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 April 4, 1998.

    [   ] 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: (781) 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 May 1, 1998
         ----------------------------        --------------------------
         Common Stock, $.05 par value                 8,673,308
PAGE
<PAGE>
    PART I - FINANCIAL INFORMATION

    Item 1 - Financial Statements
    -----------------------------

                               THERMO VOLTEK CORP.

                           Consolidated Balance Sheet
                                   (Unaudited)

                                     Assets


                                                     April 4,    January 3,
    (In thousands)                                       1998          1998
    -----------------------------------------------------------------------
    Current Assets:
      Cash and cash equivalents (includes $13,279
        and $13,744 under repurchase agreement with
        affiliated company)                           $14,159       $14,608
      Available-for-sale investments, at quoted
        market value (amortized cost of $1,506 and
        $3,041)                                         1,506         3,041
      Accounts receivable, less allowances of $867
        and $799                                       10,607        10,388
      Inventories:
        Raw materials                                   5,147         5,100
        Work in process                                 4,215         4,089
        Finished goods                                  2,313         1,792
      Prepaid income taxes and other current assets     2,048         1,999
                                                      -------       -------
                                                       39,995        41,017
                                                      -------       -------
    Property, Plant, and Equipment, at Cost            10,747        10,637
      Less: Accumulated depreciation and amortization   7,312         6,955
                                                      -------       -------
                                                        3,435         3,682
                                                      -------       -------
    Long-term Prepaid Income Taxes and Other Assets       497           539
                                                      -------       -------
    Cost in Excess of Net Assets of Acquired
      Companies                                        18,017        18,058
                                                      -------       -------

                                                      $61,944       $63,296
                                                      =======       =======

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<PAGE>
                               THERMO VOLTEK CORP.

                     Consolidated Balance Sheet (continued)
                                   (Unaudited)

                    Liabilities and Shareholders' Investment


                                                     April 4,    January 3,
    (In thousands except share amounts)                  1998          1998
    -----------------------------------------------------------------------
    Current Liabilities:
      Notes payable                                   $ 2,937       $ 2,376
      Accounts payable                                  3,092         3,194
      Accrued payroll and employee benefits             1,215         1,159
      Accrued commissions                               1,187         1,080
      Accrued warranty costs                              611           624
      Other accrued expenses                            2,422         2,027
      Due to parent company and affiliated companies    1,177           694
                                                      -------       -------
                                                       12,641        11,154
                                                      -------       -------
    Subordinated Convertible Obligations
      (includes $10,000 of related-party debt)         15,250        17,750
                                                      -------       -------
    Shareholders' Investment:
      Common stock, $.05 par value, 25,000,000 shares
        authorized; 9,939,865 shares issued               497           497
      Capital in excess of par value                   38,713        38,799
      Retained earnings                                 5,074         4,563
      Treasury stock at cost, 1,269,257 and
        1,098,912 shares                               (9,643)       (8,836)
      Accumulated other comprehensive items              (588)         (631)
                                                      -------       -------
                                                       34,053        34,392
                                                      -------       -------
                                                      $61,944       $63,296
                                                      =======       =======


    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
                                                     ----------------------
                                                     April 4,     March 29,
    (In thousands except per share amounts)              1998          1997
    -----------------------------------------------------------------------
    Revenues                                          $11,440       $ 9,716
                                                      -------       -------
    Costs and Operating Expenses:
      Cost of revenues                                  6,218         5,451
      Selling, general, and administrative expenses     3,607         4,064
      Research and development expenses                   793           847
                                                      -------       -------
                                                       10,618        10,362
                                                      -------       -------
    Operating Income (Loss)                               822          (646)

    Interest Income                                       249           393
    Interest Expense (includes $151 to related party)    (287)         (284)
    Other Income                                           69             -
                                                      -------       -------
    Income (Loss) Before Income Taxes                     853          (537)
    Income Tax Provision (Benefit)                        342          (204)
                                                      -------       -------
    Net Income (Loss)                                 $   511       $  (333)
                                                      =======       =======

    Earnings (Loss) per Share (Note 3):
      Basic                                           $   .06       $  (.03)
                                                      =======       =======
      Diluted                                         $   .05       $  (.03)
                                                      =======       =======

    Weighted Average Shares (Note 3):
      Basic                                             8,762         9,832
                                                      =======       =======
      Diluted                                          12,235         9,832
                                                      =======       =======


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

                                        4PAGE
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                               THERMO VOLTEK CORP.

