UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, DC  20549

                               FORM 10-K

  [X]Annual Report Pursuant to Section 13 or 15(d) of the Securities 
     Exchange Act of 1934 for the fiscal year ended  December 31, 1997

  [ ]Transition Report Pursuant to Section 13 or 15(d) of the Securities 
     Exchange Act of 1934 for the transition period from ____________ 
     to ____________

                       Commission File No. 1-8250

                 WELLS-GARDNER ELECTRONICS  CORPORATION
         (Exact name of registrant as specified in its charter)

             ILLINOIS                         36-1944630
 (State or other jurisdiction of    (IRS Employer Identification Number)
  incorporation or organization)
           
      2701 North Kildare Avenue, Chicago, Illinois            60639
       (Address of principal executive offices)            (Zip Code)
   
  Registrant's telephone number, including area code:  773/252-8220

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

  Common Stock, $1.00 par value              American Stock Exchange
      Title of each class                 Name of each exchange on which
                                          registered

  Securities registered pursuant to Section 12(g) of the Act:  None

  Indicate by  check   mark whether  the registrant  (1) has  filed all
reports required to be  filed by Section 13  or 15(d) of the  Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required  to file such reports), and  (2)
has been  subject to  such filing  requirements for  the past  90  days.
YES  X     NO

  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.  [ ]

  As of March  5, 1998,   4,229,083 shares of  the Common Stock  of the
registrant were outstanding.

  While it  is difficult  to determine  the number  of shares  of stock
owned by non  affiliates, the  registrant estimates  that the  aggregate
market value of the registrant's Common Stock held by non affiliates  on
March 5,  1998 was  approximately $19,942,000.   This  determination  is
based upon an  estimate that 74.7%  of the shares  are so  owned by  non
affiliates and  upon the  closing  price for  the  Common Stock  on  the
American Stock Exchange on such date.
<PAGE>
                  DOCUMENTS INCORPORATED BY REFERENCE

Portions of Annual Report to Shareholders for fiscal year ended 
December 31, 1997:           Part    I & II
Portions of Proxy Statement for Annual Meeting of Shareholders to be
held on April 28, 1998:      Part    III

                                PART I
Item 1.  BUSINESS

(a)  General Development of Business
  Wells-Gardner Electronics  Corporation (the   "Company") is  an  ISO
9001 certified video products  corporation that designs,  manufactures
and assembles  color  cathode ray  tube  ("CRT") video  monitors.  The
Company sells video monitors to leading manufacturers of coin-operated
video games,  lottery terminals,  video  slot machines,  video  walls,
leisure and  fitness, INTRANET,  media,  automotive kiosks  and  other
display applications.

  During  1997,  the  Company  continued  to  invest  in  engineering
research  and   development.     This  investment   resulted  in   the
introduction of 32 new products being  released in the past two  years
which accounted for over  94% of 1997  revenues.  As  a result of  the
Company's continuously improving its  quality, the Company passed  its
1997 annual  quality audit  conducted by  the ISO  9001  accreditation
agency giving the Company  certification through the  year 2000.   The
Company continues to focus on improving the quality of its products to
achieve its goal of  being the highest quality  vendor in each of  the
markets it serves.  The Company was incorporated in Illinois in 1925.

  On February 17, 1998, the  Company announced it had  entered into a
letter of intent  to purchase  100% of the  common stock  of Data  Ray
Corporation.  Data Ray is a  medical monitor, wholly owned  subsidiary
of Nippon Chemi-Con  of Tokyo, Japan.   The due  diligence process  is
estimated to be completed in the second quarter of 1998.

