<PAGE>

                                   FORM 10-Q

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549

           ________________________________________________________

             X    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
           -----
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended April 30, 2001


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

                   For the transition period from ______ to______
           ________________________________________________________


                       Commission File Number:   0-15240


                          LOWRANCE ELECTRONICS, INC.
                -----------------------------------------------
                 (Exact Name of Registrant as Specified in its
                                   Charter)


       Delaware                                          44-0624411
----------------------                            -------------------------
State of Incorporation                            IRS Identification Number

                            12000 East Skelly Drive
                             Tulsa, Oklahoma 74128
                   ----------------------------------------
                   (Address of Principal Executive Offices)


Registrant's telephone number, including area code:   (918) 437-6881



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

                                 YES   X         NO_____
                                     -----

At April 30, 2001, there were 3,768,796 shares of Registrant's $0.10 par value
Common Stock outstanding.

                                      -1-
<PAGE>

                          LOWRANCE ELECTRONICS, INC.
                          --------------------------

                                   FORM 10-Q
                                   ---------

                                     INDEX
                                     -----

                                                                      PAGE
                                                                      ----

PART I.   FINANCIAL INFORMATION

  ITEM 1.    Consolidated Balance Sheets -
                April 30, 2001 and 2000, and July 31, 2000........     3

             Consolidated Statements of Operations -
                Three Months and Nine Months Ended
                April 30, 2001 and 2000...........................     4

             Consolidated Statements of Cash Flows -
                Nine Months Ended April 30, 2001 and 2000.........     5

             Notes to Consolidated Financial Statements...........   6-8

  ITEM 2.    Management's Discussion and Analysis of
                Financial Condition and Results of Operations.....  9-11


PART II.  OTHER INFORMATION

  ITEM 1.    Legal Proceedings....................................    11

  ITEM 2.    Changes in Securities................................    11

  ITEM 3.    Defaults Upon Senior Securities......................    11

  ITEM 4.    Submission of Matters to a Vote of Security Holders..    11

  ITEM 5.    Other Information....................................    11

  ITEM 6.    Exhibits and Reports on Form 8-K..................... 11-14


  SIGNATURES......................................................    15

                                      -2-
<PAGE>

                          LOWRANCE ELECTRONICS, INC.
                          --------------------------
                          CONSOLIDATED BALANCE SHEETS
                          ---------------------------
                                (in thousands)
                                 ------------

<TABLE>
<CAPTION>
                                                      April 30,     April 30,      July 31,
                                                        2001          2000           2000
                                                     -----------   -----------     --------
                                                     (Unaudited)   (Unaudited)
<S>                                                  <C>           <C>             <C>
                                    ASSETS
                                    ------
CURRENT ASSETS:
  Cash and cash equivalents                              $ 1,052      $   653       $   589
  Accounts receivable, less allowances                    11,987       12,919         6,649
  Inventories                                             23,411       11,629        11,277
  Current deferred income taxes                              807          221           774
  Prepaid expenses                                           696          572           434
                                                         -------      -------       -------

     Total current assets                                 37,953       25,994        19,723

PROPERTY, PLANT, AND EQUIPMENT, net                        7,611        7,380         7,240

OTHER ASSETS                                                  53          202           186

DEFERRED INCOME TAXES                                      1,965        1,353         2,072
                                                         -------      -------       -------

                                                         $47,582      $34,929       $29,221
                                                         =======      =======       =======

                     LIABILITIES AND STOCKHOLDERS' EQUITY
                     ------------------------------------

CURRENT LIABILITIES:
  Current maturities of long-term debt                   $ 1,826      $ 2,394       $ 2,299
  Accounts payable                                         8,424        4,822         2,958
  Accrued liabilities                                      4,597        3,644         3,436
                                                         -------      -------       -------

     Total current liabilities                            14,847       10,860         8,693

LONG-TERM DEBT, less current
  maturities                                              20,432       13,674         8,573

SERIES "A" REDEEMABLE PREFERRED STOCK,
$.50 par value, 40,000 shares authorized and issued            -            -             -

STOCKHOLDERS' EQUITY:
  Preferred stock, 230,000 shares authorized,
     none issued                                               -            -             -
  Common stock, $.10 par value,
     10,000,000 shares authorized, 3,768,796
     shares issued                                           377          377           377
  Paid-in capital                                          7,073        7,073         7,073
  Retained earnings                                        5,267        3,238         4,801
  Foreign currency translation adjustment                   (414)        (293)         (296)
                                                         -------      -------       -------

     Total stockholders' equity                           12,303       10,395        11,955
                                                         -------      -------       -------

                                                         $47,582      $34,929       $29,221
                                                         =======      =======       =======
</TABLE>


   The accompanying notes are an integral part of these consolidated balance
                                    sheets.

