UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549

                               FORM 10-K
  (Mark One)
     [X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF      
            THE SECURITIES EXCHANGE ACT OF 1934
 
            For the fiscal year ended December 31, 1995

                                OR

     [ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)     
            OF THE SECURITIES EXCHANGE ACT OF 1934


                   Commission File Number 0-511


                   COBRA ELECTRONICS CORPORATION
       (Exact name of Registrant as specified in its Charter)

        DELAWARE                          36-2479991
 (State of incorporation)   (I.R.S. Employer Identification No.)

  6500 WEST CORTLAND STREET
      CHICAGO, ILLINOIS                            60635
(Address of principal executive offices)         (Zip Code)

Registrant's telephone number, including area code: (312)
889-8870

Securities registered pursuant to Section 12(g) of the Act:

          Common Stock, Par Value $.33 1/3 Per Share

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 [ ]

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

The aggregate market value of the voting stock held by
non-affiliates of the Registrant at March 8, 1996 was
approximately
$17,123,282.  The number of shares of Registrant's Common Stock
outstanding at that date was 6,226,648.

Portions of the Registrant's Definitive Proxy Statement relating
to the Annual Meeting of Shareholders to be held May 14, 1996,
are incorporated by reference into Part III of this Report.

PAGE
<PAGE>

                            PART I
                            ------

ITEM 1.  BUSINESS:

GENERAL

Cobra Electronics Corporation (the "company") was incorporated in
Delaware in 1961 and is a designer and wholesale marketer of
consumer electronics products.  The company markets products
under the COBRA brand name.  The company also markets clock
radios under the LLOYD'S brand name.  Management believes that
the company's future success will depend upon its ability to
predict and respond in a timely and effective manner to changes
in the markets it serves. Product performance, reliability,
price, availability and service are the main competitive factors,
with sales also being dependent upon timely introduction of new
products which incorporate new features desired by consumers at
competitive prices.


RECENT DEVELOPMENTS

During the third quarter of 1995, the company entered into a
distribution agreement with Code 3, the world's leading producer
and distributor of emergency vehicle warning equipment, to market
the company's patented, FCC-approved Safety Alert transmitter to
police, fire, emergency medical services, road construction and
public utility organizations nationwide.  The partnership with
Code 3 is a major step towards the company's goal of having
Safety Alert transmitters on thousands of these organizations'
vehicles by the end of 1996.  Drivers of police, fire and
emergency medical services vehicles are at high risk for serious
accidents in performing their duties because, in responding to
emergencies, drivers of these vehicles travel in traffic at high
speeds or stop where they are exposed to oncoming traffic.  
Drivers of road construction and public utility vehicles face
similar risks of serious accidents when the vehicles they drive
are parked or moving slowly on a busy highway.  Code 3 estimates
that the potential market for the Safety Alert transmitter is 3
million vehicles.  The transmitter will sell for approximately
$300, making the investment required to equip even a large fleet
very modest.

The Safety Alert transmitter consists of a small box with a
self-contained transmitter, which is installed easily in the
light
bars of law enforcement, fire, emergency medical services, road
construction and public utility vehicles. It is linked to the
emergency light control, so when the emergency lights are turned
on, the transmitter automatically sends out a special Safety
Alert signal.  The Safety Alert transmitter currently produces
two frequencies: one for a fast-moving "emergency vehicle"
warning and one for a "road hazard" (parked vehicle or
slow-moving road construction or public utility vehicle) warning. 
A
third frequency for an approaching "train" warning has been
developed and is being tested.

                            -2-<PAGE>
<PAGE>


In order to achieve widespread effects on highway safety, the
Safety Alert transmitter was designed to emit frequencies that
could be picked up by all of the almost 20 million radar
detectors now in use.  The detectors receive these Safety Alert
frequencies and sound an alert identical to the one sounded when
a K-band speed monitoring device is used.  In addition, the
company's "intelligent" detection systems are capable of alerting
drivers with a differentiated signal for each of the Safety Alert
frequencies.  Thus, drivers with the company's "intelligent"
detection systems will know that the Safety Alert signal is a
warning for an "emergency vehicle," a "road hazard" or a "train".

Signals from the transmitter will be received by any of the 20
million radar detectors in use today, warning drivers to slow
down. In addition to three "intelligent" radar/laser detectors
that provide special Safety Alert tone and visual signals, the
company is developing a "safety-only" receiver, which will  only
respond to signals from a Safety Alert transmitter.   As the
number of Safety Alert transmitters in use increases, the company
expects this to increase sales of these new intelligent detection
systems as current detector owners upgrade their existing units
to benefit from the Safety Alert feature and also as drivers, who
normally would not purchase a radar detector, consider purchasing
a unit that makes driving safer.  Presently, there are 190
million cars and light trucks on the road and, of these, only
about 10 percent have detection systems.
  
Also in 1995, the company and General Motors Corporation entered
into a long-term licensing agreement which allows the company to
sell CB radios to an estimated 8,500 General Motors and Chevrolet
dealers throughout the country.  The company's CB models will
carry the General Motors "Mark of Excellence" and Chevrolet
"Bow-Tie" trademarks.  The agreement also permits the company to
use
these trademarks on CB products sold through other channels of
distribution.  The company expects that combining the Cobra logo
with the General Motors and Chevrolet trademarks will appeal to
loyal General Motors and Chevrolet owners and other consumers who
equate the General Motors and Chevrolet trademarks with quality
and performance. 


PRODUCTS

The company operates only in the consumer electronics industry. 
Principal products include:

    Mobile Electronics:       Citizen Band ("CB") Radios
                              Integrated Radar/Laser Detectors

    Telecommunication:        Cordless Telephones
                              Phone Answering Systems
                                   
    Audio:                    Clock Radios


                              -3-
PAGE
<PAGE>
The following table shows the company's percentages of net sales
by product category for the three years ended December 31, 1995.

<TABLE>
<CAPTION>
                                1995     1994     1993     
                                ----     ----     ----     
<S>                             <C>      <C>      <C>
Mobile Electronics Products      68%      67%      61%     
Telecommunication Products       31%      32%      31%     
Audio Products                    1%       1%       8%     
                                ----     ----     ----
Total Net Sales                 100%     100%     100%
                                ====     ====     ====
</TABLE>

One of the company's primary strengths is its product sourcing
ability.  Substantially all of the company's products are
manufactured to its specifications and engineering designs by a
number of suppliers, primarily in China, Malaysia, Thailand,
Japan, and the U.S.A.  The company maintains stringent control
over the design and production quality of its products.  The
company has a subsidiary in Hong Kong which helps to seek out new
suppliers, monitor technological changes, evaluate new products
and product enhancements, and expedite shipments from vendors.

Over a period of years, the company has developed a network of
suppliers for its products.  To maintain flexibility in product
sourcing, the company has not entered into long-term contracts
with any of its suppliers.  Despite management's belief that it
maintains strong relationships with its current suppliers, it
also believes that, if necessary, other suppliers could be found. 
The extent to which a change in a supplier would have an adverse
effect on the company's business depends upon the timing of the
change, the product or products that the supplier produces for
the company and the volume of that production.  The company also
maintains insurance coverage that would, under certain limited
circumstances, reimburse the company for lost profits resulting
from a vendor's inability to fulfill its commitments to the
company. The company negotiates substantially all of its
purchases in U.S. Dollars to protect itself from currency
fluctuations.  Assets located outside of the United States,
excluding company-owned tooling at suppliers, are not material.

The company competes primarily in the United States with various
manufacturers and distributors of mobile electronics and
telecommunication products.  The company competes principally on
the basis of product features and price and expects the market
for its products to remain highly competitive.

Research, engineering and product development expenditures are
expensed as incurred.  These expenditures amounted to $1.1
million in 1995 and 1994 and $1 million in 1993.

Except for certain patents, such as the Safety Alert transmitter
and Intenna technology, the company does not believe that patents
are of material importance to its products.  However, should the
company develop a unique technology, patents will be applied for
to preserve exclusivity, wherever possible.


                            -4-
<PAGE>

Mobile Electronics Products:   These products, which include CB
radios and integrated radar/laser detectors, are marketed under
the COBRA trademark. Cobra is the leading brand in the CB radio
market, which at retail is approximately $150 million annually. 
This market continues to expand, with growth coming both from the
traditional core truck driver segment, which accounts for the
largest part of the sales volume and reflects more and more
trucks on the highways, and from broader consumer use.  For
example, CB is benefitting from the recent surge in sales of
sport utility vehicles as an increasing percentage of owners view
CB radio a necessary part of their "off-road" lifestyle.  CB is
also experiencing growing popularity with campers, hikers and
other outdoor enthusiasts.  Also, the company's recent agreement
with General Motors will provide the company with added
distribution opportunities.  The agreement gives the company
exclusive rights to sell its CB radios with the GM "Mark of
Excellence" and Chevrolet "Bow-Tie" trademarks to an estimated
8,500 General Motors and Chevrolet dealers nationwide.  

The company has been the technology leader in the CB radio
market.  The company was the first CB radio marketer to combine a
National Weather Service receiver with a mobile CB radio,
enabling motorists to obtain travel information broadcasts.  As a
major enhancement of this feature, the company also introduced
the industry's first mobile CB radio that incorporates an
automatic alert feature to warn of National Weather Service
emergency advisories.  The company also markets CB radios to
nonprofessional drivers and hand-held CB radios for sport and
recreational use.

Cobra is also one of the leading brands in the market for
integrated radar/laser detectors.  Currently, there are
approximately 190 million cars and light trucks on the road and,
of those, approximately 10 percent have detectors.  Cobra
commands significant market share by offering innovative products
with the latest technology. For example, the company has been a
leader in applying laser-detection technology, including
introducing the industry's first laser-signal detector and the
industry's first integrated radar/laser detector with 360 degree
laser detection capability.  In addition, the company was the
first to introduce to the retail channel "intelligent" detection
systems capable of alerting drivers with a differentiated signal
for each of the frequencies emitted by the company's patented,
FCC-approved Safety Alert transmitter.  This transmitter is being
marketed by Code 3 under a distribution agreement to
organizations that operate police, fire, emergency medical
service, construction and public utility vehicles.  The company's
Safety Alert system is designed to help drivers avoid potentially
serious accidents with these organizations' vehicles. 

Major competitors in the CB radio market are Radio Shack (Tandy
Corporation) and Uniden while major competitors in the radar
detector market include Cincinnati Microwave, Beltronics,
Whistler, and Uniden.



                            -5-
<PAGE>

Telecommunication Products:   These products, which include
cordless phones and telephone answering systems, are marketed
under the COBRA trademark.  The company entered the
telecommunications market in 1979 with its first cordless
telephone and has since supplemented that entry with other
innovative products.  For example, the company introduced the
market's first two-line cordless phone and the first cordless
phone answering system.  In 1989, the company introduced its
first Intenna cordless phone, which utilized the company's
patented technology to eliminate the external handset antenna, an
industry first.  The company later refined this technology to
also make it possible to eliminate the base antenna, as well. 
The company also offered Intenna cordless phones in designer
colors, which was an industry first. Currently, Cobra offers the
only cordless phones in the marketplace with the antenna in the
phone, not in the way, without sacrificing voice quality or
range.  This makes it easier to mount the phone under cabinets in
the kitchen or on book shelves in other rooms.   

In 1993, the company began offering Intenna models with Private
Call technology, which electronically scrambles voice signals
between the handset and the base to ensure complete security by
eliminating potential eavesdropping over scanning radios, baby
monitoring devices and other cordless phones.  Also in 1993, the
company began shipments of its Intenna 900  cordless phone which
was the first 900 MHz phone incorporating digital spread
spectrum, a technology derived from military signal encryption to
ensure conversation privacy.  The Intenna 900 MHz cordless phone
also offers extended range and interference-free use making the
phone ideal for both office and home use.

In the market for phone answering systems, the company markets
mainly Intenna all-digital cordless phone answering systems. 
Ideal for home or office use, these models offer electronic voice
mail and multiple mailboxes combined with an Intenna cordless
phone.  

The telecommunications market is dominated by large companies,
including AT&T, General Electric, Panasonic, Sony, and
Southwestern Bell.  Because of this, the company's strategy is to
look for profitable niches and position Cobra as an alternative
line of quality products with innovative features at competitive
prices.
                      
SALES AND DISTRIBUTION 

Demand for consumer electronics products is seasonal. 
Historically, sales in the last half of the year are greater than
in the first half, reflecting increased purchases by retailers
for the holiday selling season.

In 1994, sales to QVC, Inc. represented 10.2% of net sales.  For
the years 1995 and 1993, there were no sales in excess of 10% of
total net sales to a single customer or a group of entities under
common control.  The company does not believe that the loss of
any one customer would have a material adverse effect on the
business of the company.  The company's foreign sales were $12.2
million, $11.7 million, and $9.3 million in 1995, 1994 and 1993,
respectively.
                             -6-
<PAGE>


The company's return policies and payment terms are consistent
with those of other companies serving the consumer electronics
market.  Market conditions are such that products generally must
be shipped within a short time after an order is placed.  As a
result, order backlog is not significant.

Cobra products are distributed through a strong, well-established
network of approximately 400 retailers and distributors located
primarily in the United States.  Approximately 50% of the sales
are made directly to domestic mass marketers, such as catalog
showrooms, consumer electronics specialty stores, large
department store chains, television home-shopping,
direct-response merchandisers, home centers and specialty stores,
which
feature telephone products or mobile electronics products. 
Because of changes in the retail marketplace, the company has
sought to expand its distribution to retailers that offer
assisted-selling environments to help consumers be better
informed about product features and functions when making
purchase decisions.  The company believes that these retailers
are more profitable because they offer higher margins and lower
servicing costs.  Most of the remaining sales are through
two-step wholesale distributors that carry Cobra products to fill
orders for truck stops, small department stores, appliance
dealers, and for export.  Cobra's primary sales force is
comprised of independent sales representatives who work on a
straight commission basis.  They do not sell products of the
company's competitors.

The company's right to sell products under the COBRA trademark is
substantially worldwide.  The selling rights under the LLOYD'S
trademark excludes Canada and Europe.  The company believes the
COBRA trademark, which is indefinitely renewable by the company,
is a significant factor in the successful marketing of its
products.

                            
EMPLOYEES

As of December 31, 1995, the company employed 159 persons in the
U.S. and 9 in its international operations.  None of the
company's employees is a member of a union.


ITEM 2.  PROPERTIES:

The company owns three adjacent buildings in Chicago, Illinois
containing a total of 250,000 square feet of office and warehouse
space.  Maxtec International Corporation leases approximately
83,000 square feet under an agreement that will expire on
December 31, 1996.  The company believes that its facilities are
adequate to meet its current needs.



                              -7-
<PAGE>



ITEM 3.  LEGAL PROCEEDINGS:

Certain lawsuits and claims are pending against the company. 
However, after consultation with legal counsel on these matters,
management believes that the liabilities which may result from
these cases, if any, will not be material to the company's
results of operations or financial position.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

None.


                           PART II
                           -------

ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED
         SHAREHOLDER MATTERS:

The company's common stock trades on The Nasdaq Stock Market
under the symbol COBR.  As of March 19, 1996, the company had
approximately 1,300 shareholders of record and approximately
2,400 shareholders for whom securities firms acted as nominees. 
The company's common stock is the only class of equity securities
outstanding.  Before  April 1, 1993, the common stock of the
company traded under the symbol DYNA. 

Under the terms of its credit agreement, the company may not pay
cash dividends.


STOCK PRICE AND TRADING VOLUME DATA

                                    STOCK PRICE RANGE
             
-------------------------------------------------------------     
  TRADING VOLUME 
                      1995                   1994                
1993             (in thousands) 
              -------------------    ------------------- 
-------------------   -----------------------
Quarter          High      Low          High      Low        High 
    Low       1995    1994    1993  
-----------   --------- ---------    --------- --------- 
--------- ---------   ------- ------- -------
First......   $ 2 5/8   $1 5/8       $ 3 7/8   $ 2 9/16   $ 4 3/8 
 $ 3         1,073   1,821     993    
Second.....     2 1/8    1 1/2         3 3/4     2 1/2      3 5/8 
   2 5/8       917   1,435     549    
Third......     2 5/8    1 11/16       3 1/2     2 3/8      3 1/8 
   2 1/8     1,189     694   1,154    
Fourth.....     3 3/8    2             3         1 3/4      3 7/8 
   2 5/8     2,114   1,264   1,083    



Note: Data compiled from The Nasdaq Stock Market monthly Summary
of Activity reports.











                             -8-

<PAGE>



ITEM 6.  SELECTED FINANCIAL DATA:


FIVE YEAR FINANCIAL SUMMARY


Years Ended December 31
(in thousands, except per share amounts)                1995      
 1994       1993       1992       1991    
----------------------------------------------------  -------- 
---------- ---------- ---------- ---------- 

Operating Data:
  Net sales.........................................  $ 90,442  
$  82,131  $  98,844  $ 117,733  $ 135,901 
  Gross profit......................................    16,577    
 14,466     13,903     14,945     20,858 
  Selling, general and administrative expense.......    16,097    
 14,602     15,741     19,433     22,206 
  Operating income (loss)...........................       480    
   (136)    (2,914)    (5,683)    (4,848)
  Loss from continuing operations before cumulative
    effect of a change in accounting principle......    (1,145)   
 (1,515)    (4,392)    (8,679)    (5,656)
 Cumulative effect of a change in accounting
    principle [a] ...................................      ---    
    ---        ---       (835)       --- 
  Net Loss..........................................    (1,145)   
 (1,515)    (4,392)    (9,514)    (5,656)


Loss per share:
  Continuing operations before cumulative effect
    of a change in accounting principle [a] ........     (0.18)   
  (0.24)     (0.70)     (1.39)     (0.90)
  Cumulative effect of a change in accounting
    principle.......................................       ---    
    ---        ---      (0.13)       --- 
  Net loss..........................................     (0.18)   
  (0.24)     (0.70)     (1.52)     (0.90)
                                   

As of December 31:
  Total assets......................................    50,081    
 40,342     46,389     54,286     72,807 
  Long-term debt [b]................................       ---    
    ---        ---     15,038     14,335 
  Shareholders' equity..............................    18,174    
 19,429     20,960     25,477     35,082 
  Book value per share..............................      3.20    
   3.38       3.62       4.33       5.86 
  Shares outstanding................................     6,227    
  6,227      6,227      6,227      6,220 


[a] Effective January 1, 1992, the company changed its accounting
for income taxes by adopting prospectively
    Statement of Financial Accounting Standards No. 109,
"Accounting for Income Taxes".

