Securities and Exchange Commission
                      Washington, DC  20549
                                  
                            FORM 10-K
                                  
   (Mark One) 
   [  X  ]  Annual  report pursuant to section 13 or  15(d)  of  the
   Securities Exchange Act of 1934 [Fee Required]
   For the fiscal year ended October 31, 1995 or
   [     ]  Transition report pursuant to section 13 or 15(d) of the
   Securities Exchange Act of 1934 [No Fee Required]
   For the transition period from _________ to ___________

   Commission file number 0-12619
                                
                             Collins Industries, Inc.
            (Exact name of registrant as specified in its charter)
                                
               Missouri                             43-0985160   
   (State or other jurisdiction of incorporation) 
                                      (I.R.S. Employer Identification Number)
                                
   421 East 30th Avenue       Hutchinson, Kansas       67502-2489         
   (Address of principal executive offices)            (Zip Code)
                               
   Registrant's telephone number including area code     316-663-5551     
                                
   Securities registered pursuant to Section 12(b) of the Act:

     Title of each class          Name of each exchange on which registered

            None                            N/A

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

                 Common Stock, Par Value $.10 per share               
                        (Title of class)
                                
   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  by  check  mark  if  disclosure  of  delinquent  filers
   pursuant  to Item 405 of Regulation S-K is not contained  herein,
   and  will  not  be  contained, to the best  of  the  registrant's
   knowledge,   in   definitive  proxy  of  information   statements
   incorporated by reference in Part III of this Form  10-K  or  any
   amendment to this Form 10-K.  ( )
                                
   The aggregate market value of voting stock held by non-affiliates
   of the registrant was $7,361,825 as of December 8, 1995.

   The  number of shares of Common Stock outstanding on December  8,
   1995 was 7,286,887.

                  Documents Incorporated by Reference

   The following are the documents incorporated by reference and the
   part of the Form 10-K into which the document is incorporated:
        Document:                           Part of Form 10-K
   Proxy Statement for Annual Meeting 
   of Shareholders on 2/23/96               Part III


                                PART I
                                

   Item 1.  BUSINESS


   General Development of Business

   Collins Industries, Inc. was founded in 1971 as a manufacturer of
   small school buses and ambulances built from modified cargo vans.
   The  Company's initial product was the first "Type A" school bus,
   designed  to  carry  16  to  20 passengers.   Today  the  Company
   manufactures specialty vehicles and accessories for various basic
   service  niches  of the transportation industry.   The  Company's
   products include ambulances, small school buses, shuttle and mid-
   size  commercial  buses, terminal trucks,  wheelchair  lifts  and
   accessories  and  commercial bus chassis.   From  its  inception,
   Collins'  stated goal has been to become the largest manufacturer
   of  specialty  vehicles  in  the  U.S.   The  Company  has  grown
   primarily  through the internal development of new  products  and
   the acquisition of complementary product lines.


   Collins   manufactures   products  used  in   emergency   medical
   transportation   and  the  transportation  of  school   children,
   business and leisure travelers and persons with disabilities,  as
   well as in the transfer of freight.  In the U.S., Collins is  the
   largest  manufacturer  of ambulances, a leading  manufacturer  of
   small  school  buses,  a  manufacturer of  shuttle  and  mid-size
   commercial buses and the second largest manufacturer of  terminal
   trucks.   The  Company  also manufactures  wheelchair  lifts  and
   commercial  bus  chassis.  The Company sells its  products  under
   several   well-known   trade  names,  including   Wheeled   Coach
   (ambulances),  Collins  Bus  (small school  buses),  World  Trans
   (commercial  buses),  Mobile-Tech  (vehicle  wheelchair   lifts),
   Capacity  (terminal  trucks)  and  Transi-Corp  (commercial   bus
   chassis).

   Most Collins products are built to customer specifications from a
   wide  range of options offered by the Company.  Collins sells  to
   niche   markets   which   demand  manufacturing   processes   too
   sophisticated  for  small job shop assemblers,  but  is  not  the
   highly  automated  assembly line operations  of  mass  production
   vehicle   manufacturers.    The  Company   emphasizes   specialty
   engineering  and product innovation.  In the last few  years,  it
   has  introduced  new  products  and product  improvements,  which
   include  the Moduvan ambulance, the first ambulance of  its  size
   with  advanced  life-support  system  capability,  the  Dura-Ride
   suspension  system, the first frame-isolating  suspension  system
   for  terminal  trucks, and the innovation  of  a  larger  seating
   capacity,  Type A Super Bantam school bus capable of carrying  up
   to 24 passengers, the largest Type A in the industry.

   In  fiscal 1992, the Company also developed the World Trans 3000,
   an  aluminum  body bus built on a rear-engine, rail-type  chassis
   built  by  the  Company.  This bus has a lower floor  height  and
   tighter turning radius than competitive models available  in  the
   industry.

   A  new  wheelchair lift called the under-vehicle lift  (UVL)  was
   introduced in fiscal 1992.  The UVL, suitable for installation on
   both vans and minivans, is the first platform wheelchair lift  to
   be  installed on the vehicle exterior so that it does  not  block
   vehicle  doorway entrances.  The UVL is the first Company product
   targeted  to  the consumer market, as well as to  the  commercial
   market.


   Financial Information About Industry Segments

   Financial  information about industry segments  is  contained  in
   Note 8 to the Company's Consolidated Financial Statements.


   Description of Business

   The Company's product lines currently are considered to be in the
   Specialty Vehicle Manufacturing segment with the exception of the
   transportation equipment for disabled persons.

   Ambulances.   The Company manufactures both modular and  van-type
   ambulances at its Hutchinson, Kansas and Orlando, Florida plants.
   Van  ("Type II") ambulances are cargo vans modified to include  a
   patient  compartment  and  a  raised  fiberglass  roof.   Modular
   ambulances  are produced by attaching an all-aluminum,  box-type,
   patient  compartment  to  either a dual  rear-wheel  cab  chassis
   ("Type  I")  ambulance  or a dual rear-wheel,  van-type,  cutaway
   chassis  ("Type III") ambulance or to a single rear-wheel cutaway
   chassis  ("Moduvan")  ambulance.  A cutaway chassis  consists  of
   only the front portion of the driver's compartment, engine, drive
   train,  frame, axle and wheels.  Type II ambulances  are  smaller
   and less expensive than modular ambulances.

   The  Company  also produces a limited number of  medical  support
   vans  designed  to transport medical and life-support  equipment.
   Medical  support vans are modified commercial vehicles  which  do
   not have a patient compartment for advanced life support systems.
   In  1995,  the  Company introduced a medical transfer  van  which
   transports  persons  confined  to wheelchairs  and  utilizes  the
   Company's UVL Lift as an option.

   Buses.  The Company manufactures small school buses at its  South
   Hutchinson,  Kansas,  facility and  manufactures  commercial  and
   shuttle   buses   at   its   Newton,  Kansas   facility.    These
   manufacturing operations are scheduled to  be combined in  fiscal
   1996.

   School Buses.  The Company manufactures small Type A school buses
   which carry from 16 to 24 passengers.  Prior to 1992, the Company
   built  Type  A  school  buses  by extensively  modifying  vendor-
   supplied  cargo vans.  The majority of Type A school buses  built
   by  the  Company  are now produced by fabricating  the  body  and
   mounting it on a vendor-supplied, dual rear-wheel or single rear-
   wheel,  cutaway chassis.  The Company was the first  manufacturer
   to  produce  a  Type A school bus on this type of chassis,  which
   permits  greater  seating capacity than a  van  chassis.   School
   buses  are  produced in compliance with Federal, state and  local
   laws regarding school transportation vehicles.

   Commercial  and Shuttle Buses.  The Company produces shuttle  and
   transit  buses  for  car  rental agencies,  transit  authorities,
   hotels and resorts, retirement centers, nursing homes and similar
   users.  These buses are built to customer specifications and  are
   designed  to transport 14 to 30 passengers over short  distances.
   They   are   equipped  with  luggage  compartments  and  familiar
   features.

   Collins  offers commercial bus products in various price  ranges.
   The  Diplomat  is  a  steel body bus built on a  vendor-supplied,
   cutaway  chassis that carries 17 to 25 passengers and  targets  a
   low- to mid-price range market.  The World Trans 1600/1900 models
   are aluminum body buses built on vendor-supplied, cutaway chassis
   that  carry  17  to 25 passengers and target mid-  to  high-price
   range markets. The World Trans 3000, introduced in early 1993, is
   an  aluminum  body bus built on the Company's rear-engine,  rail-
   type  chassis.   This  product is designed for  the  medium  duty
   segment of the transit and shuttle markets.

   Transportation  Equipment  for  Disabled  Persons.   The  Company
   manufactures  wheelchair  lifts  and  accessories  used  in   the
   transportation of disabled persons.  These products are  sold  to
   commercial  and  school  bus manufacturers  and  to  dealers  who
   install the lifts in existing buses. The Company's patented Step-
   Lift  product is installed in the stepwell of buses.   The  Step-
   Lift  can serve as a conventional two-step entryway into the  bus
   and  fold  out as a lift to make the bus accessible  to  disabled
   persons.  In 1992, the Company introduced the under-vehicle  lift
   ("UVL") in North America.  The UVL, suitable for installation  on
   both vans and minivans, was the first platform wheelchair lift to
   be  installed on the vehicle exterior so that it does  not  block
   vehicle doorway entrances.  The UVL was the first Company product
   targeted  to  the  consumer market as well as to  the  commercial
   market.

   Terminal  Trucks.   The  Company produces  two  basic  models  of
   terminal  trucks  at its Longview, Texas, facility,  the  Trailer
   Jockey   and  the Yardmaster.  Terminal trucks are  designed  and
   built  to  withstand  heavy-duty  use  by  moving  trailers   and
   containers at warehouses, rail yards, rail terminals and shipping
   ports.   Most  terminal trucks manufactured by  the  Company  are
   built  to customer specifications.  The Company manufactures  the
   entire  truck  except for major drivetrain components  which  are
   purchased  from  outside  suppliers.   The  Dura-Ride  suspension
   system,  an increasingly popular option on the Company's terminal
   trucks,  was installed on over half of the terminal trucks  built
   by the Company during fiscal 1994.

   Bus  Chassis.  The Company produces both forward- and rear-engine
   bus  chassis  for  use  by the Company  and  for  sale  to  other
   manufacturers.   These chassis are suitable for  both  commercial
   and  large  school buses.  To date, the Company has produced  and
   sold  limited quantities of these chassis.  The Company plans  to
   continue  manufacturing bus chassis suitable for its own products
   and for sale to other manufacturers.


