SECURITIES AND EXCHANGE COMMISSION


                              Washington, DC 20549

                     ---------------------------------------

                                    FORM 10-Q

   (mark one)

   [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934 for the Quarter Ended June 28, 1997.

   [   ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934.

                         Commission File Number 1-10574


                               THERMO VOLTEK CORP.
             (Exact name of Registrant as specified in its charter)

   Delaware                                                         13-1946800
   (State or other jurisdiction of                            (I.R.S. Employer
   incorporation or organization)                          Identification No.)

   470 Wildwood Street, P.O. Box 2878
   Woburn, Massachusetts                                            01888-1578
   (Address of principal executive offices)                         (Zip Code)


       Registrant's telephone number, including area code: (617) 622-1000

               Indicate by check mark whether the Registrant (1)
               has filed all reports required to be filed by
               Section 13 or 15(d) of the Securities Exchange Act
               of 1934 during the preceding 12 months (or for
               such shorter period that the Registrant was
               required to file such reports), and (2) has been
               subject to such filing requirements for the past
               90 days. Yes [ X ] No [   ]
                  
               Indicate the number of shares outstanding of each
               of the issuer's classes of Common Stock, as of the
               latest practicable date.

                    Class                  Outstanding at July 25, 1997
         ----------------------------      ----------------------------
         Common Stock, $.05 par value                8,830,200
PAGE
<PAGE>
    PART I - FINANCIAL INFORMATION

    Item 1 - Financial Statements


                               THERMO VOLTEK CORP.

                           Consolidated Balance Sheet
                                   (Unaudited)

                                     Assets


                                                     June 28,  December 28,
    (In thousands)                                       1997          1996
    ------------------------------------------------------------------------
    Current Assets:
      Cash and cash equivalents                       $14,605       $17,874
      Available-for-sale investments, at quoted
        market value (amortized cost of $5,459 and
        $10,011; includes $1,412 and $1,399 of
        related-party investments)                      5,539        10,067
      Accounts receivable, less allowances of $694
        and $587                                        9,711        12,123
      Inventories:
        Raw materials                                   4,736         4,835
        Work in process                                 4,246         3,097
        Finished goods                                  2,700         2,793
      Prepaid income taxes and other current assets     2,039         2,025
                                                      -------       -------
                                                       43,576        52,814
                                                      -------       -------

    Property, Plant, and Equipment, at Cost            10,238         9,739
      Less: Accumulated depreciation and amortization   6,203         5,588
                                                      -------       -------
                                                        4,035         4,151
                                                      -------       -------

    Other Assets                                          252           299
                                                      -------       -------
    Cost in Excess of Net Assets of Acquired
      Companies (Note 2)                               18,477        16,425
                                                      -------       -------
                                                      $66,340       $73,689
                                                      =======       =======




                                        2PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                     Consolidated Balance Sheet (continued)
                                   (Unaudited)

                    Liabilities and Shareholders' Investment


                                                     June 28,  December 28,
    (In thousands except share amounts)                  1997          1996
    -----------------------------------------------------------------------
    Current Liabilities:
      Notes payable                                   $ 2,557       $ 1,666
      Accounts payable                                  3,433         3,718
      Accrued payroll and employee benefits             1,367         1,264
      Accrued income taxes                              1,074         1,244
      Accrued commissions                               1,127         1,063
      Other accrued expenses                            3,142         2,043
      Due to parent company and affiliates                722           901
                                                      -------       -------
                                                       13,422        11,899
                                                      -------       -------
    Subordinated Convertible Obligations
      (includes $10,000 of related-party debt)         18,450        19,345
                                                      -------       -------
    Shareholders' Investment:
      Common stock, $.05 par value, 25,000,000 shares
        authorized; 9,939,865 and 9,765,676 shares
        issued                                            497           488
      Capital in excess of par value                   38,781        37,762
      Retained earnings                                 4,111         4,284
      Treasury stock at cost, 1,046,765 and
         6,438 shares                                  (8,561)          (69)
      Cumulative translation adjustment                  (411)          (56)
      Net unrealized gain on available-for-sale
        investments                                        51            36
                                                      -------       -------
                                                       34,468        42,445
                                                      -------       -------
                                                      $66,340       $73,689
                                                      =======       =======


    The accompanying notes are an integral part of these consolidated
    financial statements.


