       
       Net Sales    $ 67,313  $ 58,533     
       Net Income   $  5,581  $  2,589    
       Earnings 
         per share  $    .06  $    .03   
       
              <PAGE>
These pro forma results have been prepared for comparative
       purposes only and include adjustments as a result of applying
       purchase accounting and conversion to generally accepted
       accounting principles in the United States, such as additional
       depreciation expense and cost of goods sold due to the step-up
       in the basis of fixed assets and inventory, respectively,
       goodwill amortization, a decrease in research and development
       due to the capitalization of software development costs and
       increased interest expense on acquisition debt adjusted for tax
       effect.  The pro forma financial information is not necessarily
       indicative of the operating results that would have occurred if
       the acquisition had taken place on the aforementioned dates, or
       of future results of operations of the consolidated entities.
                   
       4.     INVESTMENT IN RT-SET
       
       On February 29, 1996, the Company effectively purchased an
       option to acquire a 19% interest in RT-SET, Ltd. ("RT-SET"),
       located in Tel Aviv, Israel.  RT-SET develops, markets and
       sells real time virtual studio set software and proprietary
       communications hardware that operate on Silicon Graphics
       systems.  In form, Chyron purchased shares of RT-SET
       Convertible Preferred Stock in exchange for 2.4 million shares
       of Chyron restricted common stock.  In accordance with the
       purchase agreement, the 2.4 million shares of Chyron common
       stock were to be held in escrow, and released in tranches of
       one-third and two thirds, subject to certain conditions.  As of
       June 30, 1996, the first of these conditions had been met,
       which resulted in the release of 800,000 shares of Chyron
       restricted common stock to RT-SET.  Upon the satisfaction of
       the remaining conditions, the remaining 1,600,000 escrowed
       shares will be released.  If the conditions are not met, the
       shares of Chyron restricted common stock held in escrow will be
       returned to the Company.  Accordingly, the transaction has been
       recorded as the purchase of a right to acquire a 19% interest
       in RT-SET.  RT-SET shall retain the voting rights with respect
       to the escrowed shares, while such shares are held by the
       escrow agent.  The acquisition was recorded at the estimated
       fair value of the Chyron restricted common stock released from
       escrow.   In addition,  Chyron was granted certain call option
       rights which, if and when exercised, will result in the Company
       owning up to a 51% interest in RT-SET.   
       
       5.     ACCOUNTS AND NOTES RECEIVABLE
       
       Trade accounts and notes receivable are stated net of an
       allowance for doubtful accounts of $5,617,000 and $3,134,000 at
       September 30, 1996 and December 31, 1995, respectively.  
       
       6.     INVENTORIES
       
       Inventories consist of the following (in thousands):
                        
                               September 30, September 30,
                                   1996          1995  
                            
               Finished goods    $8,811       $ 3,345
               Work-in-process    7,860         5,250
               Raw material       7,452         3,050
                                $24,123       $11,645
              <PAGE>
7.       LONG-TERM DEBT
       
       Long term debt consists of the following (in thousands):
             
                                         September 30, December 31,
                                               1996          1995   
       
       Term loan, maturing 
         April 16, 2000 (a)                       $7,000   $     
             
       
         Revolving credit facility, maturing
         March 28, 1999 (a)                        2,730
       
       Revolving credit facility, maturing
       April 27, 1997 (b)                                  4,741
       
         Commercial mortgage term loan, maturing
         March 28, 2010 (c)                        1,973
       
         Promissory notes, payable on or before
         April 15, 1998 (d)                        5,349
       
         Trade finance facility, maturing
         December 31, 1996 (e)                       915
       
         Overdraft facility, maturing
         December 31, 1996 (f)                     1,726     
                                                  19,693    4,741
         Less amounts due in one year             (4,716)        
                                                 $14,977   $4,741
       
         (a)  On March 28, 1996 and April 16, 1996, the Company entered
       into agreements with a bank to obtain a revolving credit
       facility of $10 million and a term loan of $8 million, 
       respectively.  The entire facility is secured by the Company's
       assets.  Borrowings are limited to amounts computed under a
       formula for eligible accounts receivable and inventory. 
       Additionally, an over-advance is available above the borrowing 
       formula in an amount not to exceed $3 million.  Interest on the
       revolving credit facility is equal to adjusted LIBOR plus 175
       basis points or prime (8.25% at September 30, 1996) and is
       payable monthly. The term loan is payable in quarterly
       installments of $500,000, commencing June 1, 1996.  Interest on
       the term loan is equal to adjusted LIBOR plus 200 basis points
       or prime (8.25% at September 30, 1996) and is payable monthly. 
       
