FORM 10 - QSB
                            
          SECURITIES AND EXCHANGE COMMISSION
                            
                            
                Washington, D.C. 20549
                            
     QUARTERLY REPORT UNDER SECTION 13 or 15 (d) OF
                            
         THE SECURITIES EXCHANGE ACT OF 1934
                            
               For the Quarterly Period Ended June 30, 1998            
                    Commission File No. 0-3026
                            
                    PARADISE, INC.
                            
                    INCORPORATED IN FLORIDA       
                    IRS IDENTIFICATION NO. 59-1007583
                            
          1200 DR. MARTIN LUTHER KING, JR. BLVD.,
                 PLANT CITY, FLORIDA 33566
                            
                    (813) 752-1155
                            
                             
    
     "Indicate by check mark whether the registrant has filed all annual,
     quarterly and other reports required to be filed with the Commission
     within the past 90 days and in addition has filed the most recent annual
     report required to be filed.  Yes X No __."
    
     "Indicate the number of shares outstanding of each of the issuer's
     classes of common stock, as of the last practicable date."
    
          Class                         Outstanding as of June 30,
                                   1998            1997          Common Stock
          $0.30 Par Value                  519,170 Shares      519,170 Shares
    
    
    
    
    
                              Page 1

PARADISE, INC.                          COMMISSION FILE NO. 0-3026
PART I.  FINANCIAL INFORMATION
Item 1. Financial Statements
    (a) (1)    CONSOLIDATED BALANCE SHEETS

                                             AS OF  JUNE 30,
                                        1998               1997
     ASSETS

CURRENT ASSETS
  Cash and Unrestricted Demand Deposits    $     54,229   $     55,806
  Accounts and Notes Receivable, Less
    Allowances of $-0- (1998 and 1997)          673,124      1,067,777
  Inventories:
    Raw Materials                             1,820,531      2,228,829
    Work in Process                             451,686        291,531
    Finished Goods                            9,899,795      7,969,800
  Deferred Income Tax Asset                     239,453        264,006
  Income Tax Refund Receivable                   68,403         13,875
  Prepaid Expenses and Other Current Assets     353,178        371,996

          TOTAL CURRENT ASSETS               13,560,399     12,263,620
  Real Estate Investment, at Cost                     0        261,848
  Property, Plant and Equipment, Less
    Accumulated Depreciation of $13,154,653
    (1998) and $12,485,077 (1997)             5,479,278      5,610,199
  Deferred Charges and Other Assets             565,440        432,747

TOTAL ASSETS                                $19,605,117    $18,568,414

        LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES,
  Notes and Trade Acceptances Payable       $ 3,808,154    $ 4,287,093
  Current Portion of Long-Term Debt           1,023,009        957,992
  Accounts Payable                            4,173,393      3,068,516
  Accrued Liabilities                           554,757        908,532
  Federal and State Income Taxes Payable              0              0

          TOTAL CURRENT LIABILITIES           9,559,313      9,222,133
LONG-TERM DEBT, NET OF CURRENT PORTION        1,277,552      2,114,529
DEFERRED INCOME TAX LIABILITY                   177,564        507,722
STOCKHOLDERS' EQUITY
  Common Stock: Auth; 2,000,000 shs. @ $.30
  Par Value; Issued 582,721 (1998 and 1997)     174,926        174,926
  Capital in Excess of Par Value              1,288,793      1,288,793
  Retained Earnings                           7,401,174      5,534,516
  Less 63,551 (1998 and 1997) shares at cost
         Held in Treasury                   (   274,205)  (    274,205)

          Total Stockholders' Equity          8,590,688      6,724,030

TOTAL LIABILITIES AND STOCKHOLDERS'
  EQUITY                                    $19,605,117    $18,568,414
                              Page 2

PARADISE, INC.                                  COMMISSION FILE NO. 0-3026

Item 1.  Financial Statements  (Continued)

(a) (1)             CONSOLIDATED STATEMENTS OF INCOME

                                              FOR THE THREE MONTHS ENDED
                                                     JUNE  30,
                                                 1998          1997

Net Sales                                     $ 988,517    $ 1,481,243

Costs and Expenses:
 Cost of Goods Sold                           1,029,650      1,130,834
 Selling, General and Admin. Expense            557,223        672,102
 Depreciation and Amortization                  185,282        182,997
 Interest Expense - Long Term                    54,508         72,481
 Interest Expense - Short Term                   58,169         49,003


        Total Expenses                        1,884,832      2,107,417

Loss from Operations                           (896,315)      (626,174)

Contribution of Land                           (840,000)             0
Gain on Sale of Real Estate Investment          551,707              0
Gain on Contribution                            711,373              0
Other Income                                     11,468          9,778