                                      -3-
<PAGE>

                          LOWRANCE ELECTRONICS, INC.
                          --------------------------
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                     -------------------------------------
                                  (Unaudited)

<TABLE>
<CAPTION>
                                  Three Months Ended          Nine Months Ended
                              ------------------------    ----------------------
                               April 30,     April 30,     April 30,   April 30,
                                 2001          2000          2001        2000
                              ----------    ----------    ----------  ----------
                                   (in thousands)             (in thousands)
<S>                             <C>           <C>           <C>         <C>
NET SALES                       $23,282       $25,366       $55,132     $56,150

COST OF SALES                    14,357        15,173        34,508      35,058
                                -------       -------       -------     -------

     Gross profit                 8,925        10,193        20,624      21,092

OPERATING EXPENSES:
  Selling and administrative      5,916         5,470        15,703      14,207
  Severance and merger costs        371             -           371       2,201
  Research and development          742           770         2,252       2,186
                                -------       -------       -------     -------

     Total operating expenses     7,029         6,240        18,326      18,594
                                -------       -------       -------     -------

     Operating income             1,896         3,953         2,298       2,498
                                -------       -------       -------     -------

OTHER EXPENSES:
  Interest expense                  504           505         1,324       1,484
  Other, net                         25            56           234         104
                                -------       -------       -------     -------

     Total other expenses           529           561         1,558       1,588
                                -------       -------       -------     -------

INCOME BEFORE
  INCOME TAXES                    1,367         3,392           740         910

PROVISION FOR INCOME TAXES          506           918           274           -
                                -------       -------       -------     -------

NET INCOME                      $   861       $ 2,474       $   466     $   910
                                =======       =======       =======     =======

NET INCOME PER SHARE            $   .23       $   .66       $   .12     $   .24
                                =======       =======       =======     =======

OTHER COMPREHENSIVE INCOME
  (LOSS) NET OF TAX:

FOREIGN CURRENCY TRANSLATION
  ADJUSTMENT                        (82)          (82)         (118)         (9)
                                -------       -------       -------     -------

COMPREHENSIVE INCOME            $   779       $ 2,392       $   348     $   901
                                =======       =======       =======     =======

  WEIGHTED AVERAGE COMMON
  SHARES OUTSTANDING              3,769         3,769         3,769       3,769
                                =======       =======       =======     =======

DIVIDENDS                          NONE          NONE          NONE        NONE
                                =======       =======       =======     =======

</TABLE>

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

                                      -4-
<PAGE>

                          LOWRANCE ELECTRONICS, INC.
                          --------------------------
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                     -------------------------------------
                             (Unaudited) (Note 4)

<TABLE>
<CAPTION>
                                                           Nine Months Ended
                                                         ----------------------
                                                         April 30,    April 30,
                                                           2001         2000
                                                         --------     --------
                                                            (in thousands)
<S>                                                      <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

 Net income                                               $    466     $   910
 Adjustments to reconcile net income to net cash
    used in operating activities:
  Depreciation                                               1,443       1,655
  (Gain) loss on retirement of fixed assets                      2         (31)
  Change in unrealized foreign translation adjustment         (118)         (9)
 Changes in operating assets and liabilities:
  (Increase) decrease in accounts receivable                (5,338)     (1,455)
  (Increase) decrease in inventories                       (12,134)      1,719
  (Increase) decrease in prepaids, deferred
    income taxes, and other assets                             (55)        369
  Increase (decrease) in liabilities and other               6,627       1,176
                                                          --------    --------

  Net cash provided by (used in) operating activities       (9,107)      4,334
                                                          --------    --------

CASH FLOWS FROM INVESTING ACTIVITIES:

 Capital expenditures                                       (1,818)     (1,012)
 Proceeds from sales of property                                 2          16
                                                          --------    --------

 Net cash used in investing activities                      (1,816)       (996)
                                                          --------    --------

CASH FLOWS FROM FINANCING ACTIVITIES:

 Borrowings under line of credit                            60,003      51,857
 Repayments of borrowings under line of credit             (48,050)    (53,416)
 Borrowings under capital leases                             1,249           -
 Principal payments on term loans and capital
    lease obligations                                       (1,816)     (1,583)
                                                          --------    --------

  Net cash provided by (used in) financing activities       11,386      (3,142)
                                                          --------    --------

  Net increase (decrease)
    in cash and cash equivalents                               463         196

CASH AND CASH EQUIVALENTS - beginning of period                589         457
                                                          --------    --------

CASH AND CASH EQUIVALENTS - end of period                 $  1,052     $   653
                                                          ========    ========
</TABLE>

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

                                      -5-
<PAGE>

                          LOWRANCE ELECTRONICS, INC.
                          --------------------------
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                  (Unaudited)


(1)  PRINCIPLES OF PREPARATION

     The financial statements included herein have been prepared by the Company,
     without audit, pursuant to the rules and regulations of the Securities and
     Exchange Commission. Certain information and footnote disclosures normally
     included in financial statements prepared in accordance with accounting
     principles generally accepted in the United States have been condensed or
     omitted pursuant to such rules and regulations, although the Company
     believes that the disclosures contained herein are adequate to make the
     information presented not misleading. Accounting policies for the nine
     months ended April 30, 2001, are the same as those outlined in the Annual
     Report on Form 10-K filed relative to the year ended July 31, 2000. In the
     opinion of management, all adjustments necessary for a fair presentation of
     interim results of operations have been made to the interim statements. All
     such adjustments were of a normal, recurring nature. The condensed
     consolidated financial statements should be read in conjunction with the
     consolidated financial statements and the notes thereto included in the
     Company's Annual Report filed with the Securities and Exchange Commission
     on Form 10-K.

(2)  BALANCE SHEET DETAIL

     Inventories -
     -----------

     Inventories are priced at the lower of cost (first-in, first-out) or market
     and consist of the following:

<TABLE>
<CAPTION>
                                                       April 30,     April 30,     July 31,
                                                         2001          2000          2000
                                                       --------      --------      --------
                                                                  (in thousands)
<S>                                                    <C>           <C>           <C>

          Raw materials                                $  9,434      $  4,291      $  4,164
          Work-in-process                                 1,684         1,238         1,023
          Finished goods                                 14,289         7,364         7,547
          Excess, obsolete and realization reserves      (1,996)       (1,264)       (1,457)
                                                       --------      --------      --------

          Total inventories                            $ 23,411      $ 11,629      $ 11,277
                                                       ========      ========      ========

     Property, Plant, and Equipment, Net -
     -----------------------------------

          Land                                         $    557      $    557      $    557
          Building and improvements                       5,044         5,012         5,163
          Machinery and equipment                        27,177        25,660        25,434
          Office furniture and equipment                  3,885         3,594         3,695
                                                       --------      --------      --------
                                                         36,663        34,823        34,849

          Less - accumulated depreciation               (29,052)      (27,443)      (27,609)
                                                       --------      --------      --------

          Net property, plant, and equipment           $  7,611      $  7,380      $  7,240
                                                       ========      ========      ========
</TABLE>

                                      -6-
<PAGE>

(3)  LONG-TERM DEBT AND REVOLVING CREDIT LINE

     Long-term debt and revolving credit line are summarized below:

<TABLE>
<CAPTION>
                                                          April 30,    April 30,     July 31,
                                                            2001         2000          2000
                                                          --------     --------      -------
                                                                    (in thousands)
<S>                                                       <C>          <C>           <C>

     Revolving credit line                                 $16,403      $ 9,121       $ 4,450
     Term loan                                               4,085        5,323         5,013
     Capitalized equipment lease obligations,
       payable in monthly installments of approx-
       imately $90,000 including interest at rates
       from 6.1% to 13.5%, with final payments ranging
       from July 2001 through December 2005                  1,770        1,624         1,409
                                                           -------      -------       -------

                                                            22,258       16,068        10,872

     Less - current maturities                               1,826        2,394         2,299
                                                           -------      -------       -------

     Total long-term debt                                  $20,432      $13,674       $ 8,573
                                                           =======      =======       =======
 </TABLE>

     Future maturities of the above debt obligations at April 30, 2001, are $1.8
     million, $3.2 million, $16.6 million and $.6 million for the years ending
     April 30, 2002 through 2005, respectively.

