FORM 10-Q


                    U.S. 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 March 31, 1998 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 Number)
incorporation or organization)                


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    


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 - 32,605,706 as of


                                  May 8, 1998

                      This document consists of 12 pages


     CHYRON CORPORATION
     CONSOLIDATED STATEMENTS OF OPERATIONS
     THREE MONTHS ENDED MARCH 31, 1998 AND 1997
     (In thousands except per share amounts)
     
     (Unaudited)
                                  
                                      1998     1997  
                                                     
     Net sales....................$21,525  $18,201 
     Cost of products sold.. ..... 10,803   10,051
     Gross profit................. 10,722    8,150
                                  
     Operating Expenses: 
       Selling, general and 
       administrative ............  7,718    7,902  
       Research and development ..  2,510    1,512   
     
     Total operating expenses..... 10,228    9,414 
     
     Operating income (loss)......    494   (1,264) 
     
     Interest and other expense, 
       net........................    359      330
     
     Income (loss) before provision 
       for income taxes...........    135   (1,594)
     
     Income taxes/equivalent 
       provision (benefit)........    101     (498)
       
     Net income (loss)............$    34  $(1,096)
     
     Net income (loss) per 
       common share...............
       Basic......................$     0  $ ($.03)
     Diluted......................$     0  $ ($.03)
     
     Weighted average shares used 
       in computing net income
       (loss) per common share:
       Basic...................... 32,606   32,387
     Diluted...................... 32,606   32,740
      
      
     See Notes to the Consolidated Financial Statements
     
     
     CHYRON CORPORATION
     CONSOLIDATED BALANCE SHEETS
     (In thousands except share amounts)
     (Unaudited)
     
     ASSETS
     
                                    March 31, December 31,
                                       1998       1997
     Current assets:
       Cash and cash equivalents...  $ 2,622   $ 2,968
       Accounts and notes receivable. 19,258    21,125
       Inventories................... 24,477    26,540
       Prepaid expenses..............  2,422     1,897
       Deferred tax asset............  4,458     4,301
       Other.........................    342       283      
     
         Total current assets........ 53,579    57,114
     
     Property and equipment.......... 13,239    12,373
     Excess of purchase price over  
       net tangible assets acquired... 6,628     6,779
     Investment in RT-SET............  2,161     2,161
     Software development costs......  5,692     5,224
     Deferred tax asset..............  7,070     7,070
     Other...........................  3,364     3,359
     TOTAL ASSETS                    $91,733   $94,080
     
     LIABILITIES AND SHAREHOLDERS' EQUITY
     
     Current liabilities:
       Accounts payable and accrued 
         expenses................... $13,005   $15,491
       Current portion of long-term 
         debt ......................   2,489     2,318
       Capital lease obligations....     513       350
         Total current liabilities..  16,007    18,159
     
     Long-term debt.................  17,400    17,774
     Capital lease obligations......      36       317
     Accrued pension expense.........  2,144     2,007
     Other...........................  1,892     1,861
       Total liabilities............. 37,479    40,118
     
     Commitments and contingencies
     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 -
       32,605,706 shares at March 31, 1998 
       and December 31, 1997.........    326       326
      Additional paid-in capital..... 44,016    44,016
      Retained earnings..............  9,271     9,237
      Cumulative translation 
       adjustment....................    641       383 
        Total shareholders' equity... 54,254    53,962
     TOTAL LIABILITIES AND 
     SHAREHOLDERS' EQUITY............$91,733   $94,080
     
     See Notes to the Consolidated Financial Statements
     
     
     CHYRON  CORPORATION
     CONSOLIDATED STATEMENTS OF CASH FLOWS
     THREE MONTHS ENDED MARCH 31,1997 AND 1996
     (In Thousands)
     (Unaudited)
                    
                                                            
                                       Three Months Ended
                                             March 31,
     CASH FLOWS FROM OPERATING ACTIVITIES  1998      1997 
     Net income/(loss)................. $    34   $(1,096)
     Adjustments to reconcile net income
      (loss) to net cash provided by  
       operating activities:  
     Depreciation and amortization.....     920       811 
        (Provision)/benefit of deferred 
        income taxes....................   (157)     (662)
     Changes in operating assets  
     and liabilities:
        Accounts and trade notes 
        receivable......................  2,183     2,493  
        Inventories.....................  1,669      (345)
        Prepaid expenses ...............   (496)     (681)
        Other assets....................    (62)      252
        Accounts payable and accrued 
          expenses ..................... (2,765)      294   
        Other liabilities...............    168          
     Net cash provided by operating 
         activities.....................  1,494     1,066
     
