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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
   
                                FORM 10-KSB/A
    
(Mark One)
  X   Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
----- Act of 1934 (Fee Required)

      For the fiscal year ended September 30, 1995

----- Transition Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 (No Fee Required)

      For the transition period from __________ to __________

Commission File number 0-15318

                        BALLISTIC RECOVERY SYSTEMS, INC.
                 (Name of Small Business Issuer in its Charter)

<TABLE>
<S>                                                                <C>                 
          Minnesota                                                41-1372079   
          ---------                                                ----------           
(State or other jurisdiction of                              (IRS Employer ID Number)
incorporation or organization)

1845 Henry Avenue, South St. Paul, Minnesota                             55075-3541
--------------------------------------------                             ----------
(Address of Principal Executive Offices)                                 (Zip Code)
</TABLE>

Issuer's telephone number including area code: (612) 457-7491

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

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

                         Common Stock, $.01 par value
                               (Title of Class)

Check whether the Issuer (1) has filed all reports required to be filed by
section 13 or 15(d) of the Exchange Act during the past 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: 
  X  Yes      No
----     ----

Check if there is no disclosure of delinquent filers in response to Item 405 of
Registration S-B contained in this form, and no disclosure will be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.   X  .
                               -----

State issuer's revenues for the most recent fiscal year:  $1,137,134.

Based upon the average bid and asked prices of the Registrant's Common Stock,
the aggregate market value of the Common Stock held by Non-affiliates of the
Registrant as of December 15, 1995 was approximately $846,000.

Number of shares outstanding as of December 15, 1995:   4,454,474.

 Index for exhibits is located on page 27.  This document contains 32 pages.



                                      1
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                                    PART IV


Item 13. Exhibits, Lists and Reports on Form 8-K.

            (a)  Exhibits

   
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<CAPTION>
             Page     Exhibit
             Number   Number           Description
            ------    ------           -----------
            <S>       <C>              <C>

                      3.1              Company's Articles of Incorporation,
                                       as amended, appear as Exhibit 3.1 to the
                                       Company's Registration Statement on Form
                                       S-1 (No. 33-21843) filed May 12, 1988
                                       ("Form S-1") and are incorporated herein
                                       by reference.

                      3.2              Company's Restated Bylaws as
                                       amended, were filed as Exhibit 3.2, under
                                       Form 8, Amendment No. 1 ("1990
                                       Amendment") to Company's Report on Form
                                       10-K for the fiscal year ended September
                                       30, 1990 (the "1990 10-K") and are
                                       incorporated herein by reference.

                     10.1              Covenant not to Compete Agreement dated 
                                       October 26, 1995 between the Company 
                                       and the President and majority 
                                       shareholder of Second Chantz Aerial 
                                       Survival Equipment, Inc. was previously
                                       filed.

                     10.2              Non-qualified Stock Option Plan appears 
                                       as Exhibit 10-1 to Amendment No. 1 to 
                                       the Form S-1 and is incorporated herein 
                                       by reference.

                     10.3              Stock Option Plan for Non-employee 
                                       Directors dated February 12, 1990 
                                       appears as Exhibit 10.5 to the 1989 
                                       10-K and is incorporated herein by 
                                       reference.

                     27                Financial Data Schedule
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(b) The Company did not file any Current Reports on Form 8-K during the fourth
    quarter ended September 30, 1995.





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                                   SIGNATURES

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


                        BALLISTIC RECOVERY SYSTEMS, INC.

By  /s/ Mark B. Thomas        
    ------------------
        Mark B. Thomas
        Principal Executive Officer, Principal Financial Officer and Principal
        Accounting 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 and on the dates indicated.

<TABLE>
<CAPTION>
Signature                                    Title                              Date
---------                                    -----                              ----
<S>                                        <C>                         <C>
/s/ Darrel D. Brandt                       Director                    December 28, 1995
--------------------------                                                     
Darrel D. Brandt

/s/ Boris Popov                            Director                    December 28, 1995
--------------------------                                                    
Boris Popov

/s/ Robert L. Nelson                       Director                    December 28, 1995
--------------------------                                                               
Robert L. Nelson

/s/ Thomas H. Adams                        Director                    December 28, 1995
-------------------------                                                                 
Thomas H. Adams
</TABLE>





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