UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  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 March 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: 1-11007


                         TOASTMASTER INC.
      (Exact name of registrant as specified in its charter)


          MISSOURI                                43-1204566
(State or other jurisdiction                 (I.R.S. Employer 
of incorporation or organization)            Identification No.)


     1801 NORTH STADIUM BOULEVARD, COLUMBIA, MISSOURI    65202
(Address of principal executive offices)               (Zip Code)


REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:(573) 445-8666



 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 [ ]

AT APRIL 30, 1998, THERE WERE 7,545,150 SHARES OF THE
REGISTRANT'S COMMON STOCK OUTSTANDING.



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                         TOASTMASTER INC.
                              INDEX


PART I.  FINANCIAL INFORMATION

     ITEM 1.  FINANCIAL STATEMENTS
             CONSOLIDATED STATEMENTS OF OPERATIONS -
               QUARTERS ENDED MARCH 31, 1998 AND 1997           3

             CONSOLIDATED BALANCE SHEETS - 
          MARCH 31, 1998 AND 1997 AND DECEMBER 31, 1997         4

             CONSOLIDATED STATEMENTS OF CASH FLOWS -
               THREE MONTHS ENDED MARCH 31, 1998 AND 1997       5

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS         6

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
               FINANCIAL CONDITION AND RESULTS OF 
               OPERATIONS                                     7-8

     ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES 
               ABOUT MARKET RISK                                8

PART II.  OTHER INFORMATION

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                  8

SIGNATURE                                                       9


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TOASTMASTER INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)

                                             QUARTER ENDED MAR 31
                                               1998        1997

Net Sales                                    $25,626    $26,315
Cost of Sales                                 21,318     22,181
     Gross Profit                              4,308      4,134

Selling, General and Admin. Expenses           4,977      5,054 
     Operating (Loss)                           (669)      (920)

Other Expense - Interest                         855         862
    (Loss) Before Income Taxes                (1,524)    (1,782)

Income Tax (Benefit)                            (642)      (641)
     Net (Loss)                              $  (882)   $(1,141)

Basic and Diluted (Loss) per
     Common Share                            $ (0.12)   $ (0.15)

Weighted Average Shares Used in Computation:                
    Basic Earnings per Common Share            7,539      7,538
    Diluted Earnings per Common Share          7,579      7,538




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TOASTMASTER INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

                         3/31/98        12/31/97        3/31/97
    ASSETS

Cash                     $    89        $   178         $    92
Accounts Receivable,
  less allowances         23,157         42,396          25,376 
Inventories
  Finished Goods          34,397         26,029          30,140 
  Raw Matl., WIP           9,335          7,157          10,808 
  LIFO/Inventory 
   Valuation Reserve      (1,247)        (1,360)         (4,472)
   Total Inventory        42,485         31,826          36,476 
Deferred Income Tax            0              0           2,280 
Prepaid Expenses           2,641          2,145           2,283 
Income Taxes Receivable    4,418          4,070           1,428 
   Total Current Assets   72,790         80,615          67,935 

Property, Plant and 
Equipment

  Land                       928            928             928 
  Buildings                9,898          9,885           9,057 
    Less: Accumulated 
     Depreciation         (5,520)        (5,393)         (5,018)
  Machinery & Equipment   46,091         45,661          43,356 
    Less: Accumulated 
     Depreciation        (32,382)       (31,818)        (29,838)
     Net Property, 
      Plant & Equipment   19,015         19,263          18,485 

Goodwill, net of 
 accumulated 
 amortization              3,237          3,265           3,350 
Other Assets               3,140          3,148           1,898 
                         $98,182       $106,291         $91,668 

   LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
  Current Installments of 
     Long-Term Debt      $ 2,090       $  2,104         $ 2,135 
  Accounts Payable         7,427          4,383           5,999 
  Accrued Expenses        13,348         12,936          11,924 
  Deferred Income Taxes    1,456          1,456                0 
   Total Current 
     Liabilities          24,321         20,879          20,058 
Long Term Debt, 
     Excl. Current 
     Installments         32,076         42,597          31,884 
Deferred Income Taxes        801            801             579 
Other Liabilities            721            695             275 
    Total Liabilities     57,919         64,972          52,796 



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Stockholders' Equity:
  Common Stock, $.10 
     par value               760            760             760 
  Additional Paid-in 
     Capital              25,344         25,344          25,340 
  Retained Earnings       14,845         15,878          13,299 
  Accumulated Other 
     Comprehensive 
     Income                 (398)          (375)           (239)
                          40,551         41,607          39,160 
  Treasury Stock            (288)          (288)           (288)
    Total Stockholders' 
     Equity               40,263         41,319          38,872 
                         $98,182       $106,291         $91,668 





