UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
1. Name and Address of Reporting Person(s)
Neil E. O'Hara
341 "A" Street
Fillmore, CA 93015-1931
2. Issuer Name and Ticker or Trading Symbol
Fields Aircraft Spares, Inc. (FASI)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/31/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Vice President
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Amount D Price End of Year I
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
<PAGE>
<CAPTION>
Table II (PART 1) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security A D Exercisable Expiration
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<S> <C> <C> <C> <C> <C> <C> <C>
Options to acquire Common Shares $ 6.25 4/2/97 A 4,000 (1) 4/2/00
Options to acquire Common Shares $10.00 8/7/97 A 9,000 (2) (2)
Options to acquire Common Shares $ 8.25 8/28/97 A 10,000 (3) 8/28/02
<CAPTION>
Table II (PART 2) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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7)Title and Amount of 8)Price 9)Number of 10)Ownership of 11)Nature of
Underlying Securities of Deri- Derivative Derivative Indirect
vative Securities Security; Beneficial
Amount or Security Beneficially Direct (D) or Ownership
Number of Owned at Indirect (I)
Title Shares End of Year
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<C> <C> <C> <C> <C> <C>
Common Shares 4,000 4,000 D
Common Shares 9,000 9,000 D
Common Shares 10,000 10,000 D
<FN>
Explanation of Responses:
(1) One half of the options are exercisable on or after April 1, 1998, and April 1, 1999, respectively.
(2) The options vest based upon Company performace; but in any event, the options must vest by June 30, 1999,
if at all. The options expire three years after vesting.
(3) One half of the options are exercisable on or after August 27, 1998, and August 27, 1999, respectively.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Neil E. O'Hara
DATE 2/11/98