                                        3PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                      Consolidated Statement of Operations
                                   (Unaudited)


                                                      Three Months Ended
                                                    -----------------------
                                                    June 28,       June 29,
    (In thousands except per share amounts)             1997           1996
    -----------------------------------------------------------------------
    Revenues                                         $11,888        $11,882
                                                     -------        -------
    Costs and Operating Expenses:
      Cost of revenues                                 6,442          6,153
      Selling, general, and administrative expenses    4,174          3,519
      Research and development expenses                1,023            821
                                                     -------        -------
                                                      11,639         10,493
                                                     -------        -------

    Operating Income                                     249          1,389

    Interest Income                                      305            492
    Interest Expense (includes $151 and $177 to 
      related party)                                    (296)          (402)
                                                     -------        -------
    Income Before Income Taxes                           258          1,479
    Income Tax Provision                                 (98)          (347)
                                                     -------        -------
    Net Income                                       $   160        $ 1,132
                                                     =======        =======
    Earnings per Share:
      Primary                                        $   .02        $   .13
                                                     =======        =======
      Fully diluted                                  $   .02        $   .10
                                                     =======        =======
    Weighted Average Shares:
      Primary                                          9,222          8,791
                                                     =======        =======
      Fully diluted                                    9,222         13,636
                                                     =======        =======


    The accompanying notes are an integral part of these consolidated
    financial statements.





                                        4PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                      Consolidated Statement of Operations
                                   (Unaudited)


                                                       Six Months Ended
                                                    -----------------------
                                                    June 28,       June 29,
    (In thousands except per share amounts)             1997           1996
    -----------------------------------------------------------------------
    Revenues                                         $21,604        $22,503
                                                     -------        -------
    Costs and Operating Expenses:
      Cost of revenues                                11,893         11,543
      Selling, general, and administrative expenses    8,238          6,780
      Research and development expenses                1,870          1,531
                                                     -------        -------
                                                      22,001         19,854
                                                     -------        -------

    Operating Income (Loss)                             (397)         2,649

    Interest Income                                      698            994
    Interest Expense (includes $302 and $354 to 
      related party)                                    (580)          (837)
                                                     -------        -------
    Income (Loss) Before Income Taxes                   (279)         2,806
    Income Tax (Provision) Benefit                       106           (737)
                                                     -------        -------
    Net Income (Loss)                                $  (173)       $ 2,069
                                                     =======        =======

    Earnings (Loss) per Share:
      Primary                                        $  (.02)       $   .25
                                                     =======        =======
      Fully diluted                                  $  (.02)       $   .18
                                                     =======        =======
    Weighted Average Shares:
      Primary                                          9,527          8,383
                                                     =======        =======
      Fully diluted                                    9,527         13,640
                                                     =======        =======


    The accompanying notes are an integral part of these consolidated
    financial statements.




                                        5PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                      Consolidated Statement of Cash Flows
                                   (Unaudited)

                                                         Six Months Ended
                                                       ---------------------
                                                       June 28,    June 29,
    (In thousands)                                         1997        1996
    ------------------------------------------------------------------------
    Operating Activities:
      Net income (loss)                                 $  (173)    $ 2,069
      Adjustments to reconcile net income (loss) to
        net cash provided by operating activities:
          Depreciation and amortization                     925         829
          Provision for losses on accounts receivable       117          97
          Changes in current accounts, excluding the
            effects of acquisition:
              Accounts receivable                         2,651      (2,724)
              Inventories                                  (417)       (575)
              Other current assets                          (13)       (174)
              Accounts payable                             (458)        238
              Other current liabilities                     (17)        254
                                                        -------     -------
    Net cash provided by operating activities             2,615          14
                                                        -------     -------
    Investing Activities:
      Acquisition, net of cash acquired                  (2,820)          -
      Purchases of available-for-sale investments             -      (2,500)
      Proceeds from sale and maturities of
        available-for-sale investments                    4,500       7,000
      Purchases of property, plant, and equipment          (374)       (674)
      Other                                                 (67)         91
                                                        -------     -------
    Net cash provided by investing activities             1,239       3,917
                                                        -------     -------
    Financing Activities:
      Net increase in notes payable                       1,076           -
      Net proceeds from issuance of Company common
        stock                                               231          94
      Repurchase of Company common stock                 (8,462)          -
      Other                                                (113)         29
                                                        -------     -------
    Net cash provided by (used in) financing 
      activities                                         (7,268)        123
                                                        -------     -------
    Exchange Rate Effect on Cash                            145         105
                                                        -------     -------
    Increase (Decrease) in Cash and Cash Equivalents     (3,269)      4,159
    Cash and Cash Equivalents at Beginning of Period     17,874       8,651
                                                        -------     -------
    Cash and Cash Equivalents at End of Period          $14,605     $12,810
                                                        =======     =======



