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 September 30, 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



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 OCTOBER 31, 1997, THERE WERE 7,539,450 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 September 30, 1997 and 1996 and        3
          Nine Months Ended September 30, 1997 and 1996

        Consolidated Balance Sheets - 
          September 30, 1997 and 1996 and December 31, 
          1996                                                  4

        Consolidated Statements of Cash Flows -
          Nine Months Ended September 30, 1997 and 1996         5

        Notes to Consolidated Financial Statements              6

ITEM 2.   Management's Discussion and Analysis of 
          Financial Condition and Results of Operations       7-9


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             NINE MONTHS
                                    ENDED SEPT 30          ENDED SEPT 30
                                    1997       1996       1997      1996  

Net Sales                         $44,209    $49,321    $98,281   $108,694 
Cost of Sales                      35,570     39,748     80,539     91,479 
 Gross Profit                       8,639      9,573     17,742     17,215 

Selling, General 
 and Admin. 
 Expenses                           5,472      6,959     16,101     17,342 
Operating Income 
(Loss)                              3,167      2,614      1,641      (127)

Other Income - Interest                 0          0        343         0 
Other Expense - Interest           (1,044)    (1,133)    (2,775)   (3,039)
Income (Loss) Before 
 Income Taxes                       2,123      1,481       (791)   (3,166)

Income Tax Expense 
 (Benefit)                            713        531       (348)   (1,150)
Net Income (Loss)                  $1,410       $950      $(443)  $(2,016)

Net Income (Loss) 
 Per Common and Common
 Equivalent Shares 
 Outstanding                        $0.19     $0.13     $(0.06)   $(0.27)

Weighted Average Common 
 and Common Equivalent 
 Shares Outstanding                 7,550     7,538      7,542    7,538 



<PAGE>



                         TOASTMASTER INC.
                   CONSOLIDATED BALANCE SHEETS
                          (IN THOUSANDS)
                                      9/30/97       12/31/96      9/30/96

   ASSETS
Cash                                 $   112        $    97       $   93 
Accounts Receivable, 
 less allowances                      40,150         42,704       47,169 
Inventories
  Finished Goods                      34,838         30,043       37,816 
  Raw Matl.,WIP                       10,462         10,811       11,841 
  LIFO/Inventory Valuation 
  Reserve                             (3,065)        (6,377)      (1,884)
   Total Inventory                    42,235         34,477       47,773 
Deferred Income Tax                    2,280          2,280          824 
Prepaid Expenses                       3,221          1,562        2,319 
     Total Current Assets             87,998         81,120       98,178 

Property, Plant and Equipment
 Land                                    928            926          921 
 Buildings                             9,833          9,057        9,074 
  Less: Accumulated 
   Depreciation                       (5,267)        (4,897)      (4,783)
 Machinery & Equipment                45,002         42,717       42,689 
  Less: Accumulated
   Depreciation                      (31,266)       (29,278)     (28,215)
    Net Property, Plant 
    & Equipment                       19,230         18,525       19,686 

Goodwill, net of accumulated 
 amortization                          3,294          3,378        3,406 
Other Assets                           1,861          1,831        1,730 
                                    $112,383       $104,854     $123,000 

LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
 Current Installments of 
  Long-Term Debt                    $  2,117       $  2,145    $   2,174 
 Accounts Payable                      8,724          3,755       10,452 
 Accrued Expenses                     12,601         13,600       13,714 
  Total Current 
   Liabilities                        23,442         19,500       26,340 

Long Term Debt, Excl. 
 Current Installments                 49,090         44,611       52,679 
Deferred Income Taxes                    579            579        1,036 
  Total Liabilities                   73,111         64,690       80,055 

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                    13,696         14,591       17,416 
 Equity Adj. - Foreign 
  Currency Translation                    (9)           (12)         (16)
                                      39,560         40,452       43,233 
 Treasury Stock                         (288)          (288)        (288)
  Total Stockholders' 
   Equity                             39,272         40,164       42,945 
                                    $112,383       $104,854     $123,000 



<PAGE>





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

                                                  NINE MONTHS ENDED SEPT 30
                                                     1997          1996  
Cash flows from operating activities:
  Net loss                                         $   (443)   $  (2,016)

 Adjustments to reconcile net loss 
  to net cash from operating activities:
   Depreciation and amortization                      2,814        3,337 
   Restructuring charge                                 123            0 
   Accounts receivable                                2,554       17,335 
   Inventories                                       (7,758)      (8,768)
   Prepaid expenses & other current 
     assets                                          (1,311)        (568)
   Other assets                                        (166)        (101)
   Accounts payable                                   4,972        4,509 
   Accrued liabilities                               (1,000)      (2,173)
   Income taxes                                        (348)      (2,504)
                                                       (120)      11,067 
  Net cash flows provided by (used in)
   operating activities                                (563)       9,051 