  (b)  Narrative Description of Business
  (c)  (i), (ii) and (iii)

  PRODUCTS

    The  Company's primary  business is  the design,  manufacture  and
assembly  of  electronic  components  which  consist  of  video  color
monitors and the bonding of touch sensors to open frame monitors.  The
image on  a  CRT  display  is  produced  by  magnetically  guiding  an
interruptible stream of electrons against the back of a phosphorescent
screen.  This stream of electrons  scans a series of horizontal  lines
from the  top  to the  bottom  of the  screen.   When  the  stream  of
electrons strikes the back of the screen a bright area is produced and
when it is interrupted, a dark  area appears.  In a  medium-resolution
unit, the stream  of electrons  scans the screen  in a  series of  525
horizontal lines 30 times per second, whereas the series of light  and
dark areas produced appears as a steady coherent image to the  viewer.
High-resolution displays scan a greater number  of lines at a  greater
speed, thus  producing a  clearer  image on  the  screen.   CRT  video
products accounted for  approximately 99 percent  of revenues in  1997
and 1996 and  98 percent of revenues in 1995.
<PAGE>
   The Company offers a full line of  video monitors, with  CRT  sizes
ranging from 3" to 39" with horizontal scan frequencies from 15kHz  to
35kHz.  In  addition to providing  standardized products, the  Company
also  customizes  electrical  and  mechanical  applications  to   meet
specific customer requirements.  The Company's line  of color display
monitors  have  been  redesigned  over  the  past  years  for   higher
performance and lower per unit cost.  In 1997, the Company released 12
new voltage free products  which allow the products  to be plugged  in
anywhere in the world.

  The Company also optically  bonds touch screen sensors  to the face
of the monitors to allow the user  of a CRT video monitor to  interact
with a computer program by touching a video screen.  Touch sensors are
mainly used  in  the  electronic video  gaming,  video  slot  machine,
lottery terminal, kiosk and other monitor applications.


  The Company's sales are comprised of five main applications.
<TABLE>
                                1997    1996    1995
           <S>                <C>     <C>     <C>
           Amusement             44%     49%     46%
           Gaming                20%     17%     24%
           Service               15%     11%      8%
           Leisure / Fitness     12%     13%     14%
           Display / Other        9%     10%      8%
                Totals          100%    100%    100%
</TABLE>

  MANUFACTURING AND ASSEMBLY

  The  Company's  production activities  consist  primarily of  wiring
printed circuit boards,  assembling finished units  (and to a  limited
extent subassemblies), aligning, testing  and optically bonding  touch
sensors.   The  Company manufactures  a  limited range  of  electronic
components and therefore relies on outside sources for the majority of
the other  required  components.   A  limited number  of  sources  are
available for such electronic components and the other raw materials.
Two sources  supply  the  Company  with  almost  all  of  the  chassis
subassemblies for its  two-dimensional color game  monitors.   Chassis
subassemblies are contracted off shore based on a design developed  by
the Company.   As  the Company  believes  is characteristic  of  other
manufacturers in its industry, it has  been confronted with long  lead
times and cost increases.

  MARKETING AND SALES

  The Company  sells products  throughout the  world.   The Company's
products are sold  primarily through James  Industries, Inc., a  sales
representative  organization.     This  representation  is   currently
furnished under a Sales Representation Agreement (See Item 13. Certain
Relationships and Related  Transactions).  James  Industries, Inc.  is
headquartered in Inverness, Illinois and also utilizes the services of
regional sub-representative firms.   The  Company  maintains its  own
internal sales staff primarily for sales of products not covered under
the Sales Representation Agreement, repair and service of its products
and to support its external sales representative organization.
<PAGE>
  (c) (iv)   The Company  is licensed on a  non-exclusive basis under
certain patents owned by RCA  Corporation, covering the technical  and
electrical design of color  display and video  monitor chassis.   Fees
under these licenses  are based  on the  number of  units shipped  and
amounted to less than 0.2% of total 1997 revenue.  Although certain of
these licenses may expire in the  future, it has been the practice  of
the Company to renew  such licenses on  substantially the same  terms.
However, failure of  the Company  to obtain  renewal of  any of  these
licenses could  have  a materially  adverse  effect on  the  Company's
business, financial condition and results of operations.

  (c) (v)    The Company's business is generally not seasonal.

  (c) (vi)   The Company has no unique or unusual practices  relating
to working capital items.

  (c) (vii)    The Company's  largest customer accounted for  total
revenues of 34%, 18% and 15% in 1997, 1996 and 1995, respectively.

  (c) (viii) The  Company's 1997  year-end backlog  was approximately
27,000 monitors representing approximately three months sales.  It  is
the Company's experience that well over 90 percent of backlog  results
in revenue recognition.