     At April 30, 2001, the Company had a $33.9 million financing package which
     consisted of $7.4 million in term loans together with a $26.5 million
     revolving credit line. The revolving credit line provides for borrowings up
     to $26.5 million based on varying percentages of qualifying categories of
     receivables and inventories. Borrowing against inventories is limited to
     $13 million in total. At April 30, 2001, the Company had $.5 million
     available under the revolving credit line.

     The agreement requires, among other things, that the Company maintain a
     minimum tangible net worth, limits the ratio of total liabilities to
     tangible net worth and requires the Company to maintain a minimum fixed
     charge ratio. Additionally, the agreement limits the amount of operating
     leases, capital expenditures and capital leases. Violation of any of these
     provisions, except for the fixed charge ratio, would constitute an event of
     default which, if not cured, would empower the lender to declare all
     amounts immediately payable. Violation of the fixed charge ratio results in
     an increase in the interest rate on the revolving credit line and term loan
     of .5%.

     The agreement also contains a provision that in the event of a defined
     change of ownership, the agreement may be terminated. The Company was in
     compliance with all debt covenants at April 30, 2001. The terms of the
     foregoing agreement include a commitment fee based on the unused portion of
     the bank credit line in lieu of compensating balances.

     During March 2000, the Company amended its financing package. This
     amendment extended the term of the agreement from December 31, 2000 to
     December 31, 2002 and includes a renewal option through December 31, 2003
     assuming neither party terminates. Significant provisions of the amendment
     include changes in certain financial covenants and the lowering of the
     interest rate on the revolving credit line and term loan from prime plus
     1.5% to prime plus .5% (8% as of April 30, 2001).

     The Company's indebtedness is collateralized by substantially all of the
     Company's assets.

(4)  CONSOLIDATED STATEMENTS OF CASH FLOWS

     During the nine months ended April 30, 2001, and April 30, 2000, the
     Company paid interest of approximately $1.3 million and $1.5 million,
     respectively.

                                      -7-
<PAGE>

(5)  SEVERANCE AND MERGER COSTS

     During the nine months ended April 30, 2001, the Company recognized no
     severance costs, as compared to $1.9 million for the previous year, related
     to transferring certain production related jobs to the Company's Mexico
     facility. The total number of employees affected was 161. Severance costs
     for all identified employees were fully accrued as of January 31, 2000.

     The Company incurred merger costs of $.4 million during the nine months
     ended April 30, 2001 as compared to $.3 million during the nine months
     ended April 30, 2000.


(6)  FOOTNOTES INCORPORATED BY REFERENCE

     Certain footnotes are applicable to the consolidated financial statements
     but would be substantially unchanged from those presented on Form 10-K
     filed with the Securities and Exchange Commission on October 18, 2000.
     Accordingly, reference should be made to the Company's Annual Report filed
     with the Securities and Exchange Commission on Form 10-K for the following:

          Note                           Description
          ----      -------------------------------------------------------

           1        Business and Summary of Significant Accounting Policies
           4        Capital Leases
           5        Stockholders' Equity and Related Items
           6        Retirement Plans
           7        Income Taxes


(7)  TENDER OFFER MADE BY COBRA ELECTRONICS CORPORATION

     On May 2, 2001 Cobra Electronics Corporation terminated its tender offer
     for all of the outstanding shares of the Company's stock. The tender offer
     had been set to expire on May 4, 2001.

                                      -8-
<PAGE>

Part I, Item 2
--------------

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

Results of Operations
---------------------

For the three months ended April 30, 2001, non-original equipment SONAR and
combination SONAR/GPS navigation sales dollars decreased 7.6% on an 18.6% unit
decrease as compared to the same period last year.  This decrease is due
primarily to the general economic downturn combined with an unusually long
winter.