                      Consolidated Statement of Cash Flows
                                   (Unaudited)

                                                        Three Months Ended
                                                     -----------------------
                                                     April 4,     March 29,
    (In thousands)                                       1998          1997
    ------------------------------------------------------------------------
    Operating Activities:
      Net income (loss)                               $   511       $  (333)
      Adjustments to reconcile net income (loss) to
        net cash provided by operating activities:
          Depreciation and amortization                   549           490
          Provision for losses on accounts receivable      21            97
          Other                                           (78)            -
          Changes in current accounts:
             Accounts receivable                         (279)        1,458
             Inventories                                 (708)         (403)
             Other current assets                         (49)         (187)
             Accounts payable                             (77)         (391)
             Other current liabilities                  1,003          (402)
                                                      -------       -------
    Net cash provided by operating activities             893           329
                                                      -------       -------
    Investing Activities:
      Proceeds from sale and maturities of
        available-for-sale investments                  1,500         2,000
      Purchases of property, plant, and equipment        (157)         (258)
      Other                                                35           (43)
                                                      -------       -------
    Net cash provided by investing activities           1,378         1,699
                                                      -------       -------
    Financing Activities:
      Net increase in notes payable                       627           654
      Net proceeds from issuance of Company common
        stock                                              64            78
      Repurchase of Company common stock and 
        long-term obligations                          (3,457)            -
                                                      -------       -------
    Net cash provided by (used in) financing 
      activities                                       (2,766)          732
                                                      -------       -------
    Exchange Rate Effect on Cash                           46            80
                                                      -------       -------
    Increase (Decrease) in Cash and Cash Equivalents     (449)        2,840
    Cash and Cash Equivalents at Beginning of Period   14,608        17,874
                                                      -------       -------
    Cash and Cash Equivalents at End of Period        $14,159       $20,714
                                                      =======       =======

    Noncash Activities:
      Conversions of subordinated convertible
        obligations                                   $     -       $   895
                                                      =======       =======

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

                                        5PAGE
<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 April
    4, 1998, and the results of operations and cash flows for the three-month
    periods ended April 4, 1998, and March 29, 1997. Interim results are not
    necessarily indicative of results for a full year.

        The consolidated balance sheet presented as of January 3, 1998, 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 January 3, 1998, filed with
    the Securities and Exchange Commission.

    2.  Comprehensive Income

        During the first quarter of 1998, the Company adopted Statement of
    Financial Accounting Standards No. 130, "Reporting Comprehensive Income."
    This pronouncement sets forth requirements for disclosure of the
    Company's comprehensive income and accumulated other comprehensive items.
    In general, comprehensive income combines net income and "other
    comprehensive items" which represent certain amounts that are reported as
    components of shareholders' investment in the Company's balance sheet,
    including foreign currency translation adjustments and any unrealized net
    of tax gains and losses from available-for-sale investments. During the
    first quarter of 1998 and 1997, the Company had comprehensive income of
    $554,000 and a comprehensive loss of $844,000, respectively.

                                        6PAGE
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                               THERMO VOLTEK CORP.

    3.  Earnings (Loss) per Share 

    Basic and diluted earnings (loss) per share were calculated as follows:

                                                        Three Months Ended
                                                       --------------------
                                                       April 4,   March 29,
    (In thousands except per share amounts)                1998        1997
    -----------------------------------------------------------------------
    Basic
    Net income (loss)                                   $   511     $  (333)
                                                        -------     -------
    Weighted average shares                               8,762       9,832
                                                        -------     -------
    Basic earnings (loss) per share                     $   .06     $  (.03)
                                                        =======     =======