[b] Borrowings under the company's credit agreement at December
31, 1995, 1994 and 1993 were $19,368,000,
    $11,461,000 and $13,689,000, respectively, and were
classified as short-term debt. 




ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 
         CONDITION AND RESULTS OF OPERATIONS:

CORPORATE OVERVIEW

In 1995, sales increased, reversing the downward trend that the
company had been experiencing.  In addition, gross margin
improved for the third year in a row, reaching its highest level
since 1990.  However, the sluggish retail environment that
characterized the year-end holiday selling season negatively
impacted sales and gross margin during that critical period and
was mainly responsible for the net loss in the fourth quarter of
1995.  




                            -9-
<PAGE>


Also in 1995, the company entered into two important agreements
that will help the company achieve its goal of returning to
consistent profitability in the future.  One of these is an
exclusive license agreement with General Motors Corporation under
which the company will be selling its CB products under both the
GM "Mark of Excellence" and Chevrolet "Bow Tie" trademarks
through
an estimated 8,500 General Motors and Chevrolet dealers
nationwide.  The second agreement is with Code 3, the world's
leading producer and distributor of emergency and construction
vehicle warning equipment, for the distribution of the company's
patented, FCC-approved Safety Alert transmitter.

In 1996, management will continue to focus on increasing sales
volume by adding new products and customers as well as increasing
the number of products that the company's existing customers
carry.  Management also sees continued opportunities for margin
growth and has identified cost reduction programs that will cut
the company's overhead by approximately $1.5 million in 1996.


RESULTS OF OPERATIONS

1995 Compared to 1994
---------------------

Sales for 1995 increased by 10.1% to $90.4 million from $82.1
million in 1994.  The net loss for 1995 narrowed to $1.1 million,
or $.18 per share, from $1.5 million, or $.24 per share in 1994. 
Sales for all major product lines increased with the exception of
cordless phones.  

Sales of mobile electronics products (mainly CB radios and
integrated radar/laser detectors) increased approximately $6
million in 1995 compared to 1994.  The increase reflected higher
sales of CB radios and integrated radar/laser detectors.  CB
sales were driven by an expanding market for CBs because of
growth in the core truck driver segment and broader usage to more
consumers.  Other contributing factors were increased sales of CB
models to export distributors and the sales of new weather alert
models, introduced in the second quarter of 1994.  Increased
sales of integrated radar/laser detectors was due primarily to
sales of two new models: a cordless model and a model with 360
degree laser detection capability, an industry first.

Telecommunication product sales increased $2 million in 1995
compared to 1994, primarily due to increased phone answering
system sales, which were partially offset by a decline in
cordless phone sales.  Phone answering system sales increased
because of new all-digital models which were not available until
1995. Cordless phone sales declined as a result of lower prices
and unit sales of 10-channel models because of the introduction
of new 25-channel phones into the marketplace.  Combined unit
sales for both telecommunication products and mobile electronics
products increased approximately 9% in 1995. 

                            -10-
<PAGE>

Gross margin for 1995 increased to 18.3% from 17.6% a year ago. 
Higher margins in CB, integrated radar/laser detectors and
answering systems were partially offset by lower cordless phone
margins and increased factory reconditioned cordless phones sold
at below cost.  CB margins showed improvement because 1994 CB
margins were depressed due to air freight charges incurred on new
models in backlog.  Detection and answering system margins were
up because of high-margin new models, which were not available in
1994.  Cordless phone margins declined because of the drop in
10-channel prices, resulting from the introduction of 25-channel
phones into the marketplace, and also because of air freight
charges incurred to get the company's new 25-channel models to
market in time for the year-end holiday selling season.

Selling, general and administrative expense increased $1.5
million during 1995.  The increase was due to higher marketing
and product development costs, incurred to build sales volume,
and higher payroll costs to strengthen the company's senior
management staff.  In addition, the company had lower bad debt
expense in 1994 because of a favorable adjustment to the
company's allowance for doubtful accounts.  The favorable 1994
adjustment reflected an improvement in the quality of the
receivable portfolio and favorable collections experience.  Also,
approximately $350,000 of the increase reflected certain Hong
Kong office expenses, which in prior years had been included in
cost of sales.

Interest expense for 1995 was $1.8 million compared to $1.1
million in 1994.  The increase was due to higher borrowings for
working capital, which increased to help support the overall
growth in sales.

Other income increased $449,000 primarily because of interest
earned on the cash value on officer life insurance, which is
maintained to fund deferred compensation obligations.



1994 Compared to 1993
---------------------

Sales for 1994 were $82 million compared to $99 million in 1993. 
The net loss for 1994 was $1.5 million, or $.24 per share,
compared to $4.4 million, or $.70 per share in 1993. The sales
decline reflected mainly lower unit sales volumes in all
principal product lines, except CB radios.  In addition, the
prior year included $5 million in sales from the company's former
Professional Products Group, which was sold in late 1993.

Sales of mobile electronics products (including CB radios,
integrated radar/laser detectors and single unit laser and radar
detectors) declined approximately $5 million in 1994 compared to
1993.  The decline reflected mainly lower unit sales of detectors
and was partially offset by higher CB sales.  Sales of integrated
radar/laser detectors were down due to the company's decision to 

                             -11-

<PAGE>

limit its purchases of certain models to better assist in
controlling inventory, which resulted in lower 1994 sales.  Also,
the prior year sales benefited from large closeout sales of
three-band radar detectors that coincided with the introduction
of two new integrated detector models.  Besides an overall
increase in demand for CB radios compared to the prior year, the
current period benefited from sales of the company's new
weather-alert CBs, which were introduced in the second quarter of
1994.

Telecommunication product sales were down approximately $5
million, mainly because of lower phone answering system sales. 
Sales of phone answering systems declined because of the
company's strategy to refocus the product line to offer only
all-digital models, which would not be available in meaningful
quantities until early 1995.  Sales of the company's ten-channel
Intenna cordless phones fell slightly from the prior year because
of product shortages during the peak sales season.  These
temporary product shortages were the result of production delays
for several new models and the company's underestimation of
demand for several existing models when it placed orders with its
vendors earlier in the year.

Combined unit sales for both telecommunication products and
mobile electronics products declined approximately 7% in 1994. 
The remaining sales decline was attributable to reduced sales of
Lloyd's clock radios and the elimination of sales from the
company's former Professional Products Group, which was sold in
late 1993. 

Gross margins for 1994 increased to 17.6% from 14.1% a year ago. 
The margin improvement reflected a better customer mix and an
improved product mix because of more sales of high-margin CB
radios and improved margins on cordless phones and integrated
radar/laser detector sales.  Also, 1993's margin was depressed
because of sizable closeout sales of discontinued cordless phones
and detectors, which were minimized in 1994 through better
inventory control.  The margin improvement, as a result of the
better sales mix, was partially offset by costs associated with
the 1994 expansion of the company's consumer
hotline(1-800-COBRA22). This expansion was implemented to enable
the company to
answer all of its calls from consumers for installation and
operational assistance--to partially offset the lack of skilled
sales personnel in many retail stores--as well as for information
on where to purchase company products.  

During the second quarter of 1993, the company recorded a
one-time charge of $1.1 million to cover the estimated costs of a
restructuring program.  Approximately 40% of the charge was for
severance and termination costs related to a significant
downsizing of the company's workforce, which was carried out
during the third quarter of 1993.  The remaining portion of the
restructuring charge was to cover additional one-time costs to be
incurred as a result of the lower staffing levels.  As of
December 31, 1993, all restructuring costs had been incurred. 
Annualized savings from this workforce reduction in
payroll-related expenses were estimated to be approximately $2.1
million. 
Because the workforce reduction was implemented in mid-1993,
payroll-related savings approximated $1.2 million in 1994
compared to 1993.
                             -12-
<PAGE>


Selling, general and administrative expense declined $1.1 million
during 1994 and, as a percent of sales, increased to 17.8% from
15.9% a year ago.  Approximately two-thirds of the decline was
due to the elimination of expenses for the Professional Products
Group, which was sold in late 1993.  The remaining decline was
realized because of reduced payroll-related expenses in
connection with the workforce reduction, reduced variable selling
costs because of lower sales and lower bad debt expense.  The
expense for bad debts declined due to a reduction in receivable
balances, an improvement in the quality of the receivable
portfolio and favorable collections experience.  Expenses as a
percent of sales increased in the current year because the fixed
portion of such expenses was spread over a smaller sales volume.

Interest expense for 1994 declined 16% compared to the prior year
because of reduced working capital requirements, which resulted
in lower borrowings under the company's line-of-credit agreement.


LIQUIDITY AND CAPITAL RESOURCES

At December 31, 1995, the company had a $30 million secured
credit facility that included a fixed term loan.  In January,
1995, the agreement for this credit facility was extended to
January 10, 1997 and the term loan was increased from $2.6
million to $3.7 million.  Borrowings and letters of credit issued
under this agreement are collateralized by the company's assets,
and usage of the non-term loan portion is limited to certain
percentages of accounts receivable and inventory. The fixed term
loan is secured by the company's buildings and equipment and
requires both monthly principal payments of $43,000 and a balloon
payment of $2.6 million at the time of expiration.

The credit agreement specifies that the company may not pay cash
dividends and contains a material adverse change clause, which,
under certain circumstances, can accelerate the payment of the
debt.  Because of this clause, and the company's recent history
of losses, the company classified the debt as short-term for
financial reporting purposes.  The company does not believe a
material adverse change is likely and does not believe that
repayment of the debt will be accelerated.  At December 31, 1995,
the company had approximately $2.6 million of unused credit line.

Cash flows used in operating activities were $4.8 million for the
year ended December 31, 1995; losses from operations of $1.1
million together with an increase in working capital requirements
provided for the cash outflow.  The increase in receivables is
due mainly to higher fourth quarter sales compared to the prior
year as well as payments from several large customers which were
due prior to year end but were received shortly thereafter. 
Inventories increased mainly as a result of lower than
anticipated sales during the year-end holiday selling season
because of soft demand at the retail level.  Accounts payable
increased because of additional purchases of product on open
account from a domestic supplier.  The majority of purchases are
from foreign suppliers and are financed with letters of credit,
which require payment at the time of shipment.   

                              -13-
<PAGE>
 
Cash flows provided by operating activities were $3.7 million and
$1.9 million for the years ended December 31, 1994 and 1993,
respectively; losses from operations of $1.5 million and $4.4
million, respectively, were more than offset by non-cash expenses
of depreciation and amortization and reduced working capital
requirements.  Cash provided by the reduction in receivables
during 1994 was primarily the result of reduced sales during the
fourth quarter compared to the prior year.  The reduction in
accrued liabilities was due to a decrease in the cost of
estimated future product warranty obligations.

Investing activities required cash of $1.9 million, $1.5 million,
and $788,000 for the years ended December 31, 1995, 1994 and
1993, respectively.  Most of the cash outflows during these years
related to the purchase of tooling and equipment.  During 1993,
the company sold the assets of its Professional Products Group. 
The purchase price, which exceeded the net book value of the
assets sold, amounted to $1.3 million and consisted of $867,000
of cash and the assumption of certain liabilities.

Cash flows provided by and used for financing activities for the
three years ending December 31, 1995, primarily reflect changes
in the company's borrowing requirements under its line-of-credit
agreement.  

At December 31, 1995, the company had no material commitments,
other than approximately $26.6 million in outstanding purchase
orders for products compared with $23.2 million at the end of the
prior year.

The company believes that cash generated from operations and from
borrowings under its credit agreement will be sufficient in 1996
to fund its working capital needs.  In addition, the majority of
any taxable income in 1996 will be offset by net operating loss
carryforwards that totaled $46.4 million at December 31, 1995.


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA:

Financial Statements and quarterly financial data are included in
this Annual Report on Form 10-K, as indicated in the index on
page 33.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE:

During 1994, the company changed independent accountants.  The
change was previously reported on the company's Current Reports
on Form 8-K dated July 19, 1994, as amended, and August 15, 1994,
and are hereby incorporated by reference.

                             -14-
<PAGE>


CONSOLIDATED STATEMENTS OF OPERATIONS
Cobra Electronics Corporation

<TABLE>
<CAPTION>
Years Ended December 31 (in
thousands, except per share amounts)    1995     1994      1993  
-----------------------------------  --------  --------  -------
<S>                                  <C>       <C>       <C>
Net sales..........................  $ 90,442  $ 82,131  $98,844
Cost of sales......................    73,865    67,665   84,941
                                     --------  --------  --------
Gross profit.......................    16,577    14,466   13,903

Selling, general and administrative
  expense..........................    16,097    14,602   15,741
Restructuring costs................       ---       ---    1,076
                                     --------   -------  --------
Operating income (loss)............       480      (136)  (2,914)

Other expense:
  Interest expense.................    (1,752)   (1,057)  (1,258)
  Other income (expense), net .....       127      (322)    (220)
                                      --------  -------  --------
Loss before income taxes...........    (1,145)   (1,515)  (4,392)
Income taxes.......................       ---       ---      ---
                                      --------  -------  --------
Net loss...........................   $(1,145)  $(1,515) $(4,392)
                                      =======   =======  ========

Net loss per common share..........   $ (0.18)  $ (0.24) $ (0.70)
                                      ========  =======  ========
</TABLE>
The accompanying notes to consolidated financial statements are
an integral part of these financial statements.


                             -15-
PAGE
<PAGE>
CONSOLIDATED BALANCE SHEETS
Cobra Electronics Corporation

<TABLE>
<CAPTION>
At December 31 (dollars in thousands)         1995        1994
---------------------------------------   ----------- -----------
<S>                                       <C>         <C>
ASSETS:

Current assets:
  Cash..................................    $ 1,299    $   197
  Receivables, less allowance for doubtful
    accounts of $1,451 in 1995 and $638
    in 1994.............................     15,228     10,280
  Inventories, primarily finished goods.     18,238     15,627
  Other current assets..................        896      1,399
                                            -------    --------
  Total current assets..................     35,661     27,503   
                                            -------    --------
Property, plant and equipment, at cost:
  Land..................................        593        593
  Building and improvements.............      6,892      6,848
  Tooling and equipment.................     15,462     13,837
                                            -------    --------
                                             22,947     21,278
  Accumulated depreciation and
  amortization..........................    (15,877)   (14,294)
                                            --------   --------
  Net property, plant and equipment.....      7,070      6,984
                                            --------   --------
Other assets............................      7,350      5,855
                                            --------   --------
Total assets............................    $50,081    $40,342
                                            ========   ========
</TABLE>

The accompanying notes to consolidated financial statements are
an integral part of these financial statements.



                             -16-
PAGE
<PAGE>
CONSOLIDATED BALANCE SHEETS
Cobra Electronics Corporation

<TABLE>
<CAPTION>
At December 31 (dollars in thousands)         1995       1994
----------------------------------------- ----------- -----------
<S>                                       <C>         <C>
LIABILITIES AND SHAREHOLDERS' EQUITY:                             
             
Current liabilities:
   Accounts payable......................   $ 6,070       3,422
   Accrued salaries and commissions......     2,217       1,846
   Accrued advertising and sales promotion
      costs..............................       868         791
   Accrued product warranty costs........     1,992       2,073
   Other accrued liabilities.............     1,392       1,320
   Short-term debt.......................    19,368      11,461
                                            -------     -------
Total current liabilities................    31,907      20,913
                                            -------     -------
Shareholders' equity:
  Preferred stock, $1 par value, shares
    authorized-1,000,000; none issued....      ---          ---
  Common stock, $.33 1/3 par value,
    12,000,000 Shares authorized,
    7,039,100 issued and 6,226,648 
    outstanding for both 1995 and 1994...     2,345       2,345
  Paid-in capital........................    22,118      22,118
  Retained earnings......................       979       2,124
                                            -------     -------
                                             25,442      26,587
  Treasury stock, at cost
     (812,452 shares)....................    (5,545)     (5,545)
  Note receivable from officer's
      exercise of stock options..........    (1,723)     (1,613)
                                           --------     --------
Total shareholders' equity...............    18,174      19,429
                                           --------     --------

Total liabilities and shareholders'
  equity.................................   $50,081     $40,342
                                           ========    ======== 
</TABLE>

The accompanying notes to consolidated financial statements are
an integral part of these financial statements.


                             -17-
PAGE
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cobra Electronics Corporation

<TABLE>
<CAPTION>
Years Ended December 31(in thousands)    1995     1994     1993
-------------------------------------  -------- -------- --------
<S>                                    <C>      <C>      <C>
Cash flows from operating activities:
  Net Loss............................ $(1,145) $(1,515) $(4,392)
  Adjustments to reconcile net loss
    to net cash provided by operating
    activities:
    Depreciation and amortization.....   1,826    2,287    1,741
    Changes in assets and liabilities:
      Receivables.....................  (4,948)   5,377    3,812
      Inventories.....................  (2,611)     501    2,274
      Other current assets............     340       72     (307)
      Other assets....................  (1,303)    (694)     326
      Accounts payable................   2,648      (29)    (522)
      Accrued liabilities.............     439   (2,259)  (1,052)
                                       -------- -------- --------
  Net cash provided by (used for)
    operating activities..............  (4,754)   3,740    1,880 
                                       --------  ------- --------
Cash flows from investing activities:
  Capital expenditures................  (1,678)  (1,160)  (1,481)
  Proceeds from sale of division......     ---      ---      867
  Net cash used for discontinued
    operation.........................    (263)    (315)    (174)
                                       --------  ------- --------
  Net cash used for investing
    activities........................  (1,941)  (1,475)    (788)
                                       --------  ------- --------
Cash flows from financing activities:
  Net borrowings (repayments) under the
    line-of-credit agreement..........   7,907   (2,228)  (1,349)
  Transactions related to exercise of
    stock options, net................    (110)     (16)    (125)
                                       --------  ------- --------
  Net cash provided by (used for)
    financing activities..............   7,797   (2,244)  (1,474)
                                       --------  ------- --------
Net increase (decrease) in cash.......   1,102       21     (382)
Cash at beginning of year.............     197      176      558
                                       --------  ------- --------
Cash at end of year................... $ 1,299   $  197  $   176
                                       ========  ======= ========
</TABLE>

The accompanying notes to consolidated financial statements are
an integral part of these financial statements.


