UNITED STATES
                       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 quarterly period ended:  January 31, 1998

                                   OR
                                
    [    ]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from _________ to ___________

    Commission file number
       0-12619
  
    Collins Industries, Inc.
    (Exact name of registrant as specified in its charter)
                                
    Missouri
    (State of other jurisdiction of incorporation)    

    43-0985160                                
    (I.R.S. Employer Identification Number)
                                
    15 Compound Drive                      
    Hutchinson, Kansas                         67502-4349             
    (Address of principal executive offices)   (Zip Code)
                                
    Registrant's telephone number including area code
    316-663-5551
                                
                                
                                
    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    





                  APPLICABLE ONLY TO CORPORATE ISSUERS:
                                
    Indicate the number of shares outstanding of each of the issuer's
    classes of common stock, as of the latest practicable date.




    Common Stock, $.10 par value                       7,582,181             
               Class                       Outstanding at February 25, 1998

                                
                COLLINS INDUSTRIES, INC. AND SUBSIDIARIES
                                
                                FORM 10-Q
                            JANUARY 31, 1998
                                
                                  INDEX
                                 
    PART I.   FINANCIAL INFORMATION                                PAGE NO

         Item 1.  Financial Statements:

              Consolidated Condensed Balance Sheets
                   January 31, 1998 and October 31, l997              3

              Consolidated Condensed Statements of Income -
                   Three Months Ended January 31, 1998 and 1997       4

              Consolidated Condensed Statements of Cash Flow -
                   Three Months Ended January 31, 1998 and 1997       5

              Notes to Consolidated Condensed Financial Statements    6

          Item 2.

              Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                8


    PART II.  OTHER INFORMATION

          Item 6.  Exhibits and Reports on Form 8-K                   11


    SIGNATURES                                                        12 

    PART I - FINANCIAL INFORMATION

    Item 1 - Financial Statements

                Collins Industries, Inc. and Subsidiaries
                  CONSOLIDATED CONDENSED BALANCE SHEETS
                                
                                            January,31           October,31
                                               1998                  1997    
                                           (Unaudited)          
    ASSETS                                                 
    Current Assets:                
       Cash                                $   511,839          $   189,152
       Receivables, trade & other, net       8,247,787            6,745,973  
       Inventories, lower of cost (FIFO)    24,303,230           25,686,022  
       Prepaid expenses and other current      773,265            1,380,998
       assets                                  
          Total current assets              33,836,121           34,002,145  
                                                                
                                                                
    Property and equipment, at cost         33,820,586           32,232,490  
      Less:  accumulated depreciation       20,121,283           19,800,671
      Net property and equipment            13,699,303           12,431,819
    Other assets                               954,447              729,166  
          Total assets                     $48,489,871          $47,163,130
                                                            
                                                                 
    LIABILITIES & SHAREHOLDERS' INVESTMENT                           
    Current liabilities:                                             
       Current maturities of long-term                           
       debt & capitalized leases            $1,040,819           $1,094,948  
       Accounts payable                     11,788,600           14,200,975
       Accrued expenses                      3,043,942            3,663,382
          Total current liabilities         15,873,361           18,959,305
                                                               
    Long-term debt and capitalized lease    13,388,645            8,361,887
                                                               
                                                                 
    Shareholders' investment:                                        
       Common stock                            757,138              738,568  
       Paid-in capital                      18,857,962           18,918,903  
       Retained earnings (deficit)            (387,235)             184,467 
          Total shareholders' investment    19,227,865           19,841,938  
          Total liabilities & shareholder's $48,489,871          $47,163,130 
          investment                                                       
                                                                 
                                                                 
    (See accompanying notes)                                         
                                                                 
                                                                 
                                                                 
                Collins Industries, Inc. and Subsidiaries
               CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                              (Unaudited)
                                
                                
                                                   Three Months Ended
                                                       January 31,
                                                       
                                                   1998             1997
                                                      
                                                       
    Sales                                      $38,480,622       $35,280,611  
    Cost of sales                               33,435,940        30,214,276 
       Gross profit                              5,044,682         5,066,335 
                                                            
    Selling, general and administrative                         
    expenses                                     3,820,458         3,705,519
                                                        
      Income from operations                     1,224,224         1,360,816
                                                          
    Other income (expense):                                     
      Interest, net                               (386,629)         (464,300) 
      Other, net                                    80,229           116,392
                                                  (306,400)         (347,908)  
                                            
      Income before income taxes                   917,824         1,012,908
                                                          
    Provision for income taxes                     320,000                 0    
                                                    
       Net income                               $  597,824       $ 1,012,908
                                                   
    Earnings  per share:                                        
       Basic                                    $      .08       $      0.14 
       Diluted                                  $      .08       $      0.13
                                            
                                                                            
    Weighted average  common and common                         
    equivalent shares outstanding               
        Basic                                    7,452,847         7,303,657
        Diluted                                  7,903,702         7,769,171    
                                              
                                
    (See accompanying notes)
                Collins Industries, Inc. and Subsidiaries
             CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
                               (Unaudited)
                                
                                                    Three Months Ended
                                                        January 31,
                                                         