   Manufacturing

   Manufacturing consists of the assembly of component parts  either
   purchased  from  others  or  fabricated  internally.   With   the
   exception  of  chassis, chassis components and  certain  terminal
   truck components which are purchased from outside suppliers,  the
   Company  fabricates  the principal components  of  its  products.
   Collins'  internal capabilities include CNC punching and  forming
   of  sheet  metal, metal stamping, tooling, molding of  fiberglass
   components,   mechanical  and  electrical   component   assembly,
   upholstery, painting and finishing and Computer-Aided-Design  and
   Manufacturing (CAD/CAM) systems.

   Collins   intends  to  continue  to  improve  its   manufacturing
   facilities  from time-to-time through the selective upgrading  of
   equipment  and  the  mechanization or automation  of  appropriate
   portions  of the manufacturing process.  Management believes  the
   Company's manufacturing facilities are in good condition and  are
   adequate for the purposes for which they currently are used.  The
   capacity  of  the  Company's current facilities, particularly  if
   operated  on  a multiple shift basis, is considered  adequate  to
   meet current needs and anticipated sales volumes.


   New Products

   The  Company  is not presently engaged in activities which  would
   require  a significant amount of expenditures or use of  material
   amounts  of  assets for development of products in  the  planning
   stage or otherwise for the foreseeable future.


   Suppliers

   In  order  to  ensure that it has a readily available  supply  of
   chassis for ambulance and bus production, the Company has entered
   into  consignment  agreements  with  General  Motors  Corporation
   ("GMC") and Ford Motor Company ("Ford").  Under those agreements,
   chassis  are kept at Company production facilities at no cost  to
   the Company other than chassis storage costs.  When an individual
   chassis  is selected from the Company's consignment pool for  use
   in vehicle production, title to the chassis passes to the Company
   and  the Company becomes liable to the consignor for the cost  of
   the  chassis.   Chassis  currently in the  consignment  pool  are
   supplied  by Ford and GMC.  While an interruption in supply  from
   one  source  may  cause a temporary slowdown in  production,  the
   Company believes that it could obtain adequate numbers of chassis
   from alternate sources of supply.

   The  Company uses substantial amounts of steel in the  production
   of  its terminal truck products and purchases certain other major
   components (primarily engines, transmissions and axles).  Collins
   also  uses large amounts of aluminum, steel, fiberglass and glass
   in  the  production of ambulances and buses.  The  principal  raw
   materials and components used by the Company in the production of
   its  wheelchair lifts and accessories are steel, aluminum, motors
   and  batteries.  There is substantial competition among suppliers
   of  such  raw materials and components, and the Company does  not
   believe  that  a loss of a single source of supply would  have  a
   material adverse effect on its business.


   Patents, Trademarks and Licenses

   The Company owns federal registrations for most of the trademarks
   which  it uses on its products. The Company also owns patents  on
   certain  of  its  wheelchair lift products and on  its  bus  body
   design,   ambulance  design,  Dura-Ride  air  suspension  system,
   ambulance  warning light system and air-activated bus door.   The
   Company  believes that its patents are helpful, because they  may
   force  competitors to do more extensive design work to produce  a
   competitive  product.  The Company believes that  its  production
   techniques  and skills are as important as product  design,  and,
   therefore, in management's opinion, any lack of patent protection
   would not adversely affect the Company's business.


   Seasonality of Business

   Historically a major portion of the Company's net income has been
   earned  in the second and third fiscal quarters ending  April  30
   and  July  31, respectively.  The purchasing patterns  of  school
   districts are typically strongest in the spring and summer months
   which accounts for typically stronger sales of small school buses
   in the quarters ending April 30 and July 31.  Generally, sales of
   Specialty Vehicles tend to be lower in the fall and winter months
   due  to  the  purchasing patterns of the Company's  customers  in
   general and purchasing activities are normally lower near the end
   of the calendar year.

   Sales Terms

   The  Company produces the majority of its products on  an  order-
   only  basis.  Most specialty vehicle products are delivered on  a
   cash  basis.   Products  sold  on a  direct  basis  (not  through
   dealers)  and products for the disabled are sold on  trade  terms
   common  to  each  respective industry.  Finished goods  that  are 
   reflected  on the financial statements are generally  sold  units
   that are ready for customer delivery.  Since late in fiscal 1992,
   many  sales  to dealers have been financed through  an  unrelated
   third  party  for  the  dealers, resulting in  payment  generally
   within days of the sale.


   Customer Concentration

   The  Company  has  no single customer whose  loss  would  have  a
   material adverse effect on an industry segment or the Company  as
   a whole.

   Sales Backlog

   The  sales  backlog  at October 31, 1995 was approximately  $29.2
   million.  This compares to $38.8 million at October 31, 1994.  In
   the  opinion  of management, the majority of this  sales  backlog
   will be shipped during the coming year.

 
   Governmental Sales

   The  Company  has, and will continue to, pursue opportunities  in
   government  sales  as  they occur. No  material  portion  of  the
   Company's  business,  however, is  subject  to  renegotiation  of
   profits  or  termination  of contracts  or  subcontracts  at  the
   election  of the government.  In 1993, the Company was awarded  a
   new  contract with the General Services Administration to provide
   ambulances  to all government sectors.  The initial term  of  the
   contract  was for one year with three one-year extension options.
   This  contract does not contain specific quantities that will  be
   ordered.   During  fiscal  1995 such orders  were  less  than  10
   percent of the Company's consolidated sales.


   Marketing and Distribution

   The  Company, through its wholly owned subsidiaries, markets  its
   products  throughout  the  U.S. through independent  dealers  and
   distributors,  Company-owned stores and the direct sales  efforts
   of  Company personnel and, to a limited extent, abroad.  Each  of
   the Company's product groups is responsible for its own marketing
   activities  and maintains independent relationships with  dealers
   and   distributors.    Support  is  provided   to   dealers   and
   distributors  in  bidding  specification  writing  and   customer
   service.

   The  Company regularly advertises in consumer and trade magazines
   and  other  print  media and actively participates  in  national,
   regional   and   local   trade  shows.   In   addition,   Company
   representatives  attend  a  number of  national  conventions  and
   regional meetings of important constituent groups such as  school
   boards and emergency medical groups.


   Competition

   The  markets  for most of the Company's product  lines  are  very
   competitive,  and  the  Company  currently  has  several   direct
   competitors in most markets.  Some of these competitors may  have
   greater  relative resources.  The Company believes it can compete
   successfully  (i)  in the ambulance market on the  basis  of  the
   quality  and  price of its products, its design  engineering  and
   product  innovation capabilities and the strength of the  Wheeled
   Coach  brand  name, (ii) in the small school bus  market  on  the
   basis  of its product price and quality and favorable recognition
   of  its  Collins  Bus brand name and (iii) in the commercial  bus
   market  on  the  basis  of  its various product  models,  product
   quality, price and distribution network.

   The  Company does not have numerous competitors in the market for
   wheelchair   lifts   and   accessories;  however,   its   primary
   competitors  are  well-established and may have greater  relative
   resources.   The Company believes it can compete successfully  in
   the  market  on  the  basis of its innovative  products,  product
   quality and price.

   In the terminal truck market, the Company competes primarily with
   one  larger domestic competitor, Ottawa Truck Corporation and one
   foreign  competitor,  Sisu  USA,  Inc.   Both  competitors   have
   international  distribution  channels  and  are  owned   by   the
   government  of  Finland and may have greater  relative  resources
   than   the   Company.   The  Company  believes  it  can   compete
   successfully  in this market on the basis of its  Capacity  brand
   name,  price,  product  quality  and  customer  demand  for   its
   exclusive Dura-Ride suspension system.


   Research and Development Costs

                                           1995        1994     1993 
   Research and Development Expenses     $261,747   $ 72,236  $70,294

   This table cites the level of research and development costs  the
   Company incurred the past three fiscal years.  It should be noted
   the Company does significant research and development work on the
   production  line and, therefore, the major costs of new  programs
   are recorded as cost of sales and are expensed as prototypes.


   Regulation

   The  Company  is  subject to various laws  and  regulations  with
   respect to employees' health and safety and the protection of the
   environment.  In addition, all of the Company's on-road  vehicles
   must  satisfy  certain  standards  applicable  to  such  vehicles
   established  by  the United States Department of  Transportation.
   Certain   of   its  products  must  also  satisfy  specifications
   established   by  other  federal,  state  and  local   regulatory
   agencies,   primarily   dealing  with  safety   and   performance
   standards.  In management's opinion, the Company and its products
   are  in  compliance in all material respects with all  applicable
   governmental  regulations.   A substantial  change  in  any  such
   regulation could have a significant impact on the business of the
   Company.


   Employees

   The  Company  employs  approximately  850  persons  full  time,
   including officers and administrative personnel.  The Company has
   not  experienced  any  strikes or work  stoppages  due  to  labor
   problems  and  considers its relations with its employees  to  be
   satisfactory.


   Export Sales

   The Company has no significant foreign or export sales.


   Item 2.  PROPERTIES

   The  following table sets forth certain information with  respect
   to  the  Company's  manufacturing  and  office  facilities.   The
   Company owns all properties listed below in fee simple, except as
   otherwise noted.



                                                                  Approximate
   Location                        Use                            Size(sq ft)

   Hutchinson, Kansas(1)           Corporate headquarters               4,000

   Hutchinson, Kansas(1),(2)       Ambulance production; Wheelchair   300,000
                                   lifts and accessories production;
                                   Office space

   Hutchinson, Kansas(1)           Metal fabrication and available for
                                   additional bus production           60,000

   South Hutchinson, Kansas(1),(3) School bus production; 
                                   Office space                       160,000

   Newton, Kansas(1),(4)           Commercial bus production           80,000

   Orlando, Florida(1)             Ambulance production; Office space 229,000

   Longview,  Texas(1)             Terminal truck production; Chassis 120,000
                                   production; Office space

   Mansfield, Texas(1)             Ambulance sales, service and        25,000
                                   distribution center
   ___________________

   (1)  This property is pledged as collateral to secure payment of
        the Company's debt obligations.  See "Notes 2 and 3 to Consolidated
        Financial Statements."
   (2)  Approximately 80 percent of this facility, together with
        related machinery and equipment, is financed by industrial revenue
        bonds in the original principal amount of $3,500,000 issued by the
        city of Hutchinson under a lease purchase agreement providing for
        rental payments sufficient to amortize the bonds in accordance with
        their terms.
   (3)  This facility and certain related equipment are financed by
        industrial revenue bonds in the original principal amount of
        $1,750,000 issued by the city of South Hutchinson under a lease
        purchase agreement similar to the one in effect for the Hutchinson
        production facility.
   (4)  This facility and certain related equipment are financed by
        industrial revenue bonds in the original principal amount of
        $1,250,000 issued by the city of Newton under a lease purchase
        agreement similar to those in effect for the Hutchinson and South
        Hutchinson production facilities.

   The Company leases several facilities throughout the U.S. for the
   sale and distribution of ambulances.   Although  the  Company evaluates
   opportunities to acquire additional properties at favorable prices as
   they  arise, it  believes that its facilities are well maintained and
   will be adequate  to serve its needs in the foreseeable future.  Several
   Company facilities have room to expand in existing buildings  and
   others   have  land  upon  which  additional  buildings  can   be
   constructed.


