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, 1997

                                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

   SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

                                     Name of Each Exchange
     Title of Each Class              on Which Registered

Common Stock, $.10 par value        New York Stock Exchange

   SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                              None.

     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, 1997, THERE WERE 7,538,250 SHARES OF
THE REGISTRANT'S COMMON STOCK OUTSTANDING.


<PAGE>


                         TOASTMASTER INC.
                              INDEX


PART I.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS
          CONSOLIDATED STATEMENTS OF OPERATIONS -
          QUARTERS ENDED MARCH 31, 1997 AND 1996                 3

          CONSOLIDATED BALANCE SHEETS - 
          MARCH 31, 1997 AND 1996 AND 
          DECEMBER 31, 1996                                      4

          CONSOLIDATED STATEMENTS OF CASH FLOWS -
          THREE MONTHS ENDED MARCH 31, 1997 AND 1996             5

          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS             6

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


PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                        9

SIGNATURE                                                       10



<PAGE>




PART I.  FINANCIAL INFORMATION

         ITEM 1.  FINANCIAL STATEMENTS


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

                                                  QUARTER ENDED MAR 31
                                                     1997          1996  

Net Sales                                         $ 26,315      $ 26,739 
Cost of Sales                                       22,181        23,380
                                                    ______        ______
     Gross Profit                                    4,134         3,359 

Selling, General and Admin. Expenses                 5,054         4,984
                                                    _______       _______
     Operating Loss                                   (920)       (1,625)

Other Expense - Interest                               862           980
                                                    _______       _______
    Loss Before Income Taxes                        (1,782)       (2,605)

Income Tax Benefit                                    (641)         (951)
                                                    _______       _______
     Net Loss                                      $(1,141)      $(1,654)
                                                    =======       =======

Net Loss Per Common and Common
  Equivalent Shares Outstanding                    $ (0.15)      $ (0.22)
                                                     ======        ======

Weighted Average Common and Common
     Equivalent Shares Outstanding                   7,538         7,538 
                                                     =====         =====
SEE ACCOMPANYING NOTES

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                         TOASTMASTER INC.
                   CONSOLIDATED BALANCE SHEETS
                          (IN THOUSANDS)

                                           3/31/97    12/31/96    3/31/96
     ASSETS
Cash                                      $    92     $    97    $   121 
Accounts Receivable,
 less allowances                           25,376      42,704     30,514 
Inventories
  Finished Goods                           30,140      30,043     32,217 
  Raw Matl.,WIP                            10,808      10,811     11,944 
  LIFO/Inventory Valuation 
   Reserve                                 (4,472)     (6,377)    (1,884)
                                           ______      ______     ______
   Total Inventory                         36,476      34,477     42,277 
Deferred Income Tax                         2,280       2,280        824 
Prepaid Expenses                            3,711       1,562      2,355
                                           ______      ______     ______
     Total Current Assets                  67,935      81,120     76,091
                                           ______      ______     ______

Property, Plant and Equipment
  Land                                        928         926        921 
  Buildings                                 9,057       9,057      9,048 
    Less: Accumulated 
     Depreciation                          (5,018)     (4,897)    (4,540)
  Machinery & Equipment                    43,356      42,717     40,380 
    Less: Accumulated 
     Depreciation                         (29,838)    (29,278)   (26,433)
                                          ________    ________   ________
      Net Property, 
      Plant & Equipment                    18,485      18,525     19,376
                                          ________     _______    _______

Goodwill, net of 
 accumulated amortization                   3,350       3,378      3,463 
Other Assets                                1,898       1,831      1,747
                                           ______     _______    _______
                                         $ 91,668   $ 104,854   $100,677
                                           ======     =======    =======
                                                                         
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
 Current Installments of 
   Long-Term Debt                        $  2,135    $  2,145   $  2,181 
  Accounts Payable                          5,999       3,755      7,229 
  Accrued Expenses                         12,199      13,600     13,061
                                           ______      ______     ______
     Total Current Liabilities             20,333      19,500     22,471 

Long Term Debt, Excl. 
 Current Installments                      31,884      44,611     33,561 
Deferred Income Taxes                         579         579      1,036
                                           ______      ______     ______
     Total Liabilities                     52,796      64,690     57,068
                                           ______      ______     ______

Stockholders' Equity:
 Common Stock, $.10 par value                 760         760        760 
 Additional Paid-in Capital                25,340      25,340     25,340 
 Minimum Pension 
   Liability Adjustment                      (227)       (227)      (267)
 Retained Earnings                         13,299      14,591     18,080 
 Equity Adj. - Foreign 
   Currency Translation                       (12)        (12)       (16)
                                           _______     _______    ______
                                           39,160      40,452     43,897 
  Treasury Stock                             (288)       (288)      (288)
                                           _______     _______    ______
     Total Stockholders' 
       Equity                              38,872      40,164     43,609
                                           ______      _______   _______
                                         $ 91,668     $104,854  $100,677
                                           ======      =======   =======
 SEE ACCOMPANYING NOTES

<PAGE>




                         TOASTMASTER INC.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (IN THOUSANDS)

