FORM 10-QSB

                      SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D. C.   20001

                   QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

FOR QUARTER ENDED SEPTEMBER 30,1997  COMMISSION FILE NUMBER 07320

                                FARM FISH, INC.
A MISSISSIPPI CORPORATION                E. I. NUMBER 64-0532896

                            Post Office Box 23109
                       Jackson, Mississippi   39225-3109

                        Telephone Number (601) 354-3801

Check whether the insurer (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the past 12 months (or 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

State the number of shares outstanding of each of the insurers classes of common
equity, as of the latest purchased date.

CLASS OUTSTANDING AS OF JUNE 30, 1997            2,688,605 SHARES
Common Stock, No Par Value                      Number of Shares













                                FARM FISH, INC.

                                       INDEX


                                         PAGE

    PART I    FINANCIAL INFORMATION

              Consolidated Condensed Balance Sheets
                 Sept.  30, 1997   and  December 31, 1996      1
 
              Consolidated Condensed Statements of Operations
                 Three Months and Nine Months Ended
                  Sept. 30, 1997 and 1996                     2

              Consolidated Condensed Statements of Cash Flows
                 Nine Months Ended Sept  30, 1997 and 1996    3

               Notes to Consolidated Condensed Financial 
                 Statements                                   4

               Management's Discussion and Analysis of Financial
                 Condition and Results of Operations         5,6

    PART II   OTHER INFORMATION                                7

              EXHIBIT 27                                       8
























                                  - 1  -

                       PART I    FINANCIAL INFORMATION

                               FARM FISH, INC.

                     CONSOLIDATED CONDENSED BALANCE SHEETS
                SEPT. 30, 1997 (UNAUDITED) AND DECEMBER 31, 1996

                                    SEPT 30,   DEC  1,
                                      1997      1996
                                _________________________
                                   (UNAUDITED)   (*NOTE)
                                           ASSETS
CURRENT ASSETS
   Cash                                   $  43,356   $ 87,687
   Accounts Receivable                   143,531        174,230
   Inventories - Note 2                   5,177,185    4,656,796
   Prepaid Expenses                          7,523       0
                                     ----------       ----------

 Total Current Assets                  5,371,595    4,918,713
PROPERTY, PONDS, AND EQUIPMENT - NET     2,111,661    2,276,003

OTHER ASSETS                           500,891          308,662
                                    -----------       ----------
TOTAL ASSETS                       $7,984,147       $7,503,378
                                     ==========       ==========

                       LIABILITIES AND STOCKHOLDER'S EQUITY

CURRENT LIABILITIES
   Accounts Payable                  $ 100,178        $  2,179
   Advances Payable to Shareholder &
     Current Maturities               3,230,527        2,175,171
   Other Accrued Expenses and Payable   314,234          902,123
                                     ----------        ---------
   TOTAL CURRENT LIABILITIES         3,644,939        3,079,473

LONG TERM DEBT, Less Current Maturities                 270,000
DEFERRED INCOME TAXES                  123,000          129,000

STOCKHOLDER'S EQUITY
 Common Stock - without par value, authorized 5,000,000 shares,
subscribed and issued 2,688,605 shares at stated value at 
Sept 30,1997 and 2,688,605 shares at December 31, 1996
                                  4,424,336        4,424,336

Additional Paid-In Capital            475,776    475,776
Retained Earnings (Deficit)          (683,904)  (875,207)
                                   ---------       ---------
TOTAL STOCKHOLDER'S EQUITY         4,216,208       4,024,905
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY
                                     $7,985,147    $7,503,378
                                  ==========       ==========


*See accompanying notes to consolidated condensed financial statements.






                                    -  2  -

                                 FARM FISH, INC.
                CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
                                   (UNAUDITED)
        FOR THREE AND NINE  MONTHS ENDED SEPT  30, 1997 AND 1996.