   Item 3.  LEGAL PROCEEDINGS

   The  Company has been named as a defendant in various  law  suits
   arising  out of its normal business operations.  Based  upon  the
   facts available to date, management believes that the Company has
   meritorious  defenses  to  these  claims,  as  well  as  adequate
   insurance coverage, and that their ultimate resolution should not
   have  a  material  adverse  effect  on  the  Company's  financial
   position.



   Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

   The  Company  did  not submit any matter to a  vote  of  security
   holders  during  the  fourth quarter of  the  fiscal  year  ended
   October 31, 1995.
                                
                             PART II
                                
                                

   Item 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
               STOCKHOLDER MATTERS



   Collins  Industries, Inc. common stock is quoted  on  the  Nasdaq
   Stock  Market  under the symbol COLL.  The following  table  sets
   forth the high and low sales prices per share of the common stock
   as  reported  by  the Nasdaq Stock Market.  On October  31,  1995
   there  were  approximately 3,500 shareholders  of  the  Company's
   common stock.

                               FISCAL 1995

                                                     Volume
                   Quarter      High       Low       (000s)
                   First       2-3/8      1-5/8         846
                   Second      2-7/8      1-5/8       1,043
                   Third       2-5/8      2             574
                   Fourth      2-5/8      1-7/8         689
                  

                               FISCAL 1994

                                                     Volume
                  Quarter      High        Low       (000s)
                  First       3-1/8     1-13/16       1,131
                  Second      2-3/4     2-1/8           484
                  Third       2-7/8     1-5/8           571
                  Fourth      2-3/4     2               776

                  
   Item 6.  SELECTED FINANCIAL DATA



   Operating History
   (In thousands except share and per-share data)



   Fiscal years ended October 31,          1995       1994       1993   
                                                                             
   Sales                                 $140,725   $143,763  $146,992
   Cost of sales                          123,911    126,664   137,436
   Gross profit                            16,814     17,099     9,556
   Selling, general and                                            
     administrative (includes R&D)         13,925     13,661    14,992 
   Income (loss) from operations            2,889      3,438    (5,436)
   Other income (expenses):                                        
     Interest                              (2,783)    (3,410)   (3,311)
     Other, net (Note A)                      (27)      (999)   (3,220)
     Income (loss) from
      continuing operations
      before provision                                            
      (benefit) for income
      taxes and   
      extraordinary items                      79       (971)   (11,967)
   Provision (benefit) for income taxes         -          -       (749)
   Income (loss) before  
     extraordinary items                       79       (971)   (11,218)
     Discontinued operations
         income (loss)                          -          -         - 
   Extraordinary items                       (420)         -         -
   Net income (loss)                     $   (341)  $   (971)  $ (11,218)
   Earnings (loss) per share:
     Continuing operations               $    .01   $   (.14)  $   (1.59) 
     Discontinued operations                    -          -          -
     Extraordinary items                     (.06)         -          - 
     Net income (loss)                       (.05)      (.14)      (1.59)
   Dividends per share:                  $      -   $      -   $   .0625
   Weighted average shares outstanding   7,240,926  7,106,082  7,071,097
   Non-cash charges                      $   3,040  $   2,889  $   3,117



   Operating History (continued)
   (In thousands except share and per-share data)

   Fiscal years ended October 31,                     1992         1991

   Sales                                            $143,502    $145,580
   Cost of sales                                     125,939     125,879
    Gross profit                                      17,563      19,701
   Selling, general and administrative
    (includes R&D)                                    13,806      12,826
   Income (loss) from operations                       3,757       6,875
   Other income (expenses):
    Interest                                          (3,827)     (4,623)
    Other, net (Note A)                                   29          50
    Income (loss) from continuing operations
     before provision (benefit) for income          
     taxes and extraordinary items                       (41)      2,302
   Provision (benefit) for income taxes                    -         687
   Income (loss) before extraordinary items              (41)      1,615
    Discontinued operations income (loss)                  -           -
   Extraordinary items                                (1,059)          -
   Net income (loss)                                $ (1,100)   $  1,615
   Earnings (loss) per share:
    Continuing operations                           $      -    $    .34
    Discontinued operations                                -           -
    Extraordinary items                                 (.20)          -
    Net income (loss)                                   (.20)        .34
   Dividends per share:                             $    .10    $      -
   Weighted average shares outstanding             5,395,895   4,779,920
   Non-cash charges                                 $  4,415    $  3,464


           
   Note A:      Includes special non-recurring expenses of $1,010,761 and
                $3,115,531 in 1994 and 1993, respectively, associated with
                the restatement of the October 31, 1992 - see Note 9 to
                consolidated financial statements.



   Financial Position
   (In thousands except share and per-share data)



   Fiscal years ended October 31,        1995       1994       1993 
                                                                
   Current assets                      $32,086     $37,733    $40,651
   Current liabilities                  18,634      23,769     25,376
   Working capital                      13,452      13,964     15,275 
   Long-term debt (less 
    current maturities)                 17,660      18,401     20,003
   Capitalized leases (less  
    current maturities)                  1,746       2,143      2,619
   Shareholders' investment              8,805       8,994      9,811  
   Book value per share                   1.21        1.26       1.38
   Working capital per share              1.85        1.96       2.16



   Financial Position (Continued)
   (In thousands except share and per-share data)


   Fiscal years ended October 31,                     1992        1991

   Current assets                                   $53,766     $42.521   
   Current liabilities                               47,526      33,530
   Working capital                                    6,240       8,991
   Long-term debt (less current maturities)           1,094      11,065
   Capitalized leases (less current maturities)       3,080       3,661
   Shareholders' investment                          21,179      13,535
   Book value per share                                3.00        2.83
   Working capital per share                            .88        1.88


   Financial Comparisons
   (Continuing Operations)

   
   Fiscal years ended October 31,             1995          1994      1993

   Gross profit margin                        11.9%         11.9%      6.5%
   Net profit margin                             NA            NA        NA 
   SG&A (includes R&D) as % of sales           9.9%          9.5%     10.2%
   Current ratio                              1.7:1         1.6:1     1.6:1
   Long-term debt and capitalized leases
    to shareholders' investment               2.2:1         2.3:1     2.3:1
   Manufacturing space (000's square feet)      978           978       978 



   Financial Comparisons (Continued)
   (Continuing Operations)
                                                        
   Fiscal years ended October 31,                            1992      1991

   Gross profit margin                                       12.2%     13.5%
   Net profit margin                                            NA        NA
   SG&A (includes R & D) as % of sales                        9.6%      8.8%
   Current ratio                                             1.1:1     1.3:1
   Long-term debt and capitalized leases
    to shareholders' investment                              0.2:1     1.1:1
   Manufacturing space (000's square feet)                   1,035     1,035



   Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS


   The  following discussion and analysis provides information which
   management   believes   is  relevant   to   an   assessment   and
   understanding of the Company's consolidated results of operations
   and  financial  condition.   The discussion  should  be  read  in
   conjunction with the consolidated financial statements and  notes
   thereto.



   RESULTS OF OPERATIONS

   Fiscal  1995  Compared  to Fiscal 1994.  Sales  for  fiscal  1995
   decreased  $3.0 million (2.1%) to $140.7 million.   Sales  within
   the  Specialty  Vehicle product lines were mixed.  Chassis  sales
   decreased  $3.1 million, principally due to the impact  of  lower
   unit  sales  in  commercial and school bus  products.   Sales  of
   school  bus products declined in fiscal 1995, principally due  to
   lower unit sales to major contractors operating large school  bus
   fleets.  The unit sales of commercial bus products also declined,
   primarily  due to lower sales of single, rear-wheel  buses.   The
   sales  declines  in the commercial and school bus  products  were
   partially  offset by an overall increase of 14% in the  Company's
   ambulance  product  lines.   The overall  increase  in  ambulance
   sales  principally resulted from a 10% increase in the volume  of
   ambulances sold in fiscal 1995 compared to fiscal 1994.  The unit
   sales  volume  of terminal trucks declined approximately  12%  in
   fiscal  1995 compared to fiscal 1994.  The unit sales decline  in
   terminal  truck  products was partially offset by  selling  price
   increases and increased sales of spare parts.

   At October 31, 1995, the Company's consolidated sales backlog was
   approximately  $29.2 million.  This compares to a  $38.8  million
   consolidated  sales  backlog at October 31,  1994.   The  Company
   believes the majority of its sales backlog will be shipped in the
   1996 fiscal year.

   In  1993, the Company was awarded a new contract with the General
   Services  Administration (GSA).  The initial term of the contract
   was  one  year  with three (3) one-year extension  options.   The
   Company is currently in the third year of the contract which  was
   originally  estimated to be approximately $40  million  with  the
   exercise  of  all  extension  options.   There  are  no   minimum
   guarantees  related to this contract and future sales  under  the
   contract are therefore difficult to project.

   Cost  of  sales and selling, general and administrative  expenses
   for  both  1995  and 1994 were approximately the same.   Cost  of
   sales  were  88.1%  of sales in both fiscal  1995  and  1994  and
   selling  general and administrative expenses in fiscal 1995  were
   9.7% of sales compared to 9.5% of sales in fiscal 1994.

   Research  and  development expenses increased to $.3  million  in
   fiscal  1995  compared  to  $.1  million  in  fiscal  1994.   The
   principal reason for this increase related to the development  of
   new  ambulance products and the development costs associated with
   a new commercial bus.

   In fiscal 1994, the Company incurred $1.0 million in special, non-
   recurring expenses as explained in Note 9 (f) to the Consolidated
   Financial  Statements.  No expenses related to this  matter  were
   incurred in fiscal 1995.

   Interest expense of $2.8 million decreased for fiscal 1995 by $.6
   million  over  fiscal 1994.  This decrease was primarily  due  to
   reduced average borrowings during fiscal 1995.

   Income  before extraordinary items in fiscal 1995 was $.1 million
   ($.01  per  share) compared to a loss of $1.0 million  ($.14  per
   share) in fiscal 1994.  The income before extraordinary items  in
   fiscal  1995  increased  due  to three  principal  factors:   (1)
   improved sales and income from ambulance product lines (2)  lower
   interest  costs  and  (3)  elimination  of  the  special  charges
   incurred  in  1994.  These income improvements  were  principally
   offset  by  losses  sustained in the commercial  and  school  bus
   product lines in fiscal 1995.

   In  fiscal 1995, the Company incurred net extraordinary items  of
   $420,444 associated with its new credit facility with NationsBank
   of  Georgia,  N.A.  and  the retirement of  certain  subordinated
   debentures.   (Refer  to  Note  2 to the  Consolidated  Financial
   Statements).