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TOASTMASTER INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
                                            QUARTER ENDED MAR 31
                                              1998          1997

Cash flows from operating activities:
  Net loss                                $   (882)    $ (1,141)

  Adjustments to reconcile net loss to net
     cash from operating activities:
          Depreciation and amortization        966          938
            Loss from disposition of 
               prop. and equip.                 40            0
          Restructuring charge                   0          123
          Accounts receivable               19,239       17,328
          Inventories                      (10,659)      (1,999)
          Prepaid expenses & 
            other current assets              (496)      (1,489)
          Other assets                           7         (112)
          Accounts payable                   3,044        2,244
          Accrued liabilities                  438       (1,401)
          Income taxes                        (348)        (660)
                                            12,231       14,972
            Net cash flows provided by
               operating activities         11,349       13,831

Cash flows used in investing activities:
     Additions to property, plant and 
          equipment                          (729)         (948)

          Net cash flows used in investing
               activities                    (729)         (948)

Cash flows from financing activities:
     Proceeds from revolving credit 
          agreement                        35,275        28,962
     Repayments of revolving credit 
          agreement                       (45,277)      (41,165)
     Dividends paid                          (151)         (151)
     Repayment of long-term debt             (533)         (534)




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          Net cash flows used in
            financing activities          (10,686)      (12,888)

Foreign currency translation adjustment       (23)            0 

          Net increase (decrease) in cash     (89)           (5)

Cash at beginning of period                   178            97 

Cash at end of period                     $    89      $     92

Cash paid during the period for:
   Interest                               $   970      $    978 

   Income taxes                           $     0      $      0





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TOASTMASTER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   The accompanying financial statements as of March 31, 1998
and March 31, 1997 and for the three months then ended are
unaudited.  The balance sheet as of December 31, 1997 has been
derived from the audited balance sheet as of that date.  The
consolidated financial statements reflect all adjustments
(consisting only of normal recurring adjustments) which are, in
the opinion of management, necessary for a fair presentation of
the financial position and operating results for the interim
periods.  These financial statements should be read in
conjunction with the consolidated financial statements for the
year ended December 31, 1997 and notes thereto contained in the
Company's Annual Report to Shareholders incorporated by reference
in the Annual Report on Form 10-K for the year ended December 31,
1997.  The results of operations for the interim periods shown
are not necessarily indicative of the results for the entire
fiscal year ending December 31, 1998. 

2.   The loan and security agreement between the Company and
Fleet Capital Corporation, as described in note 3 in the Notes to
Consolidated Financial Statements contained in the Company's
Annual Report to Shareholders, was amended as of March 11, 1998. 
The amendment reduced by .5% the interest rate under the London
Interbank Offering Rate(LIBOR) option for borrowings under the
revolving credit and term loan provisions of the agreement.  

3.   Effective January 1, 1998, the Company  adopted Statement of
Financial Accounting Standards No. 130, "Reporting Comprehensive
Income."  The adjustments that were previously made through
stockholders' equity for the minimum pension liability and
foreign currency adjustments will now be disclosed as other
comprehensive income.  For the quarter ended March 31, 1998,
other comprehensive loss was $23 thousand and the total
comprehensive loss was $905 thousand.  For the quarter ended
March 31, 1997, other comprehensive income was zero and the total
comprehensive loss was $1.1 million.




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ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 

WHEN USED IN THIS REPORT ON FORM 10-Q, THE WORDS "SHOULD",
"EXPECT", "ANTICIPATE", "BELIEVE" AND SIMILAR EXPRESSIONS ARE
INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS THAT INVOLVE
RISKS AND UNCERTAINTIES.  THE COMPANY'S ACTUAL RESULTS, FINANCIAL
CONDITION OR BUSINESS COULD DIFFER MATERIALLY FROM ITS HISTORICAL
RESULTS, FINANCIAL CONDITION OR BUSINESS, OR THE RESULTS OF
OPERATIONS, FINANCIAL CONDITION OR BUSINESS CONTEMPLATED BY SUCH
FORWARD-LOOKING STATEMENTS.  FACTORS THAT COULD CAUSE OR
CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO,
THOSE DISCUSSED UNDER THE CAPTION "FACTORS THAT MAY AFFECT FUTURE
RESULTS OF OPERATIONS, FINANCIAL CONDITION OR BUSINESS" IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER
31, 1997, AS WELL AS THOSE DISCUSSED ELSEWHERE IN THE COMPANY'S
REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

The following discussion should be read in conjunction with the
attached financial statements and notes thereto, and with the
Company's audited consolidated financial statements and notes
thereto for the fiscal year ended December 31, 1997.