                          -18-
PAGE
<PAGE>
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Cobra Electronics Corporation


<TABLE>
<CAPTION>
                                                                  
Note
                                                                  
Rec.
Three Years Ended                                                 
for
December 31, 1995             Common   Paid-In  Retained 
Treasury Options
(dollars in thousands)        Stock    Capital  Earnings  Stock   
Exer.
----------------------------  -------  -------  --------  ------- 
-------
<S>                           <C>      <C>      <C>       <C>     
<C> 
Balance-January 1, 1993.....  $ 2,345  $ 22,118 $  8,031  $ 5,545 
$  1,472
  Net loss..................      ---       ---   (4,392)     --- 
     ---
  Note receivable interest..      ---       ---      ---      --- 
     125
                              -------  -------- --------- ------- 
--------
Balance-December 31, 1993...    2,345    22,118    3,639    5,545 
   1,597
  Net loss..................      ---       ---   (1,515)     --- 
     ---
  Note receivable interest..      ---       ---      ---      --- 
      16
                              -------  -------- --------- ------- 
--------
Balance-December 31, 1994...    2,345    22,118    2,124    5,545 
   1,613
  Net loss..................      ---       ---   (1,145)     --- 
     ---
  Note receivable interest..      ---       ---      ---      --- 
     110
                              -------  -------- --------- ------- 
--------
Balance-December 31, 1995...  $ 2,345  $ 22,118 $    979  $ 5,545 
$  1,723
                              =======  ======== ======== 
======== ========
</TABLE>

The accompanying notes to consolidated financial statements are
an integral
part of these financial statements.


                            -19-
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Cobra Electronics Corporation


(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BUSINESS -- The company designs and markets consumer electronics
products, a majority of which are purchased from overseas
suppliers, primarily in China, Malaysia, Thailand, and Japan. 
The consumer electronics market is characterized by rapidly
changing technology and certain products may have limited life
cycles.  The company believes that it maintains strong
relationships with its current suppliers and, if necessary, other
suppliers could be found.  Production delays or a change in
suppliers, however, could cause a delay in obtaining inventories
and a possible loss of sales, which could adversely affect
operating results.

PRINCIPLES OF CONSOLIDATION -- The consolidated financial
statements include the accounts of the company and its
subsidiaries.

USE OF ESTIMATES -- 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.

INVENTORIES -- Inventories are recorded at the lower of cost, on
a first-in, first-out basis, or market.

DEPRECIATION -- Depreciation of buildings, improvements, tooling
and equipment is computed using the straight-line method and the
following estimated useful lives:

Classification                  Life
-------------------------    ----------
Buildings................      30 years
Building improvements....      20 years
Motor vehicles...........       3 years
Equipment................    5-10 years
Tools, dies and molds....       2 years

RESEARCH, ENGINEERING AND PRODUCT DEVELOPMENT EXPENDITURES --
Research, engineering and product development expenditures are
expensed as incurred and amounted to $1.1 million in 1995 and
1994 and $1 million in 1993.

REVENUE RECOGNITION -- Revenue from the sale of goods is
recognized at the time of shipment.  Obligations for sales
returns and allowances and product warranties are recognized on
an accrual basis.

                            -20-
<PAGE>

(2) TAXES ON INCOME

Deferred tax assets (liabilities) by component at December 31,
1995 and 1994 were:

<TABLE>
<CAPTION>
(in thousands)                                 1995       1994  
------------------------------------------  ---------  ---------
<S>                                         <C>        <C>
Net operating loss carryforwards..........  $ 19,235   $  20,228
Investment tax credit carryforwards.......     1,938       1,938
Alternative minimum tax credit carryforwards     885         885
Tax lease income..........................   (10,506)    (11,028)
Receivable reserves.......................       325         148
Warranty reserves.........................       771         803
Inventory reserves........................       738         649
Accrued promotion expenses................       662         584
Sales related reserves....................       602         617
Compensation reserves.....................       775         624
Other, net................................       250         223
                                            ---------   ---------
Net deferred tax assets...................    15,675      15,671
Valuation allowance.......................   (15,675)    (15,671)
                                            ---------   ---------
Net deferred tax assets after allowance...  $    ---    $    ---
                                            =========   =========
</TABLE>


The tax lease income resulted from several 1983 tax lease
agreements to acquire tax benefits under the provisions of the
Economic Recovery Tax Act of 1981.  The total cash price paid by
the company was $12.4 million.  The economic value of these
leases was not impaired by the Tax Reform Act of 1986.  The
company realized temporary tax savings from accelerated
depreciation and permanent tax savings from credits associated
with the leases, subject to statutory limitations.  These savings
offset current taxes payable which would otherwise have been due
on income from normal operations.

The statutory Federal income tax rates are reconciled to the
effective income tax rates as follows:

<TABLE>
<CAPTION>
Description                              1995     1994     1993
--------------------------------------  ------   ------   ------
<S>                                     <C>      <C>      <C>
Statutory Federal income tax rate. ...   34.0%    34.0%    34.0%
State taxes, net of Federal income tax
   benefits...........................    4.7      4.7      4.8
Utilization of net operating loss
   carryforwards......................  (38.7)     ---      ---
Losses for which no tax benefit was
   recorded...........................    ---    (38.7)   (38.5)
Other, net............................    ---      ---     (0.3)
                                        ------   ------   ------
Effective tax rate....................    ---%     ---%     ---%
                                        ======   ======   ======
</TABLE>

                             -21-
<PAGE>

At December 31, 1995, the company has net operating loss
carryforwards("NOL") available to offset future taxable income,
and both investment tax credit ("ITC")and alternative minimum tax
credit carryforwards to offset future income tax payments.  The
alternative minimum tax credit carryforwards, amounting to
$885,000, do not expire.

The net operating loss and investment tax credit carryforwards
expire as follows (in thousands):

<TABLE>
<CAPTION>
Year of  Expiration          NOL         ITC
-----------------------   ---------   ---------  
<S>                       <C>         <C>
1996...................   $  6,918    $   ---
1997...................      1,089        ---
1998...................      1,378       1,804
1999...................      1,827         112
2000...................      7,536          22
2002...................        183         ---
2006...................      5,762         ---
2007...................      8,343         --- 
2008...................      9,997         ---
2009...................      3,341         ---
                          ---------    ---------
Total..................   $ 46,374     $ 1,938
                          =========    =========
</TABLE>

(3) FINANCING ARRANGEMENTS

The company has a $30 million secured credit facility that
includes a fixed term loan.  In January, 1995, the agreement for
this credit facility was extended to January 10, 1997 and the
term loan was increased from $2.6 million to $3.7 million.  

Borrowings and letters of credit issued under this agreement are
collateralized by the company's assets, and usage of the non-term
loan portion is limited to certain percentages of accounts
receivable and inventory. The fixed term loan is secured by the
company's buildings and equipment and requires both monthly
principal payments of $43,000 and a balloon payment of $2.6
million at the time of expiration.  Interest is payable monthly
at prime (8.5% at December 31, 1995) plus one and one-half
percent.

The credit agreement specifies that the company may not pay cash
dividends and contains a material adverse change clause, which,
under certain circumstances, can accelerate the payment of the
debt.  Because of this clause, and the company's recent history
of losses, the company classified the debt as short-term for
financial reporting purposes.  The company does not believe a
material adverse change is likely and does not believe that
repayment of the debt will be accelerated.

Maximum borrowings outstanding at any month-end were $20.7
million and $13.3 million in 1995 and 1994, respectively. 
Aggregate average borrowings outstanding were $17 million and
$11.3 million during 1995 and 1994, respectively, with weighted 


                            -22-
<PAGE>

average interest rates thereon of 10.4% and 9.4%, respectively. 
The maximum value of letters of credit outstanding at any month
end were $8.1 million and $7.1 million in 1995 and 1994,
respectively.  At December 31, 1995, the company had
approximately $2.6 million of unused credit line. 

During 1995, 1994 and 1993, the company made interest payments of
$1.7 million, $1.1 million and $1.3 million, respectively.


4) LEASE TRANSACTIONS

The company leases facilities and equipment under noncancellable
operating leases with remaining terms of one year or more.  The
terms of these agreements provide that the company pay certain
operating expenses.  Some of these lease agreements also provide
the company with the option to purchase the related assets at the
end of the respective initial lease terms.  Rental expense for
these operating leases for 1995, 1994 and 1993 was $225,000,    
$215,000 and $256,000, respectively.  At December 31, 1995,
future minimum lease payments required under operating leases
that have initial or remaining noncancellable lease terms in
excess of one year are $50,045 through the year 2001.


5) SHAREHOLDERS' EQUITY

PREFERRED STOCK -- Preferred stock is issuable from time to time
in one or more series, which series may have such voting powers,
and such designations, preferences, and relative participating,
optional or other special rights, and qualifications, limitations
or restrictions thereof, as shall be stated and expressed in the
resolution or resolutions providing for the issue of such stock
adopted by the Board of Directors.  No preferred stock has been
issued.

EARNINGS PER SHARE -- Earnings per share are calculated using the
treasury stock method and giving effect to common share
equivalents.  Weighted average common shares outstanding used in
the calculation were 6,226,648 in 1995 and 1994 and 6,229,813 in
1993.

                                  
(6) STOCK OPTION PLANS

The company has six Stock Option Plans-- 1995, 1988, 1987, 1986,
1985 and 1981 ("the Plans").  The company applies Accounting
Principles Board Opinion No. 25 and related Interpretations in
accounting for the Plans.  Accordingly, no compensation cost has
been recognized.  Had compensation cost been determined
consistent with Statement of Financial Accounting Standards No.
123, "Accounting for Stock-Based Compensation", the company's net
loss and loss per share would have been increased to $1,178,201
and $.19, respectively.


                             -23-
<PAGE>

A summary of certain provisions and amounts related to the Plans
follows:

<TABLE>
<CAPTION>
                                                      1995     
1988      1987      1986      1985     1981
                                                      Plan     
Plan      Plan      Plan      Plan     Plan
-------------------------------------------------   -------- 
--------  --------  --------  --------  ------
<S>                                                 <C>       
<C>      <C>       <C>       <C>       <C>
Authorized, unissued shares available for grant..   300,000   
500,000   150,000   225,000   525,000 368,963
Nonqualified options granted at not less than 
   80% of fair value at date of grant............      x         
x         x         x         x        x
Incentive stock options granted at 100% of
   fair value at date of grant...................      x         
x         x         x         x        x
Shares exercisable at December 31, 1995..........     Nil     
406,493    28,500    34,750     6,250    Nil
</TABLE>

The fair value of each option is estimated on the date of grant
using the Black-Scholes
option-pricing model with the following weighted average
assumptions used: no dividends;
expected volatility of 35 percent; risk-free interest rate of 5.2
percent; and expected
lives of 5 years.  


  
A summary of the status of the Plans as of December 31, 1995,
1994 and 1993, and changes during the years ended on those dates
is presented below:

<TABLE>
<CAPTION>
                                                       1995       
      1994                1993
                                                ----------------- 
 ----------------   ----------------
                                                         Weighted 
         Weighted            Weighted
                                                         Average  
         Average             Average
                                                Shares   Exercise 
 Shares  Exercise   Shares   Exercise 
Fixed Options                                    (000)   Price    
 (000)   Price      (000)    Price
---------------------------------------         ------- 
---------  ------- --------   -------  --------
<S>                                             <C>      <C>      
 <C>     <C>        <C>      <C>
Outstanding at beginning of year                 1,039     $3.24  
    684     $3.61      621      $3.91

Granted                                            178      2.44  
    429      2.64      205       2.90

Cancellations and Expirations                     (362)     3.24  
    (74)     3.17     (142)      3.90
                                                -------           
 -------            -------            
Outstanding at end of year                         855            
  1,039                684

Options exercisable at year end                    476            
    455                306
 
Weighted-average fair value of options
granted during the year                           $.97            
    n/a                n/a

</TABLE>

The following table summarizes information about stock options
outstanding at December 31, 1995:

<TABLE>
<CAPTION>
                                       Options Outstanding        
            Options Exercisable
                             
-------------------------------------        
------------------------- 
                                                         
Weighted            
                                             Weighted     Average 
                          Weighted
                              Number         Average     
Remaining          Number          Average
Range of                      Outstanding    Exercise    
Contractual        Exercisable     Exercise
Exercise Prices               (000)          Price        Life    
          (000)           Price
---------------- ---------    -----------   ----------- 
-----------         --------        ---------
<S>                           <C>           <C>          <C>      
          <C>             <C>
Less than $2                       81          $1.87          4.3 
             Nil             $ --
$2 to $3                          376           2.63          2.7 
             155              2.71
Greater than $3                   398           3.73          3.4 
             321              3.88
                                  ---                             
             ---
                                  855           3.07          3.2 
             476              3.50
                                  ===                             
             ===
</TABALE>

Under the terms of the Plans, the consideration received by the
company upon exercise of the options may be paid in cash or by 


                             -24-
<PAGE>

the surrender and delivery to the company of shares of its common
stock, or by a combination thereof.  The optionee is credited
with the fair market value of any stock surrendered and delivered
as of the exercise date.

Options granted under the 1985 nonqualified plan may include
provisions that are similar to stock appreciation rights in that
they entitle the holder to additional compensation at the date of
exercise or, if later, at the date when the exercise transaction
becomes taxable.  The anticipated cost is recognized over the
vesting period of the options, which ranges from one to five
years.  Currently there are no options outstanding that include
these provisions.


(7)RETIREMENT BENEFITS

The only qualified retirement plan for employees is the Cobra
Electronics Corporation Profit Sharing and 401(k) Incentive
Savings Plan (the "Plan").  The company may make a discretionary
annual profit sharing contribution that is allocated among
accounts of persons employed by the company for more than one
year, prorated based on the compensation paid to such persons
during the year.  There were no profit sharing contributions in
1995, 1994 or 1993.

Deferred compensation of $1.8 million and $1.6 million is
included in the balances of accrued salaries and commissions at
December 31, 1995 and 1994, respectively.  Deferred compensation
obligations arise pursuant to outstanding key executive
employment agreements.


(8) RELATED PARTY TRANSACTIONS

During 1993, the company sold the assets of its Professional
Products Group to its division president, who was an officer of
the company.  The purchase price, which exceeded the net book
value of the assets sold, amounted to $1.3 million and consisted
of $867,000 of cash and the assumption of $393,000 in
liabilities.

During 1990, pursuant to an employment agreement, the company
lent an officer $1.25 million for the exercise of options on
375,000 shares of common stock.  The officer signed a promissory
note with recourse, which is secured by the related shares.  The
promissory note was amended during 1994 to extend the due date to
December 30, 1997 and to change the interest rate to the
appropriate Applicable Federal Rate, to be adjusted monthly.  The
interest rate was retroactively changed to conform the promissory
note to the variable interest rate specified in the employment
agreement.  The  amount of the note is shown as a reduction of
shareholders' equity.  From the inception of the loan through
December 31, 1995, accrued interest of $472,945 has been added to
the loan balance reflecting an average interest rate of 6.6%.


                             -25-
<PAGE>


(9) COMMITMENTS

At December 31, 1995 and 1994, the company had outstanding
inventory purchase orders with suppliers totaling approximately
$26.6 million and $23.2 million, respectively.


(10) RESTRUCTURING COSTS

During the second quarter of 1993, the company recorded a
one-time charge of $1.1 million to cover the estimated costs of a
restructuring program.  Approximately 40% of the charge was for
severance and termination costs related to a significant
downsizing of the company's workforce, which was carried out
during the third quarter of 1993.  The remaining portion of the
restructuring charge was to cover additional one-time costs to be
incurred as a result of the lower staffing levels.  As of
December 31, 1993, all restructuring costs had been incurred.


(11) INDUSTRY SEGMENT INFORMATION

The company operates in only one business segment--consumer
electronics.  Excluding company-owned tooling at suppliers with a
net book value of $1.2 million at December 31, 1995, assets
located outside the United States are not material.  Foreign
sales were $12.2 million, $11.7 million and $9.3 million in 1995,
1994 and 1993, respectively.  For 1994, sales to one customer
totaled 10.2% of consolidated net sales.  There were no sales in
excess of 10% of consolidated net sales to a single customer or a
group of entities under common control for either 1995 or 1993. 
The company does not believe that the loss of any one customer
would have a material adverse effect on its business.


(12) ADVERTISING BARTER CREDITS

During 1992, the company received $3.8 million of advertising
credits in exchange for certain discontinued products.  These
credits can be used to reduce the cost of a variety of media
services (by 40 to 50 percent) prior to their expiration in
December 1998.  The company is exploring opportunities to
exchange a portion of the credits for various goods and services
used by the company as well as the outright sale of the credits
to third parties.  In 1995 and 1994, the company recorded charges
of $126,000 and $300,000, respectively to reduce the credits to
their estimated net realizable value.  Although realization is
not assured, management believes that all of the recorded credits
will be utilized or sold prior to their expiration.  If
management is unsuccessful in their efforts to use or sell the
remaining credits, it is reasonably possible that the company's
estimate of net realizable value will change in the near term.  
During 1995, 1994, and 1993, the company utilized credits of 
approximately $329,000, $40,000, and $70,000, respectively.  The 

                            -26-
<PAGE>

net book value of the credits at December 31, 1995 and 1994 was
$2.4 million and $2.8 million, respectively.