   Fiscal  1994  Compared  to Fiscal 1993.  Sales  for  fiscal  1994
   decreased  $3.2 million (2.2%) to $143.8 million.   Sales  within
   the  Specialty Vehicle product lines were mixed for two principal
   reasons.   First, sales in the Company's terminal  truck  product
   line  increased 32% over fiscal 1993 principally  due  to  higher
   sales volumes to intermodal markets.  Secondly, this increase was
   offset by an 18% decline in the Company's bus product lines which
   primarily resulted from lower sales volumes of commercial  buses.
   Products  for  the transportation of the disabled decreased  $1.8
   million in 1994 principally due to a decline in the sales  volume
   of  Step-Lift products.  There were no other significant  changes
   in  sales activity in 1994 except for the change in the method of
   recognition  of  revenues  as  discussed  in  Note  1(f)  of  the
   Consolidated Financial Statements.

   Cost  of  sales for fiscal 1994 were 88.1% of sales  compared  to
   93.5%  in  fiscal 1993.  The primary reasons for this improvement
   include:  selling  price increases in the ambulance  division;  a
   reduction  in  direct  labor and manufacturing  overhead  in  the
   ambulance  division; improved margins on terminal truck  products
   associated with their higher sales volume and a reduction in  the
   direct manufacturing costs of products for the transportation  of
   the disabled.

   Selling,  general  and administrative expenses of  $13.6  million
   (9.5%  of  sales)  for fiscal 1994 decreased by $1.3  million  or
   8.9%.   This  decrease was principally attributable  to  improved
   cost  controls over both selling and administrative  expenses  in
   the  divisions  that  produce ambulances  and  products  for  the
   transportation  of the disabled.  These decreases were  partially
   offset by increased selling expenses associated with the terminal
   truck division's increase in sales.

   In  fiscal  1994, the Company incurred additional  special,  non-
   recurring expenses of $1.0  million as explained in Note 9(f)  to
   the Consolidated Financial Statements.  These expenses relate  to
   the  legal,  accounting  and  other  costs  associated  with  the
   restatement of the 1992 financial statements.

   Interest expense of $3.4 million for fiscal 1994 increased by $.1
   million  over  fiscal  1993.  The increase resulted  from  higher
   average  interest rates on both short- and long-term debt.   This
   increase  was  partially offset by an overall reduction  in  both
   short- and long-term borrowings during 1994.

   There  was no income tax expense recorded in fiscal 1994  due  to
   the  Company's  net  loss ($971,488).  This  loss  could  not  be
   carried  back to prior years, and therefore there was  no  income
   tax  benefit  to  be derived.  This compares  to  an  income  tax
   benefit  of  $.7 million in fiscal 1993 which resulted  from  the
   carryback   of   the  Company's  1993  operating   loss   against
   alternative minimum income tax paid in years prior to 1993.

   The  Company's net loss in fiscal 1994 was $1.0 million ($.14 per
   share)  compared to a net loss of $11.2 million ($1.59 per share)
   in  fiscal 1993.  The net loss sustained in fiscal 1994  resulted
   principally  from  the  special non-recurring  charges  described
   above  and the operating losses associated with commercial buses,
   commercial  chassis  and products for the transportation  of  the
   disabled.   These losses were partially offset by  earnings  from
   ambulance, school bus and terminal truck products.

   LIQUIDITY AND CAPITAL RESOURCES

   The  Company  has  historically relied  primarily  on  internally
   generated  funds,  supplier  financing  and  bank  borrowings  to
   finance  its operations and capital expenditures.  The  Company's
   working   capital  requirements  vary  from  period  to   period,
   depending  on the production volume, the timing of deliveries  of
   vehicles and the payment terms offered to its customers.

   Cash  provided  by  operations was $5.3 million  in  fiscal  1995
   compared to $5.2 million in fiscal 1994.  Primary sources of  the
   1995  cash  provided  by  operations related  to  the  profitable
   operations of the ambulance and terminal truck product lines  and
   to reductions in receivables, inventories and prepaid expenses.

   Cash provided by operations in 1994 was $5.2 million compared  to
   $5.4  million in fiscal 1993.  Primary sources of the  1994  cash
   provided  by  operations related to the profitable operations  of
   the  ambulance,  terminal  truck and school  bus  product  lines;
   reductions  in  receivables  ($1.9  million)  and  increases   in
   accounts  payable to suppliers ($2.3 million).   In  fiscal  1994
   these sources were used to reduce accrued expenses ($.9 million).

   The  primary  sources  of  the  fiscal  1993  cash  provided   by
   operations of $5.3 million were from the profitable operations of
   the  terminal  truck and school bus product lines; reductions  in
   receivables and prepaid expenses ($9.2 million) and reductions in
   inventories   ($8.0   million).   The  reductions   in   accounts
   receivable   and  inventories  resulted  principally   from   the
   completion  and  collection of two large ambulance  contracts  in
   fiscal  1993.  Further reductions in receivables and  inventories
   resulted  from new controls, systems and procedures initiated  in
   1993  to  reduce both inventories and receivables and to  improve
   inventory  turns.   A portion of the cash flow generated  by  the
   reductions  in  receivables and inventories was  used  to  reduce
   accounts payable ($6.4 million).

   Cash  used  in  investing  activities was  $.2  million  in  1995
   compared  to  $.7  million in fiscal 1994.  In fiscal  1995,  the
   principal  use  of  cash  for investing activities  was  for  the
   acquisition  of property and equipment ($.6 million) and  certain
   other  assets ($.3 million).  In fiscal 1995, these uses of  cash
   were  partially  offset by the proceeds from the sale  of  vacant
   land  ($.6 million).  In fiscal 1994 and 1993, the cash  used  in
   investing  activities  was for the acquisition  of  property  and
   equipment.

   Cash used in financing activities was $8.0 million in fiscal 1995
   compared  to  $5.1 million in fiscal 1994.  In fiscal  1995,  the
   Company  reduced its short-term borrowings $4.3 million  compared
   to a reduction of $3.7 million in fiscal 1994.  Additionally, the
   Company  reduced net long-term borrowings in fiscal 1995 by  $3.7
   million compared to $1.6 million in fiscal 1994.  As discussed in
   Notes  2  and  3  to the Consolidated financial  statements,  the
   Company  obtained  a  new  $33.05 million  credit  facility  from
   NationsBank  of  Georgia, N.A. in fiscal 1995.  The  proceeds  of
   this  financing  were used to repay the Company's  chassis  floor
   plan notes (short-term) and to pay off Guaranteed Senior Notes of
   $17.5 million.  In fiscal 1993, the Company used the proceeds  of
   the Guaranteed Senior Notes to repay short-term, interest-bearing
   debt.

   The  Company believes that its cash flows from operations and new
   credit  facility with NationsBank will be sufficient  to  satisfy
   its future working capital and capital expenditure requirements.

   At  October  31,  1995  there  were  no  significant  or  unusual
   contractual commitments or capital expenditure commitments.


   IMPACT OF INFLATION AND FOREIGN CURRENCY EXCHANGE FLUCTUATIONS

   The results of the Company's operations for the periods discussed
   have  not  been  significantly affected by inflation  or  foreign
   currency  fluctuations.   Facility costs  result  primarily  from
   fixed amortization of interest and principal and are not affected
   by inflation. Further, although Collins often sells products on a
   fixed  quote  basis, the average time between the receipt  of  an
   order  and  delivery is generally a few months.   Therefore,  the
   Company generally is not adversely affected by increases  in  the
   cost  of  raw  materials and components.  This  could  change  in
   situations   in  which  the  Company  is  producing   against   a
   substantial  backlog and may not be able to pass on higher  costs
   to  customers.   In addition, interest on the Company's  debt  is
   tied to the prime rate and therefore may increase with inflation.

   Collins  makes  substantially all sales to foreign  customers  in
   U.S.  dollars.   Thus,  notwithstanding  fluctuation  of  foreign
   currency  exchange  rates, the Company's profit  margin  for  any
   purchase  order  is not subject to change due  to  exchange  rate
   fluctuations after the time the order is placed.

  
   OTHER MATTERS

   The    Financial   Accounting   Standards   Board   has    issued
   pronouncements   SFAS  106  on  accounting  for   post-retirement
   benefits,  SFAS  112 on accounting for post-employment  benefits,
   and   SFAS   109   on   accounting  for  income   taxes.    These
   pronouncements  and their effect on the Company  are  more  fully
   explained   in  "Notes  1(h)  and  5  to  Consolidated  Financial
   Statements."


   Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


   Collins Industries, Inc. and Subsidiaries
   CONSOLIDATED STATEMENTS OF OPERATIONS

   For each of the three years in the period ended October 31, 1995


                                                           
                                        1995         1994        1993
                                                                
   Sales                           $140,725,065  $143,762,767   $146,992,058
   Cost of sales                    123,910,694   126,664,018    137,436,166
       Gross profit                  16,814,371    17,098,749      9,555,892    
   Selling, general and                                            
    administrative expenses          13,663,037    13,588,494     14,922,331
   Research and development                                        
    expenses                            261,747        72,236         70,294
                                                                
      Income (loss) from operations   2,889,587     3,438,019     (5,436,733)
                                                                
   Other income (expense):                                         
    Special non-recurring                     -    (1,010,761)    (3,115,531)
    Interest, net                    (2,783,198)   (3,410,334)    (3,311,015)
    Other, net                          (26,704)       11,588       (104,865)
                                     (2,809,902)   (4,409,507)    (6,531,411)
     Income (loss) before provision
      for income taxes and
      extraordinary items                79,685      (971,488)   (11,968,144)
                                                                
   Provision (benefit) for                                         
    income taxes (Note 5):
     Current                                   -             -       (749,000)
     Deferred                                  -             -              -
                                               -             -       (749,000)
                                                                
       Income (loss) before
        extraordinary items               79,685     (971,488)    (11,219,144)
                                                                
   Extraordinary items - early                                           
      retirement of debt (Note 2)       (420,444)           -               -
                                                                
        Net loss                       $(340,759)    $(971,488)  $(11,219,144)
                                                                
                                                                
                                                                
   Earnings (loss) per share (Note 1):
     Before extraordinary items          $   .01        $ (.14)        $(1.59)
     Extraordinary items                    (.06)            -              -
     Net loss                            $  (.05)       $ (.14)        $(1.59)

 
   The accompanying notes are an integral part of these statements.


