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 September 27, 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 September 27, 1997
         ----------------------------      ---------------------------------
         Common Stock, $.05 par value                  8,833,442
PAGE
<PAGE>
    PART I - FINANCIAL INFORMATION

    Item 1 - Financial Statements

                               THERMO VOLTEK CORP.

                           Consolidated Balance Sheet
                                   (Unaudited)

                                     Assets


                                                September 27,  December 28,
    (In thousands)                                       1997          1996
    ------------------------------------------------------------------------
    Current Assets:
      Cash and cash equivalents                       $15,718       $17,874
      Available-for-sale investments, at quoted
        market value (amortized cost of $3,021 and
        $10,011; includes $1,399 of related-party
        investments in 1996)                            3,022        10,067
      Accounts receivable, less allowances of $684
        and $587                                       10,391        12,123
      Inventories:
        Raw materials                                   4,634         4,835
        Work in process                                 4,333         3,097
        Finished goods                                  2,359         2,793
      Prepaid income taxes and other current assets     2,014         2,025
                                                      -------       -------
                                                       42,471        52,814
                                                      -------       -------

    Property, Plant, and Equipment, at Cost            10,400         9,739
      Less: Accumulated depreciation and amortization   6,544         5,588
                                                      -------       -------
                                                        3,856         4,151
                                                      -------       -------
    Other Assets                                          235           299
                                                      -------       -------
    Cost in Excess of Net Assets of Acquired
      Companies (Note 2)                               18,240        16,425
                                                      -------       -------
                                                      $64,802       $73,689
                                                      =======       =======



                                        2PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                     Consolidated Balance Sheet (continued)
                                   (Unaudited)

                    Liabilities and Shareholders' Investment


                                                September 27,  December 28,
    (In thousands except share amounts)                  1997          1996
    -----------------------------------------------------------------------
    Current Liabilities:
      Notes payable                                   $ 2,396       $ 1,666
      Accounts payable                                  3,176         3,718
      Accrued payroll and employee benefits             1,149         1,264
      Accrued income taxes                                955         1,244
      Accrued commissions                               1,040         1,063
      Accrued warranty costs                              656           472
      Other accrued expenses                            1,752         1,571
      Due to parent company and affiliates                963           901
                                                      -------       -------
                                                       12,087        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                   38,687        37,762
      Retained earnings                                 4,538         4,284
      Treasury stock at cost, 1,106,423 and
         6,438 shares                                  (8,898)          (69)
      Cumulative translation adjustment                  (560)          (56)
      Net unrealized gain on available-for-sale
        investments                                         1            36
                                                      -------       -------
                                                       34,265        42,445
                                                      -------       -------
                                                      $64,802       $73,689
                                                      =======       =======


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


                                        3PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                        Consolidated Statement of Income
                                   (Unaudited)


                                                    Three Months Ended
                                               ----------------------------
                                               September 27,  September 28,
    (In thousands except per share amounts)             1997           1996
    -----------------------------------------------------------------------
    Revenues                                         $11,132        $12,800
                                                     -------        -------
    Costs and Operating Expenses:
      Cost of revenues                                 6,149          6,470
      Selling, general, and administrative expenses    3,612          3,792
      Research and development expenses                  842          1,007
                                                     -------        -------
                                                      10,603         11,269
                                                     -------        -------

    Operating Income                                     529          1,531

    Interest Income                                      269            399
    Interest Expense (includes $151 and $177 to 
      related party)                                    (289)          (297)
    Gain on Sale of Investments                          180              -
                                                     -------        -------
    Income Before Provision for Income Taxes             689          1,633
    Provision for Income Taxes                           262            439
                                                     -------        -------
    Net Income                                       $   427        $ 1,194
                                                     =======        =======
    Earnings per Share:
      Primary                                        $   .05        $   .13
                                                     =======        =======
      Fully diluted                                  $   .05        $   .10
                                                     =======        =======
    Weighted Average Shares:
      Primary                                          8,837          9,451
                                                     =======        =======
      Fully diluted                                   12,474         13,640
                                                     =======        =======


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


                                        4PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                        Consolidated Statement of Income
                                   (Unaudited)


                                                    Nine Months Ended
                                               ----------------------------
                                               September 27,  September 28,
    (In thousands except per share amounts)             1997           1996
    -----------------------------------------------------------------------
    Revenues                                         $32,736        $35,303
                                                     -------        -------
    Costs and Operating Expenses:
      Cost of revenues                                18,042         18,013
      Selling, general, and administrative expenses   11,850         10,572
      Research and development expenses                2,712          2,538
                                                     -------        -------
                                                      32,604         31,123
                                                     -------        -------