     CASH FLOWS FROM INVESTING ACTIVITIES
     Acquisition of Axis Holdings 
       Incorporated.....................   (368)
     Acquisitions of property and 
       equipment........................   (551)     (326)
     Capitalized software development ..   (763)     (331)
     Net cash used in investing 
       activities....................... (1,314)   (1,025)
     
     CASH FLOWS FROM FINANCING ACTIVITIES
     Payment of term loan...............   (500)     (500)
     Borrowings from (payment of) 
      revolving credit agreement, net...    115      (335)
     Payments of capital lease 
       obligations......................   (136)      (60)
     Net cash used in financing 
       activities.......................   (521)     (895)
     Effect of foreign currency rate 
       fluctuations on cash and cash     
     equivalents.......................     (5)       (4)
     
     Change in cash and cash 
       equivalents.....................   (346)     (858)
     Cash and cash equivalents at 
      beginning of year................   2,968     4,555
     Cash and cash equivalents at 
      end of period....................  $2,622    $3,697
     
     
     Non-cash investing and financing activities:
     
     On March 31, 1997, the Company acquired all the issued
     and outstanding shares of Axis Holdings Incorporated. 
     The consideration, in addition to cash paid included the
     issuance of 173,913 shares of Chyron Corporation common
     stock valued at $750,000 and notes payable of $667,000. 
                                  
     See Notes to Consolidated Financial Statements
     
     
     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, 1997.
     
     In the opinion of management, all adjustments
     (consisting of normal recurring adjustments) considered
     necessary for a fair presentation have been included. 
     Operating results for the three months ended March 31,
     1998 are not necessarily indicative of the results that
     may be expected for the year ending December 31, 1998.
     
     2.  REVENUE RECOGNITION
     In the first quarter of 1998, the Company adopted
     Statement of Position SOP 97-2, "Software Revenue
     Recognition."  The adoption of 97-2 did not have a
     material affect on the results of operations in the
     first quarter of 1998.
     
     3.  RESTATEMENT AND RECLASSIFICATION
     
     In 1997, the Financial Accounting Standards Board
     issued Statement No. 128 "Earnings per Share", which
     was effective for the year ended December 31, 1997. 
     Accordingly, all prior period amounts have been
     restated to reflect this new statement.  In addition,
     certain prior year amounts have been reclassified to
     conform to current year presentation.
     
     4.  ACCOUNTS AND NOTES RECEIVABLE
     
     Trade accounts and notes receivable are stated net of
     an allowance for doubtful accounts of $3,154,000 and
     $3,124,000 at March 31, 1998 and December 31, 1997,
     respectively.  
     
     5.  INVENTORIES
     
     Inventories consist of the following (in thousands):
                      
                       March 31,  December 31,
                          1998           1997  
                          
     Finished goods    $13,101        $12,346
     Work-in-process     7,891          9,303
     Raw material        3,485          4,891
                       $24,477        $26,540
     
     
     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
     RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS                   
     
     From time to time, including in this Quarterly Report
     on Form 10-Q, the Company may publish forward-looking
     statements relating to such matters as anticipated
     financial performance, business prospects,
     technological developments, changes in the industry,
     new products, research and development activities and
     similar matters.  The Private Securities Litigation
     Reform Act of 1995 provides a safe harbor for such
     forward-looking statements.  In order to comply with
     the terms of the safe harbor, the Company notes that a
     variety of factors could cause the Company's actual
     results to differ from the anticipate results or other
     expectations expressed in the Company's forward-looking
     statements.  The risks and uncertainties that may
     affect the operations, performance, development and
     results of the company's business include, without
     limitation, the following:  product concentration in a
     mature market, dependence on the emerging digital
     market and the industry's transition to DTV and HDTV,
     rapid technological changes, highly competitive
     environment, new product introductions, seasonality,
     fluctuations in quarterly operating results, expansion
     into new markets and the Company's ability to implement
     successfully its acquisition and alliance strategy.
     