                                                   1998            1997
                                                       
    Cash flow from operations:                           
       Cash received from customers            $36,978,808       $37,210,954  
       Cash paid to suppliers and employees    (38,164,207)      (37,114,198)
       Interest paid                              (347,935)         (600,058)
                                                   
         Cash used in operations                (1,533,334)         (503,302)
                                                         
    Cash flow from investing activities:                         
       Capital expenditures                     (1,588,096)         (313,578)
       Other,net                                  (316,616)           (3,458)
                                                  
         Cash used in investing activities      (1,904,712)         (317,036)
                                                         
                                                             
     Cash flow from financing activities:                         
       Net increase in other borrowings          5,261,678         1,579,831 
       Principal payments of long-term debt                     
       and capitalized leases                     (289,049)         (294,402)
       Proceeds from exercise of stock options      65,629            60,325 
       Acquisition and retirement of 
       treasury stock                             (108,000)         (538,200)
       Payment of dividends                     (1,169,525)                0   
                                                             
         Cash provided by financing activities   3,760,733           807,554 
                                                             
    Net increase (decrease) in cash                 322,687          (12,784)
                                                                             
    Cash at beginning of period                     189,152          255,405
                                                           
    Cash at end of period                       $   511,839      $   242,621 
                                                             
                                                             
    Reconciliation of net income to net cash                     
    used in operations:                                      
                                                             
       Net income                               $   597,824      $ 1,012,908
       Depreciation and amortization                411,946          427,954
       Decrease (increase) in receivables        (1,501,814)       1,930,343 
       Decrease (increase) in inventories         1,382,792       (1,343,083)
       Decrease (increase) in prepaid expenses 
       and other current asset                      607,733         (299,446) 
       Decrease in accounts payable and                         
       accrued expenses                          (3,031,815)      (2,231,978)
                                                             
    Cash used in operations                     $(1,533,334)     $  (503,302)

                                                            
    (See accompanying notes)                                     
                                                             



                COLLINS INDUSTRIES, INC. AND SUBSIDIARIES
                                
                                
          Notes to Consolidated Condensed Financial Statements
                               (Unaudited)
                                
                                
                                
    (1)  General

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

    In   the   opinion  of  management,  the  accompanying  unaudited
    consolidated   condensed   financial   statements   contain   all
    adjustments (consisting of only normal recurring items) necessary
    to  summarize fairly the Company's financial position at  January
    31,  1998 and October 31, 1997 and results of its operations  and
    its  cash  flows for the three months ended January 31, 1998  and
    1997.

    The Company suggests that the unaudited Consolidated Condensed
    Financial Statements for the three months ended January 31, 1998
    be read in conjunction with the Company's Annual Report for the
    year ended October 31, 1997.

    (2)  Inventories

    Inventories,  which  include material, labor,  and  manufacturing
    overhead, are stated at the lower of cost (FIFO) or market.

    Major  classes of inventories as of January 31, 1998 and  October
    31, 1997, consisted of the following:

                                      January 31,         October 31,
                                        1998                 1997      

     Chassis                        $  6,692,530        $  7,675,115
     Raw materials & components        9,742,770           8,673,308
     Work in process                   3,652,821           4,173,173
     Finished goods                    4,215,109           5,164,426
                                     $24,303,230         $25,686,022
  
    (3)  Earnings per Share

    The  computation of earnings per share is based on  the  weighted
    average  number  of outstanding common shares during  the  period
    plus  common  stock  equivalents  consisting  of  certain  shares
    subject to stock options.

    (4)  Contingencies and Litigation

    At  January 31, 1998 the Company had contingencies and litigation
    pending   which  arose  in  the  ordinary  course  of   business.
    Litigation  is subject to many uncertainties and the  outcome  of
    the  individual  matters is not presently  determinable.   It  is
    management's  opinion that this litigation would  not  result  in
    liabilities  that  would have a material adverse  effect  on  the
    Company's consolidated financial position.
                                
    (5)  Income Taxes

    The provision for income taxes for three months ended January 31,
    1998 is calculated at statutory rates.  The Company had no income
    tax expense for the three months ended January 31, 1997 due to
    the utilization of net operating loss carryforwards and general
    business tax credits.

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

    RESULTS OF OPERATIONS:

    Net Sales

    Sales  for the quarter ended January 31, 1998 were $38.5  million
    or  9% higher than the $35.3 million in net sales for the quarter
    ended  January  31, 1997.  This increase was principally  due  to
    higher sales of bus products.

    The Company's consolidated sales backlog at January 31, 1998 was
    $44.4 million compared to $45.5 million at October 31, 1997 and
    $43.3 at January 31, 1997.

    Cost of Sales

    The Company's cost of sales for the quarter ended January 31,
    1998 was $33.4 million or 86.9% of sales compared to $30.2
    million or 85.6% of sales for the quarter ended January 31, 1997.
    The percentage increase was principally due to higher sales
    incentives on closing out 1997 models in the first quarter of
    fiscal 1998 over that of the same period last year.

    Selling, General & Administrative Expenses

    Changes in selling, general & administrative expenses between the
    quarters ended January 31, 1998 and 1997 were not material.