(13) OTHER ASSETS

In addition to the advertising barter credits, other assets at
December 31, 1995 and 1994 included the cash value on officer
life insurance policies of $3 million and $2.5 million,
respectively.  The cash value of officer life insurance policies
is pledged as collateral for the company's secured lending
agreement and is maintained to fund deferred compensation
obligations (see Notes 3 and 7).


                             -27-
<PAGE>


Quarterly Financial Data (Unaudited)
(In thousands, except per share amounts)


</TABLE>
<TABLE>
<CAPTION>
                                                         Quarter
Ended
                 
------------------------------------------------------------------------------------------
                         March 31               June 30           
  September 30           December 31
                  ---------------------  --------------------- 
---------------------  ---------------------
                     1995       1994        1995       1994       
1995       1994        1995       1994
                  ---------- ----------  ---------- ---------- 
---------- ----------  ---------- ----------
<S>               <C>        <C>         <C>        <C>        
<C>        <C>         <C>        <C>
Net sales.........$ 20,737   $  18,481    $21,350   $  21,132   $
24,513   $  21,823    $ 23,842  $  20,695

Cost of sales.....  16,938      14,890     17,066      17,480    
19,548      17,755      20,313     17,540

Gross profit......   3,799       3,591      4,284       3,652     
4,965       4,068       3,529      3,155

Selling, general
  and administra-
  tive expense....   3,762       3,167      4,152       3,448     
4,296       4,348       3,887      3,639
Operating income
  (loss)..........      37         424        132         204     
  669        (280)       (358)      (484)

Net income (loss).    (293)        102       (206)         54     
  104        (696)       (750)      (975)

Net income (loss)
  per share.......   (0.05)       0.02      (0.03)       0.01     
 0.02       (0.11)      (0.12)     (0.16)

Weighted average
 shares outstanding  6,227       6,232      6,227       6,236     
6,231       6,241       6,227      6,227

</TABLE>


                              -28-
<PAGE>

INDEPENDENT AUDITORS' REPORT
----------------------------

To the Board of Directors and Shareholders of 
Cobra Electronics Corporation
Chicago, Illinois

We have audited the accompanying consolidated balance sheets of
Cobra Electronics Corporation and subsidiaries as of December 31,
1995 and 1994, and the related consolidated statements of
operations, shareholders' equity, and cash flows for each of the
two years in the period ended December 31, 1995. Our audits also
included the financial statement schedule for the years ended
December 31, 1995 and 1994 listed in the Index at Item 14.  These
financial statements and financial statement schedule are the
responsibility of the Company's management.  Our responsibility
is to express an opinion on the financial statements and
financial statement schedule based on our audits. 

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, such 1995 and 1994 consolidated financial
statements present fairly, in all material respects, the
financial position of Cobra Electronics Corporation and
subsidiaries at December 31, 1995 and 1994, and the results of
their operations and their cash flows for each of the two years
in the period ended December 31, 1995 in conformity with
generally accepted accounting principles.  Also, in our opinion,
such 1995 and 1994 financial statement schedule, when considered
in relation to the basic consolidated financial statements taken
as a whole, presents fairly in all material respects the
information set forth therein. 

DELOITTE & TOUCHE LLP


March 1, 1996

                            -29-
<PAGE>

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------


To the Shareholders and Board of Directors of
  Cobra Electronics Corporation:

We have audited the accompanying consolidated balance sheet of
Cobra Electronics Corporation (a Delaware corporation) and
Subsidiaries as of December 31, 1993, and the related
consolidated statements of operations, shareholders' equity and
cash flows for the year then ended.   These financial statements
are the responsibility of the company's management.  Our
responsibility is to express an opinion on these financial
statements based on our audit.

We conducted our audit in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that
our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial
position of Cobra Electronics Corporation and Subsidiaries as of
December 31, 1993, and the results of their operations and their
cash flows for the year then ended, in conformity with generally
accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole.  Schedule II is the
responsibility of the company's management and is presented for
purposes of complying with the Securities and Exchange
Commission's rules and is not part of the basic financial
statements.  This schedule has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, fairly states in all material
respects the financial data required to be set forth therein in
relation to the basic financial statements taken as a whole.
                                            

ARTHUR ANDERSEN LLP
                                   
Chicago, Illinois,
March 7, 1994
    

                             -30-
<PAGE>


                           PART III
                           --------




ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Information in response to this item is set forth in the
company's definitive proxy statement filed pursuant to Regulation
14A under "Directors and Nominees," which information is hereby
incorporated by reference.  The information under "Section 16(a)
Reports" included in the definitive proxy statement is hereby
incorporated by reference.


The executive officers of the Registrant are as follows:

<TABLE>
<CAPTION>
Name, Age and         Has Held Present  Prior Business Experience
Present Position      Position Since    in Past Five Years
--------------------  ----------------  -------------------------
<S>                   <C>               <C>
Carl Korn, 74,            Nov. 1961
Chairman*

Jerry Kalov, 60,          Aug. 1986      In 1991, assumed duties
President and                            of President, Cobra
Chief Executive                          Electronics Group
Officer*

Gerald M. Laures, 48,     Mar. 1994      Corporate Secretary,
Vice President-Finance                   July 1989 to present;
and Corporate Secretary*                 Corporate Controller
                                         June 1988 to March 1994.


* Is also a director.
</TABLE>

                                         
ITEM 11.  EXECUTIVE COMPENSATION

Information in response to this item will be set forth in a
definitive proxy statement to be filed by the company pursuant to
Regulation 14A within 120 days after the close of the company's
1995 fiscal year, and such information, other than the
information required by Item 402(k) ("Board Compensation
Committee Report on Executive Compensation") and Item 402(l)
("Performance Graph") under Regulation S-K adopted by the
Securities and Exchange Commission, is hereby incorporated by
reference.



                             -31-
<PAGE>


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT

Information in response to this item will be set forth in a
definitive proxy statement to be filed by the company pursuant to
Regulation 14A within 120 days after the close of the company's
1995 fiscal year, and such information is hereby incorporated by
reference.


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Information in response to this item will be set forth in a
definitive proxy statement to be filed by the company pursuant to
Regulation 14A within 120 days after the close of the company's
1995 fiscal year, and such information is hereby incorporated by
reference.


                             -32-
<PAGE>


                           PART IV
                           -------


ITEM 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K




     Index to Consolidated Financial Statements and Schedules
     --------------------------------------------------------
                                                                  
                                                         Page or
                                                         Schedule
       Description                                       Number
       ------------------------------------------------  --------
[a] 1. Consolidated Statements of Operations for the
          three years ended December 31, 1995, 1994 and
          1993.........................................     15

       Consolidated Balance Sheets as of December 31,
          1995 and 1994................................    16-17

       Consolidated Statements of Cash Flows for the
          three years ended December 31,1995...........     18

       Consolidated Statements of Shareholders' Equity
          for the three years ended December 31,1995...     19

       Notes to Consolidated Financial Statements......    20-27

       Quarterly Financial Data........................     28

       Independent Auditors' Reports...................    29-30
       
[a] 2. Schedule:

       Valuation and Qualifying Accounts - 1995, 1994
          and 1993.....................................     34

       All other financial schedules have been omitted
       because the required information is contained in
       the consolidated financial statements and notes
       thereto, or such information is not applicable.

[a] 3. Exhibits:

       See Index to Exhibits on pages 36 through 39

[b]    Current Reports on Form 8-K:

       During the three months ended December 31, 1995,
       there were no Form 8-K's filed.


                             -33-
<PAGE>


                                                      Schedule II

                   COBRA ELECTRONICS CORPORATION
                 VALUATION AND QUALIFYING ACCOUNTS
            FOR THE THREE YEARS ENDED DECEMBER 31, 1995
                          (in thousands)
            -------------------------------------------
<TABLE>
<CAPTION>
                                      Balance at     Additions    
 Deductions                    Balance at
                                      beginning     charged to    
   from                         end of
                                      of period       expense     
 reserves      Other,net        period
                                     ----------     ----------    
----------     ----------     ----------
<S>                                  <C>            <C>           
<C>            <C>            <C>
1995
----------------------------------
Allowance for doubtful account....   $    638      $    440       
$   (42) [a]  $   415 [c]      $ 1,451

Reserve for disposal of 
  discontinued operation..........   $    501      $    ---       
$  (227)      $   ---         $    274

Advertising barter credit
 valuation allowance..............   $    715      $    126       
$   ---       $   ---         $    841

Tax valuation allowance...........   $ 15,671      $    ---       
$   ---       $     4 [b]     $ 15,675
 

1994
----------------------------------
Allowance for doubtful accounts...   $    795       $   (13)     
$   (144) [a]  $   ---         $    638

Reserves for disposal of
  discontinued operation..........   $    776       $   ---      
$   (275)      $   ---         $    501

Advertising barter credit
  valuation allowance.............   $    415       $   300      
$    ---       $   ---         $    715
  
Tax valuation allowance...........   $ 14,156       $   ---      
$    ---       $ 1,515 [b]     $ 15,671


1993
----------------------------------
Allowance for doubtful accounts...   $  4,235       $   269      
$ (3,709) [a]  $   ---         $    795

Reserves for disposal of
  discontinued operation..........   $    856       $    ---      
$   (80)      $   ---         $    776

Advertising barter credit
  valuation allowance.............   $    415       $    ---      
$   ---       $   ---         $    415
  
Tax valuation allowance...........   $ 11,570       $    ---      
$   ---       $ 2,586 [b]     $ 14,156

</TABLE>

[a] Uncollectible accounts written off.

[b] Increase in allowance to offset additional net operating loss
carryforwards generated during the year, 
    net of carryforwards expiring, and the inability of the
company to realize certain tax assets because
    of its operating loss.

[c] Net adjustments to the reserve with an offsetting entry to
receivables.


                            -34-
<PAGE>


                         SIGNATURES
                         ----------

Pursuant to the requirements of Section 13 or 15 (d) 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.

                            COBRA ELECTRONICS CORPORATION


                            By Gerald M. Laures
                            --------------------------
                               Gerald M. Laures
                                Vice President - Finance          
                               and Corporate Secretary


Dated:  March 29, 1996

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the date
indicated above.


Carl Korn               Director and Chairman of the Board
---------------------
Carl Korn


Jerry Kalov             Director, President and Chief Executive
---------------------   Officer  (Principal Executive Officer)
Jerry Kalov


William P. Carmichael   Director
---------------------
William P. Carmichael


Samuel B. Horberg       Director
----------------------
Samuel B. Horberg  

Gerald M. Laures        Director, Vice President - Finance and
----------------------  Secretary (Principal Financial and
Gerald M. Laures        Accounting Officer)


Harold D. Schwartz      Director
-----------------------
Harold D. Schwartz



                             -35-
<PAGE>

                        INDEX TO EXHIBITS
                        -----------------

Exhibit
Number                     Description of Document
-------  --------------------------------------------------------
3(i)(a)  Articles of Incorporation, as amended February 23, 1990-
         -Filed as exhibit No. 3-1 to the Registrant's Form 10-K
         for the year ended December 31, 1990 (File No. 0-511),
         hereby incorporated by reference.

3(i)(b)  Certificate of Ownership and Merger, filed with the
         Secretary of State of Delaware on March 29, 1993--Filed
         as exhibit No. 3-2 to the Registrant's Form 10-K for the
         year ended December 31, 1992 (File No. 0-511), hereby
         incorporated by reference. 

3(ii)    Bylaws, as amended December 6, 1983--Filed as exhibit
         No. 3-2 to the Registrant's Form 10-K for the year ended
         December 31, 1990 (File No. 0-511), hereby incorporated
         by reference.

10-1 #   1981 Nonqualified and Incentive Stock Option Plan--Filed
         as exhibit No. 10-1 to the Registrant's Form 10-K for
         the year ended December 31, 1992 (File No. 0-511),
         hereby incorporated by reference.

10-2 #   Amendment No. 1 to 1981 Nonqualified and Incentive Stock
         Option Plan--Filed as exhibit No. 10-2 to the
         Registrant's Form 10-K for the year ended December 31,
         1992 (File No. 0-511), hereby incorporated by reference.

10-3 #   1985 Key Employees Nonqualified Stock Option Plan--Filed
         as exhibit No. 10-6 to the Registrant's Form 10-K for
         the year ended December 31, 1985 (File No. 0-511),
         hereby incorporated by reference.

10-4 #   Key Executive Employment Agreement dated as of January
         1, 1988--Filed as exhibit No. 10-15 to the Registrant's
         Form 10-K for the year ended December 31, 1987 (File No.
         0-511), hereby incorporated by reference.

10-5 #   1986 Key Employees Nonqualified and Incentive Stock
         Option Plan--Filed as exhibit No. 10-6 to the
         registrant's Form 10-K for the year ended December 31,
         1990 (File No. 0-511), hereby incorporated by reference.

10-6 #   1987 Key Employees Nonqualified and Incentive Stock
         Option Plan--Filed as exhibit No. 10-7 to the
         Registrant's Form 10-K for the year ended December 31,
         1990 (File No. 0-511), hereby incorporated by reference.

10-7 #   1988 Key Employees Nonqualified and Incentive Stock
         Option Plan--Filed as exhibit No. 10-8 to the
         Registrant's Form 10-K for the  year ended December 31,
         1990 (File No. 0-511), hereby incorporated by reference.

                            -36-
<PAGE>

10-8     Lease Agreement dated August 16, 1989 between Registrant
         and CMD  Midwest Eight Limited Partnership for Aurora,
         Illinois facility--Filed as exhibit No. 10-9 to the
         Registrant's Form 10-K for the year ended December 31,
         1990 (File No. 0-511), hereby incorporated by reference.

10-9 #   Key Executive Pledge Agreement and Term Loan Promissory
         Note dated December 31, 1990--Filed as exhibit No. 10-12
         to the Registrant's Form 10-K for the year ended
         December 31, 1990 (File No. 0-511), hereby incorporated
         by reference.

10-10    Sublease Agreement dated December 1, 1992 between
         Registrant and Petcare Plus, Inc. for Aurora, Illinois
         facility--Filed as exhibit No. 10-16 to the Registrant's
         Form 10-K for the year ended December 31, 1992 (File No.
         0-511), hereby incorporated by reference.

10-11    Lease Agreement dated October 15, 1987, including
         Amendment Numbers 1, 2 and 3, between Registrant and
         Maxtec International Corp. for approximately 85% of the
         Registrant's building located at 6460 West Cortland
         Street, Chicago, IL--Filed as exhibit No. 10-17 to the
         Registrant's Form 10-K for the year ended December
         31, 1992 (File No. 0-511), hereby incorporated by
         reference.

10-12    Loan and Security Agreement dated November 12, 1992,
         including Amendment No. 1, by and between the Registrant
         and Congress Financial Corporation (Central)--Filed as
         exhibit No. 10-18 to the Registrant's Form 10-K for the
         year ended December 31, 1992 (File No. 0-511), hereby
         incorporated by reference.

10-13 #  Deferred Compensation Plan dated as of December 23,
         1992--Filed as exhibit No. 10-19 to the Registrant's
         Form 10-K for the year ended December 31, 1992 (File No.
         0-511), hereby incorporated by reference.

10-14    Asset Purchase Agreement between Registrant and
         Superscope Technologies, Inc. dated as of September 30,
         1993--Filed as exhibit No. 10-18 to the Registrant's 
         Form 10-K for the year ended December 31, 1993 (File No.
         0-511), hereby incorporated by reference.

10-15    Omnibus Amendment To All Loan Documents between
         Registrant and Congress Financial Corporation (Central)
         dated as of March 29, 1993--Filed as exhibit No. 10-19
         to the Registrant's Form 10-K for the year ended
         December 31, 1993 (File No. 0-511), hereby incorporated
         by reference.

10-16    Amendment No. 3 to the Loan and Security Agreement
         between Registrant and Congress Financial Corporation


                            -37-
<PAGE>



         (Central) dated as of August 17, 1993--Filed as exhibit
         No. 10-20 to the Registrant's Form 10-K for the year
         ended December 31, 1993 (File No. 0-511), hereby
         incorporated by reference.

10-17    Amendment No. 4 to the Loan and Security Agreement
         between Registrant and Congress Financial Corporation
         (Central) dated as of December 29, 1993--Filed as
         exhibit No. 10-21 to the Registrant's Form 10-K for the
         year ended December 31, 1993 (File No. 0-511), hereby
         incorporated by reference.


10-18    Amendment No. 5 to the Loan and Security Agreement
         between Registrant and Congress Financial Corporation    
        (Central) dated as of February 25, 1994--Filed as exhibit
         No. 10-22 to the Registrant's Form 10-K for the year
         ended December 31, 1993 (File No. 0-511), hereby
         incorporated by reference.

10-17    Amendment No. 6 to the Loan and Security Agreement
         between Registrant and Congress Financial Corporation
        (Central) dated as of November 23, 1994--Filed as exhibit
         No. 10-17 to the Registrant's Form 10-K for the year
         ended December 31, 1994 (File No. 0-511), hereby
         incorporated by reference.

10-18    Amendment No. 7 to the Loan and Security Agreement
         between Registrant and Congress Financial Corporation
         (Central) dated as of December 14, 1994--Filed as
         exhibit No. 10-18 to the Registrant's Form 10-K for the  
         year ended December 31, 1994 (File No. 0-511), hereby
         incorporated by reference.

10-19    Amendment No. 8 to the Loan and Security Agreement
         between Registrant and Congress Financial Corporation
         (Central) dated as of January 20, 1995--Filed as exhibit
         No. 10-19 to the Registrant's Form 10-K for the year
         ended December 31, 1994 (File No. 0-511), hereby
         incorporated by reference.