Original equipment SONAR sales to boat manufacturers for the three months ended
April 30, 2001 declined 31.6% on a 26.4% unit decrease as compared to the same
period last year. The decline in the original equipment market is a direct
result of decreased boat sales related to the general economic downturn.
Original equipment SONAR sales were 3.9% of total net sales for the period
compared to 5.3% last year.

Stand-alone GPS navigation sales dollars for the three months ended April 30,
2001 decreased 11.6% on a 3.3% unit decrease as compared to the same period last
year due primarily to the general economic downturn.  Accessory sales increased
34.2% over the same period last year.

Total net sales decreased 8.2% for the three months ended April 30, 2001 as
compared to the same period last year.  Total unit sales decreased by 18.5%.
Sales discounts increased by approximately $1.0 million year over year resulting
primarily from the transition to new Eagle product models.

For the nine months ended April 30, 2001, non-original equipment SONAR and
combination SONAR/GPS navigation sales dollars increased 2.6% on a 6.2% unit
decrease as compared to the same period last year.

Original equipment SONAR sales to boat manufacturers for the nine months ended
April 30, 2001 declined 25.6% on a 20.2% unit decrease as compared to the same
period last year.  Original equipment SONAR sales were 5.1% of total net sales
for the period compared to 6.7% last year.

Stand-alone GPS navigation sales dollars for the nine months ended April 30,
2001 decreased 2.4% on a 22.7% unit increase as compared to the same period last
year.  Accessory sales increased 29.2% over the same period last year.

Total net sales decreased 1.8% for the nine months ended April 30, 2001 as
compared to the same period last year.  Total unit sales decreased by 6.0%.
Sales discounts increased by approximately $2.1 million year over year.

Gross profit as a percentage of net sales decreased to 38.3% for the three
months ended April 30, 2001 as compared to 40.2% for the same period last year.
For the nine months ended April 30, 2001, gross profit was 37.4% compared to
37.6% for the previous year.

For the three and nine month periods ended April 30, 2001, selling and
administrative costs increased as a percentage of sales due primarily to
increased advertising expenditures related to new products.  Research and
development expense decreased as a percentage of sales for the three months
ended April 30, 2001 primarily due to the release of new products.  Merger costs
were 1.6% and .7%, respectively, for the three and nine months ended April 30,
2001.  For the nine months ended April 30, 2001, research and development
expense increased as a percentage of sales.  Total operating expenses increased
as a percentage of sales from 24.6% to 30.2% for the three months ended April
30, 2001 and increased as a percentage of sales from 33.1% to 33.2% for the nine
months ended April 30, 2001.

Interest expense for the three months ended April 30, 2001 was unchanged and
$160,000 lower for the nine months ended April 30, 2001 as compared to the same
period last year.

                                      -9-
<PAGE>

The after-tax net income for the three months ended April 30, 2001 was $861,000
as compared to $2.5 million for the same period last year.  Net income for the
nine months ended April 30, 2001 was $466,000 as compared to $910,000 for the
previous year.  The effective tax rates in fiscal 2000 were impacted by reserves
against deferred tax assets for net operating loss carryforwards.  Applying the
comparable current year effective tax rate of 37% to the fiscal 2000 three month
and nine month periods, net income would have been $2.1 million and $573,000,
respectively.

Liquidity and Capital Resources
-------------------------------

The Company's primary sources of liquidity are cash flows from operations, a
$26.5 million line of credit and lease financing.  The line of credit includes a
borrowing base of 85% of qualifying accounts receivable, 30% of qualifying raw
material inventory and 60% of qualifying finished goods inventory with
borrowings from inventories limited to $13 million.

Cash flows used in operations were ($9.1 million) for the nine months ended
April 30, 2001 as compared to cash flows provided by operations of $4.3 million
for the same period last year.  Cash flows from borrowings were utilized to fund
$1.8 million in capital expenditures.

Management believes the sources of liquidity discussed above are adequate to
satisfy the Company's current financing needs.

Quantitative and Qualitative Disclosure About Market Risk
---------------------------------------------------------

The Company is exposed to cash flow and interest rate risk due to changes in
interest rates with respect to its long-term debt.  See Note 3 to the
consolidated financial statements for details on the Company's long-term debt.