     
     Results of Operations
     
     Overview
     
     This discussion should be read in conjunction with the
     Consolidated Financial Statements including the Notes
     thereto:
     
     Comparison of the Three Months Ended March 31, 1998 and
     1997
     
     Sales for the quarter ended March 31, 1998 were $21.5
     million, an increase of $3.3 million, or 18.3%, over
     the $18.2 million reported for the first quarter of
     1997.  This increase was a result of increases in sales
     of the Company's Pro-Bel product line which showed an
     over 500% growth domestically and 9% growth
     internationally for the comparable periods.  Chyron
     sales showed a modest increase over the prior year.
     
     Gross profit increased to $10.7 million for the quarter
     ended March 31, 1998.  The increase of $2.6 million, or
     31.6%, over the $8.2 million reported for the first
     quarter of 1997 was attributable in part to the
     increase in sales for the first quarter of 1998.  Gross
     margins as a percentage of sales increased to 49.8% in
     1998 versus 44.9% in 1997 mainly as a result of the
     change in the product mix.  Chyron sales, although
     showing only slight increases for the comparative
     periods, included more volume of the high end iNFiNit
     graphic system and software products for the first
     quarter of 1998.  Additionally, Pro-Bel sales included
     an increased level of software product for 1998 as
     compared to the prior year.  Both of these items led to
     increased gross profit for the first quarter of 1998.
     
     Selling, general and administrative (SG&A) expenses
     decreased by $183,000 or 2.3%, to $7.7 million compared
     to $7.9 million for the first quarter of 1997.  Slight
     increases were incurred at both Chyron and Pro-Bel
     which are a direct result of the increases in sales
     volume.  Additional increases were incurred due to
     sales and marketing efforts for the Company's new
     "Concerto" product line.  These increases were offset
     by the inclusion in the prior year amount of $675,000
     of non-recurring costs attributable to the termination
     of the planned secondary offering of the Company's
     common stock.  Exclusive of this non-recurring charge,
     SG&A as a percentage of sales remained relatively
     consistent for the comparable periods.
     
     Research and development (R&D) costs increased during
     the first quarter 1998 compared to the same period in
     1997 by $1.4 million. Increases were incurred at both
     Chyron and Pro-Bel as the Company has focused its
     attention on new product development to address a
     recent FCC ruling requiring broadcasters to utilize
     digital advanced television transmission beginning in
     1998.  Additional increases were incurred related to
     the continued development of the "Concerto" product
     line.  These increases were offset by net capitalized
     software costs which increased $383,000 for the three
     months ended March 31, 1998 versus the same period in
     1997.
     
     The Company showed income before income taxes of
     $135,000 compared to a loss of $1.6 million for the
     same period in the prior year.  This income was a
     direct result of increased sales and gross profit for
     the first quarter of 1998 versus the comparable period
     in 1997, offset by increases in R&D expenses described
     above.
       
     The Company provided for income taxes in the amount of
     $101,000 for the first quarter of 1998 compared to a
     tax benefit of $498,000 for 1997.  The income taxes are
     primarily attributable to the income of $135,000 before
     taxes for 1998 versus loss of $1.6 million before taxes
     for 1997.
     
     Liquidity and Capital Resources
     
     At March 31, 1998, the Company had cash on hand of $2.6
     million and working capital of $37.6 million.
     
     In connection with the acquisition of Axis, the Company
     issued promissory notes to the shareholders of Axis for
     $667,000.  The amount of installment payments was
     contingent upon the Axis division realizing certain
     revenue targets.  $250,000 of such notes was paid from
     Chyron's operating cash flow on March 31, 1998, with
     the remaining $417,000 being due on March 31, 1999.  
     
     The Company's promissory notes to the former
     shareholders of Pro-Bel for 3.5 million pounds sterling
     ($5.9 million, converted at March 31, 1998 exchange
     rate) were paid on April 15, 1998.  The funds to pay
     the notes were drawn from the Company's facility with
     Fleet Bank described below. 
     