    Operating Income                                     132          4,180

    Interest Income                                      967          1,393
    Interest Expense (includes $453 and $530 to 
      related party)                                    (869)        (1,134)
    Gain on Sale of Investments                          180              -
                                                     -------        -------
    Income Before Provision for Income Taxes             410          4,439
    Provision for Income Taxes                           156          1,176
                                                     -------        -------
    Net Income                                       $   254        $ 3,263
                                                     =======        =======
    Earnings per Share:
      Primary                                        $   .03        $   .38
                                                     =======        =======
      Fully diluted                                  $   .03        $   .28
                                                     =======        =======
    Weighted Average Shares:
      Primary                                          9,297          8,560
                                                     =======        =======
      Fully diluted                                    9,438         13,639
                                                     =======        =======


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


                                        5PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                      Consolidated Statement of Cash Flows
                                   (Unaudited)

                                                     Nine Months Ended
                                                ----------------------------
                                                September 27, September 28,
    (In thousands)                                       1997          1996
    ------------------------------------------------------------------------
    Operating Activities:
      Net income                                      $   254       $ 3,263
      Adjustments to reconcile net income to
        net cash provided by operating activities:
          Depreciation and amortization                 1,433         1,287
          Provision for losses on accounts receivable     144            80
          Gain in sale of investments                    (180)            -
          Changes in current accounts, excluding the
            effects of acquisitions:
              Accounts receivable                       1,848        (1,901)
              Inventories                                 (93)         (764)
              Other current assets                        201            46
              Accounts payable                           (678)         (266)
              Other current liabilities                  (900)         (204)
                                                      -------       -------
    Net cash provided by operating activities           2,029         1,541
                                                      -------       -------

    Investing Activities:
      Acquisitions, net of cash acquired               (2,820)       (6,040)
      Purchases of available-for-sale investments           -        (5,500)
      Proceeds from sale and maturities of
        available-for-sale investments                  6,980        18,009
      Purchases of property, plant, and equipment        (557)       (1,331)
      Other                                              (125)           42
                                                      -------       -------
    Net cash provided by investing activities           3,478         5,180
                                                      -------       -------
    Financing Activities:
      Net increase (decrease) in notes payable            943           (31)
      Net proceeds from issuance of Company common
        stock                                             293           124
      Repurchase of Company common stock               (8,955)            -
      Other                                              (113)            -
                                                      -------       -------
    Net cash provided by (used in) financing 
      activities                                       (7,832)           93
                                                      -------       -------
    Exchange Rate Effect on Cash                          169          (177)
                                                      -------       -------
    Increase (Decrease) in Cash and Cash Equivalents   (2,156)        6,637
    Cash and Cash Equivalents at Beginning of Period   17,874         8,651
                                                      -------       -------
    Cash and Cash Equivalents at End of Period        $15,718       $15,288
                                                      =======       =======


                                        6PAGE
<PAGE>
                               THERMO VOLTEK CORP.

                Consolidated Statement of Cash Flows (continued)
                                   (Unaudited)

                                                     Nine Months Ended
                                                ----------------------------
                                               September 27,  September 28,
    (In thousands)                                      1997           1996
    ------------------------------------------------------------------------
    Noncash Activities:
      Fair value of assets of acquired companies     $ 4,807        $ 7,048
      Cash paid for acquired companies                (3,248)        (6,300)
                                                     -------        -------
        Liabilities assumed of acquired companies    $ 1,559        $   748
                                                     =======        =======
      Conversions of subordinated convertible
        obligations (includes $1,500 of related-
        party debt in 1996)                          $   895        $15,590
                                                     =======        =======


    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
    September 27, 1997, the results of operations for the three- and
    nine-month periods ended September 27, 1997, and September 28, 1996, and
    the cash flows for the nine-month periods ended September 27, 1997, and
    September 28, 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
    amplifiers 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) test 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) and systems for reliability testing and
    characterization of semiconductor devices. 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) 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 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.

        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).

                                        9PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    Overview (continued)

         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.

    Results of Operations

    Third Quarter 1997 Compared With Third Quarter 1996

        Revenues decreased to $11.1 million in the third quarter of 1997 from
    $12.8 million in the third quarter of 1996, primarily due to lower demand
    for the Company's EMC test products, offset in part by an increase in
    revenues of $0.7 million due to the acquisition of Milmega in April 1997.