         (b)  At December 31, 1995, the Company had $4.7 million
       outstanding with a financial institution under a secured
       revolving credit facility.  Interest was payable monthly 
       at the prime rate (8.5% at December 31, 1995) plus 2% per
       annum.  The facility was due to expire on April 27, 1997, but
       was replaced by the banking facility described in (a) above in
       conjunction with the financing of the acquisition of Pro-Bel.
        
         (c)  Pro-Bel has a commercial mortgage term loan with a bank. 
       The loan is secured by a building and property located in the
       United Kingdom. Interest is equal to LIBOR (5.98% at September
       30, 1996) plus 2%.  The loan (including interest) is payable in
       quarterly installments of 80,600 pounds sterling.
       
         (d)  On April 12, 1996, the Company issued promissory notes to
       the shareholders of Pro-Bel for $5.3 million (3.5 million
       pounds sterling) in conjunction with the acquisition (See Note
       4).  The promissory notes are secured by an irrevocable letter
       of credit from a bank.   The amount of this irrevocable letter
       of credit is included as an outstanding borrowing in the
       formula used to calculate borrowing availability for the
       facilities described in (a) above.  Interest through April 15,
       1997 is equal to LIBOR as of April 15, 1996 (6.46%) and is
       payable quarterly.  The notes are due on or before April 15,
       1998 and are subordinated to any obligations to a bank or 
       
       
       financial institution currently existing or subsequently
       entered into.  The notes can be prepaid without interest or
       penalty subsequent to November 1, 1996.  
       
         (e)  On February 1, 1996, Pro-Bel entered into an agreement
       with a bank to obtain a trade finance facility of 750,000
      sed by $1.9 million, or
       130.5%, primarily as a result of the income tax benefit
       realized on the 1994 West Coast restructuring.  The increase is
       also due to increased income before income taxes for the 1996
       period.
       
       Liquidity and Capital Resources
          
         On February 1, 1996, Pro-Bel, entered into several agreements
       with a bank to obtain borrowing facilities totaling 1.5 million
       pounds sterling.  One of the facilities is secured by Pro-Bel's
       outstanding accounts receivable.  These facilities replaced
       former bank facilities which had expired, and are used for
       working capital.
       
         On March 28, 1996 and April 16, 1996, the Company entered into
       agreements with a bank to obtain a revolving credit facility of
       $10 million and a term loan of $8 million, respectively.  The
       revolving portion of the facility matures 3 years from closing,
       while the term portion matures 4 years from closing.  The
       entire facility is secured by the Company's properties and
       assets.  This facility replaced the $10,000,000 secured credit
       facility which was due to expire on April 27, 1997.  In April
       1996, a portion of this new credit facility was used to fund
       the acquisition of Pro-Bel Ltd.
       
         On April 12, 1996, the Company issued promissory notes to the
       shareholders of Pro-Bel for $5.3 million (3.5 million pounds
       sterling).  The notes are secured by an irrevocable letter of
       credit from a bank and limit amounts available under the
       revolving credit facility described above.  The notes are due
       on or before April 15, 1998.
       
         At September 30, 1996, the Company's current ratio was 2.56 to
       1 and its working capital was $33,323,000.
       
         At September 30, 1996, the Company had operating lease
       commitments for equipment and factory and office space totaling
       $12.4 million of which $1.3 million is payable within one year.
              <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:  Not applicable.
              
                (b) Reports on Form 8-K: 
       
         (1)  On April 26, 1996, the Company filed a report on Form 8-K
       related to the acquisition of Pro-Bel Limited.  This report is
       incorporated by reference.
       
         (2)  On March 14, 1996, the Company filed a report on Form 8-K
       related to the investment of 19% in RT-Set, Ltd.  This report
       is incorporated by reference.
       
         (3)  On June 21, 1996, the Company filed a report on Form 8-
       K/A, which amended the report of Form 8-K filed on April 26,
       1996, to include the financial exhibits which are automatically
       granted a 60 day extension for filing, related to the
       acquisition of Pro-Bel Limited.  This report is incorporated by
       reference.
       
              <PAGE>
SIGNATURES
                             
                             
       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.
       
       
       
                              CHYRON CORPORATION   
                                  (Registrant)
       
       
       
       
       November 8, 1996    /s/Michael Wellesley-Wesley 
            (Date)            Michael Wellesley-Wesley
                             Chairman of the Board and       
                              Chief Executive Officer      
                                                                  
                                                           
       November 8, 1996   /s/    Patricia Lampe        
            (Date)               Patricia Lampe  
                             Chief Financial Officer 
                                   and Treasurer