Outlook and Uncertainties
-------------------------

Certain matters discussed in this report, excluding historical information,
include certain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, that involve risks and uncertainties.  The
Company and its representatives may from time to time make written or verbal
forward-looking statements, including statements contained in filings with the
Securities and Exchange Commission and in the report to stockholders.
Statements that address the Company's operating performance, events or
developments that the Company expects or anticipates will occur in the future,
including statements relating to sales and earnings growth, statements
expressing general optimism about future operating results, and statements
relating to liquidity and future financing plans are forward-looking statements.
Although the Company believes that such forward-looking statements are based on
management's then-current views and reasonable assumptions, no assurance can be
given that every objective will be reached.  Such statements are made in
reliance on the "safe harbor" protections provided under the Private Securities
Litigation Reform Act of 1995.

As required by the Private Securities Litigation Reform Act of 1995, the Company
hereby identifies the following factors that could cause actual results to
differ materially from any results projected, forecasted, estimated or budgeted
by the Company in forward-looking statements:

 .  Continued profitability in fiscal 2001 is based on attaining current
   projections for net income.

 .  Production delays due to raw material shortages or unforeseen competitive
   pressures could have a materially adverse effect on current projections.

 .  Because of the dynamic environment in which the Company operates, one or more
   key factors discussed in "Part I, Item 1. Business" of the Company's most
   recent Form 10-K could have an adverse effect on expected results for the
   remaining year.

                                     -10-
<PAGE>

                          PART II -- OTHER INFORMATION

Item 1.   Legal Proceedings
          -----------------

          Not applicable

Item 2.   Changes in Securities
          ---------------------

          Not applicable

Item 3.   Defaults upon Senior Securities
          -------------------------------

          Not applicable

Item 4.   Submission of Matters to a Vote of Security Holders
          ---------------------------------------------------

          Not applicable

Item 5.   Other Information
          -----------------

          Not applicable

Item 6.   Exhibits and Reports on Form 8-K
          --------------------------------

          (a.) The exhibits listed on the following Exhibit Index are filed as
               part of this Report. Exhibits required by Item 601 of Regulation
               S-K, but which are not listed below, are inapplicable.

          Exhibit Index:

            2.1     Agreement and Plan of Merger, dated as of January 4, 2001,
                    among the Company, Cobra Electronics Corporation, and Blue
                    Marlin, Inc., previously filed as Exhibit 2.1 to the
                    Company's Form 8-K dated January 8, 2001, which is
                    incorporated herein by reference thereto.

            3.1     Certificate of Incorporation of Lowrance Electronics, Inc.,
                    previously filed as Exhibit 3.1 to the Company's
                    Registration Statement on Form S-1 (SEC File No. 33-9464),
                    which is incorporated herein by reference thereto.

            3.2     By-Laws of Lowrance Electronics, Inc., previously filed as
                    Exhibit 3.2 to the Company's Registration Statement on Form
                    S-1 (SEC File No. 33-9464), which is incorporated herein by
                    reference thereto.

            4.1     Shareholders' Agreement dated December 22, 1978, by and
                    between Darrell J. Lowrance, James L. Knight, and Ben V.
                    Schneider previously filed as Exhibit 4.3 to the Company's
                    Registration Statement on Form S-1 (SEC File No. 33-9464),
                    which is incorporated by reference thereto.

            4.2     First Amendment to Shareholders' Agreement dated October 7,
                    1986 by and between Darrell J. Lowrance, James L. Knight,
                    and Ben V. Schneider previously filed as Exhibit 4.4 to the
                    Company's Registration Statement on Form S-1 (SEC File No.
                    33-9464), which is incorporated by reference thereto.

            4.3     Agreement between Stockholders dated October 7, 1986, by and
                    between the Company and Darrell J. Lowrance, James L.
                    Knight, and Ben V. Schneider previously filed as Exhibit 4.5
                    to the Company's Registration Statement on Form S-1 (SEC
                    File No. 33-9464), which is incorporated herein by reference
                    thereto.

                                     -11-
<PAGE>

            10.1    1986 Incentive Stock Option Plan of the Company previously
                    filed as Exhibit 10.1 to the Company's Registration
                    Statement on Form S-1 (SEC File No. 33-9464), which is
                    incorporated herein by reference thereto.