Earnings (Loss) Before
 Provision for Income Taxes                 (   461,767)      (616,396)

Provision for Income Taxes                 (    316,092)              0


Net Earnings (Loss)                        $(   145,675)    $(,616,396)         


Earnings (Loss) per Common Share                 $(.28)        $(2.47)














                              Page 3

PARADISE, INC.                                  COMMISSION FILE NO. 0-3026

Item 1.  Financial Statements (Continued)

  (a) (1)    CONSOLIDATED STATEMENTS OF INCOME

                                             FOR THE SIX MONTHS ENDED
                                                     JUNE 30,
                                                1998           1997

Net Sales                                   $ 2,314,891    $ 2,884,487

Cost s and Expenses:
   Cost of Goods Sold                         1,906,870      2,267,408
   Selling, General and Admin Expense         1,107,600      1,260,261
   Depreciation and amortization                365,549        359,772
   Interest Expense - Long Term                 109,300        149,559
   Interest Expense - Short Term                 58,169         51,091

        Total Expenses                        3,547,487      4,088,091

Loss from Operations                         (1,232,596)    (1,203,604)

Contribution of Land                           (840,000)             0
Gain on Sale of Real Estate Investment          551,707              0
Gain on Contribution                            711,373              0
Other Income                                     36,950         34,662

Earnings (Loss)
 Before Provision for Income Taxes             (772,566)    (1,168,942)


Provision for Income Taxes                     (316,092)             0


Net Earnings (Loss)                           $(456,474)   $(1,168,942)


Earnings (Loss) per Common Share                $(.88)        $(2.25)




  










                              Page 4
PARADISE, INC.                                   COMMISSION FILE NO. 0-3026

Item 1.  Financial Statements (Continued)

(a) (1)             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                               FOR THE SIX MONTHS ENDED
                                                      JUNE  30,
                                                  1998          1997
CASH FLOWS FROM OPERATING ACTIVITIES                  
 Net Loss                                    $( 456,474)   $(1,168,942)
 Adjustments to Reconcile Net Loss to Net
   Cash Used in Operating Activities
Depreciation and Amortization                   365,549        359,772
Deferred Tax Benefit                           (316,092)             0
Contribution of Land                            840,000              0
Gain on Sale of Real Estate Investment         (551,707)             0
Gain on Contribution                           (711,373)             0
Decrease (Increase) in:
  Accounts Receivable                         1,308,391        440,188
  Inventories                                (8,656,499)    (6,450,314)
  Income Tax Receivable                    (     67,085)  (     13,043)
  Prepaid Expenses                          (   106,631)  (     31,855)
Increase (Decrease) in:
  Accounts Payable                            3,803,674      2,400,910
  Accrued Expense                           ( 1,308,384)   (   693,838)
  Income Taxes Payable                      (   100,916)   (   176,958)
 
      Net Cash Used in Operating Activities  (5,957,547)    (5,334,080)

CASH FLOWS FROM INVESTING ACTIVITIES
 Proceeds from Sale of Real Estate Invest       684,928              0
 Purchase of Property and Equipment         (   348,194)   (   520,746)

  Net Cash Provided By (Used in)
         Investing Activities                   336,734   (    520,746)

CASH FLOWS FROM FINANCING ACTIVITIES
 Net Proceeds of Short-Term Debt              3,652,352      4,029,593
 Principal Payments of Long-Term Debt       (   509,158)   (   395,391)
 Dividends Paid                             (   129,887)  (     51,954)
 Increase in Other Assets                   (   154,273)  (     98,545)

  Net Cash Provided by Financing Activities   2,859,034      3,483,703

        Net Decrease in Cash                 (2,761,779)    (2,371,123)
CASH AT BEGINNING OF PERIOD                   2,816,008      2,426,929

CASH AT END OF PERIOD                     $      54,229   $     55,806

SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING AND INVESTING ACTIVITIES:

    PROCEEDS OF LONG-TERM DEBT USED TO:
            Purchase Equipment                       $0       $139,352

                                                      
                                                      
                              Page 5
  
  PARADISE, INC.                                   COMMISSION FILE 0-3026
    
     Item 1.  Financial Statements (continued)
    
     (g) Earnings per common share, assuming no dilution, are based on the
     weighted average number of shares outstanding during the period: 519,170
     (1998 and 1997).
    
     (h) The foregoing information is unaudited, but, in the opinion of
     management, includes all adjustments, consisting of normal accruals,
     necessary for a fair presentation of the results for the period
     reported.
    