10-20 #  Executive Employment Agreement dated as of September 23,
         1994--Filed as exhibit No. 10-20 to the Registrant's
         Form 10-K for the year ended December 31, 1994 (File No.
         0-511), hereby incorporated by reference.

10-21 #  Amendment to the Key Executive Employment Agreement
         dated as of December 15, 1994--Filed as exhibit No.
         10-21 to the Registrant's Form 10-K for the year ended
         December 31, 1994 (File No. 0-511), hereby incorporated
         by reference.

10-22 #  Amended and Restated Term Loan Promissory Note dated as
         of December 15, 1994--Filed as exhibit No. 10-22 to the
         Registrant's Form 10-K for the year ended December 31,
         1994 (File No. 0-511), hereby incorporated by reference.

                            -38-
<PAGE>


10-23 *  1995 Key Employees Nonqualified and Incentive Stock
         Option Plan.
                 
10-24 *  Letter of Intent with Code 3.

10-25 *  Trademark License Agreement with General Motors
         Corporation Service Parts Operations.

21 *     Subsidiaries of the Registrant.

23 *     Consents of Deloitte & Touche LLP, and Arthur Andersen
         LLP.

27 *     Financial data schedule required under Article 5 of
         Regulation S-X.



                                                                  
-----------------------------------------------------------------
*  Filed herewith.
#  Executive compensation plan or arrangement.


                            -39-
<PAGE>


EXHIBIT 10-23

                COBRA ELECTRONICS CORPORATION
                   1995 STOCK OPTION PLAN


I. INTRODUCTION

1.1 Purposes. The purposes of the 1995 Stock Option Plan (the
"Plan") of Cobra Electronics Corporation (the "Company") and its
subsidiaries from time to time (individually a "Subsidiary" and
collectively the   ("Subsidiaries") are to align the interests of
the Company's stockholders and the recipients of options under
this Plan by increasing the proprietary interest of such
recipients in the Company's growth and success and to advance the
interests of the Company by attracting and retaining officers and
other key employees. For purposes of this Plan, references to
employment by the Company shall also mean employment by a
Subsidiary.

1.2 Administration. This Plan shall be administered by a
committee (the "Committee") designated by the Board of Directors
of the Company (the "Board") consisting of at least two members
of the Board, each of whom shall be a "disinterested person"
within the meaning of Rule 16b-3 under the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and an "outside
director" within the meaning of Section 162(m)of the Internal
Revenue Code of 1986, as amended (the "Code"), subject to any
transition rules applicable to the definition of outside
director.

    The Committee shall, subject to the terms of this Plan,
select eligible officers and other key employees for
participation in this Plan and determine the number of shares of
common stock, $.33 1/3 par value, of the Company ("Common Stock")
subject to each option granted hereunder, the exercise price of
such option, the time and conditions of exercise of such option
and all other terms and conditions of such option, including,
without limitation, the form of the option agreement. The
Committee shall, subject to the terms of this Plan, interpret
this Plan and the application thereof, establish rules and
regulations it deems necessary or desirable for the
administration of this Plan and may impose, incidental to the
grant of an option, conditions with respect to the grant, such as
limiting competitive employment or other activities. All such
interpretations, rules, regulations and conditions shall be
conclusive and binding on all parties. Each option hereunder
shall be evidenced by a written agreement (an "Agreement")
between the Company and the options setting forth the terms and
conditions applicable to such option.

    The Committee may delegate some or all of its power and
authority hereunder to the Chief Executive Officer or other
executive officer of the Company as the Committee deems
appropriate; provided, however, that the Committee may not
delegate its power and authority with regard to (i) the grant of 


                            -40-
<PAGE>


an option under this Plan to any person who is a "covered
employee" within the meaning of Section 162(m) of the Code or
who, in the Committee's judgment, is likely to be a covered
employee at any time during the period an option granted
hereunder to such employee would be outstanding or (ii) the
selection for participation in this Plan of an officer or other
person subject to Section 16 of the Exchange Act or decisions
concerning the timing, pricing or amount of an option grant to
such an officer or other person.

    A majority of the Committee shall constitute a quorum. The
acts of the Committee shall be either (i) acts of a majority of
the members of the Committee present at any meeting at which a
quorum is present or (ii) acts approved in writing by a majority
of the members of the Committee without a meeting.

1.3 Eligibility. Participants in this Plan shall consist of such
officers or other key employees of the Company and its
Subsidiaries as the Committee in its sole discretion may select
from time to time. The Committee's selection of a person to
participate in this Plan at any time shall not require the
Committee to select such person to participate in this Plan at
any other time.

1.4 Shares Available. Subject to adjustment as provided in
Section 3.7, 300,000 shares of Common Stock shall be
available for grants of options under this Plan. To the extent
that shares of Common Stock subject to an outstanding option are
not issued or delivered by reason of the expiration, termination,
cancellation or forfeiture of such option or by reason of the
delivery of shares of Common Stock to pay all or a portion of the
exercise price of such option or to satisfy all or a portion of
the tax withholding obligations relating to such option, then
such shares of Common Stock shall again be available under this
Plan.

    Shares of Common Stock to be delivered under this Plan shall
be made available from authorized and unissued shares of Common
Stock, or authorized and issued shares of Common Stock reacquired
and held as treasury shares or otherwise, or a combination
thereof.

    To the extent required by Section 162(m) of the Code and the
rules and regulations thereunder, the maximum number of shares of
Common Stock with respect to which options may be granted during
any calendar year to any person shall be 100,000, subject to
adjustment as provided in Section 3.7.

II. STOCK OPTIONS                                            

2.1 Grants of Stock Options. The Committee may, in its
discretion, grant options to purchase shares of Common Stock to
such eligible persons as may be selected by the Committee. Each
option, or portion thereof, that is not an incentive stock
option, shall be a non-qualified stock option. An incentive stock

                            -41-
<PAGE>


option shall mean an option to purchase shares of Common Stock
that meets the requirements of Section 422 of the Code, or any
successor provision, which is intended by the Committee to
constitute an incentive stock option. Each incentive stock option
shall be granted within ten years of the effective date of this
Plan. To the extent that the aggregate Fair Market Value
(determined as of the date of grant) of shares of Common Stock
with respect to which options designated as incentive stock
options are exercisable for the first time by a participant
during any calendar year (under this Plan or any other plan of
the Company, or any parent or Subsidiary) exceeds the amount
(currently $100,000) established by the Code, such options shall
constitute non-qualified stock options. "Fair Market Value" shall
mean the closing price of a share of Common Stock on the NASDAQ 
National Market System on the date as of which such value is
being determined or, if there shall be no closing price on such
date, on the next preceding date for which a closing price was
reported; provided, however, that if Fair Market Value for any
date cannot be determined as above provided, Fair Market Value
shall be determined by the Committee by whatever means or method
as the Committee, in the good faith exercise of its discretion,
shall at such time deem appropriate.

2.2 Terms of Stock Options. Options shall be subject to the
following terms and conditions and shall contain such additional
terms and conditions, not inconsistent with the terms of this
Plan, as the Committee shall deem advisable:    

    (a) Number of Shares and Purchase Price. The number of shares
of Common Stock subject to an option and the purchase price per
share of Common Stock purchasable upon exercise of the option
shall be determined by the Committee; provided, however, that the
purchase price per share of Common Stock purchasable upon
exercise of any option shall not be less than 100% of the Fair
Market Value of a share of Common Stock on the date of grant of
such option; provided further, that if an incentive stock option
shall be granted to any person who, at the time such option is
granted, owns capital stock possessing more than ten percent of
the total combined voting power of all classes of capital stock
of the Company (or of any parent or Subsidiary) (a "Ten Percent
Holder"), the purchase price per share of Common Stock shall be
the price (currently 110% of Fair Market Value) required by the
Code in order to constitute an incentive stock option.

    (b) Option Period and Exercisability. The period during which
an option may be exercised shall be determined by the Committee;
provided, however, that no incentive stock option shall be
exercised later than ten years after its date of grant; provided
further, that if an incentive stock option shall be granted to a
Ten Percent Holder, such option shall not be exercised later than
five years after its date of grant. The Committee may, in its
discretion, establish performance measures which shall be
satisfied or met as a condition to the grant of an option or to
the exercisability of all or a portion of an option. The 


                            -42-
<PAGE>


Committee shall determine whether an option shall become
exercisable in cumulative or non-cumulative installments and in
part or in full at any time. An exercisable option, or portion
thereof, may be exercised only with respect to whole shares of
Common Stock.

    (c) Method of Exercise. An option may be exercised (i) by
giving written notice to the Company specifying the number of
whole shares of Common Stock to be purchased and accompanied by
payment therefor in full (or arrangement made for such payment to
the Company's satisfaction) either (A) in cash, (B) by delivery
of previously owned whole shares of Common Stock (which the
optionee has held for at least six months prior to the delivery
of such shares and for which the optionee has good title, free
and clear of all liens and encumbrances) having a Fair Market
Value, determined as of the date of exercise, equal to the
aggregate purchase price payable by reason of such exercise, (C)
in cash by a broker-dealer acceptable to the Company to whom the
optionee has submitted an irrevocable notice of exercise or (D) a
combination of (A) and (B), in each case to the extent set forth
in the Agreement relating to the option and (ii) by executing
such documents as the Company may reasonably request. The
Committee shall have sole discretion to disapprove of an election
pursuant to any of clauses (B)-(D) and in the case of an optionee
who is subject to Section 16 of the Exchange Act, the Company may
require that the method of making such payment be in compliance
with Section 16 and the rules and regulations thereunder. Any
fraction of a share of Common Stock which would be required to
pay such purchase price shall be disregarded and the remaining
amount due shall be paid in cash by the optionee. No certificate
representing Common Stock shall be delivered until the full
purchase price therefor has been paid.

2.3 Termination of Employment.

    (a) Death. Subject to paragraph (d) below and unless
otherwise specified in the Agreement relating to an option, if an
optionee's employment by the Company terminates by reason of
death, each option held by such optionee shall be exercisable
only to the extent that such option is exercisable on the date of
such optionee's death and may thereafter be exercised by such
optionee's executor, administrator, legal representative,
beneficiary or similar person, as the case may be, until and
including the earliest to occur of (i) the date which is one year
(or such other period as set forth in the Agreement relating to
such option) after the date of death and (ii) the expiration date
of the term of such option.

    (b) Other Termination. Subject to paragraph (d) below and
unless otherwise specified in the Agreement relating to an
option, if an optionee's employment with the Company terminates
for any reason other than death, each option held by such
optionee shall be exercisable only to the extent that such option
is exercisable on the effective date of such optionee's
termination of employment and may thereafter be exercised by such 


                            -43-
<PAGE>


optionee (or such optionee's legal representative or similar
person) until and including the earliest to occur of (i) the date
which is six months (or such other period as set forth in the
Agreement relating to such option) after the effective date of
such optionee's termination of employment and (ii) the expiration
date of the term of such option.

    (c) Death Following Termination of Employment. Subject to
paragraph (d) below and unless otherwise specified in the
Agreement relating to an option, if an optionee dies during the
six-month period (or such other period as set forth in the
Agreement relating to such option) following termination of
employment for any other reason other than death, each option
held by such optionee shall be exercisable only to the extent
that such option is exercisable on the date of such optionee's
death and may thereafter be exercised by such optionee's
executor, administrator, legal representative, beneficiary or
similar person, as the case may be, until and including the
earliest to occur of (i) the date which is six months (or such
other period as set forth in the Agreement relating to such
option) after the date of death and (ii) the expiration date of
the term of such option.

    (d) Termination of Employment Incentive Stock Options. If
the employment with the Company of a holder of an incentive stock
option terminates by reason of death or Permanent and Total
Disability (as defined in Section 22(e)(3) of the Code), each
incentive stock option held by such optionee shall be exercisable
only to the extent that such option is exercisable on the date of
such optionee's death or on the effective date of such optionee's
termination of employment by reason of Permanent and Total
Disability, as the case may be, and may thereafter be exercised
by such optionee (or such optionee's executor, administrator,
legal representative, beneficiary or similar person) until and
including the earliest to occur of (i) the date which is one year
(or such shorter period as set forth in the Agreement relating to
such option)after the date of death or the effective date of such
optionee's termination of employment by reason of Permanent and
Total Disability, as the case may be, and (ii) the expiration
date of the term of such option.

    If the employment with the Company of a holder of an
incentive stock option terminates for any reason other than death
or Permanent and Total Disability, each incentive stock option
held by such optionee shall be exercisable only to the extent
such option is exercisable on the effective date of such
optionee's termination of employment, and may thereafter be
exercised by such optionee (or such optionee's legal
representative or similar person) until and including the
earliest to occur of (i) the date which is three months after the
effective date of such optionee's termination of employment and
(ii) the expiration date of the term of such option.

    If the holder of an incentive stock option dies during the
one-year period following termination of employment by reason of
Permanent and Total Disability (or such shorter period as set

                            -44-
<PAGE>


forth in the Agreement relating to such option), or if the holder
of an incentive stock option dies during the three-month period
following termination of employment for any reason other than
death or Permanent and Total Disability, each incentive stock
option held by such optionee shall be exercisable only to the
extent such option is exercisable on the date of the optionee's
death and may thereafter be exercised by the optionee's executor,
administrator, legal representative, beneficiary or similar
person, as the case may be, until and including the earliest to
occur of (i) the date which is six months (or such shorter period
as set forth in the Agreement relating to such option) after the
date of death and (ii) the expiration date of the term of such
option.


III. GENERAL

3.1 Effective Date and Term of Plan. This Plan shall be submitted
to the stockholders of the Company for approval and, if approved
by the affirmative vote of a majority of the shares of Common
Stock present in person or represented by proxy at the 1995
Annual Meeting of Stockholders, shall become effective as of the
date of approval by the Board. This Plan shall terminate ten
years after its effective date unless terminated earlier by the
Board. Termination of this Plan shall not affect the terms or
conditions of any option granted prior to termination.

    Options may be granted hereunder at any time prior to the
termination of this Plan, provided that no option may be granted
later than ten years after the effective date of this Plan. In
the event that this Plan is not approved by the stockholders of
the Company, this Plan and any options granted hereunder shall be
void and of no force or effect.

3.2 Amendments. The Board may amend this Plan as it shall deem
advisable, subject to any requirement of stockholder approval
required by applicable law, rule or regulation, including Rule
16b-3 under the Exchange Act and Section 162(m) of the Code. No
amendment may impair the rights of a holder of an outstanding
option without the consent of such holder.

3.3 Agreement. No option shall be valid until an Agreement is
executed by the Company and the optionee and, upon execution by
the Company and the optionee and delivery of the Agreement to the
Company, such option shall be effective as of the effective date
set forth in the Agreement.

3.4 Non-Transferability. No option shall be transferable other
than (i) by will or the laws of descent and distribution or
pursuant to beneficiary designation procedures approved by the
Company or (ii) as otherwise permitted under Rule 16b-3 under the
Exchange Act as set forth in the Agreement relating to an option.
Each option may be exercised during the optionee's lifetime only
by the optionee or the optionee's legal representative or similar
person. Except as permitted by the second preceding sentence, no
option shall be sold, transferred, assigned, pledged,
hypothecated, encumbered or otherwise disposed of (whether by


                            -45-
<PAGE>


operation of law or otherwise) or be subject to execution,
attachment or similar process. Upon any attempt to so sell,
transfer, assign, pledge, hypothecate, encumber or otherwise
dispose of any option, such option and all rights thereunder
shall immediately become null and void.

3.5 Tax Withholding. The Company shall have the right to require,
prior to the issuance or delivery of any shares of Common Stock,
payment by the optionee of any Federal, state, local or other
taxes which may be required to be withheld or paid in connection
with an option hereunder. An Agreement may provide that the
optionee may satisfy any obligation to withhold or pay taxes
arising on any date (the "Tax Date") in connection with the
option in the amount necessary to satisfy any such obligation by
any of the following means: (A) a cash payment to the Company,
(B) delivery to the Company of previously owned whole shares of
Common Stock (which the optionee has held for at least six months
prior to the delivery of such shares and for which the optionee
has good title, free and clear of all liens and encumbrances)
having an aggregate Fair Market Value, determined as of the Tax
Date, equal to the amount necessary to satisfy any such
obligation, (C) a cash payment by a broker-dealer acceptable to
the Company to whom the optionee has submitted an irrevocable
notice of exercise or (D) a combination of (A) and (B), in each
case to the extent set forth in the Agreement relating to the
option; provided, however, that the Committee shall have sole
discretion to disapprove of an election pursuant to any of
clauses (B)-(D) and that in the case of an optionee who is
subject to Section 16 of the Exchange Act, the Company may
require that the method of satisfying any such obligation be in
compliance with Section 16 and the rules and regulations
thereunder. An Agreement may provide for shares of Common Stock
to be delivered having an aggregate Fair Market Value in excess
of the minimum amount required to be withheld, but not in excess
of the amount determined by applying the optionee's maximum
marginal tax rate. Any fraction of a share of Common Stock which
would be required to satisfy such an obligation shall be
disregarded and the remaining amount due shall be paid in cash by
the optionee.

3.6 Restrictions on Shares. Each option hereunder shall be
subject to the requirement that if at any time the Company
determines that the listing, registration or qualification of the
shares of Common Stock subject to such option upon any securities
exchange or under any law, or the consent or approval of any
governmental body, or the taking of any other action is necessary
or desirable as a condition of, or in connection with, the
delivery of shares thereunder, such shares shall not be delivered
unless such listing, registration, qualification, consent,
approval or other action shall have been effected or obtained,
free of any conditions not acceptable to the Company. The Company
may require that certificates evidencing shares of Common Stock
delivered pursuant to any option bear a legend indicating that
the sale, transfer or other disposition thereof by the holder is
prohibited except in compliance with the Securities Act of 1933,
as amended, and the rules and regulations thereunder.