            10.2    Lowrance Retirement Plan and Trust previously filed as
                    Exhibit 10.2 to the Company's Registration Statement on Form
                    S-1 (SEC File No. 33-9464), which is incorporated herein by
                    reference thereto.

            10.3    Form of Distributor Agreements previously filed as Exhibit
                    10.4 to the Company's Registration Statement on Form S-1
                    (SEC File No. 33-9464), which is incorporated herein by
                    reference thereto.

            10.4    Form of Service Center Agreement previously filed as Exhibit
                    10.5 to the Company's Registration Statement on Form S-1
                    (SEC File No. 33-9464), which is incorporated herein by
                    reference thereto.

            10.5    Credit Agreement dated April 27, 1989, by and between the
                    Company and Norwest Business Credit, Inc., previously filed
                    as Exhibit 10.8 to the Company's 1989 Annual Report on Form
                    10-K, which is incorporated herein by reference thereto.

            10.6    Promissory note dated April 27, 1989, by the Company in
                    favor of Norwest Leasing, Inc., previously filed as Exhibit
                    10.7 to the Company's 1989 Annual Report on Form 10-K, which
                    is incorporated herein by reference thereto.

            10.7    1989 Stock Option Plan of the Company previously filed as
                    Appendix A to the Company's Proxy Statement for its Annual
                    Meeting of Stockholders held on December 12, 1989, which is
                    incorporated herein by reference thereto.

            10.8    First, Second, and Third Amendments to Credit Agreement
                    dated April 27, 1989, by and between the Company and Norwest
                    Business Credit, Inc., previously filed as Exhibit 10.8 to
                    the Company's 1990 Annual Report on Form 10-K, which is
                    incorporated herein by reference thereto.

            10.9    Fourth and Fifth Amendments to Credit Agreement dated April
                    27, 1989, by and between the Company and Norwest Business
                    Credit, Inc., previously filed as Exhibit 10.9 to the
                    Company's 1992 Annual Report on Form 10-K, which is
                    incorporated herein by reference thereto.

            10.10   Sixth Amendment to Credit Agreement dated March 17, 1993, by
                    and between the Company and Norwest Business Credit, Inc.,
                    which is incorporated herein by reference thereto.

            10.11   Seventh Amendment to Credit Agreement dated October 21,
                    1993, by and between the Company and Norwest Business
                    Credit, Inc., previously filed as Exhibit 10.11 to the
                    Company's 1993 Annual Report on Form 10-K, which is
                    incorporated herein by reference thereto.

            10.12   Eighth Amendment to Credit Agreement dated September 29,
                    1993, by and between the Company and Norwest Business
                    Credit, Inc., previously filed as Exhibit 10.12 to the
                    Company's 1993 Annual Report on Form 10-K, which is
                    incorporated herein by reference thereto.

            10.13   Loan and Security Agreement dated December 15, 1993, by the
                    Company in favor of Barclays Business Credit, Inc., which is
                    incorporated herein by reference thereto.


                                     -12-
<PAGE>

         10.14    Amended and Restated Secured Promissory Note dated October 16,
                  1995, by and between the Company and Shawmut Capital
                  Corporation (formally Barclays Business Credit, Inc.), which
                  is incorporated herein by reference thereto.

         10.15    Amended and Restated Revolving Credit Notes dated October 16,
                  1995, by and between the Company and Shawmut Capital
                  Corporation (formally Barclays Business Credit, Inc.), which
                  is incorporated herein by reference thereto.

         10.16    First Amendment to Loan and Security Agreement dated October
                  16, 1995, by and between the Company and Shawmut Capital
                  Corporation (formally Barclays Business Credit, Inc.), which
                  is incorporated herein by reference thereto.

         10.17    Amended and Restated Stock Pledge Agreement dated October 16,
                  1995, by and between the Company and Shawmut Capital
                  Corporation (formally Barclays Business Credit, Inc.), which
                  is incorporated herein by reference thereto.

         10.18    Unconditional Guaranty dated October 16, 1995, by and between
                  Sea Electronics, Inc. and Shawmut Capital Corporation, which
                  is incorporated herein by reference thereto.