  (c) (ix)   No material portion of the Company's business is sub ject
to re-negotiation of  profits or termination  of contracts or  subcon-
tracts at the election of the Government.

  (c) (x)  The  Company  encounters  intense  competition  from  many
domestic and foreign manufacturers.  Due to the nature of its business
and the absence  of reliable industry  statistics, the Company  cannot
estimate its position in  relation to its  competitors.  However,  the
Company recognizes that some  competitors have greater  financial and
personnel resources, handle more extensive lines of products,  operate
larger facilities and price some products more competitively than  the
Company.   Although  the  Company believes  that  the  prices  of  its
products are competitive, it  endeavors to meet competition  primarily
through  the  quality  of  its  product  line,  service  and  delivery
reliability and new product innovations.

  (c) (xi) During  1997, the  Company spent  approximately $1,786,000
for product engineering, research  and development costs, compared  to
$1,701,000 in 1996 and $1,506,000 in 1995.

  (c) (xii) Compliance with federal, state and local provisions which
have been enacted  or adopted  regulating the  discharge of  materials
into the environment, or otherwise relating  to the protection of  the
environment, has  no material  effect upon  the capital  expenditures,
earnings and competitive position of the Company.

  (c) (xiii) At December 31, 1997, the Company employed approxi mately
195 persons.  The Company believes its relationship with its employees
is satisfactory.

  (d) Export sales were  22 percent  of sales in  1997, 24 percent  in
1996 and 20 percent in 1995.
<PAGE>
Item 2.  PROPERTIES

  The Company's plant, which is  owned by the Company,  is located at
2701 North Kildare Avenue in Chicago, Illinois.  It has  approximately
207,000 square  feet of  floor space.  Not less  than 100,000  of  the
207,000 square  feet  of  the  plant are  at  any  time  dedicated  to
production.   Offices for  engineering, sales  and administration are
also located at  that facility.   The plant is  in good condition,  is
well maintained, and  currently has  excess production  capacity.   In
1997, the plant operated at an average 58% capacity.  The plant is not
subject to any material encumbrance.

Item 3.  LEGAL PROCEEDINGS

  None

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

  There were no matters submitted  to a vote of  the Company's share-
holders during the fourth quarter of 1997.
<TABLE>
                  EXECUTIVE OFFICERS OF THE REGISTRANT

                                                              
                                                     
                                                           Year First
                                                           Elected As An
   Name                     Office                  Age    Executive Officer
<S>                  <C>                            <C>    <C>
Anthony Spier        Chairman of the Board,
                     President and Chief 
                     Executive Officer               54          1994

Randall S. Wells     Executive Vice President 
                     and General Manager             46          1980

George B. Toma       Vice President of Finance,
                     Chief Financial Officer and
                     Treasurer                       30          1996

John S. Pircon       Vice President of Marketing
                     and Engineering                 39          1994

Mark E. Komorowski   Vice President and General
                     Manager of Business Services    32          1994

Kathleen E. Hoppe    Director of Management
                     Information Systems             52          1994

Eugene C. Ahner      Director of Human Resources     
                     and Secretary                   61          1994

Larry Mahl           Director of Materials           50          1989

Eric Slagh           Director of Quality             32          1997
</TABLE>
Unless otherwise  indicated,  each  executive officer  has  served  in
various executive capacities with the Company for the past five years.
<PAGE>
Anthony Spier joined  the Company in  1994 as Chairman  of the  Board,
President and Chief Executive Officer.  Mr. Spier has been a  Director
of the Company  since April, 1990.   Before joining  the Company,  Mr.
Spier was President of Bruning Corporation, a manufacturer of drafting
equipment and supplies from 1989 to 1994.

George B.  Toma  joined the  Company  in  1990 and  was  elected  Vice
President  of  Finance,  Chief  Financial  Officer  and  Treasurer  in
February, 1997.    Mr. Toma  was  previously elected  Chief  Financial
Officer and Treasurer in  April, 1996 and  prior thereto held  various
accounting positions  within  the  Company.    Prior  to  joining  the
Company, Mr. Toma was an auditor  with Laventhol & Horwath.  Mr.  Toma
is a certified  public accountant  as well as  a certified  management
accountant.