                            -46-
<PAGE>



3.7 Adjustment. In the event of any stock split, stock dividend,
recapitalization, reorganization, merger, consolidation,
combination, exchange of shares, liquidation, spin-off or other
similar change in capitalization or event, or any distribution to
holders of Common Stock other than a regular cash dividend, the
number and class of securities available under this Plan, the
number and class of securities subject to each outstanding option
and the purchase price per security shall be appropriately
adjusted by the Committee, such adjustments to be made in the
case of outstanding options without an increase in the aggregate
purchase price. The decision of the Committee regarding any such
adjustment shall be final, binding and conclusive. If any
adjustment would result in a fractional security being (i)
available under this Plan, such fractional security shall be
disregarded, or (ii) subject to an option under this Plan, the
Company shall pay the optionee in connection with the first
exercise of the option in whole or in part, occurring after such
adjustment, an amount in cash determined by multiplying (A) the
fraction of such security (rounded to the nearest hundredth) by
(B) the excess, if any, of (x) the Fair Market Value on the
exercise date over (y) the exercise price of the option.

3.8 No Right of Participation or Employment. No person shall have
any right to participate in this Plan. Neither this Plan nor any
option granted hereunder shall confer upon any person any right
to continued employment by the Company, any Subsidiary or any
affiliate of the Company or affect in any manner the right of the
Company, any Subsidiary or any affiliate of the Company to
terminate the employment of any person at any time without
liability hereunder.

3.9 Rights as Stockholder. No person shall have any right as a
stockholder of the Company with respect to any shares of Common
Stock which are subject to an option hereunder until such person
becomes a stockholder of record with respect to such shares of
Common Stock.

3.10 Governing Law. This Plan, each option hereunder and the
related Agreement, and all determinations made and actions taken
pursuant thereto, to the extent not otherwise governed by the
Code or the laws of the United States, shall be governed by the
laws of the State of Delaware and construed in accordance
therewith without giving effect to principles of conflicts of
laws.

Adopted by Board of Directors on March 7,1995.                    
                                     


                             -47-
<PAGE>


EXHIBIT 10-24



                                CODE 3
                                Public Safety Equipment, Inc.
                                10986 N Warson Road
                                St Louis, M0 63114-2029
                                Phone (314)426-2700
                                FAX   (314)426-1337

                    LETTER OF INTENT

The signatures below confirm the intent of Public Safety
Equipment, Inc. ("PSEI") and Cobra Electronics Corporation
("Cobra") to pursue a business arrangement whereby:

* Beginning approximately August 1, 1995, PSEI will purchase the  
  XT-1000 Safety Alert transmitter from Cobra.

* Beginning no later than September 1, 1995, PSEI will market the 
  XT-1000 through its Code 3 distribution network to:
  + all law enforcement agencies
  + all fire departments - public and private
  + all ambulance agencies - public and private

* PSEI will market the XT-1000 through its Public Safety Division 
  distribution network to:
  + federal, state, county, city and municipal highway
    departments
  + state, county, city and municipal public works organizations
  + state, county, city and municipal utilities
  + all private utilities

* PSEl's marketing efforts in conjunction with Cobra, will
  include:
  + production and distribution of sales literature
  + advertising, as appropriate, to its customers
  + packaging design and production

* The XT-1000 will feature the Cobra brand in combination with
  the Code 3 or PSEI brand.

* Any enhancements or other modifications to the XT-1000 must be  
  implemented and managed by Cobra.

* The manufacturer of the XT-1000, whether it is PSEI or a third
  party, will be determined by Cobra.

* PSEI will not market any competitive transmitter performing a
  safety-related function.





                            -48-
<PAGE>



* PSEI will retain exclusive rights to the U.S. marketing of the
  XT-1000 for the customer base indicated previously, provided
  its annual sales exceed 5000 units after an initial ramp up
  period of 18 months starting from September 1, 1995.

+ All information shared by the two parties will be confidential.

Approved:

Public Safety Equipment, Inc.      Cobra Electronics Corporation
Name: Frederick W. Twichell        Name: John P. Pohl
Title: V. P. Public Safety         Title: V. P., Marketing
       Equipment, Inc. Sales
Signature: Frederick W. Twichell   Signature: John P. Pohl
Date: 6-27-95                      Date: 7-5-95



                            -49-
<PAGE>


EXHIBIT 10-25


              GENERAL MOTORS CORPORATION
               SERVICE PARTS OPERATIONS

              TRADEMARK LICENSE AGREEMENT

This TRADEMARK LICENSE AGREEMENT ("AGREEMENT") is made and
entered into by and between General Motors Corporation
("LICENSOR") and Cobra Electronics Corporation, whose principal
business address is 6500 W. Cortland Street, Chicago, IL
606635,("LICENSEE").

WITNESSETH

WHEREAS, LICENSOR owns and has merchandising rights in certain
trademarks and service marks, and owns or has merchandising
rights to various other General Motors properties as listed in
Exhibit II to the AGREEMENT (hereinafter referred to as the
"Trademarks"), the Trademarks having been used in promotional and
advertising material in different businesses and being well known
and recognized by the general public and associated in
the public mind with LICENSOR;

WHEREAS, LICENSEE acknowledges that LICENSOR is the owner of the
Trademarks; 

WHEREAS, LICENSEE desires to acquire from LICENSOR and LICENSOR
desires to grant LICENSEE a license to use the Trademarks on or
in connection with the manufacture, sale, promotion and
distribution of certain products pursuant to the terms and
conditions provided herein and for no other purpose;

NOW, THEREFORE, in consideration of the mutual promises herein  
contained, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties
agree as follows:

1. DEFINITIONS

The following terms have the meaning ascribed to them herein:

(a)  Territory.  The term "Territory" means the countries and
territories listed and described in Exhibit I.  The License
hereby granted extends throughout the Territory.

(b)  Trademarks. The term "Trademark(s)" means the trademarks and
General Motors properties set forth in Exhibit II.
        
(c)  Licensed Products.  The term "Licensed Product(s)" means the
product(s) listed and described in Exhibit II for which LICENSOR
authorizes LICENSEE to use a particular Trademark on or in
connection therewith after LICENSEE has provided LICENSOR with a
sample product bearing the Trademark and LICENSOR has examined
and approved that sample product pursuant to this AGREEMENT.


                            -50-
<PAGE>


(d)  Net Sales.  The term "Net Sales" means gross sales of the
Licensed Products less quantity discounts and returns and
allowances.  No deduction shall be made for cash or other
discounts or uncollectible accounts; no costs incurred in the
manufacture, sale, distribution, exploitation or use of the
Licensed Products shall be deducted from the gross sales and/or
any royalty payable by LICENSEE.

(e)  Comprehensive General and Product Liability Insurance.  The
term "Comprehensive General And Product Liability Insurance"
means comprehensive general and product liability insurance
maintained by LICENSEE for any claims arising from any alleged
defects or use of the Licensed Products.

(f)  Effective Date.  The term "Effective Date" means the first
date upon which LICENSOR has signed this AGREEMENT and has
received (i) a copy of this AGREEMENT signed by LICENSEE,(ii) a
certificate of Comprehensive General And Product Liability
Insurance from LICENSEE and (iii) the Advance Royalty from
LICENSEE as set forth in Exhibit III of this AGREEMENT.

2. GRANT OF LICENSE

(a)  Licensed Products.   (1) Subject to the terms and conditions
of this AGREEMENT, LICENSOR hereby grants to LICENSEE and
LICENSEE hereby accepts, without the right to sublicense: an
exclusive, nontransferable right, license, and privilege to use
the Trademarks solely and only upon and in connection with the
manufacture, sale, and/or promotion of Licensed Products in the
Territory (the "License") during at least the first License
Period (i.e. 3/1/95 - 12/31/97) of the Term.  (2) If LICENSOR
grants a license for the type of products licensed hereunder
using the same or similar Trademarks to a third party during
subsequent License Periods (i.e. beginning 1/1/98), then
LICENSEE'S grant as specified in this Paragraph 2(a)(1) shall
become non-exclusive, and the Guaranteed Minimums set forth in
Exhibit III for such subsequent License Periods shall be reduced
by thirty five percent (35%) per additional licensee.

(b)  Authorization For Each Licensed Product.  In order for
LICENSEE to obtain license authorization to use a particular
Trademark on or in connection with a product under this
AGREEMENT, LICENSEE must submit to LICENSOR, free of cost, for
examination and written approval, a reasonable number of samples
of the product bearing the particular Trademark in exactly the
same manner which it intends to use the Trademark. 

Upon receipt of the samples bearing the particular Trademark,
LICENSOR, at its discretion, may by written notice to LICENSEE
authorize use of the particular Trademark on the subject product
as a Licensed Product pursuant to Paragraph 2(a) or refuse to
grant the License to the LICENSEE.  LICENSOR'S approval of sample
products shall not be unreasonably withheld and LICENSOR shall
advise LICENSEE in writing of the reason(s) for its disapproval
of any such sample products.  If within thirty (30) days of 

                            -51-
<PAGE>


LICENSOR'S receipt of the samples LICENSOR has not sent to
LICENSEE a written decision regarding authorization of use of the
submitted sample, it shall be deemed not to have authorized the
particular product(s).  Any approval by LICENSOR shall not
constitute a waiver of LICENSOR's rights or any of LICENSEE's
obligations and duties under this AGREEMENT.

(c)  Term.  The term of the License hereby granted shall be as
set forth effective in Exhibit I, unless sooner terminated in
accordance with the terms of this AGREEMENT.

(d)  Limitations to LICENSEE's Rights.  LICENSEE shall not use
the Trademarks directly or indirectly on or in connection with,
or in relation to, any product except Licensed Products.  Except
as provided in Paragraph 2(a), LICENSEE shall not make use of any
Trademark or portion thereof or any term, phrase or design which
is likely to be confusingly similar to, or a colorable imitation
of, a Trademark or other trademarks or properties owned by
LICENSOR in any manner whatsoever, including but not limited to
any use as part of a company name or trade name, as a service
mark, in its advertising or on its stationery, business cards or
the like, except as provided herein.  No right or license is
granted hereby by implication or otherwise under any mark,
trademark, service mark or trade name of LICENSOR except as
specifically provided in Paragraph 2(a) hereof.  No right to
sublicense is granted or permitted hereunder; any attempt to
sublicense any of the rights granted hereunder shall render this
License null and void.

3. TERMS OF PAYMENT

(a) Advance Royalty.  LICENSEE agrees to pay LICENSOR the Advance
Royalty set forth in Exhibit III.  The Advance Royalty is not
refundable for any reason.

(b)  Royalty Rate.  LICENSEE agrees to pay LICENSOR the royalty
set forth in Exhibit III for all Net Sales by LICENSEE during the
term of this AGREEMENT ("Earned Royalties"). Sales by LICENSEE
shall include sales of Licensed Products by any of its
affiliated, associated, or subsidiary companies.  Products will
be considered sold when billed out, or if not billed out, when
shipped or delivered by LICENSEE.  The Net Sales value upon which
the royalties are to based shall be that realized in an
arms-length transaction in an open and competitive market.  In
the
absence of such a transaction, the parties hereto shall define
such a value.

(c)  Minimum Royalties.  LICENSEE agrees to pay LICENSOR the
minimum annual royalty amount set forth in Exhibit III, as a
minimum guarantee against royalties to be paid to LICENSOR,
pursuant to Paragraph 3(b), during the term of this AGREEMENT. 
No part of any minimum royalty paid to LICENSOR shall be
repayable to LICENSEE.

(d)  Royalty Statements.  So long as this AGREEMENT remains in
effect, LICENSEE shall provide LICENSOR with quarterly royalty
statements for the quarters ending December 31, March 31, June
30, and September 30 of each year.  Each such statement:
                       
                            -52-
<PAGE>


    (i)  shall be furnished to LICENSOR not later than
    thirty (30) days after the end of each quarter to
    which it relates;

    (ii)  shall be a complete statement certified to be
    accurate by LICENSEE, identifying the quantity, model         
    number (and/or description  gross sales, itemized             
    deductions from gross sales for authorized discounts and      
    for authorized returns for damaged goods and Net Sales of     
    the Licensed Products distributed and/or sold by LICENSEE
    during the quarter;

    (iii) shall indicate the amount of royalties payable to
    LICENSOR for that quarter, and the amount of royalties (if    
    any) to be applied against the minimum royalty;

    (iv)  shall be accompanied by payment of the royalties
    owed during that quarter; and

    (v)   shall be furnished to LICENSOR whether or not any
    of the Licensed Products have been distributed and/or sold    
    during the preceding quarter.  The receipt or acceptance by   
    LICENSOR of any of the statements furnished pursuant to       
    this License or of any royalties paid hereunder (or the       
    cashing of any royalty checks paid hereunder regardless of
    any notation or statement thereof) shall not preclude         
    LICENSOR from questioning the correctness thereof at any      
    time, and in the event that any inconsistencies or mistakes   
    are discovered in such statements or payments, they shall     
    immediately be rectified and the appropriate payments made    
    by LICENSEE to LICENSOR.

(e)  Terms of payment.  Payment shall be made in U.S. Dollars
directly to LICENSOR, or to such bank as LICENSOR may designate
in writing to LICENSEE.  Checks shall be made payable to "GM
Service Parts Operations".

(f)  Late Payments.  In the event LICENSEE fails to make any
payment when due under this AGREEMENT, a late payment charge
at the rate of one percent (1%) per month, assessed upon the
amount payable due from the day such payment becomes past due,
shall be due and payable to LICENSOR without further notice.

4. EXCLUSIVITY

LICENSOR shall not grant a license to use the Trademarks for  the
type of products covered by this AGREEMENT during the Term,
except as otherwise provided in Paragraph 2(a).  Such exclusivity
notwithstanding, nothing else in this AGREEMENT shall be
construed to prevent LICENSOR from granting any other license for
the use of the Trademarks or from utilizing the Trademarks in any
other manner whatsoever.


                            -53-
<PAGE>


5. GOODWILL

LICENSEE recognizes the great value of the goodwill associated
with the Trademarks and acknowledges that the Trademarks, and all
rights therein and the goodwill pertaining thereto belong
exclusively to LICENSOR.  LICENSEE further recognizes and
acknowledges that the Trademarks have acquired secondary  meaning
in the mind of the public.  Notwithstanding anything expressed in
the AGREEMENT to the contrary, LICENSEE shall not acquire, be
deemed to have acquired and shall not claim any rights to the
Trademarks other than the rights granted by LICENSOR under this
AGREEMENT.

6. LICENSOR'S TITLE AND PROTECTION OF LICENSOR'S RIGHTS

(a)  LICENSEE agrees that it will not do or suffer to be done,
during the term of this AGREEMENT any act or thing that will
impair in any way the rights of LICENSOR to the Trademarks. 
LICENSOR hereby indemnifies LICENSEE and undertakes to hold it
harmless against any claims or suits arising solely out of the
use by LICENSEE of the Trademarks as authorized in this AGREEMENT
provided that prompt notice is given to LICENSOR of any such
claim or suit and provided, further, that LICENSOR shall have the
option to undertake and conduct the defense of any suit brought
and that no settlement of any such claim or suit is made without
the prior written consent of LICENSOR.

(b)  LICENSEE agrees to assist LICENSOR to the extent necessary
in the procurement of any protection for, or to protect any of
LICENSOR's rights to, the Trademarks; LICENSOR shall reimburse
such reasonable pre-approved expenses which LICENSEE might  incur
in providing such assistance. LICENSOR if it so desires, may
commence or prosecute any claims or suits in its own name  or in
the name of LICENSEE or join LICENSEE as a party thereto. 
LICENSEE shall promptly notify LICENSOR in writing of any
infringement or imitation by others of the Trademarks on products
the same as or similar to those covered by this AGREEMENT which
may come to LICENSEE's attention, and LICENSER shall have the
sole right to determine whether or not any action shall be taken
on account of any such infringement or imitation.

(c)  LICENSEE shall not attempt to register any Trademark or
portion thereof alone or as part of its own trademark or
tradename nor shall LICENSEE use or attempt to register any
marks which are likely to be confusingly similar to or
constitute a colorable imitation of a Trademark.

7. INDEMNIFICATION BY LICENSEE AND PRODUCT LIABILITY INSURANCE

LICENSEE hereby indemnifies LICENSOR and its agent, Equity
Management Inc. ("EMS") and agrees to defend against and hold
LICENSOR and EMI harmless from any claims, suits, loss, and
damage arising out of the manufacture, sale, or distribution of
Licensed Products by or for LICENSEE, including without


                            -54-
<PAGE>


limitations, any unauthorized use of any trademark (except as  to
LICENSEE'S use of the licensed Trademarks as expressly authorized
by this AGREEMENT), patent, process, idea, method,  or device by
LICENSEE in connection with the manufacture, sale, or
distribution of Licensed Products, and any contractual liability
claims or product liability claims, whether based  upon
negligence, strict liability, or any other legal theory  and
whether including personal injury or property damage
("Comprehensive General And Product Liability Claims"). LICENSEE
agrees that it will obtain as of the Effective Date, at its own
expense, a Comprehensive General And Product Liability Insurance
policy from a recognized insurance company which is qualified to
do business in the Territory, providing adequate protection (in
the minimum amount per occurrence as  set forth in Exhibit VI)
Comprehensive General And Product Liability Insurance, naming
LICENSOR and EMI as additional insured parties, setting forth the
amount of insurance, the policy number, the date of expiration,
and including a  provision requiring that LICENSOR shall receive
thirty (30)  days written notice prior to termination, reduction
or modification of such insurance coverage, will be submitted to
LICENSOR and EMI by LICENSEE for LICENSOR's prior approval.  Any
proposed change in such Certificate of Comprehensive  General and
Product Liability Insurance shall be submitted to LICENSOR for
its prior approval; upon modification thereof, LICENSEE shall
furnish LICENSOR and EMI with a copy of the modified Certificate
of Comprehensive General And Product Liability Insurance upon
request. LICENSEE's purchase of Comprehensive General And Product
Liability Insurance or furnishing to LICENSOR a Certificate
therefore shall not relieve LICENSEE of any other of its
obligations or liabilities under this AGREEMENT.