    Diluted
    Net income (loss)                                   $   511     $  (333)
    Effect of convertible obligations                       133           -
                                                        -------     -------
    Income (loss) available to common shareholders,
      as adjusted                                       $   644     $  (333)
                                                        -------     -------
    Weighted average shares                               8,762       9,832
    Effect of:
      Convertible obligations                             3,428           -
      Stock options                                          45           -
                                                        -------     -------
    Weighted average shares, as adjusted                 12,235       9,832
                                                        -------     -------
    Diluted earnings (loss) per share                   $   .05     $  (.03)
                                                        =======     =======

        The computation of diluted earnings per share excludes the effect of
    assuming the exercise of certain outstanding stock options because the
    effect would be antidilutive. As of April 4, 1998, there were 564,100 of
    such options outstanding, with exercise prices ranging from $5.33 to
    $14.05 per share. In addition, the computation of diluted earnings per
    share for the first quarter of 1997 excludes the effect of assuming the
    conversion of the Company's subordinated convertible obligations, because
    the effect would be antidilutive.

    4.  Offer to Acquire the Outstanding Common Stock of the Company

        On March 31, 1998, the Company received a proposal from its parent
    company, Thermedics Inc., to acquire, through a merger, all of the
    outstanding shares of the Company's common stock that Thermedics does not
    own, at a price of $7.00 per share in cash. In addition, the proposal
    contemplates the redemption of the Company's $5.3 million principal
    amount of 3 3/4% convertible subordinated debentures due 2000. As of
    April 4, 1998, Thermedics owned 67% of the outstanding common stock of
    the Company. Thermedics is a 62%-owned subsidiary of Thermo Electron
    Corporation, which in turn owns approximately 3% of the outstanding
    common stock of the Company.

                                        7PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    4.  Offer to Acquire the Outstanding Common Stock of the Company
        (continued)

        On March 31, 1998, complaints were filed by certain shareholders of
    the Company, each attempting to act on behalf of the Company's public
    shareholders. The complaints allege, among other things, that the
    proposed price of $7.00 per share to be paid to the shareholders of the
    Company is unfair and grossly inadequate. 

        The Company has appointed a special committee, comprised of its
    independent directors, to evaluate the proposal with the assistance of a
    financial advisor, to be selected. The merger is contingent upon, among
    other things, the negotiation and execution of a definitive merger
    agreement; receipt by the Company's board of directors of an opinion by
    an investment banking firm that the Thermedics offer is fair to the
    Company's shareholders (other than Thermedics and Thermo Electron) from a
    financial point of view; the approval of the Company's board of directors
    upon recommendation of its special committee; and clearance by the
    Securities and Exchange Commission of the proxy materials regarding the
    proposed transaction.

    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 heading "Forward-looking Statements"
    in Exhibit 13 to the Company's Annual Report on Form 10-K for the fiscal
    year ended January 3, 1998, filed with the Securities and Exchange
    Commission.

    Overview

        The Company designs, manufactures, and markets electromagnetic
    compatibility (EMC) test instruments and a range of products related to
    power amplification, conversion, and quality. The Company's test
    instruments help manufacturers of electronic systems and integrated
    circuits ensure product quality and meet certain regulatory requirements.
    The Company's power products are used in communications, broadcast,
    research, and medical imaging applications, as well as in EMC testing
    applications.

        The Company's KeyTek Instrument division manufactures instruments
    that test for immunity to pulsed electromagnetic interference (pulsed
    EMI) and systems used in reliability testing and characterization of
    semiconductor devices. Through its Universal Voltronics division, the

                                        8PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    Overview (continued)

    Company manufactures high-voltage power supplies and related equipment
    that transform utility-supplied AC power into DC 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 radio frequency (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. distributes a range of EMC-related
    products, and provides EMC consulting and systems-integration services.
    Acquired in July 1996, Pacific Power Source Corporation 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.
    primarily manufactures and markets microwave amplifiers that are suitable
    for EMC testing, physics research, and communications, medical, and
    military applications. In October 1997, the Company established its
    Global Power Systems division to market specialized power products,
    particularly for use in boating and marine applications.

        During 1997, the Company experienced lower demand for its EMC test
    products. Due in part to these developments, during 1997 the Company
    implemented certain operational, organizational, and personnel changes.