John S.  Pircon  joined the  Company  in  1987 and  was  elected  Vice
President of Marketing and Engineering in August, 1995. Mr. Pircon was
previously elected Director  of Engineering in  April, 1994 and  prior
thereto held various other engineering, marketing and  sales positions
within the Company.

Mark E. Komorowski  joined the Company  in 1990 and  was elected  Vice
President and General  Manager of  Business Services  in April,  1996.
Prior  to  this  election,  Mr.   Komorowski  held  the  position   of
Controller.   Prior to  joining the  Company,  Mr. Komorowski  was  an
auditor with Laventhol & Horwath.

Kathleen E. Hoppe joined the Company in 1970 and was  elected Director
of Management  Information  Systems  in August,  1994.  Prior  to  her
election, Ms. Hoppe held various information systems  positions within
the Company.

Eugene C. Ahner joined the Company in 1992 and was elected Director of
Human Resources in  August, 1994. Prior  to this  election, Mr.  Ahner
held the position as Personnel Manager.  Prior to joining the Company,
Mr. Ahner  was Director  of Human  Resources and  Secretary of  Pheoll
Manufacturing Company from 1985 to 1992.

Eric Slagh joined the Company as Director of Quality in May, 1997.
Prior to joining the Company, Mr. Slagh was Quality Assurance Manager
of Danfoss Electronic Drives.
<PAGE>
                               PART II

Item 5.   MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
STOCKHOLDERS MATTERS.

  The information required by  this Item is  set forth in  Exhibit 13
under the caption  "Common Share Market  Price," which information  is
contained in the Company's Annual Report to Shareholders for the  year
ended December 31, 1997, and which information is hereby  incorporated
herein by reference.

Item 6.  SELECTED FINANCIAL DATA

  The information required by  this Item is  set forth in  Exhibit 13
under the  caption "Selected  Financial  Data," which  information  is
contained in the Company's Annual Report to Shareholders for the  year
ended December 31, 1997, and which information is hereby  incorporated
herein by reference.

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

  The information required by this Item  is set forth in   Exhibit 13
under the caption "Management's  Discussion and Analysis of  Financial
Condition and Results of Operations" which information is contained in
the Company's  Annual  Report  to  Shareholders  for  the  year  ended
December 31, 1997, and which information is hereby incorporated herein
by reference.

  Because the  Company wants  to provide  shareholders and  potential
investors with  more meaningful  and useful  information, this  Report
contains certain forward-looking statements  (as such term is  defined
in the Securities Act of 1933, as amended, and the Securities Exchange
Act  of  1934,  as  amended)   that  reflect  the  Company's   current
expectations regarding the future  results of operations,  performance
and achievements of the Company.  Such forward-looking statements  are
subject  to  the  safe  harbor  created  by  the  Private   Securities
Litigation Reform  Act  of 1995.    The Company  has  tried,  wherever
possible, to identify these forward-looking statements by using  words
such as  "anticipate,"  "believe," "estimate,"  "expect"  and  similar
expressions.  These statements  reflect the Company's current  beliefs
and are based on information currently available to it.   Accordingly,
these statements  are  subject  to certain  risks,  uncertainties  and
assumptions  which   could  cause   the  Company's   future   results,
performance or achievements to differ materially from those  expressed
in, or implied by, any of these statements.  The Company undertakes no
obligation to release  publicly the results  of any  revisions to  any
such forward-looking statements that may be made to reflect events  or
circumstances after  the  date  of  this  Report  or  to  reflect  the
occurrence of unanticipated events.