8. QUALITY CONTROL

(a)  LICENSEE acknowledges that if Licensed Products manufactured
and sold by it were of frequent inferior quality  in design,
material or workmanship, the substantial goodwill which LICENSER
has built up and now possesses in the Trademarks would be
impaired.  Accordingly, it is an essential condition  of this
AGREEMENT, and LICENSEE hereby covenants and agrees, that
Licensed Products covered by this AGREEMENT shall be of high
standard and of such quality, style and appearance ("Quality
Standards") as shall (in the sole and unfettered judgment of
LICENSOR which shall not be unreasonably exercised) be adequate
and suited to their exploitation to the best advantage and to the
protection and enhancement of the Trademarks and the goodwill
pertaining thereto; that Licensed Products will be manufactured,
sold and distributed in accordance with all applicable, Federal,
State and local laws; and that the policy of sale, distribution
and/or exploitation  by LICENSEE shall be of high standard and to
the best advantage of the Trademark and that the same shall in no
manner reflect adversely upon the good name of LICENSER. To this
end, LICENSEE shall submit samples of proposed products to
LICENSOR for examination and written approval pursuant to
Paragraph 2(b).


                            -55-
<PAGE>


(b)  Reporting and Inflection. In order to determine ne whether
LICENSEE is maintaining the Quality Standards, LICENSEE shall: 
(i) provide to LICENSOR a written report, on a semi-annual basis,
describing any and all material complaints which LICENSEE has
received regarding Licensed Products; (ii) provide to LICENSOR
upon LICENSOR's request (no more than once per calendar year) and
at LICENSEE's expense, one sample of each Licensed Product in
connection with which the Trademarks have been used; and (iii)
permit representatives of LICENSOR to inspect LICENSEE's
facilities during normal business hours with five business days
advance notice to determine whether LICENSEE is maintaining the
Quality Standards.  Any such inspection shall be conducted in a
manner that will not interfere with LICENSEE's normal business
activities and shall be confidential.

(c)  No New Use of Trademark.  LICENSEE is restricted to using
the Trademarks solely in connection with Licensed Products.
LICENSEE may not sell, license, rent or otherwise distribute  any
new use of a Trademark in connection with any product other than
a Licensed Product.

(d)  Advertising.  LICENSEE shall provide LICENSOR with samples
of all, or at LICENSOR's option a representative sampling of,
proposed packaging, advertising copy, brochures, catalogs,
marketing and promotional materials, documentation and technical
materials and all other written materials used in connection with
the Licensed Products bearing the Trademarks (individually or
collectively, the "Material")for LICENSOR~s approval of (1) the
manner in which the Trademarks are used; (2) conformance to the
Quality Standards; and (3) the notice in accordance with Exhibit
IV that the Products are officially licensed by LICENSOR.  If
LICENSOR shall fail to approve the material or object in writing
within thirty (30) days after receipt of the Material, the
Material shall be deemed disapproved until such time as LICENSOR
approves the Material in writing. LICENSOR'S approval of the
Material shall not be unreasonably withheld. Such approval by
LICENSOR shall not constitute waiver of LICENSOR's rights or
LICENSEE's duties under any provision of this AGREEMENT.

9. LABELING

(a)  LICENSEE agrees that on or before six (6) months from the
Effective Date it will cause to appear on the individual Licensed
Product or package therefor, such as a header card, hang tag, or
similar label, of each Licensed Product sold by Licensee under
this License, the notice which appears in Exhibit IV or other
notice approved by LICENSOR.

(b)  It is agreed that nothing contained in this AGREEMENT  shall
be construed as an assignment or grant to LICENSEE of any right,
title, or interest in or to the Trademarks, it being understood
that all rights relating thereto are reserved by LICENSOR, except
for the license to LICENSEE specifically and expressly provided
in this AGREEMENT.  LICENSEE agrees that, at the termination or
expiration of this AGREEMENT, LICENSEE will be deemed to have 


                            -56-
<PAGE>


assigned, transferred, and conveyed to LICENSOR any rights,
equities, goodwill, titles, or other rights in and to the
Trademarks which may have been obtained by LICENSEE or which may
have vested in LICENSEE in pursuance of any endeavors covered
hereby, and that LICENSEE will execute any instruments requested
by LICENSOR to accomplish or confirm the foregoing.  Any such
assignment, transfer, or conveyance shall be without other
consideration than the mutual covenants and considerations of
this AGREEMENT.

10. PROMOTIONAL MATERIAL

(a)  LICENSOR shall have the right, but shall not be under any
obligation, to use the Trademarks, or the name of LICENSEE
with LICENSEE'S prior written consent, so as to give the
Trademarks, LICENSEE, LICENSOR, or LICENSOR's programs full
and favorable prominence and publicity.  LICENSOR shall not
be under any obligation to broadcast or continue broadcasting any
radio or television program or advertisement or to use the
Trademarks or any person, character, symbol, design or likeness
or visual representation thereof in any radio or television
program or advertisement.

b)  LICENSEE agrees not to offer for sale or advertise or
publicize any Licensed Product on radio or television without the
prior written approval of LICENSOR, which approval LICENSOR may
grant or withhold in its unfettered discretion, and such approval
shall not be unreasonably withheld.

11. DISTRIBUTION

LICENSEE agrees that during the term of this AGREEMENT it will
diligently, in accordance with its standard business practices,
manufacture or have manufactured, distribute, and sell Licensed
Products and that it will make and maintain adequate arrangements
for the distribution of Licensed Products in the Channel of
Distribution defined in Exhibit I.

12. RECORDS

LICENSEE agrees to keep accurate books of account and records
covering all transactions relating to the License hereby granted,
and LICENSOR and its duly authorized representatives shall have
the right at all reasonable hours of the regular business day and
upon five (5) business days notice to examine said books of
account and records and all other documents and materials in the
possession or under the control of LICENSEE with respect to the
subject matter and terms of this AGREEMENT, and shall have free
and full access thereto for said purposes and for the purpose of
making extracts therefrom.  Upon LICENSOR's demand, LICENSEE
shall, at LICENSOR's expense, furnish to LICENSOR a detailed
statement by an independent Certified Public Accountant showing
the quantity, description, price, gross sales, itemized
deductions from gross sales of Licensed Product sold or marketed 


                            -57-
<PAGE>



by LICENSEE through the date of LICENSOR's demand.  All books of
account and records pertaining to Licensed Products shall be kept
available for at least two (2) years after the termination or
expiration of this License.

13. TERMINATION

(a)  If in any License Period LICENSEE fails to sell any of the
Licensed Products (or any class or category of Licensed
Products), LICENSOR, in addition to all other remedies available
to it, may terminate this License with respect to any Licensed
Product (any class or category thereof which has not been
manufactured or distributed during such quarterly period) by
giving written notice of termination to LICENSEE.

(b)  If LICENSEE files a petition in bankruptcy or is adjudicated
a bankrupt or if a petition in bankruptcy is filed against
LICENSEE or it becomes insolvent, or makes an assignment for the
benefit of its creditors or pursuant to any bankruptcy law, or if
LICENSEE discontinues all or a significant portion of its
business or if a receiver is appointed for LICENSEE or its
business, the License hereby granted shall automatically
terminate without any notice being necessary. In the event the
License is so terminated, LICENSEE, its receivers,
representatives, trustees, agents, administrators, successors, or
assigns shall have no right to sell, exploit or in any way deal
with or in any Licensed Product or any carton, container, packing
or wrapping material, advertising, promotional, or display
material bearing any of the Trademarks.

(c)  If either party shall violate or breach any of its material
obligations under this AGREEMENT, the non-breaching party shall
have the right to terminate the License hereby granted upon
thirty (30) day's written notice, and such notice of termination
shall become effective unless the breaching party shall fully and
completely remedy the violation or breach within the thirty (30)
day period to the non-breaching party's full satisfaction.

(d)  LICENSOR shall have the right to immediately terminate this
AGREEMENT by giving written notice to LICENSEE if LICENSEE takes
any actions in connection with the manufacture, offering for
sale, advertising, promotion, shipment and/or distribution of
Licensed Products which damages or reflects adversely upon
LICENSOR or the Licensed Trademarks. LICENSOR shall not terminate
the AGREEMENT under this Paragraph 13(d) if the particular
Licensed Product, advertising, or promotional item has been
approved by LICENSOR.

(e)  Termination of the License under the provisions of Paragraph
13 shall be without prejudice to any rights which LICENSOR may
otherwise have against LICENSEE.  Upon the termination of the
License, all royalties on sales made prior  to termination shall
become immediately due and payable.

                            -58-
<PAGE>



14. REQUEST FOR NEW LICENSE

LICENSEE shall have the right to apply for a new license by
submitting a written request to LICENSOR for such new license at
least ninety (90) days prior to the final expiration of this
License.  In the event LICENSEE submits such written request, the
parties shall mutually agree to the terms and conditions of the
new License.

15. FINAL STATEMENT UPON TERMINATION OR EXPIRATION

Sixty (60) days before the final expiration of this AGREEMENT
and, in the event of its termination, ten (10) days after receipt
of notice of termination or the happening of the event which
terminates this AGREEMENT where no notice is required, a
statement showing the number and description of Licensed Products
on hand or in process shall be furnished by LICENSEE to LICENSOR.
LICENSOR shall have the right to take physical inventory to
ascertain or verify such inventory and statement.  Refusal by
LICENSEE to submit to such physical inventory by LICENSOR shall
forfeit LICENSEE's right to dispose of such inventory, LICENSOR
retaining all other legal and equitable rights under this
AGREEMENT.

16. DISPOSAL OF STOCK UPON TERMINATION OR EXPIRATION

After expiration or termination of this AGREEMENT under the
provisions of Paragraph 13, LICENSEE, except as otherwise
provided in this AGREEMENT, may dispose of Licensed Products
which are on hand or in process at the time of expiration or
notice of termination is received for a period of 9 months after
the date of expiration or termination, provided advances and
royalties continue to be paid and statements furnished in
accordance with Paragraph 3.  LICENSEE shall, in no event,
manufacture, sell, or dispose of any Licensed Product after
expiration or termination of the AGREEMENT where such expiration
or termination was based on the willful or grossly negligent
failure of LICENSEE to affix the appropriate trademark ownership
notice as appears in Exhibit IV to the hang tags or labels or
because of the willful or grossly negligent departure by LICENSEE
from the Quality Standards approved by LICENSOR pursuant to
Paragraph 8, provided, however, that LICENSEE shall have thirty
(30) days to remedy such failure or departure.

17. EFFECT OF TERMINATION OR EXPIRATION

Upon and after the expiration or termination of this License, all
rights granted to LICENSEE hereunder shall forthwith revert to
LICENSOR, except as provided in Paragraph 16.

18. REMEDIES

(a)  Resort to any remedies referred to herein shall not be
construed as a waiver of any of the rights and remedies to
which either party is entitled under this AGREEMENT or otherwise.

                            -59-
<PAGE>


(b)  All rights and remedies of the parties, whether evidenced
hereby or arising as a result of any other contract, agreement,
instrument or law, shall be cumulative and may be exercised
singularly or concurrently.

19. EXCUSE FOR NON PERFORMANCE

(a)  LICENSEE shall be released (at its sole option) from its
obligations to manufacture, sell and market Licensed Products,
and this License shall terminate (at LICENSEE'S sole option) in
the event that governmental regulations, excessive tariffs, or
other causes arising out of a state of national emergency or  war
or causes beyond the control of LICENSEE render performance
impossible (the "Event") and LICENSEE promptly so informs
LICENSOR in writing of such causes and its desire to be so
released.  In such events, all Earned Royalties on sales made
prior to such event shall become immediately due and payable and
no minimum royalties or advance royalties already paid shall be
refunded to LICENSEE.  It is understood, however, that no future
minimum royalties shall be payable to LICENSOR once LICENSEE is
released under this Paragraph 19(a).

(b)  In the interest of maximizing the opportunities under this
AGREEMENT and in the spirit of LICENSOR'S willingness to       
cooperate with LICENSEE, LICENSEE may decide (in its sole
discretion) not to be released under Paragraph 19(a); if LICENSEE
so decides:  (1) all obligations under this AGREEMENT (including
those related to performance and monetary payment obligations
such as Advance and Minimum Guarantee payments) shall be tolled
during the duration of the Event (however no Minimum Royalties or
Advance Royalties already paid shall be refunded to LICENSEE);
and (2) the AGREEMENT shall be extended (with written notice to
LICENSOR) for a time period equal to the duration of the Event. 
Upon the remedy or correction of the Event, all provisions of and
obligation(s) contained in this AGREEMENT shall be reinstated and
LICENSEE may carry forward  any Advance or Minimum Guarantee
amounts paid by LICENSEE but not yet earned, and credit such
amounts against the Advance or Minimum Guarantee amount(s)
applicable to such License Period(s).

20. NOTICES AND PAYMENTS

(a)  Notices.  All communications, notices and exchanges of
information contemplated herein or required or permitted to
be given under this AGREEMENT must be in writing and will be
deemed effective when delivered in person or on the third
business day after the day on which mailed by the highest
class of regular mail to the following addresses:

    If to LICENSOR:    Equity Management Inc.
                       201 W. Big Beaver Road
                       Suite 370
                       Troy, MI 48084
                       Attn.: Manager - SPO Licensing
                       (If by facsimile, 810-680-9868)


                            -60-
<PAGE>


    If to LICENSEE:    Cobra Electronics Corporation
                       6500 W. Cortland Street
                       Chicago, IL 60635
                       Attn.: Mr. John Pohl, VP Marketing
                       (If by facsimile, 312-889-3009)

In the case of notices regarding breach, termination, or
approvals under Sections 2, 8, and 10, and in case of any service
of process, such notice or service of process shall be sent by
certified mail, electronic transmission (facsimile), or reputable
overnight carrier which provides proof of mailing, transmission,
or receipt.

(b)  Payments. Royalty statements and payments shall be deemed
effective when received at the following address:

                        Equity Management Inc.
                        1450 E. American Lane
                        Suite 1111
                        Schaumburg, IL  60173
                        Attn.:  Royalty Administration

21. RELATIONSHIP BETWEEN LICENSOR AND LICENSEE

Nothing in this AGREEMENT shall be construed to place the parties
in a relationship whereby either shall be considered to be the
agent of the other for any purpose whatsoever.  Neither party is
authorized to enter into any contract or assume any obligation
for the other.  Any such unauthorized act will create separate
liability in the party so acting to any and all third parties
affected thereby.  Nothing in this AGREEMENT shall be construed
to establish a relationship as partners or joint venturers
between LICENSOR and LICENSEE.  Each party is individually
responsible only for its own obligations, duties, and promises as
set forth in the AGREEMENT.

22. NO ASSIGNMENT OR SUBLICENSE BY LICENSEE

This AGREEMENT and each part thereof and all rights and duties
hereunder are personal to LICENSEE and shall not, without the
prior written consent of LICENSOR, be assigned, mortgaged,
sublicensed, or otherwise encumbered by LICENSEE or by operation
of law.

23. NO WAIVER, ENTIRE AGREEMENT

None of the terms of this AGREEMENT can be waived or modified
except by an express agreement in writing signed by both parties.
There are no representations, promises, warranties, covenants, or
undertakings other than those contained in this AGREEMENT, which
represents the entire understanding of the parties.  The failure
of either party hereto enforce, or the delay by either party in
enforcing, any of its rights under this AGREEMENT shall not be
deemed a continuing waiver or a modification thereof, and either
party may, within the time provided by applicable law, commence 


                            -61-
<PAGE>


appropriate legal proceeding to enforce any or all of such
rights.  No person, firm, group, or corporation other than
LICENSEE and LICENSOR shall be deemed to have acquired any rights
by reason of anything contained in this AGREEMENT.

24. MANUFACTURING SOURCE

LICENSEE represents that certain Licensed Products are
manufactured for LICENSEE by the companies listed in Exhibit V.
LICENSEE agrees to notify LICENSOR in writing prior to changing
the manufacturing source for any of those Licensed Products.

25. MISCELLANEOUS

(a)  Controlling Law.  This shall be considered as having been
entered into in the State of Michigan, and shall be construed and
interpreted in accordance with the laws of that State, and each
of the parties hereto agree to submit to the jurisdiction of the
applicable federal and state courts located in said state.

(b)  Choice of Forum.  Legal or equitable action commenced under
this AGREEMENT by LICENSEE must be instituted in the appropriate
courts located in Michigan.

(c)  Compliance.  LICENSEE shall ensure that any activities
undertaken by it pursuant to this AGREEMENT, including but not
limited to the manufacture, sale, promotion and export of
Licensed Products, shall comply with all federal, state, and
local laws, rules and regulations of the United States, as such
may by amended and in force from time to time.

(d)  Service of Process.  Service of process shall be effective
if mailed pursuant to Paragraph 20 hereof.

(e)  Singular Shall Include Plural.  Whenever required by the
context, the singular shall include the plural and the plural the
singular, and the masculine shall include the feminine and
neuter.

(f)  Severability  The provisions of this AGREEMENT shall be     
severable, and if any provision of this AGREEMENT shall be held
or declared to be illegal, invalid, or unenforceable in any
jurisdiction, such illegality, invalidity or unenforceability
shall not affect any other provision hereof or the interpretation
and effect of the AGREEMENT as to any other jurisdiction, and the
remainder of the AGREEMENT, disregarding such illegal, invalid or
unenforceable provision shall continue in full force and effect
as though such illegal, invalid, or unenforceable provision had
not been contained herein.

(g)  Headings.  Headings or titles to Paragraphs or subparagraphs
in this AGREEMENT are for convenience or reference only and shall
not affect the meaning or interpretation of this AGREEMENT or any
part hereof.