   Collins Industries, Inc. and Subsidiaries
   CONSOLIDATED BALANCE SHEETS
   October 31, 1995 and 1994

                  ASSETS                              1995          1994
   Current assets:                                                    
    Cash (Note 1)                                $   842,953    $ 3,814,398
    Receivables, less allowance for                                
     doubtful accounts of  $82,000 in 
     1995 and $95,000 in 1994 (Notes 2 & 3)        7,375,492      8,076,319
    Inventories, at the lower of cost                              
     (first-in, first-out) or market
     (Notes 1, 2 & 3)                             23,466,727     25,081,169
    Prepaid expenses and other current assets        400,753        761,270
          Total current assets                    32,085,925     37,733,156
                                                                   
   Property and equipment, at cost (Notes 1, 2 & 3):
    Land and land improvements                     2,313,339      2,326,013
    Buildings and improvements                    15,606,637     15,430,715
    Machinery and equipment                       15,103,215     15,101,723
    Office furniture and fixtures                  2,129,786      2,362,128
                                                  35,152,977     35,220,579
    Less - accumulated depreciation               21,730,893     20,304,288
                                                  13,422,084     14,916,291
   Other assets                                    1,373,042      1,927,252
                                                 $46,881,051    $54,576,699
           
        LIABILITIES & SHAREHOLDERS' INVESTMENT
   Current liabilities:                                               
    Current maturities of long-term debt              
     and capitalized leases (Notes 2 & 3)          1,158,070      2,006,694
    Note payable (Note 2)                                  -        625,000
    Chassis floor plan notes payable (Note 4)              -      3,676,111
    Accounts payable                              14,154,891     13,878,109
    Accrued expenses                               3,321,210      3,582,729
          Total current liabilities               18,634,171     23,768,643
                                                                   
   Long-term capitalized leases, less current
    maturities (Note 3)                            1,745,797      2,143,403
   Long-term debt, less current
    maturities (Note 3)                           17,659,933     18,401,311
   Reserve for litigation settlement (Note 9)              -      1,201,936
   Deferred income taxes (Notes 1 and 5)              36,000         67,000
                                                                   
   Commitments and contingencies (Note 9)                             
                                                                   
   Shareholders' investment (Notes 1, 2, 3, 6 & 7):                        
    Common stock, $.10 par value                                   
      Authorized - 17,000,000 shares                             
      Outstanding - 7,286,887 shares 
      in 1995; 7,137,348 in 1994                     728,689        713,735
    Capital stock, $.10 par value                                  
      Authorized - 3,000,000 shares                              
      Outstanding - No shares outstanding                        
    Paid-in capital                               19,593,605      19,457,056
    Retained deficit                             (11,517,144)    (11,176,385)
          Total shareholders' investment           8,805,150       8,994,406

                                                 $46,881,051     $54,576,699
                                                                   
   The accompanying notes are an integral part of these balance sheets.


   Collins Industries, Inc. and Subsidiaries
   CONSOLIDATED STATEMENTS OF CASH FLOWS
   For each of the three years in the period ended October 31, 1995

                                       1995          1994           1993
   Cash flow from operations:                            
    Cash received from customers  $141,425,892   $144,853,031   $155,818,764
    Cash paid to suppliers      
     and employees                (132,956,101)  (137,273,728)  (147,645,022) 
    Interest paid, net              (3,209,818)    (3,167,373)    (2,748,495)
    Income taxes received                    -        813,248              -
       Cash provided by operations   5,259,973      5,225,178      5,425,247
                                                                 
   Cash flow from investing activities:
    Capital expenditures              (551,528)      (657,114)    (1,820,676)
    Proceeds from sale of vacant land  643,667              -              -
    Expenditures for other assets     (237,519)             -              -
    Other, net                         (57,034)             -              -
      Cash used in investing
       activities                     (202,414)      (657,114)    (1,820,676)
                                                                 
   Cash flow from financing activities:
    Net (reduction) in short-term
     borrowings                      (4,301,111)   (3,560,084)   (15,284,191)
    Principal payments of long-term
     debt and capitalized leases    (19,783,293)   (1,550,284)    (3,564,950)
    Addition to long-term debt       16,055,400             -     19,387,964
    Additional expenses from                                     
     public offering of common                                       
     stock                                    -             -        (11,884)
    Cash dividends paid                       -             -       (441,858)
      Cash provided by (used in)
       financing activities          (8,029,004)   (5,110,368)        85,081
                                                                 
   Net increase (decrease) in cash   (2,971,445)     (542,304)     3,689,652
   Cash at beginning of year          3,814,398     4,356,702        667,050
                                                                 
   Cash at end of year              $   842,953   $ 3,814,398    $ 4,356,702
                                                                 
                                                                 
   Reconciliation of net loss to                                    
   net cash provided by operations:                                     
    Net loss                        $  (340,759)  $  (971,488)   $(11,219,144)
    Depreciation and amortization     2,513,541     2,756,470       2,945,551
    Common stock issued for                                      
     benefit of employees               106,365       132,252         171,364
    Loss from sale of fixed assets            -             -          75,781
    Decrease in receivables, net        700,827     1,903,512       8,027,712
    Decrease in inventories           1,614,442       157,656       7,616,194
    Decrease in prepaid expenses        329,517        97,757       1,160,796
    Increase (decrease) in                      
     accounts payable                   276,782     2,315,358      (6,388,679)
    Increase (decrease) in
     accrued expenses                  (261,519)     (889,330)      1,535,672
    Increase (decrease) in                                       
     reserve for litigation settlement        -      (298,064)      1,500,000
    Gain on sale of vacant land         (99,667)            -               -
    Loss on early extinguishment
     of debt                            420,444             -               -
    Other, net                                -        21,055               -
        Cash provided by operations $ 5,259,973   $ 5,225,178     $ 5,425,247
    
    The accompanying notes are an integral part of these statements.


   Collins Industries, Inc. and Subsidiaries
   CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
   For each of the three years in the period ended October 31, 1995

                                                        
                                                Common Stock
                                             Shares         Amount
   Balance October 31, 1992                7,049,552      $704,955
                                                            
    Stock issued under                                      
      various discretionary
      arrangements (Note 1)                    5,600           560
    Stock issued to Tax                                     
      Deferred Savings Plan
      and Trust (Note 7)                      29,528         2,953
    Additional expenses of
      public stock offering                        -             -
    Cash dividends declared                                         
      ($.0625 per share)                           -             -
    Net loss 1993                                  -             -
                                                            
   Balance October 31, 1993                7,084,680       708,468
                                                            
    Stock issued to Tax                                     
      Deferred Savings Plan                                      
      and Trust (Note 7)                      52,668         5,267
    Amortization of deferred                                        
      compensation                                 -             -
                                                            
   Balance October 31, 1994                7,137,348       713,735
                                                            
    Stock issued under                                      
      various discretionary                                               
      arrangements (Note 1)                  110,000        11,000
    Stock issued to Tax                                     
      Deferred Savings Plan                                     
      and Trust (Note 7)                      39,539         3,954
    Amortization of deferred                                         
      compensation                                 -             - 
    Net loss 1995                                  -             - 
                                                            
   Balance October 31, 1995                7,286,887      $728,689
                                                            

   CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (CONTINUED)

                                                           Retained
                                            Paid-In        Earnings
                                            Capital        (Deficit)
   Balance at October 31, 1992            $19,374,423    $  1,099,315

    Stock issued under 
     various discretionary
     arrangements (Note 1)                    163,240               -
    Stock issued to Tax
     Deferred Savings Plan
     and Trust (Note 7)                       138,311               -
    Additional expenses of
     public stock offering                    (11,884)              -
    Cash dividends declared
     ($.0625 per share)                      (356,790)        (85,068)
    Net loss 1993                                   -     (11,219,144)

   Balance October 31, 1993                19,307,300     (10,204,897)   

    Stock issued to Tax
     Deferred Savings Plan
     and Trust (Note 7)                       126,985               -
    Amortization of deferred
     compensaton                               22,771               -
    Net loss 1994                                   -        (971,488)

   Balance October 31, 1994                19,457,056     (11,176,385)

    Stock issued under
     various discretionary
     arrangements (Note 1)                      9,000               -
    Stock issued to Tax
     Deferred Savings Plan
     and Trust (Note 7)                        82,410               -
    Amortization of deferred
     compensation                              45,139               -
    Net loss 1995                                   -        (340,759)

   Balance October 31, 1995               $19,593,605    $(11,517,144)

      The accompanying notes are an integral part of these statements.
   
                             
   Collins Industries, Inc. and Subsidiaries
   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
   For the three years ended October 31, 1995


   (1)  Summary of Significant Accounting Policies

   (a)    Consolidation  -  The  consolidated  financial  statements
   include  the  accounts of Collins Industries, Inc. (the  Company)
   and  its wholly owned subsidiaries.  All significant intercompany
   accounts and transactions have been eliminated in consolidation.

   (b)  Cash - Includes cash in checking accounts and funds invested
   in overnight and other short-term, interest-bearing accounts.

   (c)   Inventories  - Major classes of inventories  which  include
   material,   labor,   and  manufacturing  overhead   required   in
   production  of Company products as of October 31, 1995  and  1994
   consisted of the following:

                                             1995           1994    
   Chassis                               $ 6,545,808   $ 7,272,003 
   Raw materials & components              8,294,483     9,291,001  
   Work in process                         3,400,583     5,425,766
   Finished goods                          5,225,853     3,092,399       
                                         $23,466,727   $25,081,169  

   (d)   Depreciation  and  Maintenance - Depreciation  is  provided
   using  the straight-line method for financial reporting  purposes
   and  accelerated methods for income tax purposes.  The  estimated
   useful lives of property are as follows:

        Land improvements                  10 to 20 years
        Building and improvements          10 to 30 years
        Machinery and equipment             3 to 15 years
        Office furniture and fixtures       3 to 10 years

   Maintenance and repairs are charged to expense as incurred.   The
   cost of additions and betterments are capitalized.  The cost  and
   related depreciation of property retired or sold are removed from
   the  applicable  accounts and any gain  or  loss  is  taken  into
   income.

   (e)   Capital  Stock  -  The  Company completed  a  public  stock
   offering  during fiscal 1992 in which 2,205,000 shares of  common
   stock  were sold at a price of $4.50 per share.  The proceeds  to
   the  Company, after deducting commissions and offering  expenses,
   were  $8,791,488  (exclusive of additional offering  expenses  of
   $11,884 incurred in fiscal 1993).

   During  fiscal 1995 and 1993, the Company awarded 110,000  shares
   and  5,600 shares respectively, of unregistered common  stock  to
   senior    management   which   was   treated   as   compensation.
   Compensation in the amount of the fair market value of the shares
   at  the  issuance date is recognized currently or over the  three
   year period of restriction.