        A significant percentage of the Company's revenues are derived from
    sales of products outside the U.S., including certain Asian countries,
    through export sales and sales by the Company's European operations. Asia
    is experiencing a severe economic crisis, which has been characterized by
    sharply reduced economic activity and liquidity, highly volatile
    foreign-currency-exchange and interest rates, and unstable stock markets.
    The Company's export sales to Asia could be adversely affected by the
    unstable economic conditions there. In addition, although the Company
    seeks to charge its international 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.

    Results of Operations

    First Quarter 1998 Compared With First Quarter 1997
    ---------------------------------------------------

        Revenues increased to $11.4 million in the first quarter of 1998 from
    $9.7 million in the first quarter of 1997. Revenues increased $1.0
    million due to the acquisition of Milmega in April 1997. In addition, the
    increase in revenues in the first quarter of 1998 was due to higher sales
    of EMC test instruments compared to the first quarter of 1997.

        The gross profit margin increased to 46% in the first quarter of 1998
    from 44% in the first quarter of 1997, primarily due to an increase in
    the sale of certain higher-margin products, as well as the effect of the
    Company's increase in total revenues.

                                        9PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    First Quarter 1998 Compared With First Quarter 1997 (continued)
    ---------------------------------------------------

        Selling, general, and administrative expenses as a percentage of
    revenues decreased to 32% in the first quarter of 1998 from 42% in the
    first quarter of 1997, primarily due to efficiencies gained from
    operational, organizational, and personnel changes implemented in 1997
    and, to a lesser extent, the effect of the acquisition of Milmega, which
    has lower costs as a percentage of revenues, and the Company's increase
    in total revenues. Research and development expenses were $0.8 million in
    both periods, primarily due to the inclusion of $0.1 million in expenses
    at Milmega, offset by the completed development of certain new products
    in the third and fourth quarters of 1997.

        Interest income decreased to $0.2 million in the first quarter of
    1998 from $0.4 million in the first quarter of 1997, primarily due to
    lower average invested balances. Interest expense was $0.3 million in
    both periods.

        The effective tax rates were 40% and 38% in the first quarter of 1998
    and 1997, respectively. The effective tax rates exceeded the statutory
    federal income tax rate primarily due to the impact of nondeductible
    expenses and state income taxes. The effective tax rate increased in 1998
    due to a shift in the relative levels of income in the various
    jurisdictions in which the Company operates.

    Liquidity and Capital Resources

        Consolidated working capital was $27.4 million at April 4, 1998,
    compared with $29.9 million at January 3, 1998. Included in working
    capital are cash, cash equivalents, and available-for-sale investments of
    $15.7 million at April 4, 1998, compared with $17.6 million at January 3,
    1998. During the first quarter of 1998, $0.9 million of cash was provided
    by operating activities. Cash of $1.0 million provided by an increase in
    other current liabilities was offset in part by $0.7 million of cash used
    to fund an increase in inventory, related in part to an increase in
    certain finished goods inventory at KeyTek.

        Excluding available-for-sale investment activity, the Company's
    investing activities in the first quarter of 1998 consisted primarily of
    $0.2 million of expenditures for purchases of property, plant, and
    equipment. The Company expects to make capital expenditures of
    approximately $0.8 million during the remainder of 1998.

        The Company's financing activities used $2.8 million of cash during
    the first quarter of 1998. In April and December 1997, the Company's
    Board of Directors authorized the repurchase, through various dates
    ending December 16, 1998, of up to $15.0 million of Company securities,
    to be funded from working capital. During the first quarter of 1998, the
    Company expended $3.5 million under these authorizations. The Company
    does not currently intend to repurchase any additional securities under
    these authorizations.

                                       10PAGE
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                               THERMO VOLTEK CORP.

    Liquidity and Capital Resources (continued)

        Although the Company expects to have positive cash flow from its
    existing operations, the Company may 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 or Thermedics, 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 6 - Exhibits
    -----------------

        See Exhibit Index on the page immediately preceding exhibits.

                                       11PAGE
<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 8th day of May 1998.

                                             THERMO VOLTEK CORP.



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



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

                                       12PAGE
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                               THERMO VOLTEK CORP.

                                  EXHIBIT INDEX


    Exhibit
    Number       Description of Exhibit
    ------------------------------------------------------------------------
      27         Financial Data Schedule.