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

  The following financial statements together with the notes  thereto
are set forth  in Exhibit 13,  which information is  contained in  the
Company's Annual Report  to Shareholders for  the year ended  December
31,  1997  and  which   information  hereby  incorporated  herein  by
reference.
<PAGE>
Balance Sheets as of December 31, 1997 and 1996

Statements of Operations for years ended December 31, 1997, 1996 and
1995

Statements of  Shareholders' Equity for years ended December 31, 1997,
1996 and 1995      

Statements of Cash Flows for years ended December 31, 1997, 1996 and
1995

Notes to Financial Statements

Independent Auditors' Report

  Quarterly financial data for the years ended  December 31, 1997 and
1996 are set forth  in Exhibit 13  in Note 12  of "Notes to  Financial
Statements" and  are  contained  in the  Company's  Annual  Report  to
Shareholders  for  the  year  ended  December  31,  1997,  and   which
information is hereby incorporated herein by reference.

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

  None
      
                               PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

  a.  Directors

  The information required by this Item is set forth in the Company's
Proxy Statement for the Annual Meeting  of Shareholders to be held  on
April 28,  1998,  under  the  captions  "Election  of  Directors"  and
"Compliance with Section 16(a) of the Exchange Act," which information
is hereby incorporated herein by reference.

  b.  Executive Officers

  Reference is made to "Executive Officers of the Registrant" in Part
I hereof.

Item 11.  EXECUTIVE COMPENSATION

  The information required by this Item is set forth in the Company's
Proxy Statement for the Annual Meeting  of Shareholders to be held  on
April 28,  1998,  under  the captions  "Summary  Compensation  Table,"
"Option Grants  in 1997,"  "Aggregated Option  Exercises in  1997  and
Option Values at December 31, 1997," "Report of Board of Directors  on
Compensation," and  "Compensation  Committee  Interlocks  and  Insider
Participation," which  information is  hereby incorporated  herein  by
reference.

Item  12.  SECURITY  OWNERSHIP   OF  CERTAIN  BENEFICIAL  OWNERS   AND
MANAGEMENT
<PAGE>
  The information required by this Item is set forth in the Company's
Proxy Statement for the Annual Meeting  of Shareholders to be held  on
April 28, 1998,  under the caption  "Securities Beneficially Owned  by
Principal Shareholders and  Management," which  information is  hereby
incorporated herein by reference.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

  The Information required by this Item is set forth in the Company's
Proxy Statement for the Annual Meeting  of Shareholders to be held  on
April 28, 1998, under  the caption "Compensation Committee  Interlocks
and Insider Participation," which  information is hereby  incorporated
herein by reference.


                               PART IV

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

  a. (1)   Financial Statements    The  information required by  this
Item is set forth in Part II, Item 8 of this Report.  The  Independent
Auditor's Report  is  set  forth  following  the  Financial  Statement
Schedule referred to under (2) below.

  (2)   Financial Statement Schedules    The  information required by
this Item is set  forth following the signature page of this  Report.

  (3)  Exhibits

The following exhibits are filed herewith:

  3.1.  Articles of  Incorporation of the Company,  as amended, filed
as Exhibit 3.1  of the Company's  Annual Report on  Form 10-K for  the
year ended December 31, 1994, and incorporated herein by reference.

  3.2. By-Laws  of the Company,  as amended, filed  as Exhibit 3.2  of
the Company's Annual Report on Form  10-K for the year ended  December
31, 1994, and incorporated herein by reference.

  10.1*. Wells-Gardner Electronics  Corporation Amended  and Restated
Incentive Stock Plan, as amended, filed as Appendix A to the Company's
Proxy Statement for Annual Meeting of  Shareholders held on April  23,
1995, and incorporated herein by reference.

  10.2*.   Amended  Employment  Agreement  dated February  29,  1996,
between the  Company, and  Anthony Spier  and incorporated  herein  by
reference.

  10.3.  License Agreement dated January 1, 1995, between the Company
and RCA Corporation, and incorporated herein by reference.

  10.4*.   Employment  contract  dated  June  12, 1989,  between  the
Company and Larry Mahl, filed as Exhibit 10.9 to the Company's  Annual
Report on  Form  10-K  for  the year  ended  December  31,  1989,  and
incorporated herein by reference.
<PAGE>
  10.5. Agreement dated July  1, 1995, between the  Company and Local
1031, I.B.E.W., AFL-CIO, and incorporated herein by reference.