   On  March  28,  1995 the Company's Board of Directors  adopted  a
   stockholders   rights  plan  (Plan)  and  declared   a   dividend
   distribution of one right (Right) for each outstanding  share  of
   Common Stock to stockholders of record on April 20, 1995.   Under
   the  terms of the Plan each Right entitles the holder to purchase
   one  one-hundredth of a share of Series A Participating Preferred
   Stock  (Unit) at an exercise price of $7.44 per Unit.  The Rights
   are  exercisable  a  specified number of days following  (i)  the
   acquisition by a person or group of persons of 20% or more of the
   Company's Common Stock or (ii) the commencement of a tender offer
   or  an  exchange  offer for 20% or more of the  Company's  Common
   Stock  or  (iii)  when  a majority of the Company's  Unaffiliated
   Directors (as defined) declares that a Person is deemed to be  an
   Adverse  Person (as defined) upon determination that such Adverse
   Person  has  become the beneficial owner of at least 10%  of  the
   Company's Common Stock.  The Company has reserved 750,000  shears
   of  Preferred  Stock,  $.10  par value,  for  issuance  upon  the
   exercise  of  the Rights.  The Company may redeem the  Rights  in
   whole,  but  not  in  part,  at a price  of  $.01  per  Right  in
   accordance  with  the provisions of the plan.  Rights  expire  on
   April 1, 2005 unless redeemed by the Company.

   (f)   Revenue  Recognition  and  Accounting  Change  -  Effective
   November  1,  1993  the  Company changes its  method  of  revenue
   recognition  from recording sales when the Company's  obligations
   under  the  terms  of  the sales contract or purchase  order  are
   fulfilled to recording sales at the earlier of completion of  the
   vehicle  and receipt of full payment for the vehicles or shipment
   or delivery to the customer as specified by the customer purchase
   order.   Customer  deposits for partial payment of  vehicles  are
   deferred and treated as current liabilities until the vehicle  is
   completed  and fully recognized as revenue.  The new method  more
   closely  related to the manner in which the Company  markets  and
   distributes its products.  There was no cumulative effect on  the
   Company's results of operations as a result of adopting this  new
   method of revenue recognition.

   (g)   Earnings Per Share - The computation of earnings per  share
   is  based  on  the weighted average number of outstanding  common
   shares  during  the period plus, when their effect  is  dilutive,
   common stock equivalents consisting of certain shares subject  to
   stock options.

   The  weighted average number of shares used to calculate earnings
   (loss)  per  share was 7,240,926 in 1995, 7,106,082 in  1994  and
   7,071,097 in 1993.

   (h)   Post-Retirement and Post-Employment Benefits - The  Company
   provides neither post-retirement nor post-employment benefits.

   (i)   Supplemental Cash Flow Information - During the year  ended
   October  31,  1993 the Company exchanged land, land improvements,
   buildings and building improvements associated with an idle plant
   for  a $225,000 note receivable.  The Company also acquired  land
   and a building in exchange for a note receivable of approximately
   $625,000 and the payment of the remaining mortgage obligation.

   (j)   Income  Taxes  -  Effective November 1,  1993  the  Company
   implemented  the  provision of Statement of Financial  Accounting
   Standards  (SFAS) No. 109, "Accounting for Income Taxes."   Under
   SFAS  No.  109,  deferred  taxes  are  determined  based  on  the
   difference  between  the financial statement  and  tax  basis  of
   assets and liabilities using the enacted marginal rate.


   (2)  Loan Agreements and Retirement of Debt

   On  May  9,  1995 the Company entered into a Loan Agreement  with
   NationsBank  of  Georgia, N.A., Atlanta, Georgia,  for  a  $33.05
   million  credit facility.  The Agreement provides for a revolving
   credit  facility of $25.0 million and a long-term credit facility
   of  $8.05 million.  The proceeds of the new credit facility  were
   used  to repay the Company's Senior Notes and chassis floor  plan
   notes.

   The   credit   facility   is   collateralized   by   receivables,
   inventories,  equipment  and certain real  property.   Under  the
   terms  of  the  Agreement, the Company is  required  to  maintain
   certain  financial  ratios and other financial  conditions.   The
   Agreement  also  prohibits  the Company  from  incurring  certain
   additional indebtedness, limits certain investments, advances  or
   loans and restricts substantial asset sales, capital expenditures
   and cash dividends.

   The revolving credit facility requires payment of interest (only)
   at  1.25%  over the Bank's prime rate which was 8.75% at  October 31,
   1995.   The  revolving credit facility also provides  for  a
   maximum  of  $3.0 million in letters of credit,  of  which,  $1.3
   million  were outstanding at October 31, 1995.  The total  amount
   of  unused  revolving credit available to the Company at  October 31,
   1995 was $4.4 million.

   The  long-term facility includes a $6.2 million term  loan  (Term
   Loan  A) which is payable in monthly installments of $51,667 plus
   interest  at  1.25%  over the Bank's prime  rate.   Term  Loan  A
   matures upon the expiration of the Loan Agreement in April, 1998.
   The  long-term facility provides for an additional $1.85  million
   long-term  credit  line (Term Loan B) at 2.50%  over  the  Bank's
   prime  rate.   At October 31, 1995 no borrowings were outstanding
   under Term Loan B which expires May 9, 1996.

   On February 8, 1994 the Company's and its former Bank amended and
   restated  its loan agreement to a term loan which was payable  in
   twelve  (12) equal monthly principal payments until December  30,
   1994  plus  interest at the Bank's prime rate  plus  two  percent
   (9.75% at October 31, 1994).  The loan was collateralized jointly
   with  the  Senior Notes (Note 3) by accounts receivable,  certain
   inventories, equipment and general intangibles and was guaranteed
   by the Company's subsidiaries.

   Maximum  and average borrowings and the weighted average interest
   rates  of the former Bank's short-term borrowings during the  two
   months  ended December 30, 1994 (date of maturity) and  the  year
   ended October 31, 1994 follows:

                                             1995          1994
   Maximum borrowings outstanding at
    month-end                              $416,667      $2,500,000
   Average borrowing outstanding           $310,000      $1,718,751
   Weighted average interest rate             9.75%           8.10%

   In  June, 1995 the Company retired at less than par value certain
   subordinated debentures which would have matured in 2001.  A gain
   of  $53,881 from the early retirement of these debentures  and  a
   charge  of  $474,325  for  the unamortized  debt  issuance  costs
   associated with the early retirement of the Senior Notes resulted
   in  net extraordinary items of $420,444 ($.06 per share) for  the
   year ended October 31, 1995.


   (3)  Long-Term Debt and Capitalized Leases

   Certain  of the Company's manufacturing facilities were  financed
   from  the  proceeds of industrial revenue bonds.  Lease  purchase
   agreements  with the respective cities provide that  the  Company
   may  purchase the manufacturing facilities at any time during the
   lease  terms  by paying the outstanding principal amount  of  the
   bonds plus a nominal amount $100).

   The capitalized leases subject to these agreements follow:

                                                 1995           1994
   City  of Hutchinson, Kansas, 8.25%  to            
   8.5%.  Annual principal and sinking fund  
   payments are approximately $200,000
   from 1996 to 1999                          $  651,120   $  846,703
   City of South Hutchinson, Kansas, 11.0%.            
    Annual principal and sinking fund
    payments range from $160,000  in 1996
    to $225,000 in 1999.                         725,000      847,576
   City of Newton, Kansas, 7.5% to 8.25%.                    
    Annual principal payments range from
    $65,000 in 1996 to $245,000 in 2004.         794,677      854,124
                                                          
    Total capitalized leases                   2,170,797    2,548,403
    Less - current maturities                    425,000      405,000
                                              $1,745,797   $2,143,403

   At  October  31,  1995,  the  net  book  value  of  manufacturing
   facilities  subject  to  these  lease  purchase  agreements   was
   approximately $3,315,000.

   Long-term  debt  at  October 31, 1995 and 1994  consists  of  the
   following:

                                                 1995          1994
                                                      
   NationsBank credit facility (Note 2):                 
    Revolving credit borrowings               $10,447,630   $         -
    Term Loan A, less current 
     maturities of $620,000                     5,321,667             -

   10.75%, Term loan from insurance                    
    company less maturities of $113,070
    in 1995 and $101,694 in 1994                  788,342       901,311

   8.75% subordinated debentures, due 2001      1,102,294             -
                                                          
   Variable-rate, Guaranteed Senior Notes                    
    less current maturities of $1,500,000
    at October 31, 1994                                 -    17,500,000
                                                          
                                              $17,659,933   $18,401,311

   On  February 8, 1994 the loan agreements in force at October  31,
   1993 with the Senior Note holders were modified.  Under the terms
   of  the February, 1994 modified loan agreements, the Senior Notes
   were  collateralized by accounts receivable, certain inventories,
   equipment  and  general intangibles and were  guaranteed  by  the
   Company's subsidiaries.  At October 31, 1994 equipment with a net
   book  value of approximately $3,600,000 was pledged as collateral
   to  secure  the  bank note payable to the Company's  former  bank
   (Note 2) and the Senior Notes.  The Senior Notes were payable  in
   semi-annual installments on February 1 and August 1 of each  year
   as  follows:   $750,000 each in 1995; $1,000,000  each  in  1996;
   $1,500,000  in  1997 and each year thereafter through  August  1,
   1999.   On  December 1, 1999, all unpaid principal balances  were
   due.  The rates of interest on these notes increased periodically
   over  the terms of the notes, to the greater of 12%, or the prime
   rate plus 5%.

   On  September  30, 1991, a $1,250,000 10-year loan with  a  fixed
   interest rate of 10.75% was obtained from an insurance company to
   refinance existing manufacturing facilities.  The note matures in
   2001  and  is  secured  by  the  facilities  which  it  finances.
   Interest and principal are paid monthly.  At October 31, 1995 the
   facilities had a net book value of $1,299,000.

   In   December,  1994  the  Company  issued  $1,201,936  in  8.75%
   subordinated  debentures maturing January 11, 2001 in  settlement
   of a class action lawsuit.  Interest on the debentures is payable
   annually.

   Warrants   which  were  issued  in  connection  with  the   10.5%
   subordinated debentures (retired in fiscal 1992) are  exercisable
   until  February 29, 1996.  There are 479,999 warrants outstanding
   and  each  warrant may be used to purchase 1.25 shares of  common
   stock.   The exercise price of $9.75 per warrant will be  payable
   in cash.  The warrants are redeemable by the Company at $3.00 per
   warrant at any time if the closing price for the Company's common
   stock  has  been  at  least 150% of the then prevailing  exercise
   price of the warrants for 20 of 30 consecutive trading days.

   The aggregate maturities of capitalized leases and long-term debt
   for the five years subsequent to October 31, 1995 are as follows:

                 1996                     $  1,158,070
                 1997                        1,195,842
                 1998                       15,764,354
                 1999                          476,997
                 2000                          263,485
                 2001 and thereafter         1,705,052


   (4)  Chassis Floor Plan Notes Payable

   In  May, 1995, a portion of the proceeds from the new NationsBank
   credit  facility (Note 2) was used to pay the chassis floor  plan
   notes in full.