                                        6PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                Consolidated Statement of Cash Flows (continued)
                                   (Unaudited)

                                                         Six Months Ended
                                                       ---------------------
                                                       June 28,    June 29,
    (In thousands)                                         1997        1996
    ------------------------------------------------------------------------
    Noncash Activities:
      Fair value of assets of acquired company          $ 4,807     $     -
      Cash paid for acquired company                     (3,248)          -
                                                        -------     -------
        Liabilities assumed of acquired company         $ 1,559     $     -
                                                        =======     =======
      Conversions of subordinated convertible
        obligations (includes $1,500 of related 
        party debt in 1996)                             $   895     $12,530
                                                        =======     =======


    The accompanying notes are an integral part of these consolidated
    financial statements.





                                        7PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                   Notes to Consolidated Financial Statements


    1.  General

        The interim consolidated financial statements presented have been
    prepared by Thermo Voltek Corp. (the Company) without audit and, in the
    opinion of management, reflect all adjustments of a normal recurring
    nature necessary for a fair statement of the financial position at June
    28, 1997, the results of operations for the three- and six-month periods
    ended June 28, 1997, and June 29, 1996, and the cash flows for the
    six-month periods ended June 28, 1997, and June 29, 1996. Interim results
    are not necessarily indicative of results for a full year.

        The consolidated balance sheet presented as of December 28, 1996, has
    been derived from the consolidated financial statements that have been
    audited by the Company's independent public accountants. The consolidated
    financial statements and notes are presented as permitted by Form 10-Q
    and do not contain certain information included in the annual financial
    statements and notes of the Company. The consolidated financial
    statements and notes included herein should be read in conjunction with
    the financial statements and notes included in the Company's Annual
    Report on Form 10-K for the fiscal year ended December 28, 1996, filed
    with the Securities and Exchange Commission.

    2.  Acquisition

        In April 1997, the Company acquired substantially all of the assets,
    subject to certain liabilities, of Milmega Ltd. for approximately $3.2
    million in cash. Milmega primarily manufactures and markets microwave and
    radio frequency products and systems that are suitable for
    electromagnetic compatibility (EMC) testing, physics research, and
    communications, medical, and military applications. 

        This acquisition has been accounted for using the purchase method of
    accounting, and Milmega's results of operations have been included in the
    accompanying financial statements from the date of acquisition. The cost
    of this acquisition exceeded the estimated fair value of the net assets
    acquired by approximately $2.6 million, which is being amortized over 40
    years. Allocation of the purchase price was based on an estimate of the
    fair value of the net assets acquired and is subject to adjustment upon
    finalization of the purchase price allocation. Pro forma data is not
    presented since this acquisition was not material to the Company's
    results of operations.


                                        8PAGE
<PAGE>
                               THERMO VOLTEK CORP.

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

        Forward-looking statements, within the meaning of Section 21E of the
    Securities Exchange Act of 1934, are made throughout this Management's
    Discussion and Analysis of Financial Condition and Results of Operations.
    For this purpose, any statements contained herein that are not statements
    of historical fact may be deemed to be forward-looking statements.
    Without limiting the foregoing, the words "believes," "anticipates,"
    "plans," "expects," "seeks," "estimates," and similar expressions are
    intended to identify forward-looking statements. There are a number of
    important factors that could cause the results of the Company to differ
    materially from those indicated by such forward-looking statements,
    including those detailed under the caption "Forward-looking Statements"
    in Exhibit 13 to the Company's Annual Report on Form 10-K for the fiscal
    year ended December 28, 1996, filed with the Securities and Exchange
    Commission.

    Overview

        The Company designs, manufactures, and markets electromagnetic
    compatibility (EMC) testing instruments, high-voltage power-conversion
    systems, programmable power amplifiers, and radio frequency (RF) power
    amplifiers. The Company's KeyTek Instrument (KeyTek) division
    manufactures instruments that test for immunity to pulsed electromagnetic
    interference (pulsed EMI). Through its Universal Voltronics division, the
    Company manufactures high-voltage power-conversion systems that transform
    utility-supplied AC power into voltages and currents required by the
    user, while allowing precise control over the performance level desired
    for each application. The Company's Kalmus division manufactures RF power
    amplifiers and systems used to test products for immunity to conducted
    and radiated radio frequency interference (RFI) and in communications,
    medical, and research applications. Comtest Europe B.V. (Comtest)
    manufactures and distributes a range of EMC-related products, provides
    EMC consulting and systems-integration services, and manufactures
    specialized power supplies for telecommunications equipment. Acquired in
    July 1996, Pacific Power Source Corporation (Pacific Power) manufactures
    power conversion equipment for use in a variety of commercial
    applications and programmable power amplifiers that can be incorporated
    into EMC test equipment to assess tolerance to normal variances in the
    quality and quantity of AC voltage. Acquired in April 1997, Milmega Ltd.
    (Milmega) primarily manufactures and markets microwave and radio
    frequency products and systems that are suitable for EMC testing, physics
    research, and communications, medical, and military applications.