        The gross profit margin decreased to 45% in the third quarter of 1997
    from 49% in the third quarter of 1996, primarily due to a decrease in the
    sale of certain higher-margin EMC test products, as well as the effect of
    the Company's decrease in total revenues, offset in part by a
    nonrecurring expense adjustment of $0.1 million in 1996, for inventory
    revalued at the time of the Pacific Power acquisition.

        Selling, general, and administrative expenses as a percentage of
    revenues increased to 32% in the third quarter of 1997 from 30% in the
    third quarter of 1996, primarily due to the effect of the Company's
    decrease in revenues, offset in part by the effect of the acquisition of
    Milmega, which has lower costs as a percentage of revenues. Research and
    development expenses decreased to $0.8 million in 1997 from $1.0 million
    in 1996, primarily due to the completed development of certain new
    products in the third and fourth quarters of 1996, offset in part by an
    increase of $0.1 million related to the acquisition of Milmega.

        Interest income decreased to $0.3 million in the third quarter of
    1997 from $0.4 million in the third quarter of 1996, primarily due to
    lower average invested balances. Interest expense was $0.3 million in
    both periods.

        The Company recognized a gain of $0.2 million from the sale of
    available-for-sale investments in the third quarter of 1997.

        The effective tax rates were 38% and 27% in the third 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.

                                       10PAGE
<PAGE>
                               THERMO VOLTEK CORP.

    First Nine Months 1997 Compared With First Nine Months 1996

        Revenues decreased to $32.7 million in the first nine months of 1997
    from $35.3 million in the first nine months of 1996, primarily due to
    lower demand for the Company's EMC test products, including a decline in
    the component-reliability market for electrostatic discharge (ESD) test
    equipment, caused by a slowdown in capital expenditures by the
    semiconductor industry. These decreases in revenues were offset in part
    by an increase in revenues of $4.8 million due to the acquisitions of
    Pacific Power in July 1996 and Milmega in April 1997.

        The gross profit margin decreased to 45% in the first nine months of
    1997 from 49% in the first nine months of 1996, primarily due to a
    decrease in the sale of certain higher-margin EMC test products, as well
    as the effect of the Company's decrease in total revenues, offset in part
    by the inclusion of higher-margin revenues at Pacific Power for the full
    nine-month period in 1997.

        Selling, general, and administrative expenses as a percentage of
    revenues increased to 36% in the first nine months of 1997 from 30% in
    the first nine months of 1996, primarily due to the effect of the
    Company's decrease in revenues, offset in part by the effect of the
    acquisitions of Pacific Power and Milmega, which have lower costs as a
    percentage of revenues. In addition, during the second quarter of 1997,
    the Company incurred $0.4 million of severance and related costs
    associated with reductions in personnel, as part of a continuing
    evaluation of its lines of business, with the goal of improving
    profitability. Research and development expenses increased to $2.7
    million in 1997 from $2.5 million in 1996, primarily due to an increase
    of $0.4 million related to the acquisitions of Pacific Power and Milmega,
    offset in part by the completed development of certain new products in
    the third and fourth quarters of 1996.

        Interest income decreased to $1.0 million in the first nine months of
    1997 from $1.4 million in the first nine months of 1996, primarily due to
    lower average invested balances. Interest expense decreased to $0.9
    million in 1997 from $1.1 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 nine 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.

                                       11PAGE
<PAGE>
                               THERMO VOLTEK CORP.


    Liquidity and Capital Resources

        Consolidated working capital was $30.4 million at September 27, 1997,
    compared with $40.9 million at December 28, 1996. Included in working
    capital are cash, cash equivalents, and available-for-sale investments of
    $18.7 million at September 27, 1997, compared with $27.9 million at
    December 28, 1996. During the first nine months of 1997, $2.0 million of
    cash was provided by operating activities, primarily due to a decrease in
    accounts receivable of $1.8 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 nine months of 1997 consisted primarily
    of the acquisition of Milmega for $2.8 million in cash, net of cash
    acquired, and $0.6 million of expenditures for purchases of property,
    plant, and equipment. The Company expects to make capital expenditures of
    approximately $0.5 million during the remainder of 1997. 

        The Company's financing activities used $7.8 million of cash during
    the first nine months 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 first nine months of 1997, the Company expended $9.0 million
    under this authorization.

        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 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 3rd day of November
    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.