                       THREE  MONTHS ENDED    NINE MONTHS ENDED
                             SEPT  30              SEPT 30
                     _______________________ ____________________
                    1997          1996             1997      1996

NET SALES          $ 681,052  $785,937  $2,570,522  $2,656,691


COST AND EXPENSES
   Cost of Sales     596,603   599,466     2,059,765  1,723,097
   Selling, General, and
      Administrative Expenses 48,888   63,875   163,380   138,533
   Interest          12,808      17,834     41,921      38,076
                    --------   ----------  ---------   ---------
   Total Cost and Expense  658,299 659,468  2,265,066 1,899,706

INCOME BEFORE INCOME TAXES   0  126,469   305,456     756,985

INCOME TAX EXPENSE           0   45,703   107,428     287,655
                 --------   ---------  ----------    ----------
NET INCOME    $ 22,753    $ 80,766    $198,028     $469,330
              =========   =========    =======    =========

WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
 (Primary & assuming
    full Dilution) 2,688,605  2,688,605  2,688,605  2,688,605
                   =======    =========   ========    =========

NET INCOME PER SHARE   $  0.01    $ 0.03     $   0.07    $   0.17
                      =========  =========   =========   ========



*See accompanying notes to consolidated condensed financial statements.





                                     - 3  -

                                 FARM FISH, INC.

                 CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS 
                                  (UNAUDITED)
                 FOR NINE MONTHS ENDED SEPT 30 , 1997 AND 1996


                                              NINE  MONTHS ENDED
                                                    SEPT 30,
                                        _________________________
                                           1997              1996


NET CASH PROVIDED BY OPERATING ACTIVITIES $ 52,407       $(1,559)

INVESTING ACTIVITIES
   Purchase of Equipment                  (22,441)     (200,002)
   Decrease (Increase) in Other Assets                   33,120
                                          ---------   ----------

NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 29,966 (166,882)





FINANCING ACTIVITIES
    Proceeds from Borrowing               405,934        475,000
    Principal Payments on Borrowing      (505,000)      (300,000)
    Advances from Shareholders             31,641              0
    Payments on Shareholders Advances     (41,015)             0
                                         --------        --------
NET CASH PROVIDED(USED)IN FINANCING ACTIVITIES  (67,425)  175,000


INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS  (37,459)    6,559

Cash and Cash Equivalents at Beginning of Period  80,815   22,231
                                                  ------ --------

CASH AND CASH EQUIVALENTS AT END OF PERIOD  $ 43,356     $28,790
                                             ========   =========

















*See accompanying notes to consolidated condensed financial statements.


                                     - 4  -

                                 FARM FISH, INC.

           NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 




NOTE 1:          BASIS OF PRESENTATION

The accompanying unaudited consolidated condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions for Form 10-QSB and Rule 10-01
of Regulations S-X.  Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principals for complete
financial statements.  In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included.  Operating results for the six-month period ended Sept. 30, 1997
are not necessarily indicative of the results that may be expected for the year
ended December 31, 1997.  For further information refer to consolidated
financial statements and footnotes thereto included in the Company's Annual
Report on Form 10-KSB for year ended December 31, 1996.

NOTE 2:          INVENTORIES

The components of inventory consist of the following:

                              SEPT.  30,         DEC. 31,
                                1997               1996
                             _____________________________

Live Fish                         $5,156,355        $4,635,380

Feed and Supplies                     20,830            21,416
                                    ---------        ----------
TOTAL INVENTORY                     $5,177,185        $4,656,796
                                    ==========        ==========

NOTE 3:

        For the Three Months period for 1997 and 1996, the company recorded
$40,381 and $102,008, respectively, at operating losses from Delta Pride and for
the Nine Months period in 1997 and 1996, recorded $116,403 and $115,163,
respectively, of operating loses from Delta Pride, which are included in other
costs and expenses in Accompanying Consolidated Condensed Statement of
Operations.  Other income in the Three Months period for 1997 and 1996 of $1,141
and $1,794, respectively, and for the Nine Months period in 1997 and 1996 of
$90,830 and $104,639, respectively are included in other costs and expenses of
the Accompanying Consolidated Condensed Statement of Operations.