                            -62-
<PAGE>


(h)  No Modifications.  This AGREEMENT may not be released,
discharged, abandoned, changed or modified in any manner except
in an instrument signed by each of the parties hereto.

(i)  No Strict Construction.  The language used in this AGREEMENT
shall be deemed to be language chosen by both parties hereto
to express their mutual intent, and no rule of strict
construction against either party shall apply to any term or
condition of this AGREEMENT.

FOR:  COBRA ELECTRONICS           FOR: GENERAL MOTORS CORPORATION 
      CORPORATION                     SERVICE PARTS OPERATIONS  

BY:    John P. Pohl               BY:    Robert D. Cheyne
NAME:  John P. Pohl               NAME:  Robert D. Cheyne
TITLE: VP Marketing               TITLE: Manager, Trademark
                                         Licensing
DATE:  5/10/95                    DATE:  5/11/95




                            -63-
<PAGE>



                 TRADEMARK LICENSE AGREEMENT
          LICENSEE: COBRA ELECTRONICS CORPORATION
                         EXHIBIT I



TERRITORY

The licensed Territory is as described below except as prohibited
by United States laws or regulations.

The United States of America, its territories and possessions,
Mexico, and Canada, only.

TERM

Except as otherwise provided herein, the Term of this AGREEMENT
shall be retroactively from March 1, 1995 to December 31, 2000
unless sooner terminated in accordance with the provisions of
this AGREEMENT.

This AGREEMENT shall be renewed at LICENSEE'S option for an
additional three (3) year term in the event LICENSEE has Earned
Royalties during the last License Period of the Initial Term
(i.e. 1/1/2000 - 12/31/00) of at least $200,000.

CHANNEL OF DISTRIBUTION

General Motors vehicle dealer network, LICENSEE'S dealer network,
(including LICENSEE'S catalogs and retail outlets) and other
wholesale and retail channels.



                            -64-
<PAGE>



                   TRADEMARK LICENSE AGREEMENT
              LICENSEE: COBRA ELECTRONICS CORPORATION
                           EXHIBIT II


The following Licensed Trademarks and associated Licensed
Products form part of this AGREEMENT:

LICENSED TRADEMARKS                     LICENSED PRODUCTS

GM Official Licensed Products           - Citizen band radios
Emblem (as shown on Exhibit II-A,         and microphones and
incorporated)                             antennas for citizen
                                          band radios, only.

GM "Mark of Excellence' Emblem*






*  The GM "Mark of Excellence" Emblem may only be used in close
conjunction with "by Cobra" or other variation of "by Cobra" as
specifically approved in writing by LICENSOR, and only with the
Licensed Products, associated sales and collateral materials. 
The GM "Mark of Excellence" Emblem may only be used as a product
trademark.  The GM "Mark of Excellence" Emblem may not be used as
a business identity for an operating unit of LICENSEE or for any
other use unless specifically approved in writing by LICENSOR.



                            -65-
<PAGE>


                 TRADEMARK LICENSE AGREEMENT
            LICENSEE: COBRA ELECTRONICS CORPORATION
                       EXHIBIT II-A







           (GM LOGO)                The GM Trademarks are
                                    properties of General Motors
                                    Corp. used under license by:

        O F F I C I A L  
        LICENSED PRODUCT                      





                                    Licensee of GMSPO 1993
                                    General Motors Corp.
                                           MS-3417





           FRONT                           BACK

 (GM Blue with white border)      (GM Blue print on white)












                            -66-
<PAGE>


                  TRADEMARK LICENSE AGREEMENT
           LICENSEE: COBRA ELECTRONICS CORPORATION

                          EXHIBIT III

ROYALTY RATE

The Royalty to be paid by LICENSEE to LICENSOR during the Term
shall be five percent of Net Sales of LICENSED PRODUCTS.  If the
AGREEMENT is renewed as provided in Exhibit I, the Royalty shall
increase to six percent.

ADVANCE ROYALTY

LICENSEE agrees to pay LICENSOR a non-refundable advance royalty
("Advance") in the amount of $100,000 (U.S.); $50,000 of the
Advance is payable on execution of this AGREEMENT by LICENSEE and
the remaining $50,000 is payable upon LICENSEE'S first shipment
of the LICENSED PRODUCTS, or on November 15, 1995, whichever
occurs first.  The Advance shall be credited against the minimum
guaranteed royalties pursuant to Paragraph 3(c) during the first
License Period of the Term only.  No carry-over of excess Net
Sales (over the Advance) or deficiency of Net Sales (under the
Advance) into subsequent License Periods within the Term or any
renewal term shall be allowed.

MINIMUM GUARANTEED ROYALTIES

The minimum annual royalty ("Guaranteed Minimum") to be paid by
LICENSEE to LICENSOR shall be as follows (unless otherwise
reduced pursuant to Paragraph 2(a):

               License Period           Guaranteed Minimum
               3/1/95 - 12/31/97        $155,000
               1/1/98 - 12/31/98        $100,000
               1/1/99 - 12/31/99        $100,000
               1/1/2000 - 12/31/00      $130,000

               If renewed as allowed herein:
               1/1/01 - 12/31/01        $200,000
               1/1/02 - 12/31/02        $200,000
               1/1/03 - 12/31/03        $200,000

Such Guaranteed Minimum is due and payable semi-annually (i.e.,
June 30 and December 31) during each License Period of the Term
or any renewal term unless otherwise paid as Earned Royalties or
the Advance during such License Period.  The Guaranteed Minimum
shall stand alone.  No carry-over of excess Net Sales (over the
Guaranteed Minimum) or deficiency of Net Sales (under the
Guaranteed Minimum) into subsequent License Periods within the
Term or any renewal term shall be allowed.





                            -67-
<PAGE>


                  TRADEMARK LICENSE AGREEMENT
           LICENSEE: COBRA ELECTRONICS CORPORATION
                         EXHIBIT IV


LICENSEE will use the following notice somewhere in its
advertising or promotional materials and on the LICENSED PRODUCTS
or tags or stickers affixed to the LICENSED PRODUCTS or
packaging:

     "[Particular General Motors trademark(s) licensed] are       
     trademarks of General Motors Corporation and used under      
     license to Cobra Electronics Corporation".

LICENSEE will also affix tags or stickers to all LICENSED
PRODUCTS, which tags or stickers display a LICENSOR-supplied logo
designating the LICENSED PRODUCTS as "Official General Motors
Licensed Products" (or similar statement).  LICENSEE shall
purchase the tags or stickers from LICENSOR or LICENSOR'S
designated vendor.

LICENSEE shall display the GM Official Licensed Product Emblem on
all packaging and in all promotional and advertising materials
for LICENSED PRODUCTS.

LICENSEE agrees to use the LICENSED TRADEMARKS, hang tags and/or
stickers only in the manner prescribed by LICENSOR and only in
accordance with standards and specifications provided by
LICENSOR.

To ensure control over and proper use of the GM Official Licensed
Product Emblem, LICENSEE may use the Emblem only in a manner
which complies with the guidelines and requirements of LICENSOR. 
All products, catalogs, sales materials, and other items of
LICENSEE using or displaying the Emblem must be submitted to E.I.
and approved by LICENSOR in accordance with this AGREEMENT before
their use or distribution.  Purchasers, redistributors, or
resellers of LICENSEE's products may not use or display the
Emblem (other than on LICENSEE'S original packaging) unless they
have a separate license agreement with LICENSOR directly.




                            -68-
<PAGE>


                 TRADEMARK LICENSE AGREEMENT
          LICENSEE: COBRA ELECTRONICS CORPORATION
                          EXHIBIT V



MANUFACTURING SOURCE (Confidential)

The following companies shall constitute the Manufacturing
Source:


Licensed Product:           ______________________________

Company Name:               ______________________________

Address:                    ______________________________

                            ______________________________

                            ______________________________

                            Attn.: ________________________


Licensed Product:

Company Name:               ______________________________

Address:                    ______________________________

                            ______________________________

                            ______________________________

                            ______________________________

                            Attn.: ________________________



                            -69-
<PAGE>


                 TRADEMARK LICENSE AGREEMENT
         LICENSEE: COBRA ELECTRONICS CORPORATION
                         EXHIBIT VI
                         page 1 of 2

DEADLINES

Deadline for Prototypes to LICENSOR:                   6/1/95

Deadline for Initial Manufacturing Run:               10/1/95

Deadline for Submission of Packaging:                  6/1/95

Deadline for Advertising & Promotional Material:       6/1/95

Initial Sale to Distribution Channel:                 12/1/95



MINIMUM ANNUAL ADVERTISING AMOUNT

In addition to any other fees, expenses, royalties and other
payments contemplated or required herein, LICENSEE shall spend
three percent of net LICENSED PRODUCTS sales per Term year on
advertising and promoting the LICENSED PRODUCTS; LICENSEE shall
provide LICENSOR with an accounting of these expenditures on an
annual basis.



COMPREHENSIVE GENERAL AND PRODUCT LIABILITY INSURANCE

The minimum amount of Comprehensive General And Product Liability
Insurance under this AGREEMENT shall be One million dollars
($1,000,000) per occurrence.



                             -70-
<PAGE>


                 TRADEMARK LICENSE AGREEMENT
           LICENSEE: COBRA ELECTRONICS CORPORATION
                         EXHIBIT VI
                         page 2 of 2


SPECIAL TERMS AND CONDITIONS

Confidentiality:

Neither party shall disclose, use or otherwise communicate to any
third party (other than to the disclosing party's respective
employees, agents, including specifically LICENSOR'S licensing
representative Equity Management Inc., and participants with
respect to this AGREEMENT, in their capacity as such and who have
a specific "need to know" and who shall be bound by these
provisions), any information regarding either the terms and
provisions of this AGREEMENT or any other confidential materials,
trade secrets and/or proprietary information delivered pursuant
to the terms and provisions of this AGREEMENT, including the
manufacturers identified in Exhibit V except: (i) to the extent
necessary to comply with a specific applicable law or the valid
final order of a court of competent jurisdiction in which the
party making the disclosure or communication shall notify the
other party in writing before making the disclosure and shall
seek confidential and proprietary treatment of the information;
(ii) as part of normal reporting or review procedures to the
disclosing party's board of directors, parent company, auditors
and attorneys, provided, however, that such persons or entities
agree to be bound by these provisions;  (iii) to enforce its
rights legally under this AGREEMENT in a court of competent
jurisdiction; or (iv) such information is part of the public
domain through lawful disclosure other than by the receiving
party.

Early Termination:

A.  If Earned Royalties do not exceed $100,000 during the first
License Period (i.e. 3/1/95 - 12/31/97) of the Term, then either
party may, upon written notice to the other party, terminate this
AGREEMENT.  In such event, the AGREEMENT shall terminate on
December 31, 1997.  LICENSEE shall, however, be required to pay
any balance due on the Guaranteed Minimum for the first License
Period only, Earned Royalties on all sales of the LICENSED
PRODUCTS up to and including the date of termination, and Earned
Royalties on all sales of LICENSED PRODUCTS during the nine (9)
month sell-off period permitted in Section 16, in accordance with
Paragraph 3(b).

B.  If Earned Royalties do exceed $100,000 during the first
License Period, then the early termination provisions in (A)
above shall not apply and all Guaranteed Minimums, including any
deficiencies of Earned Royalties under the Guaranteed Minimums,
shall remain due and payable.



                            -71-
<PAGE>



                            FIRST
                          AMENDMENT
                             TO
                       LICENSE AGREEMENT



This FIRST AMENDMENT, effective as of the last date of the
signatures below, to that certain Trademark License Agreement
effective March 1, 1995 ("AGREEMENT") is made and entered into by
and between General Motors Corporation, Service Parts Operations,
("LICENSOR") and Cobra Electronics Corporation.

WHEREAS, the parties have entered into the AGREEMENT and mutually
desire to amend such AGREEMENT as specifically provided herein;

NOW THEREFORE for good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties agree as
follows:

    1.  Exhibit I of the AGREEMENT is amended to extend the Term  
        for one year through December 31, 2001.  If LICENSEE has  
        Earned Royalties of at least S200,000 during the last     
        License Period of the extended Term (i.e., 1/1/2001 -     
        12/31/2001), the AGREEMENT shall be renewed for an        
        additional three (3) years through December 31, 2004.

    2.  Exhibit III, advance Royalty, of the AGREEMENT is amended
         to reschedule LICENSEE'S payment of the $50,000 balance  
        of the non-refundable Advance as follows:

        $10,000 payable on or before December 31, 1995;

        $40,000 payable upon LICENSEE'S first shipment of the
        LICENSED PRODUCTS or on March 1, 1996, whichever occurs
        first.

     3. Exhibit III, "Minimum Guaranteed Royalties", of the       
        AGREEMENT is a emcee to reflect the extended Term and to
        adjust the L Cease Period dates for purposes of           
       Guaranteed Minimum payments, as follows:

        License Period                 Guaranteed Minimum

        3/1/95 - 12/31/98                   $155,000
        1/1/99 - 12/31/99                   $100,O00
        1/1/2000 - 12/31/00                 $100,000
        1/1/01 - 12/31/01                   $130,000

        If renewed as allowed herein;
        1/1/02 - 12/31/02                   $200,000
        1/1/03 - 12/31/03                   $200,000
        1/1/04 - 12/31/04                   $200,000



                            -72-
<PAGE>


     4. Exhibit VI, "Early Termination", paragraph "A." is        
        deleted and replaced with the following:

        "A.  If Earned Royalties do not exceed $100,000 during    
        the first License Period (i.e., 3/1/95 - 12/31/98) of the 
        Term, then either party may, upon written notice to the   
        other party, terminate this AGREEMENT.  In such event,    
        the AGREEMENT shall terminate on December 31, 1998.       
        LICENSEE shall, however, be required to pay any balance   
        due on the Guaranteed Minimum for the first License       
        Period only, Earned Royalties on all sales of the         
        LICENSED PRODUCTS up to and including the date of         
        termination, and Earned Royalties on all sales of         
        LICENSED PRODUCTS during the nine (9) month sell-off      
        period permitted in Section 16, in accordance with
        Paragraph 3(b)."

     5. If Earned Royalties for the period January 1, 1998        
        through December 31, 1998 are less than $80,000, then     
        upon written request by LICENSEE to LICENSOR, the parties 
        agree to negotiate in good faith revised Guaranteed       
        Minimums for the License Periods beginning January 1,     
        1999; such revised Guaranteed Minimums shall not be less  
        than the actual Earned Royalties for the period January   
        1, 1998 through December 31, 1998.

     6. Other than as specifically set forth in this FIRST
        AMENDMENT, the AGREEMENT remains unchanged and of full
        force and effect; any conflict between the AGREEMENT and
        this FIRST AMENDMENT shall be controlled by this FIRST
        AMENDMENT.


GENERAL MOTORS CORPORATION         COBRA ELECTRONICS CORPORATION
 SERVICE PARTS OPERATIONS

Name:  Robert D. Cheyne            Name:  John P. Pohl

By:    Robert D. Cheyne            By:    John P. Pohl

Title: Manager, Trademark          Title: VP, Marketing
       Licensing 

Date:                              Date: 12/11/95


                            -73-
<PAGE>



                             SECOND
                            AMENDMENT
                               TO
                        LICENSE AGREEMENT



This SECOND AMENDMENT, effective as of the later date of the
signatures below, is to that certain Trademark License Agreement
effective March 1, 1995 by and between Service Parts Operations,
General Motors Corporation ("LICENSOR") and Cobra Electronics
Corporation ("LICENSEE") as amended by the FIRST AMENDMENT
(collectively the "AGREEMENT").

WHEREAS, the parties have entered into the AGREEMENT and mutually 
desire to amend such AGREEMENT as specifically provided herein; 

NOW THEREFORE for good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties agree as
follows:

1. Exhibit II of the AGREEMENT is amended to specifically include 
   the following additional LICENSED TRADEMARKS:

             CHEVROLET

             Chevrolet 'Bow Tie" Emblem

2. Other than as specifically set forth in this SECOND AMENDMENT, 
   the AGREEMENT remains unchanged and of full force and effect;  
   any conflict between the AGREEMENT and this SECOND AMENDMENT   
   shall be controlled by this SECOND AMENDMENT.

GENERAL MOTORS CORPORATION         COBRA ELECTRONICS CORPORATION
SERVICE PARTS OPERATIONS

By:    Robert D. Cheyne            By:    John P. Pohl

Title: Manager- Trademark          Title: VP, Marketing
       Licensing

Date:                              Date: 2/12/96
                            -74-
<PAGE>





Exhibit 21



              Cobra Electronics Corporation
               Subsidiaries of Registrant
              =============================

                                            State or Other
Name Under Which Subsidiary    Ownership    Jurisdiction
       Does Business           Percentage   of Incorporation
===========================    ==========   ================

Cobra Electronics (HK) Limited    100%          Hong Kong

Dynascan Europe Limited           100%           England




                            -75-
<PAGE>




Exhibit 23




              Independent Auditor's Consent
              ============================



We consent to the incorporation by reference in Registration
Statement Nos. 33-25973 and 33-24459 of Cobra Electronics
Corporation and subsidiaries of our report dated March 1, 1996,
appearing in this Annual Report on Form 10-K of Cobra Electronics
Corporation and subsidiaries for the year ended December 31,
1995.


DELOITTE & TOUCHE LLP

March 26, 1996


                             -76-
<PAGE>




Exhibit 23




       Consent of Independent Public Accountants
       =========================================


As independent public accountants, we hereby consent to the
incorporation by reference of our report dated March 7, 1994,
included in this Form 10-K, into the Company's previously filed
Registration Statement File Nos. 33-25973 and 33-24459.  It
should be noted that we have not audited any financial statements
of the Company subsequent to December 31, 1993 or performed any
audit procedures subsequent to the date of our report.



Arthur Andersen LLP

Chicago, Illinois
March 28, 1996



                             -77-


<PAGE>