     Item 2.  Management's Discussion and Analysis of Financial Condition
                and Results of Operations
    
     A material unusual event occurred during the second quarter of 1998. The
     Company sold, to the St. John's River Water Management District, its
     long-held environmentally sensitive real estate investment in Brevard
     County, FL. Acquired nearly forty years ago and carried on the Balance
     Sheet at its historical cost of $261,848, its original purpose was the
     development of a lakefront residential community on the property, which
     was composed of both uplands and wetlands.
    
     Since that time, the ever-increasing stringency of environmental
     regulations rendered such development virtually impossible and, at the
     same time, materially eroded the commercial value of the asset. After
     years of negotiation and litigation, an agreement was reached with SJWMD
     to sell the uplands and donate the wetlands. The value of the donation,
     established by independent appraisal, was $840,000, which has the
     potential for significant tax benefits and for maximizing shareholder
     value from the transaction.
    
     In accordance with generally accepted accounting principles, the Company
     has recorded both the gain on the sale of the land and the gain
     resulting from the donation. Again according to generally accepted
     accounting principles, the donation was recorded at the fair market
     value of the property donated. The gain on the sale of the land reflects
     the sale proceeds net of closing costs and an allocated portion of the
     Company's basis in the land. The gain resulting from the donated land
     reflects the fair market value of the donation net of the remaining
     portion of the Company's basis in the land.
    
     As to the normal and traditional operations of the Company, shareholders
     are reminded of the seasonal nature of the Company's core business,
     glace (candied) fruit, which is primarily an ingredient for Thanksgiving
     and Christmas confections, and in which approximately 80% of  annual
     sales take place between early September and late October each year.
     Therefore, it has been the frequently expressed opinion of management
     that only the analysis of a full year's operations yields meaningful
     conclusions.
    
     In addition, timing differences between manufacturing cycles, fruit
     harvests, and other factors render comparisons between quarters
     unproductive. Therefore, periodic analysis by management is limited to
     discussion of the current year-to-date relative to a like period during
     the prior year.
    
     While the selling season is short, purchasing and manufacturing
     activities continue throughout the year, building inventories in order
     to make timely shipments during periods of peak demand. Many months of
     ongoing expenses with little income require relatively large amounts of
     borrowed short-term working capital, and result in the accrual of
     material losses during the early financial reporting periods.
    
    
    
    
    
    
                           Page 6
    
    
    
     PARADISE, INC.                                COMMISSION FILE 0-3026
    
    
     Total net sales for the first six months of 1998 of $2.3 Million
     represents slightly more than 10% of total net sales during 1997, and is
     about $570,000 less than the same period during the prior year. Nearly
     half of this difference is in the sales by our Mexican subsidiary, which
     processes and ships pineapple used as a raw  material by both the
     Company and some of its competitors. Only shipments to unaffiliated
     users are recorded as sales, and these have declined, without potential
     for recovery during the current year. Another 12% of the decrease in
     sales was accounted for by frozen strawberry products no longer
     manufactured. The balance of the decrease was in various fruit products,
     and in the plastics segment of business. In the overall, however, these
     differences are relatively small, and, in the opinion of management,
     portend little.
    
     As a percentage of sales, costs of goods sold increased somewhat, with
     the largest single factor, by far, having been in factory payroll and
     payroll taxes. Mostly forced by increased minimum wage requirements, and
     the related upward thrust of all wage scales related thereto.
    
     Selling, general and administrative expenses decreased by slightly more
     than 12% while depreciation and amortization expenses changed very
     little.
    
     Interest expense declined by 16% because carryover cash flow from 1997
     operations delayed the need for short-term working capital borrowings.
    
     Total Income (Loss) Before Income Taxes  improved significantly due to
     the gain on the sale of the Company's real estate investment. Further
     tax benefits are contingent on the Company's profitability during
     subsequent years as IRS rules stipulate that the $840,000 donation,
     discussed earlier, can be deducted only up to 10% of the Company's
     pre-tax earnings, with the ensuing balances carried forward as a tax
     benefit for five years.
    
     As to operating results, management repeats its opinion that it is far
     too early in the year to predict year-end performance with any degree of
     certainty.
    
     PART II.  OTHER INFORMATION
    
     None of the item numbers on captions are applicable to this report and
     are, therefore, omitted.
    
                         SIGNATURES
    
     Pursuant to the requirements of the Securities Exchange Act of 1934, the
     registrant has duly caused this report to be signed on its behalf by the
     undersigned, thereunto duly authorized.
    
     Date: August 5, 1998          PARADISE, INC.
    
    
                                        s/ Melvin S. Gordon
                                        Melvin S. Gordon, President
    
                                        s/ Eugene L. Weiner
                                        Eugene L. Weiner, Executive Vice
                                        President, Secretary-Treasurer
    
    
    
                           Page 7