                                                     QUARTER ENDED MAR 31 
                                                        1997        1996 
Cash flows from operating activities:
 Net loss                                           $(1,141)     $(1,654)
                                                     _______      _______
 Adjustments to reconcile net loss 
  to net cash from operating activities:
   Depreciation and amortization                        938        1,105 
   Restructuring charge                                 123            0 
   Accounts receivable                               17,328       33,990 
   Inventories                                       (1,999)      (3,272)
   Prepaid expenses & other 
     current assets                                  (1,489)        (871)
   Other assets                                        (112)         (28)
   Accounts payable                                   2,244        1,286 
   Accrued liabilities                               (1,401)      (2,826)
   Income taxes                                        (660)      (2,237)
                                                     ______       _______
                                                     14,972       27,147
                                                     ______       _______
     Net cash flows provided by
       operating activities                          13,831       25,493
                                                     ______       ______
     
Cash flows used in investing activities:
 Additions to property,plant and 
  equipment                                            (948)        (631)
                                                     _______      _______

   Net cash flows used in investing
     activities                                        (948)        (631)
                                                     _______       _______

Cash flows from financing activities:
 Proceeds from revolving credit 
  agreement                                          28,962       33,783 
 Repayments of revolving credit 
  agreement                                         (41,165)     (57,858)
 Dividends paid                                        (151)        (152)
 Repayment of long-term debt                           (534)        (549)
                                                     _______      _______

   Net cash flows used in
     financing activities                           (12,888)     (24,776)
                                                     _______     ________

Foreign currency translation 
 adjustment                                               0           (7)
                                                     _______      _______

   Net increase (decrease) in 
     cash                                                (5)          79 

Cash at beginning of period                              97           42
                                                      ______       ______

Cash at end of period                                   $92         $121
                                                       =====        =====

Cash paid during the period for:
 Interest                                              $978       $1,170
                                                       =====       =====

 Income taxes                                            $0       $1,319
                                                       =====       =====

SEE ACCOMPANYING NOTES

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                         TOASTMASTER INC.
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   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, 1996 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,
1996.  The results of operations for the interim periods shown
are not necessarily indicative of the results for the entire
fiscal year ending December 31, 1997. 



<PAGE>





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

EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE
STATEMENTS MADE IN THIS REPORT ON FORM 10-Q ARE 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, 1996, 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, 1996.

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 slightly to $26.3 million for the quarter
ended March 31, 1997 from $26.7 million for the quarter ended
March 31, 1996.  Kitchen appliance revenues were $20.1 million
for the first quarter of 1997, a decrease of 6.9% from $21.6
million for the same period in 1996.  An anticipated decline in
breadmaker shipments and reduced toaster revenues contributed to
the decrease.  Time products revenues increased to $7.2 million
for the quarter ended March 31, 1997, as compared to $6.3 million
for the quarter ended March 31, 1996.  This 14.3% change  was
primarily from increased export shipments and new domestic
business.

Sales to the five largest customers for the quarter ended March
31, 1997 represented approximately 44.3% of revenues.  Sales to
the five largest customers for the first quarter of 1996 were
42.2% of revenues.


<PAGE>



For the quarter ended March 31, 1997, gross profit was $4.1
million or 15.6% of net sales, an increase from $3.4 million or
12.7% of net sales  for the comparable period in 1996.  The
change was caused by lower material prices and improved
manufacturing efficiencies as a result of the restructuring
implemented during the fourth quarter of 1996, as well as
increased production levels in 1997.

Selling, general and administrative expenses for the quarter
ended March 31, 1997 increased slightly to $5.1 million compared
to $5.0 million for the first quarter of 1996.  Interest expense
decreased to $862 thousand in 1997 from $980 thousand in 1996 for
the quarter ended March 31, due to decreased borrowings.

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, 1997 were $13.7 million.  A reduction in
accounts receivable of $17.3 million, an increase in inventory of
$2.0 million and an increase in accounts payable of $2.2 million
are the result of normal seasonal patterns.

Cash flows used for additions to property, plant and equipment of
$948 thousand include the cost of new equipment and tooling for
new and existing products, as well as, construction costs for a
warehouse addition for the time products division.  Net cash
flows used in financing activities were $12.9 million for the
three months ended March 31, 1997, and were primarily from
repayments under the revolving credit agreement.

At March 31, 1997, amounts outstanding under the revolving credit
agreement were $23 million.  The Company could borrow an
additional $12 million under the terms of the revolving credit
agreement at March 31, 1997.   Other long-term debt was $11
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 1996
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 flow and future borrowings. 
The revolving credit agreement expires in November 2001.

NEW ACCOUNTING PRONOUNCEMENT

In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, "Earnings Per Share" which revises the
calculation and presentation provisions of Accounting Principles
Board Opinion 15 and related interpretations.  Statement No. 128
is effective for the Company's fiscal year ending December 31,
1997.  Retroactive application will be required.  The Company
believes the adoption of Statement No. 128 will not have a
significant effect on its reported earnings per share.


<PAGE>



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, 1997.



<PAGE>


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 12, 1997                  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