  10.6*. Wells-Gardner  Electronics  Corporation  Employee 401K  Plan
dated January 1,  1990 and Amendment  1 dated February  11, 1992,  and
Amendment 2 dated  January 20,  1994, filed  as Exhibit  10.10 of  the
Company's Annual Report on Form 10-K  for the year ended December  31,
1993, and incorporated herein by reference.

  10.7.  Voting Rights  Agreement dated February 29,  1996, among the
Company, Albert S. Wells, Jr., Randall S. Wells, Anthony  Spier, Allan
Gardner, John R. Blouin, James Industries, Inc., and James J. Roberts,
Jr., individually and as Trustee of James J. Roberts, Trust, UTA dated
December 23, 1991, and incorporated herein by reference.

  10.8*.   Wells-Gardner  Electronics  Corporation  1996  Nonemployee
Director Plan, filed as Annex A  to the Company's Proxy Statement  for
the Annual Meeting of Shareholders to  be held on April 23, 1996,  and
incorporated herein by reference.

  10.9. Revolving  Credit  Agreement First  Amendment  dated May  23,
1997, between Harris Trust and Savings Bank and the Company, filed  as
Exhibit 10.1  of the  Company's Form  10-Q dated  June 30,  1997,  and
incorporated herein by reference.

  10.10.  Promissory  Note  dated  August  15,  1997,  between  James
Industries, Jim Roberts and the Company, filed as Exhibit 10.1 of  the
Company's Form 10-Q dated September 30, 1997, and incorporated herein
by reference.

  10.11. Guaranty Agreement  dated August 15,  1997, between  John R.
Blouin and the Company,  filed as Exhibit 10.2  of the Company's  Form
10-Q dated September 30, 1997, and incorporated herein by reference.

  10.12. Amended  and Restated  Sales Representative  Agreement dated
August 15, 1997,  filed as  Exhibit 10.3  of the  Company's Form  10-Q
dated September 30, 1997, and incorporated herein by reference.

  13. Certain portions of the Company's Annual Report to Shareholders
for the year ended  December 31, 1997  as specified in  Part I and  II
hereof to be incorporated by reference  in this Annual Report on  Form
10-K.

  23.  Consent of KPMG Peat Marwick LLP.

  27.  Financial Data Schedule

  *Management contract or compensatory plan or arrangement.

    b.  Reports on Form 8-K  No  reports on Form 8-K were filed  during
the last quarter ended December 31, 1997.
<PAGE>
                              SIGNATURES

  Pursuant to the requirements  of Section 13  or 15(d) of  the Secu-
rities Exchange  Act of  1934, the  Registrant  has duly  caused  this
report to be signed on its  behalf by the undersigned, thereunto  duly
authorized.

                WELLS-GARDNER ELECTRONICS CORPORATION



By: ANTHONY SPIER                                    February 19, 1998
    Anthony Spier  Chairman of the Board, President
                   and Chief Executive Officer

     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 on the dates indicated.
<TABLE>
   Signature                           Title                               Date
<S>                          <C>                                      <C>
ANTHONY SPIER                Chairman of the Board, President
Anthony Spier                and Chief Executive Officer              February 19, 1998

JOHN R. BLOUIN
John R. Blouin               Director                                 February 19, 1998

WILLIAM L. DENICOLO
William L. DeNicolo          Director                                 February 19, 1998

H. WAYNE HARRIS
H. Wayne Harris              Director                                 February 19, 1998

IRA J. KAUFMAN
Ira J. Kaufman               Director                                 February 19, 1998

FRANK R. MARTIN
Frank R. Martin              Director                                 February 19, 1998

JAMES J. ROBERTS, JR.
James J. Roberts, Jr.        Director                                 February 19, 1998

RANDALL S. WELLS
Randall S. Wells             Director                                 February 19, 1998

ERNEST R. WISH
Ernest R. Wish               Director                                 February 19, 1998
</TABLE>
<PAGE>

                          FINANCIAL SCHEDULE

  Schedules not  included with  this additional  financial data  have
been  omitted  because  they  are  not  applicable  or  the   required
information is shown in the financial statements or notes thereof.


SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
<TABLE>
ALLOWANCE FOR DOUBTFUL ACCOUNTS

           Balance at                             Balance at
           Beginning       (1)          (2)          End
   Year    of Period    Additions    Deductions   of Period
   <S>     <C>          <C>          <C>          <C>
   1995     217,647      210,000      129,781      297,866


   1996     297,866       10,000      200,933      106,933


   1997     106,933      175,000       17,633      264,300

(1) Provision for bad debt.
(2) Accounts receivable written off against the allowance.
</TABLE>

                            EXHIBIT INDEX

  3.1.  Articles of  Incorporation of the Company,  as amended, filed
as Exhibit 3.1  of the Company's  Annual Report on  Form 10-K for  the
year ended December 31, 1994, and incorporated herein by reference.

  3.2. By-Laws of the  Company, as amended,  filed as Exhibit  3.2 of
the Company's Annual Report on Form  10-K for the year ended  December
31, 1994, and incorporated herein by reference.

  10.1*. Wells-Gardner Electronics  Corporation Amended  and Restated
Incentive Stock Plan, as amended, filed as Appendix A to the Company's
Proxy Statement for Annual Meeting of  Shareholders held on April  23,
1995, and incorporated herein by reference.

  10.2*.   Amended  Employment  Agreement dated  February  29,  1996,
between the  Company, and  Anthony Spier  and incorporated  herein  by
reference.

  10.3.  License Agreement dated January 1, 1995, between the Company
and RCA Corporation, and incorporated herein by reference.

  10.4*.   Employment  contract  dated  June  12, 1989,  between  the
Company and Larry Mahl, filed as Exhibit 10.9 to the Company's  Annual
Report on  Form  10-K  for  the year  ended  December  31,  1989,  and
incorporated herein by reference.
<PAGE>
  10.5. Agreement dated July  1, 1995, between th e Company and Local
1031, I.B.E.W., AFL-CIO, and incorporated herein by reference.

  10.6*. Wells-Gardner  Electronics  Corporation  Employee 401K  Plan
dated January 1,  1990 and Amendment  1 dated February  11, 1992,  and
Amendment 2 dated  January 20,  1994, filed  as Exhibit  10.10 of  the
Company's Annual Report on Form 10-K  for the year ended December  31,
1993, and incorporated herein by reference.

  10.7.  Voting Rights  Agreement dated February 29,  1996, among the
Company, Albert S. Wells, Jr., Randall S. Wells, Anthony  Spier, Allan
Gardner, John R. Blouin, James Industries, Inc., and James J. Roberts,
Jr., individually and as Trustee of James J. Roberts, Trust, UTA dated
December 23, 1991, and incorporated herein by reference.

  10.8*.   Wells-Gardner  Electronics  Corporation  1996  Nonemployee
Director Plan, filed as Annex A  to the Company's Proxy Statement  for
the Annual Meeting of Shareholders to  be held on April 23, 1996,  and
incorporated herein by reference.

  10.9. Revolving  Credit  Agreement First  Amendment  dated May  23,
1997, between Harris Trust and Savings Bank and the Company, filed  as
Exhibit 10.1  of the  Company's Form  10-Q dated  June 30,  1997,  and
incorporated herein by reference.

  10.10.  Promissory  Note  dated  August  15,  1997,  between  James
Industries, Jim Roberts and the Company, filed as Exhibit 10.1 of  the
Company's Form 10-Q dated September 30, 1997, and incorporated herein
by reference.

  10.11. Guaranty Agreement  dated August 15,  1997, between  John R.
Blouin and the Company,  filed as Exhibit 10.2  of the Company's  Form
10-Q dated September 30, 1997, and incorporated herein by reference.

  10.12. Amended  and Restated  Sales Representative  Agreement dated
August 15, 1997,  filed as  Exhibit 10.3  of the  Company's Form  10-Q
dated September 30, 1997, and incorporated herein by reference.

  13. Certain portions of the Company's Annual Report to Shareholders
for the year ended  December 31, 1997  as specified in  Part I and  II
hereof to be incorporated by reference  in this Annual Report on  Form
10-K.

  23.  Consent of KPMG Peat Marwick LLP.

  27.  Financial Data Schedule

  *Management contract or compensatory plan or arrangement.