        The Company's strategy is to expand through a combination of internal
    product development and the acquisition of new businesses and
    technologies. As discussed above, the Company acquired Pacific Power in
    July 1996 and Milmega Ltd. in April 1997 (Note 2).

        The Company sells its products on a worldwide basis. Although the
    Company seeks to charge its customers in the same currency as its
    operating costs, the Company's financial performance and competitive
    position can be affected by currency exchange rate fluctuations.

                                        9PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    Results of Operations

    Second Quarter 1997 Compared With Second Quarter 1996

        Revenues were unchanged at $11.9 million in the second quarter of
    1997 and 1996. Revenues in 1997 reflect the inclusion of $2.4 million in
    revenues from Pacific Power, acquired in July 1996, and Milmega, acquired
    in April 1997, offset by lower demand for EMC test products at Comtest,
    Kalmus, and to a lesser extent, KeyTek. 

        The gross profit margin decreased to 46% in the second quarter of
    1997 from 48% in the second quarter of 1996, primarily due to a decrease
    in the sale of certain higher-margin products at Comtest, offset in part
    by the inclusion of higher-margin revenues at Pacific Power.

        Selling, general, and administrative expenses as a percentage of
    revenues increased to 35% in the second quarter of 1997 from 30% in the
    second quarter of 1996, primarily due to $0.4 million of severance and
    related costs incurred at certain of the Company's business units,
    associated with reductions in personnel. In addition to these cost
    reductions, the Company is evaluating all its lines of business with the
    goal of improving profitability. The increase in selling, general, and
    administrative expenses as a percentage of revenues was also due to
    marginal increases in selling expenses combined with lower revenues at
    KeyTek and Kalmus. Research and development expenses increased to $1.0
    million in 1997 from $0.8 million in 1996, primarily due to the inclusion
    of expenses at Pacific Power and Milmega.

        Interest income decreased to $0.3 million in the second quarter of
    1997 from $0.5 million in the second quarter of 1996, primarily due to
    lower average invested balances. Interest expense decreased to $0.3
    million in 1997 from $0.4 million in 1996, primarily due to conversions
    of the Company's subordinated convertible obligations.

        The effective tax rates were 38% and 23% in the second quarter of
    1997 and 1996, respectively. The effective tax rate exceeded the
    statutory federal income tax rate in 1997 primarily due to the impact of
    state income taxes. The effective tax rate was below the statutory
    federal income tax rate in 1996 primarily due to utilization of net
    operating loss carryforwards, offset in part by the impact of state
    income taxes. As of December 28, 1996, the Company had no further net
    operating loss carryforwards.

    First Six Months 1997 Compared With First Six Months 1996

        Revenues decreased to $21.6 million in the first six months of 1997
    from $22.5 million in the first six months of 1996, primarily due to
    decreased revenues at Comtest and KeyTek, offset in part by the inclusion
    of $4.2 million in revenues from Pacific Power and Milmega. The decline
    in revenues at Comtest and KeyTek resulted primarily from lower demand
    for EMC test products and, to a lesser extent, a decline in the
    component-reliability market for electrostatic discharge test equipment
    caused by a slowdown in capital expenditures by the semiconductor
    industry.
                                       10PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    First Six Months 1997 Compared With First Six Months 1996 (continued)

        The gross profit margin decreased to 45% in the first six months of
    1997 from 49% in the first six months of 1996, primarily due to the sale
    of lower-margin products at Comtest, offset in part by the inclusion of
    higher-margin revenues at Pacific Power.

        Selling, general, and administrative expenses as a percentage of
    revenues increased to 38% in the first six months of 1997 from 30% in the
    first six months of 1996, primarily due to the decrease in revenues at
    Comtest and KeyTek, as well as $0.4 million of severance and related
    costs incurred at certain of the Company's business units, associated
    with reductions in personnel. Research and development expenses increased
    to $1.9 million in 1997 from $1.5 million in 1996, primarily due to the
    inclusion of expenses at Pacific Power and Milmega.