Cash flows from investing activities:
 Additions to property,plant and equipment           (3,423)      (3,025)

  Net cash flows used in investing
   activities                                        (3,423)      (3,025)

Cash flows from financing activities:
 Proceeds from revolving credit agreement           106,005      118,808 
 Repayments of revolving credit agreement           (99,946)    (126,808)
 Proceeds from term loan                                  0        4,119 
 Dividends paid                                        (453)        (454)
 Repayment of long-term debt                         (1,608)      (1,633)

  Net cash flows provided by (used in)
   financing activities                               3,998       (5,968)

Foreign currency translation adjustment                   3           (7)

  Net increase in cash                                   15           51 

Cash at beginning of period                              97           42 

Cash at end of period                                $  112       $   93 

Cash paid during the period for:
 Interest                                            $ 2,699      $3,033 

 Income taxes                                        $     0      $1,401 


<PAGE>





                         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 10.3% to $44.2 million for the quarter ended
September 30, 1997 from $49.3 million for the quarter ended
September 30, 1996.  For the nine months ended September 30,
1997, net sales decreased 9.6% to $98.3 million from $108.7
million for the comparable period in 1996.

Kitchen appliance revenues were $35.5 million for the third
quarter of 1997, a decrease of 10.6% from $39.7 million for the
same period in 1996.  Revenues from kitchen appliances for the
nine months ended September 30, 1997 decreased 9.2% to $77.9
million from $85.8 million for the nine months ended September
30, 1996.  Shipping delays at the end of the quarter, as well as
a decreased emphasis on opening price point toasters, caused the
decline in revenues.

Time products revenues were $10.3 million for the quarter ended
September 30, 1997, an  increase of 2% from $10.1 million for the
quarter ended September 30, 1996.  For the nine <PAGE> months ended
September 30, 1997, revenues from time products were $23.7
million, a decrease of 6% from $25.2 million for the same period
in 1996. As previously announced, a significant customer changed
to a different supplier for wall clocks.  The resulting decrease
in revenue was partially offset by increased business with new
and existing customers.

Environmental products revenues were minimal, as the phase out of
this product line continues through 1997. 

Revenues from the five largest customers for the third quarter of
1997 represented approximately 43.7% of revenues.  The five
largest customers represented 42.8% of revenues for the third
quarter of 1996.  For the nine months ended September 30, 1997,
revenues from the five largest customers were 44.5%.  Revenues
from the five largest customers were 42.7% for the nine months
ended September 30, 1996.

Gross profit as a percentage of net sales was unchanged at 19.5%,
$8.6 million, for the quarter ended September 30, 1997, and $9.6
million,  for the comparable period in 1996.  Gross profit
increased for the nine months ended September 30, 1997 to $17.7
million, or 18% of net sales,  from $17.2 million, or 15.8% of
net sales, for the same period in 1996.  The increase as a
percentage of net sales was primarily due to product mix and
lower fixed manufacturing costs, resulting from the restructuring
implemented during the fourth quarter of 1996.

Selling, general and administrative expenses for the quarter
ended September 30, 1997 decreased  to $5.5 million compared to
$7.0 million for the third quarter of 1996.  For the nine months
ended September 30, 1997, selling, general and administrative
expenses were $16.1 million, a decrease from $17.3 million for
the same period in 1996.  Selling and advertising expenses,
including commissions and co-operative advertising, decreased
with the lower sales.  In addition, the Company did not
experience the same level of bad debts in 1997 as occurred in the
third quarter of 1996.  Interest income of $343 thousand for the
nine months ended September 30, 1997 was from an expected income
tax refund from prior years.  Interest expense decreased to $1.0
million for the quarter ended September 30, 1997 from $1.1
million for the same period in 1996.  Interest expense for the
nine months ended September 30 decreased to $2.8 million in 1997
from $3.0 million in 1996.  The decrease was primarily due to
lower borrowing levels in 1997.

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 used in operating activities for the nine months
ended September 30, 1997 were $563 thousand.  Since December 31,
1996, there was a reduction in accounts receivable of $2.6
million, an increase in inventory of $7.8 million and an increase
in accounts payable of $5.0 million as a result of normal
seasonal patterns.

Cash flows used for additions to property, plant and equipment of
$3.4 million 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 provided by financing activities were $4.0 million for the
nine months ended September 30, 1997, and were primarily from
additional borrowings  under the revolving credit agreement.



<PAGE> 




At September 30, 1997, amounts outstanding under the revolving
credit agreement were $41.3 million.  The Company could borrow an
additional $10.2 million under the terms of the revolving credit
agreement at September 30, 1997.   Other long-term debt was $9.9
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 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.


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
September 30, 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.

November 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