   Chassis  floor plan notes were payable to financing  subsidiaries
   of  chassis  manufacturers.   These notes  were  secured  by  the
   related  chassis  and payable upon the earlier of  the  date  the
   Company sells the chassis or 180 days from the date of the  note.
   Interest  was  payable  monthly  at  2.0%  over  the  prime  rate
   (effective  rate  of  7.75% at October 31,  1994).   Maximum  and
   average borrowing and weighted average interest rates during  the
   period  from  November  1,  1994 to May  9,  1995  (date  of  new
   financing  - Note 2) and the year ended October 31, 1995  are  as
   follows:

                                               1995        1994
   Maximum borrowings outstanding          $3,486,780   $6,084,844
   Average borrowings outstanding          $3,180,122   $3,953,150
   Weighted average interest rate               9.41%        7.99%


   (5)  Income Taxes

   As  of  October  31,  1995  and 1994, the  Company  recorded  the
   following net deferred taxes:

   Current deferred taxes:
                                                1995        1994
      Gross assets                           $  36,000      $  67,000
      Gross liabilities                              -              -
                                             $  36,000      $  67,000

   Noncurrent deferred taxes                                     
                                                              
      Gross assets                           $ 102,000      $ 248,000
      Gross liabilities                       (138,000)      (316,000)
                                               (36,000)       (67,000)

   The  income  tax  effect  of  significant  temporary  differences
   representing deferred tax assets and liabilities at  October  31,
   1995 and 1994 are summarized as follows:

                                                1995        1994
   Federal tax operating loss, investment                    
    tax credit and alternative minimum
    tax carryforwards                       $2,994,000    $3,163,000
   Depreciation                               (138,000)     (316,000)
   Allowance for doubtful accounts              31,000        36,000
   Inventories                                 264,000       206,000
   Accrued vacation pay                        115,000       139,000
   Accrued warranty reserves                   122,000        86,000
   Accrued self-insurance reserves             314,000       283,000
   Revenue recognition                         161,000       201,000
   Accrued compensation                         94,000             -
   Accrued litigation liabilities              420,000       461,000
   Other                                        61,000        31,000
                                             4,438,000     4,290,000
   Valuation allowance                      (4,438,000)   (4,290,000)
   Net                                      $        -    $        -


   The  prior year amounts above have been revised to reflect actual
   amounts reported in the tax returns.

   The components of the provision (benefit) for income taxes are as
   follows:

                                      1995       1994       1993
   Current:                                     
    Federal                        $       -   $      -   $(749,000)
    State                                  -          -         -
    Subtotal                               -          -    (749,000)
   Deferred:                                            
    Federal                                -          -           -
    State                                  -          -           -
    Subtotal                               -          -           -
                                                     
   Total Provision                 $       -   $      -   $(749,000)

   The effective income tax rate follows:

                                                 
                                       1995      1994      1993
   U.S. federal statutory 
    rate (benefit)                     34.0%     34.0%   (34.0%)
   State income taxes (benefit)         2.0       2.0     (2.0)
   Non-deductible travel and
    entertainment, officer life
    insurance, other items               .1        .1       .1
   Tax credits                            -         -        -
   Loss producing no current
    tax benefit                       (35.9)    (35.9)   (29.2)
   Effective tax rate                   0.0%      0.0%     6.7%

   The  Company  has  available net operating loss carryforwards  of
   approximately  $10,300,000 for financial reporting  purposes  and
   approximately  $6,365,000  for  tax  purposes  to  offset  future
   taxable  income.   The  net operating  loss carryforward  expires
   from   2007  to  2009.   General  tax  credit  carryforwards   of
   approximately $403,000 expire 1996 to 2006.

   (6) Stock Option Plans

   During  1995 the Company's shareholders approved new stock option
   plans  limited  to key employees, officers and directors  of  the
   Company.   Options to purchase Company shares are granted  at  no
   less than the fair market value at the date of the grant.

   A   summary  of  options  authorized,  granted,  outstanding  and
   available for future grants is as follows:

                                  October 31,   October 31,   October 31,
                                    1995           1994           1993
   Authorized for grants           1,000,000       750,000       750,000
   Granted & outstanding             745,000       600,000       560,000
   Exercised                               -             -             -
   Exercise price                          -             -             -
   Option issue price            $1.75-$2.13   $2.00-$5.00   $2.75-$5.00
   Available for future grants       255,000       141,875       181,875

   (7)  Tax Deferred Savings Plan and Trust

   In  1985 the Company made available to all eligible employees the
   opportunity  to  participate  in  Collins  Industries,  Inc.  Tax
   Deferred  Savings  Plan and Trust.  The Company  provides  a  50%
   matching contribution in the form of unregistered common stock of
   the  Company  on the eligible amount invested by participants  in
   the  plan to purchase common stock of the Company.  The Company's
   contribution to this plan was $86,365 in 1995, $132,252  in  1994
   and  $150,143  in  1993.  This plan held 423,529  shares  of  the
   Company's common stock at October 31, 1995 and 380,910 shares  at
   October 31, 1994.
 
   (8) Segment Information

   (a)  Business  Segments - The Company primarily operates  in  the
   Specialty Vehicle Manufacturing segment.  The Corporate and Other
   segment  represents  the corporate function  and  the  wheelchair
   lifts  and accessories product lines whose products are installed
   in specialty vehicles.

   Intersegment  sales  are  not  material.   Income   (loss)   from
   operations excludes interest expense and other income and expense
   items.   Identifiable assets by segment are those assets used  in
   and related to the Company's operation of each segment.

   The  following  is  certain financial information  regarding  the
   identifiable business segments of the Company:


                                                  Specialty
                                   Corporate        Vehicle
                                   and Other     Manufacturing  
                                                  (Amounts in
                                                  Thousands)    Consolidated

   Sales                   1995       $4,730         $135,995       $140,725
                           1994        4,290          139,473        143,763    
                           1993        6,106          140,886        146,992
                                                          
  Income (loss)            1995       (1,626)           4,516          2,890
   from operations         1994       (2,865)           6,303          3,438
                           1993       (4,746)            (691)        (5,437)
                                                              
  Other income (expense):
   Interest, net           1995         (493)          (2,290)        (2,783)
                           1994         (792)          (2,618)        (3,410)
                           1993         (578)          (2,733)        (3,311)
                                                              
  Other, net               1995          (49)              22            (27)
                           1994            6                6             12
                           1993          (36)             (69)          (105) 
                                                            
  Income (loss) before     1995       (2,168)           2,248             80
   income taxes and        1994       (4,663)           3,692           (971)
   extraordinary items     1993       (8,475)          (3,493)       (11,968)
                                                             
  Identifiable assets      1995        4,887           41,994         46,881
                           1994        6,183           48,394         54,577
                           1993        9,508           49,801         59,309

  Capital additions        1995           66              486            552
                           1994           68              589            657
                           1993        1,189              632          1,821
                                                              
  Depreciation and    
   amortization expense    1995          684            1,829          2,513
                           1994          716            2,040          2,756
                           1993          716            2,230          2,946



   (b)  Geographic Segments - Manufacturing activities are carried on
   solely in the United States. However, the Company does market its
   products in other countries.  Revenues derived from export  sales
   to  unaffiliated  customers were less than  10%  of  consolidated
   sales in fiscal 1995, 1994 and 1993.


   (9)  Commitments and Contingencies

   (a)   General  -  The  preparation  of  financial  statements  in
   conformity with generally accepted accounting principles requires
   management  to  make estimates and assumptions  that  affect  the
   reported  amounts  of assets and liabilities  and  disclosure  of
   contingent  assets and liabilities at the date of  the  financial
   statements  and  the  reported amounts of revenues  and  expenses
   during  the  reporting period.  Actual results could differ  from
   those estimates.

   (b)   Repurchase  Agreements  -  It  is  customary  practice  for
   companies  in  the  specialty  vehicle  industry  to  enter  into
   repurchase  agreements  with financing  institutions  to  provide
   floor  plan  financing for dealers.  Generally, these  agreements
   provide for repurchase of products from the financing institution
   at the original invoice price in the event of dealer default.

   Under  these  agreements, the Company's repurchase obligation  is
   limited  to vehicles which are in new condition and as  to  which
   the  dealer still holds title.  At October 31, 1995, the  Company
   had  repurchase  agreements  covering  units  with  an  aggregate
   invoice cost of approximately $1,314,000.

   The risk of loss under the agreements is limited to the risk that
   market prices for these products may decline between the time  of
   delivery  to  the dealer and time of repurchase by  the  Company.
   This risk is spread over numerous dealers and the Company has not
   incurred  significant  losses under  these  agreements.   In  the
   opinion  of  management, any future losses under these agreements
   will  not  have  a  material  adverse  effect  on  the  Company's
   financial position or results of operations.

   (c)  Letters of Credit - The Company has outstanding  letters  of
   credit as more fully described in Note 2.

   (d)   Operating  Leases  -  The  Company  has  operating   leases
   principally  for certain vehicles and equipment.  Lease  payments
   required under these operating leases are as follows:

                  1996                  $126,651
                  1997                    58,636
                  1998                    22,768
                  1999                         -
                  2000                         -
                  Thereafter                   -
                                        $208,055

   Operating lease expense was $167,178 in 1995, $146,018 in 1994,
   and $114,739 in 1993.

   (e)  Litigation - At October 31, 1995 the Company has  litigation
   pending   which  arose  in  the  ordinary  course  of   business.
   Litigation  is subject to many uncertainties and the  outcome  of
   the  individual  matters is not presently  determinable.   It  is
   management's  opinion that this litigation  will  not  result  in
   liabilities  that  would have a material adverse  effect  on  the
   Company's financial position or results of operations.

   (f)  Settlement  of  SEC  Investigation -  Misstatements  of  the
   Company's  October 31, 1992 financial statements were  discovered
   subsequent to the original release of those financial statements.
   The  1992  financial  statements were  restated  to  reflect  the
   corrections of the misstatements and were re-released.

   The  costs  associated  with the SEC investigation  and  a  class
   action  lawsuit,  settled in 1994, are included in  special  non-
   recurring expenses in the consolidated statements of operations.



   Report of Independent Public Accountants


   To the Board of Directors and
   Shareholders of Collins Industries, Inc.

   We  have audited the accompanying consolidated balance sheets  of
   Collins   Industries,   Inc.   (a   Missouri   corporation)   and
   Subsidiaries  as  of October 31, 1995 and 1994, and  the  related
   consolidated  statements of operations, shareholders'  investment
   and  cash  flows for each of the three years in the period  ended
   October   31,   1995.    These  financial  statements   are   the
   responsibility  of the Company's management.  Our  responsibility
   is  to express an opinion on these financial statements based  on
   our audits.

   We  conducted  our  audits in accordance with generally  accepted
   auditing  standards.  Those standards require that  we  plan  and
   perform  the  audit to obtain reasonable assurance about  whether
   the  financial statements are free of material misstatement.   An
   audit  includes  examining, on a test basis, evidence  supporting
   the  amounts  and  disclosures in the financial  statements.   An
   audit also includes assessing the accounting principles used  and
   significant  estimates made by management, as well as  evaluating
   the  overall  financial statement presentation.  We believe  that
   our audits provide a reasonable basis for our opinion.