         10.19    First Amendment to Mortgage, Security Agreement, Financing
                  Statement and Assignment of Rents dated October 16, 1995, by
                  and between the Company and Shawmut Capital Corporation
                  (formally Barclays Business Credit, Inc.) previously filed as
                  Exhibit 10.19 to the Company's 1996 Annual Report on Form 10-
                  K, which is incorporated herein by reference thereto.

         10.20    Lease Agreement entered into by and between Eric Juan De Dios
                  Flourie Geffroy and Electronica Lowrance De Mexico, S. A. de
                  C. V. dated August 30, 1996, previously filed as Exhibit 10.20
                  to the Company's 1996 Annual Report on Form 10-K, which is
                  incorporated herein by reference thereto.

         10.21    Lease Agreement entered into by and between Refugio Geffroy De
                  Flourie, Eric Juan De Dios Flourie Geffroy, Elizabeth Flourie
                  Geffroy, Edith Flourie Geffroy and Electronica Lowrance De
                  Mexico, S. A. de C. V. dated August 30, 1996, previously filed
                  as Exhibit 10.21 to the Company's 1996 Annual Report on Form
                  10-K, which is incorporated herein by reference thereto.

         10.22    Second Amendment to Loan and Security Agreement dated November
                  1, 1996, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.22 to the Company's 1997 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.23    Third Amendment to Loan and Security Agreement dated December
                  31, 1996, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.23 to the Company's 1997 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.24    Fourth Amendment to Loan and Security Agreement dated August
                  14, 1997, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.24 to the Company's 1997 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.


                                     -13-
<PAGE>

         10.25    Fifth Amendment to Loan and Security Agreement dated August
                  25, 1997, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.25 to the Company's 1997 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.26    Sixth Amendment to Loan and Security Agreement dated August
                  28, 1997, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.26 to the Company's 1998 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.27    Seventh Amendment to Loan and Security Agreement dated
                  November 6, 1997, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.27 to the Company's 1998 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.28    Eighth Amendment to Loan and Security Agreement dated December
                  9, 1997, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.28 to the Company's 1998 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.29    Ninth Amendment to Loan and Security Agreement dated September
                  14, 1998, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.29 to the Company's 1998 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.30    Tenth Amendment to Loan and Security Agreement dated November
                  12, 1998, by and between the Company and Fleet Capital
                  Corporation (formally Shawmut Capital Corporation), previously
                  filed as Exhibit 10.30 to the Company's 1998 Annual Report on
                  Form 10-K, which is incorporated herein by reference thereto.

         10.31    Eleventh Amendment to Loan and Security Agreement dated March
                  14, 2000, by and between the Company and Fleet Capital,
                  previously filed as Exhibit 10.31 to the Company's 2000 Annual
                  Report on Form 10-K, which is incorporated herein by reference
                  thereto.

         10.32    Twelfth Amendment to Loan and Security Agreement dated October
                  18, 2000, by and between the Company and Fleet Capital,
                  previously filed as Exhibit 10.32 to the Company's October 31,
                  2000 Quarterly Report on Form 10-Q, which is incorporated
                  herein by reference thereto.

         22.1     Subsidiaries of the Company previously filed as Exhibit 22.1
                  to the Company's 1993 Annual Report on Form 10-K, which is
                  incorporated herein by reference thereto.

         22.12    Subsidiaries of the Company previously filed as Exhibit 22.12
                  to the Company's 1995 Annual Report on Form 10-K, which is
                  incorporated herein by reference thereto.

     (b.)   On May 14, 2001 the Company filed a Form 8-K with the SEC
            acknowledging that on May 3, 2001 it received written notification
            from Cobra Electronics Corporation ("Cobra") that Cobra had
            terminated its tender offer to purchase all the outstanding shares
            of the Company's common stock.

                                     -14-
<PAGE>

                                  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.


                                    LOWRANCE ELECTRONICS, INC.


DATE: June 12, 2001           BY: /s/ Darrell J. Lowrance
      -------------           ---------------------------
                              Darrell J. Lowrance,
                              President and Chief Executive Officer
                              (Principal Executive Officer)


DATE: June 12, 2001           BY: /s/ Douglas J. Townsdin
      -------------           ---------------------------
                              Douglas J. Townsdin
                              Vice President of Finance and
                               Chief Financial Officer
                              (Principal Financial Officer)

                                     -15-