NOTE 4:     INCOME TAXES

The effective income tax rate for the quarter ended Sept. 30, 1997 and Sept. 30,
1996 differ from the statutory federal income tax rate due to state income tax.


                                          - 5  -

                                 FARM FISH, INC.
 
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is Management's Discussion and Analysis of certain significant
factors which have affected the Company's earnings during the periods included
in the accompanying statements of income.

OPERATING INCOME

SIX MONTH ENDED JUNE 30, 1997 COMPARED TO SIX MONTH ENDED JUNE 30,1996

          Net sales for the six months ended June 30, 1997 increased by $20,982
or 1% from 1996. The number of food fish pounds sold during the period increased
by 185,647 or 8%.  The average selling price of food fish decreased by $.05 per
pound accounting for the decrease in profits of $125,395 from the sale of
food fish.  The decrease was manifest throughout the industry resulting from
weaker demand for food fish.

     Cost of product sold for six months ending June 30, 1997, increased by $.09
per pound compared to the same period of 1996.  This 17% increase was due to an
increase of inventory valuation of $.04 per pound that occurred principally
during the last half of the fiscal 1996 year due to increased feed prices.
Catfish feed represents the single most significant component of Farm Fish's
cost of product.

     General and administrative expenses for the period increased by $21,113.
This increase was due principally to increased cost in professional fees.
     Interest expense, increased by $5,885 due to an increase in average
borrowings.

    As a result of the above, net income decreased by $213,289 to $175,275.

THREE MONTHS ENDED JUNE 30,1997 COMPARED TO THREE MONTHS ENDED JUNE 30, 1996

     Net sales for the months ended June 30, 1997 decreased by $761 from 1996.
The number of pounds of food fish sold during the period increased by 76,467
pounds or 7%.  The average selling price of food fish during this period
decreased by $.05 per pound.

     Cost of sales increased from 1996 by $133,542 or 22% due to increased
inventory valuation.  General and administration expenses increased over 1996
by $15,187 or 32%. Legal and professional fees were significant portions of this
increase.



                                       -6-
                            FARM FISH, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                                  Continued


LIQUIDITY

          As of September  30, 1997 current assets exceeded current liabilities
by $1,727,000 compared to $2,031,000  for the same period ended Sept 30, 1996.
The most significant component of the change was an increase in inventories of
$389,000 and an increase in current liabilities of $610,000 on line of credit
advances.

     Delta Industries, Inc. made no payments for the company during the
nine-month period ending Sept. 30, 1997, or for the same period in 1996.

     The Company obtained  a new line of credit note on May 2, 1997, with a
local bank for $2,000,000 guaranteed by Delta Industries, Inc.  at a lower rate
of interest than the company's existing line of credit.  This line is renewable
annually.  Farm Fish, Inc. had $913,000 available to borrow under its line of
credit as of Sept. 30, 1997.  In addition to this line of credit and internally
generated funds, the Company would rely on Delta Industries, Inc. to supply
additional working capital if needed.

GENERAL

     FAS 121 was adopted as of January 1, 1996 with no impact on the Company's
financial position or operations.












                                     - 7  -

                          PART II     OTHER INFORMATION

                                 FARM FISH, INC.



ITEM 1  - LEGAL PROCEEDINGS

     The Registrant is not aware of any pending legal proceedings, other than
ordinary routine litigation incidental to the business, involving the Registrant
or its subsidiary of any property or assets of the Registrant of its subsidiary.


ITEM 4  - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     There were no stockholder's meetings held during the quarter ended
September 30, 1997.


ITEM 6  - EXHIBIT AND REPORT ON FORM 8-K

     Exhibit 27 - Financial Data Schedule - (Page 8 Attached)

     There was no report on Form 8-K for the quarter ended September 30, 1997.



                             SIGNATURES

In accordance with the requirement of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned thereunto duly
authorized.



                                                  FARM FISH, INC.
                                             --------------------
                                                   (Registrant)


   November 14, 1997
  --------------------                 -------------------------
       Date                            C. E. Horne, Secretary
                                       and Chief Financial Officer