    Other Income (Expense)
 
    Interest  expense  decreased  principally  as  a  result  of  the
    Company's  overall reduction of its outstanding  interest-bearing
    debt.

    Income Taxes

    The  Company's income tax expense of $.3 million ($.04 per share)
    for  the  quarter ended January 31, 1998 is calculated  based  on
    statutory  income  tax  rates.  The Company  had  no  income  tax
    expense  for  the  quarter ended January  31,  1997  due  to  the
    utilization  of  net  operating loss  carryforwards  and  general
    business tax credits.  All carryforwards of net operating  losses
    and  tax  credits were utilized in the fiscal year ended  October
    31,  1997.   Accordingly, the Company expects future  income  tax
    provisions to be based on statutory income tax rates.

    Net Earnings

    The  Company's net earnings were $.6 million ($.08 per share) for
    the quarter ended January  31, 1998 compared to $1.0 million
    ($.14 per  share)  for the  quarter  ended  January  31,  1997.  The
    decrease  in  the Company's net earnings was principally attributable
    to income tax expense for the quarter ended January 31, 1998.

    LIQUIDITY AND CAPITAL RESOURCES:

    The  Company  used  existing credit lines,  internally  generated
    funds   and  supplier  financing  and  financing  from   issuance of
    Industrial  Revenue  Bonds  to fund its  operations  and  capital
    expenditures for the quarter ended January 31, 1998.

    Cash  used  in operations was $1.5 million for the quarter  ended
    January  31,  1998  compared  to $.5 million  for  quarter  ended
    January  31, 1997.  Cash used in operations principally  resulted
    from  the  Company's reductions of accounts payable  and  accrued
    expenses during the quarter ended January 31, 1998.

    Cash  used  in  investing activities was  $1.9  million  for  the
    quarter  ended January 31, 1998 compared to $.3 million  for  the
    quarter ended January 31, 1997.  The increase was principally due
    to higher capital expenditures for the expansion of the Company's
    bus manufacturing facilities.

    Cash  flow provided by financing activities was $3.8 million  for
    the  quarter  ended January 31, 1998 compared to $.8 million  for
    the  quarter  ended  January 31, 1997.  This  change  principally
    resulted  from  increases  in borrowings  in  the  quarter  ended
    January  31,  1998.  This increase was partially  offset  by  the
    payments  of  two  cash  dividends totaling  $1.2  million.   The
    Company paid a regular quarterly cash dividend of $.025 per share
    in  December, 1997 and paid a special cash dividend of  $.13  per
    share in January, 1998.

    The Company believes that its cash flows from operations and bank
    credit  lines  will be sufficient to satisfy its  future  working
    capital and capital expenditure requirements.

    In  December,  1997 the Company entered into a capitalized  lease
    agreement  with  the  City of South Hutchinson,  Kansas  for  the
    issuance  of $3.5 million of 1997 Industrial Revenue Bonds.   The
    Bonds  bear  interest at rates ranging from 4.75%  to  5.80%  and
    mature serially over a period of ten years.  The proceeds of  the
    Bonds  will  be  used to construct and equip an addition  to  the
    Company's bus manufacturing facilities.  As of January 31,  1998,
    unused net proceeds from the Bonds were $2.5 million.  Except  as
    previously  noted,  at  January 31,  1998  there  were  no  other
    significant  or  unusual  contractual  commitments   or   capital
    expenditure commitments.

    SAFE  HARBOR  STATEMENT  UNDER THE PRIVATE SECURITIES  LITIGATION
    REFORM ACT OF 1995

    Except  for the historical information contained herein,  certain
    matters   discussed   in  this  Form  10-Q  are   forward-looking
    statements  which involve risks and uncertainties, including  but
    not   limited   to   economic,  competitive,   governmental   and
    technological   factors   affecting  the  Company's   operations,
    markets,   products,  services,  prices  and  other  factors.


    PART II - OTHER INFORMATION

    Item 1 - Legal Proceedings
         Not applicable

    Item 2 - Changes in Securities
         Not applicable

    Item 3 - Defaults on Senior Securities
         Not applicable
  
    Item 4 - Submission of Matters to a Vote of Security-Holders
         Not applicable

    Item 5 - Other Information
         Not applicable

    Item 6 - Exhibits and Reports on Form 8-K

         (a)  Exhibits:
                   27.0 - EDGAR Financial Data Schedule

         (b)  Reports on Form 8-K - No reports on Form 8-K were filed
              during the quarter ended January 31, 1998.



                              SIGNATURE


    Pursuant  to the requirements of the Securities Exchange  Act
    of  1934,  the registrant has duly caused this report  to  be
    signed  on  its  behalf  by  the undersigned  thereunto  duly
    authorized.


                                  COLLINS INDUSTRIES, INC.
                                  (REGISTRANT)





    DATE     March 5, 1998        /s/ Larry W. Sayre
                                  LARRY W. SAYRE
                                  VICE PRESIDENT - FINANCE AND
                                  CHIEF FINANCIAL OFFICER
                                  (Principal Accounting Officer)