        Interest income decreased to $0.7 million in the first six months of
    1997 from $1.0 million in the first six months of 1996, primarily due to
    lower average invested balances. Interest expense decreased to $0.6
    million in 1997 from $0.8 million in 1996, primarily due to conversions
    of the Company's subordinated convertible obligations.

        The effective tax rates were 38% and 26% in the first six months of
    1997 and 1996, respectively. The effective tax rate exceeded the
    statutory federal income tax rate in 1997 primarily due to the impact of
    state income taxes. The effective tax rate was below the statutory
    federal income tax rate in 1996 primarily due to utilization of net
    operating loss carryforwards, offset in part by the impact of state
    income taxes. As of December 28, 1996, the Company had no further net
    operating loss carryforwards.

    Liquidity and Capital Resources

        Consolidated working capital was $30.2 million at June 28, 1997,
    compared with $40.9 million at December 28, 1996. Included in working
    capital are cash, cash equivalents, and available-for-sale investments of
    $20.1 million at June 28, 1997, compared with $27.9 million at December
    28, 1996. During the first six months of 1997, $2.6 million of cash was
    provided by operating activities, primarily due to a decrease in accounts
    receivable of $2.7 million as a result of improved collection efforts and
    a decrease in revenues.

        Excluding available-for-sale investments activity, the Company's
    investing activities in the first six months of 1997 consisted primarily
    of the acquisition of Milmega for $2.8 million in cash, net of cash
    acquired, and $0.4 million of expenditures for purchases of property,
    plant, and equipment. The Company expects to make capital expenditures of
    approximately $0.9 million during the remainder of 1997. 

        In April 1997, the Company's Board of Directors authorized the
    repurchase, through April 17, 1998, of up to $10.0 million of Company
    common stock, to be funded from working capital. During the six months
    ended June 28, 1997, the Company expended $8.5 million under this
    authorization.

                                       11PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    Liquidity and Capital Resources (continued)

        Although the Company expects to have positive cash flow from its
    existing operations, the Company anticipates it will require significant
    amounts of cash for the possible acquisition of complementary businesses
    and technologies. While the Company currently has no agreement to make
    any acquisition, it expects that it will finance any acquisition through
    a combination of internal funds, additional debt or equity financing,
    and/or short-term borrowings from Thermo Electron Corporation or
    Thermedics Inc., although there is no agreement with these companies to
    ensure that funds will be available on acceptable terms or at all. The
    Company believes that its existing resources are sufficient to meet the
    capital requirements of its existing operations for the foreseeable
    future.


    PART II - OTHER INFORMATION

    Item 4 - Submission of Matters to a Vote of Security Holders

        On June 2, 1997, at the Annual Meeting of Shareholders, the
    shareholders elected six incumbent directors to a one-year term expiring
    in 1998. The Directors elected at the meeting were: Dr. Elias P.
    Gyftopoulos, Mr. William W. Hoover, Ms. Sandra L. Lambert, Mr. Theo
    Melas-Kyriazi, Mr. Peter Richman, and Mr. John W. Wood Jr. Each director,
    except for Dr. Gyftopoulos, received 8,200,958 shares voted in favor of
    his or her election and 27,548 shares voted against. Dr. Gyftopoulos
    received 8,200,777 shares voted in favor of his election and 27,729
    shares voted against. No abstentions or broker nonvotes were recorded on
    the election of directors.

        At the Annual Meeting, the shareholders also approved a proposal to
    amend the Company's equity incentive plan to reserve an additional
    300,000 shares for issuance thereunder as follows: 8,109,659 shares were
    voted in favor of the proposal, 89,542 shares were voted against, and
    29,305 shares abstained. No broker nonvotes were recorded on the
    proposal.

    Item 6 - Exhibits

        See Exhibit Index on the page immediately preceding exhibits.




                                       12PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                                   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 as of the 4th day of August
    1997.

                                             THERMO VOLTEK CORP.



                                             Paul F. Kelleher
                                             --------------------
                                             Paul F. Kelleher
                                             Chief Accounting Officer



                                             John N. Hatsopoulos
                                             --------------------
                                             John N. Hatsopoulos
                                             Vice President and Chief
                                               Financial Officer




                                       13PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                                  EXHIBIT INDEX


    Exhibit
    Number       Description of Exhibit
    ------------------------------------------------------------------------

      11         Statement re: Computation of Earnings per Share.

      27         Financial Data Schedule.