     On March 28, 1996 and April 16, 1996, the Company
     entered into agreements with Fleet Bank (formerly
     NatWest Bank) to obtain a revolving credit facility of
     $10.0 million and a term loan of $8.0 million,
     respectively.  The entire facility is secured by
     certain of the Company's assets.  Borrowings are
     limited to amounts computed under a formula for
     eligible accounts receivable and inventory.  Interest
     on the revolving credit facility is equal to adjusted
     LIBOR plus 175 basis points or prime (8.50% at March
     31, 1998) 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
     and is payable monthly.  At December 31,1997, the
     Company did not comply with certain financial covenants
     and, accordingly, had obtained waivers for periods up
     to and including March 30, 1998 and amendments with
     respect to such covenants  from its lender for periods
     up to and including April 16, 2000, the maturity date
     of the term loan.  Currently management is negotiating
     an increase in the revolving credit facility with the
     Bank.  The  revolving credit facility is scheduled to
     expire on March 28, 1999.  Management intends to renew
     such facility prior to the expiration date.
     
     Pro-Bel has a commercial mortgage term loan with
     Barclay's Bank Plc. ("Barclays").  The loan is secured
     by a building and property located in the United
     Kingdom.  Interest is equal to LIBOR plus 2% (9.63% at
     March 31, 1998).  The loan (including interest) is
     payable in quarterly installments of 80,600 pounds
     sterling ($137,000 converted at the March 31, 1998
     exchange rate). 
     
     On January 13, 1998, Pro-Bel entered into an agreement
     with Barclays whereby Barclays agreed to provide an
     overdraft facility of up to 4.0 million pounds sterling
     ($6,780,000 converted at the March 31, 1998 exchange
     rate) through December 31, 1998 to Pro-Bel, and its
     subsidiaries.  The overdraft facility provides for
     interest at 1.5% per annum over the bank's base rate
     (8.75% at March 31, 1998).  Interest is payable
     quarterly in arrears.  This facility replaces the
     overdraft facility of up to 3.0 million pounds sterling
     in place at December 31, 1997.  All monies under the
     facility are repayable upon written demand.  Management
     intends to renew this facility on or about December 31,
     1998.  Total borrowings are limited to amounts computed
     under multiple formulas of eligible accounts receivable
     and inventory.
     
     On December 20, 1996, Pro-Bel entered into an agreement
     with a bank to obtain an overdraft facility of up to
     3.0 million pounds sterling through December 31, 1997,
     subsequently extended to January 12, 1998 ($4,943,000
     converted at the December 31, 1997 exchange rate). 
     Total borrowings were limited to amounts computed under
     a formula for eligible accounts receivable.  Interest
     was equal to the bank's base rate plus 1.5% (8.75% at
     December 31, 1997) and was payable in arrears.  The
     facility was payable upon written demand by the bank
     and any undrawn portion was cancellable by the bank at
     any time.  This facility was replaced by the facility
     with Barclays, described above, dated January 13, 1998.
     
     At March 31, 1998, the Company had operating and
     capital lease commitments totaling $12.9 million and
     $.7 million, respectively, of which $1.2 million and
     $.4 million, respectively, is payable within one year. 
     Such lease commitments were for equipment, factory and
     office space and are expected to be paid out of
     operating cash flows of the Company.
     
     The Year 2000
     
     The Company has taken actions to make its system
     products and infrastructure year 2000 compliant.  The
     current budget includes an allocation of $400,000 for a
     new integrated information system at Pro-Bel. 
     Management believes based on available information that
     aside from the amounts described above, additional year
     2000 issues are immaterial and that the Company will be
     able to handle the year 2000 transition, without any
     material adverse effects on its business operations,
     products or financial prospects.
     PART II. OTHER INFORMATION
     
     
     ITEMS 1., 2., 3., 4.  Not applicable.
     
     
     ITEM 5.  Other Information
     
     The Company from time to time is involved in routine
     legal matters incidental to its business.  In the
     opinion of management, the ultimate resolution of such
     matters will not have a material adverse effect on the
     Company's financial position, results of operations or
     liquidity.
     
     ITEM 6.  Not applicable.
     
     
     
     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)
     
     
     
     
      May 11, 1998      /s/ Edward Grebow          
         (Date)             Edward Grebow
                            President and 
                            Chief Executive Officer      
                                                             
       
                                                         
     
     
     
      May 11, 1998      /s/ Patricia Lampe         
         (Date)             Patricia Lampe  
                            Chief Financial Officer 
                            and Treasurer