The Company believes that sales of many of its products are
seasonal, with significant quantities of its products given as
gifts, and therefore sell in larger volumes during the Christmas
shopping season.  Net sales reflect a reduction from revenues of
amounts related to sales discount programs, including absorption
of out-bound freight and certain allowances for advertising, the
latter of which are accounted for by certain competitors as
"advertising" expense.  The Company views these amounts as price
reductions, thereby reducing net sales and lowering gross
profits, as well as selling,  general and administrative expense. 
As used in this Quarterly Report on Form 10-Q, the term
"revenues" are recorded net of product returns and are before
deduction of items referred to above that are used in computing
net sales.  During the periods discussed below, net sales
averaged approximately 95% of revenues.

RESULTS OF OPERATIONS

Net sales decreased 2.6% to $25.6 million for the quarter ended
March 31, 1998 from $26.3 million for the quarter ended March 31,
1997.  Kitchen appliance revenues were relatively unchanged at
$20.2 million for the first quarter of 1998, compared to $20.1
million for the same period in 1997.  A decline in toaster
shipments was offset by increases in other categories.  Time
products revenues decreased 4.2% from $7.2 million for the first
quarter of 1997 to $6.9 million for the quarter ended March 31,
1998.  The loss of wall clock business with a major customer,
beginning in the second half of 1997, was the primary reason for
the decline.




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Sales to the five largest customers for the quarter ended March
31, 1998 represented approximately 49.3% of revenues.  Sales to
the five largest customers for the first quarter of 1997 were
44.3% of revenues.

For the quarter ended March 31, 1998, gross profit improved to
16.8% of net sales or $4.3 million, compared to 15.7% of net
sales or $4.1 million for the comparable period in 1997.  The
increase was primarily due to lower material prices.

Selling, general and administrative expenses for the quarter
ended March 31, 1998 decreased slightly to $5.0 million compared
to $5.1 million for the first quarter of 1997.  Interest expense
decreased slightly to $855 thousand in 1998 from $862 thousand in
1997 for the quarter ended March 31.

LIQUIDITY AND CAPITAL RESOURCES

The Company's operations require substantial working capital. 
The Company has used available cash flow from operations and
borrowings under its revolving credit agreement to finance
additional working capital, to retire long-term debt and to fund
capital expenditures.

Net cash flows provided by operating activities for the three
months ended March 31, 1998 were $11.3 million.  A reduction in
accounts receivable of $19.2 million and an increase in accounts
payable of $3.0 million were offset by an increase in inventory
of $10.7 million, all of which are the result of normal seasonal
patterns.

Cash flows used for additions to property, plant and equipment of
$729 thousand include the cost of new equipment and tooling for
new and existing products.  Net cash flows used in financing
activities were $10.7 million for the three months ended March
31, 1998, and were primarily from repayments under the revolving
credit agreement.

At March 31, 1998, amounts outstanding under the revolving credit
agreement were $25.3 million.  The Company could borrow an
additional $12.6 million under the terms of the revolving credit
agreement at March 31, 1998.   Other long-term debt was $8.9
million, including the current portion of $2.1 million.  The
terms of and collateral for the revolving credit agreement and
long-term debt are described in Note 3 of the Notes to the
Consolidated Financial Statements contained in the Company's 1997
Annual Report to shareholders, which note is incorporated herein
by reference.

Principal payments on the long-term debt are expected to be
funded from internally generated cash flows and future
borrowings.  The revolving credit agreement expires in November
2001.




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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK

The Company has transactions denominated in foreign currencies as
discussed in "Management's Discussion  and Analysis of Financial
Condition and Results of Operations" in the Company's 1997 Annual
Report.  At March 31, 1998, accounts receivable included $1.5
million denominated in Canadian dollars and $1.2 million
denominated in Mexican pesos.

PART II.  OTHER INFORMATION

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     No reports on Form 8-K were filed during the quarter ended
March 31, 1998.



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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.


Dated:                          TOASTMASTER INC.

May 13, 1998                  BY:/s/ John E. Thompson
                                    John E. Thompson
                                    Executive Vice President
                                    Chief Financial Officer

                              Signing on behalf of the registrant
                              And as principal financial officer