   In  our  opinion,  the  financial statements  referred  to  above
   present  fairly, in all material respects, the financial position
   of  Collins  Industries, Inc. and Subsidiaries as of October  31,
   1995 and 1994, and the results of their operations and their cash
   flows for each of the three years in the period ended October 31,
   1995,   in   conformity   with  generally   accepted   accounting
   principles.

   Our  audit was made for the purpose of forming an opinion on  the
   basic financial statements taken as a whole.  The schedule listed
   in  Part IV, Item 14(a)(2) is the responsibility of the Company's
   management  and is  presented  for  purposes  of  complying  with
   Securities and Exchange Commission's rules and is not part of the
   basic financial statements.  This schedule has been subjected  to
   the  auditing  procedures  applied in  the  audit  of  the  basic
   financial  statements and, in our opinion, fairly states  in  all
   material  respects the financial data required to  be  set  forth
   therein in relation to the basic financial statements taken as  a
   whole.



   ARTHUR ANDERSEN LLP



   Kansas City, Missouri,
     December 8, 1995

                                
   Item 9.  DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE



   None.


                               PART III



   Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

   Information  with respect to Directors and Executive Officers  is
   contained  in  the  section entitled "Management"  in  the  Proxy
   Statement  for  the  Annual Meeting of Shareholders  to  be  held
   February 23, 1996, and is incorporated herein by reference.



   Item 11.  EXECUTIVE COMPENSATION

   Information  with respect to executive compensation is  contained
   in the section entitled "Executive Compensation" in the Company's
   Proxy Statement for the Annual Meeting of Shareholders to be held
   on February 23, 1996, and is incorporated herein by reference.



   Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
             MANAGEMENT

   Information  with  respect  to  security  ownership  of   certain
   beneficial  owners  and management is contained  in  the  section
   entitled  "Security  Ownership of Certain Beneficial  Owners  and
   Management"  in  the  Company's Proxy Statement  for  the  Annual
   Meeting of Shareholders to be held on February 23, 1996,  and  is
   incorporated herein by reference.



   Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

   None


                                
                                
                              PART IV                              
                              
   Item 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, REPORTS
             ON FORM 8-K

        (a)  The following documents are filed as a part of
             this Report:

             (1) Financial Statements:

                 All financial statements and notes thereto as set
                 forth under Item 8 of this Report on Form 10-K:

                 Report of Independent Public Accountants
 
                 Consolidated Statements of Operations for each
                 of the Three Years Ended October 31, 1995

                 Consolidated Statements of Shareholders' Investment
                 for each of the Three Years Ended October 31, 1995

                 Consolidated Statements of Cash Flows for each
                 of the Three Years Ended October 31, 1995

                 Consolidated Balance Sheets--October 31, 1995
                 and 1994


             (2) Financial Statement Schedules:

                 Schedule II--Valuation and Qualifying Accounts

                 Schedules other than those referred to above have
                 been omitted as not applicable or not required under 
                 the instructions contained in Regulation S-X
                 or the information is included in the financial
                 statements or notes thereto.

            (3)  Exhibits:

   Exhibit Number               Document

       3.1            -        Certificate of Incorporation of Registrant,
                               as amended (included as Exhibit 3.1 of the
                               Company's Amendment No. 2 to Form S-1,
                               No. 2-93247 and incorporated herein by 
                               reference).

       3.2            -        Amendment to Certificate of
                               Incorporation of Registrant (included
                               as Exhibit 3.3 of the Company's
                               Amendment No. 1 to Form S-1,
                               No. 2-93247 and incorporated herein
                               by reference).

       3.3            -        Amendment to Certificate of
                               Incorporation of Registrant (included
                               as Exhibit 3.3(c) of the Company's
                               Amendment No. 1 to Form S-1,
                               No. 33-48323 and incorporated herein
                               by reference).

       3.4            -        By-Laws of the Registrant, as
                               amended (included as Exhibit 3.4 of
                               the Company's S-1, No. 33-48323 and
                               incorporated herein by reference).

       4.1            -        Indenture, dated as of November 1,
                               1984, between the Company and Allied
                               Bank of Texas, as Trustee (included
                               as Exhibit 4.3 of the Company's
                               Registration Statement on Form S-1,
                               No. 2-93247 and incorporated herein
                               by reference).

       4.2            -        Form of Representatives Warrants
                               (included as Exhibit 4.8 on the
                               Company's Registration Statement on
                               Form S-1, No. 2-93247 and
                               incorporated herein by reference).

  Exhibit Number               Document

       4.3            -        Warrant Agreement dated as of
                               November 1, 1984, between the Company
                               and Allied Bank of Texas, as Warrant
                               Agent (included as Exhibit 4.5 on the
                               Company's Registration Statement on
                               Form S-1, No. 2-93247 and
                               incorporated herein by reference).

       4.4            -        Extension Agreement as to Warrant
                               Agreement between Registrant and First
                               Interstate Bank of Texas, N.A., dated
                               February 11, 1991 (included as Exhibit
                               4(d) to Registrant's Registration
                               Statement on Form S-1, No. 33-40035
                               and incorporated herein by reference).

       4.5            -        Extension Agreement as to Warrant
                               Agreement between Registrant and First
                               Interstate Bank of Texas, N.A., dated
                               February 12, 1992 (included as Exhibit
                               4.5 of the Company's Registration
                               Statement on Form S-1, No. 33-48303
                               and incorporated herein by reference).

       4.6            -        Specimen Common Stock Certificate
                               (included as Exhibit 4.1 to Company's
                               Amendment to its Registration
                               Statement on Form S-1, No. 2-81977
                               and incorporated herein by reference).

       4.7            -        Rights Agreement dated as of March 28,
                               1995 between the Registrant and Mellon
                               Bank, N.A. (included as Exhibit 1 to
                               Form 8-A filed with the SEC as of
                               March 28, 1995).

       4.8            -        First Amendment to the Rights Agreement
                               dated as of April 25, 1995 (included as
                               Exhibit 4 to Form 8-A/A filed with the SEC
                               as of May 8, 1995).

  Exhibit Number               Document

       10.1           -        Lease dated November 1, 1981, between
                               the Registrant and Hutchinson Air Base
                               Investors (included as Exhibit 10.1 to
                               the Company's Registration Statement
                               on Form S-1, No. 2-81977 and
                               incorporated herein by reference).

      10.2            -        Lease dated August 14, 1979, by and
                               between the Registrant and city of
                               Hutchinson, Kansas (included as
                               Exhibit 10.2 to the Company's
                               Registration Statement on Form S-1,
                               No. 2-81977 and incorporated herein
                               by reference).

      10.3            -        Various bailment and consignment
                               agreements between the Registrant and
                               Automotive manufacturers (included
                               as Exhibit 10.2 to the Company's
                               Registration Statement on Form S-1,
                               No. 33-48323 and incorporated herein
                               by reference).

       10.4           -        Lease dated August 1, 1984 between
                               the city of South Hutchinson, Kansas
                               (included as Exhibit 10.11 of the
                               Company's Registration Statement on
                               Form S-1, No. 2-93247 and incorporated
                               herein by reference).

      10.5            -        Lease Agreement dated October 1,
                               1989 between Registrant and the city
                               of Newton, Kansas.  (Incorporated
                               herein by reference to Exhibit 10.17
                               to Registrant's Report on Form 10-K
                               for the fiscal year ended October 31,
                               1989.)

  Exhibit Number               Document

       10.6           -        Promissory Note and Security Agreement
                               between Capacity of Texas, Inc. and
                               Metlife Capital Corporation dated
                               September 30, 1991. (Incorporated
                               herein by reference to Exhibit 10.20
                               to Registrant's Report on Form 10-K
                               for the fiscal year ended October 31,
                               1991.)

       10.7           -        Form of Indemnification Agreement
                               between Registrant and its directors.
                               (Incorporated herein by reference to
                               Exhibit 10.21 to the Registrant's
                               Report on Form 10-K for the fiscal
                               year ended October 31, 1991.)

       10.8           -        Loan and Security Agreement for
                               33.05 million credit facility dated
                               May 9, 1995 between Registrant
                               and NationsBank of Georgia, N.A.
                               (Incorporated herein by reference to
                               Exhibit 10.14 to Registrant's Report
                               on Form 10-Q for the fiscal period
                               ended July 31, 1995).

  Exhibit Number               Document

      22.1            -        The following are the names and
                               jurisdiction of incorporation of
                               the subsidiaries of the Company:

 
                                                            Jurisdiction
                                      Names               of Incorporation

                              Collins Bus Corporation            Kansas
                              Capacity of Texas, Inc.            Texas
                              Wheeled Coach Industries, Inc.     Florida
                              Collins Ambulance Corporation      Kansas
                              Collins Financial Services, Inc.   Kansas
                              Global Captive Casualty
                               and Surety Company                Kansas
                              Mobile-Tech Corporation            Kansas
                              Transi-Corp                        Alabama
                              World Trans, Inc.                  Kansas

      27.0           -        EDGAR Financial Data Schedule

      (b)  Reports on Form 8-K

           There were no reports filed on Form 8-K by the
           Company during the fourth quarter ended October 31, 1995.





                     COLLINS INDUSTRIES, INC. AND SUBSIDIARIES
                              
                  SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS
                               
                              
                              
                              
                                 
                                 Balance at   Charged   Deductions   Balance
                                 Beginning      to          From    At End of
     Classiciation               of Period     Income    Reserve      Period
                                                     
                                                    (In 000s)     
                                                     
                                                     
    ALLOWANCE FOR DOUBTFUL                               
      ACCOUNTS:
                                                     
      For the year ended          
       October 31, 1995           $  95       $   51       $  64      $  82
                                                        
      For the year ended      
       October 31, 1994           $  60       $  156       $ 121      $  95
                                                        
     For the year ended      
      October 31, 1993            $  81       $   24       $  45      $  60
                                                     
                              
                              
                              
                              
                              
                                 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.

                                           COLLINS INDUSTRIES, INC.

                     BY                    /s/ Don L. Collins
                                           Don L. Collins, Chairman
                                           and Chief Executive Officer

   Dated:  January 26, 1996

                     BY                    /s/ Larry W. Sayre
                                           Larry W. Sayre, Vice President
                                           Finance and Chief Financial Officer


   Pursuant to the requirements of the Securities Exchange Act of 1934,
   this report has been signed by the following persons on behalf of the
   Registrant, in their capacities as Directors of the Registrant, and on 
   the dates indicated.


   Dated:  January 26, 1996                /s/ Don L. Collins
                                           Don L. Collins

   Dated:  January 26, 1996                /s/ Donald Lynn Collins
                                           Donald Lynn Collins

   Dated:  January 26, 1996                /s/ Lewis W. Ediger
                                           Lewis W. Ediger

   Dated:  January 26, 1996                /s/ Robert E. Lind
                                           Robert E. Lind