U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange
Act of 1934, Section 17(a) of the Public Utility Holding Company
Act of 1935 or Section 30(f) of the Investment Company Act of
1940
___ Check here if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
See Instruction 1(b)
___ Form 3 Holdings Reported
___ Form 4 Transactions Reported
1. Name and Address of Reporting Person:
CHARLES L. MATHEWS
1111 Cardinal Lane
Paige TX 78659
2. Issuer Name and Ticket or Trading Symbol
ELECTROSOURCE, INC. ELSI
3. IRS or Social Security Number of Reporting Person
(Voluntary)
###-##-####
4. Statement for Month/Year
Year end 1997
5. If Amendment, Date of Original (Month/Year)
N/A
6. Relationship of Reporting Person to Issuer (Mark all
applicable)
Yes X No ___ Director
Yes ___ No ___ 10% Owner
Yes ___ No ___ Officer (give title below)
Yes ___ No ___ Other (specify below)
TABLE I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instruction 3)
Common Stock, $1.00 par value
2. Transaction Date (Month/Day/Year)
N/A
3. Transaction Code (Instruction 8)
N/A
4. Securities Acquired (A) or Disposed of (D) (Instructions 3,
4 and 5):
A. Amount:
B. Acquired (A) 0 Disposed of (D) 0
C: Price:
5. Amount of Securities Beneficially Owned at End of Issuer's
Fiscal Year (Instructions 3 and 4):
(a) 1,667
(b) 4
6. Ownership Form: Direct (D) or Indirect (I) (Instruction 4)
(a) Direct
(b) Indirect
7. Nature of Indirect Beneficial Ownership (Instruction 4):
(b) Owned by spouse
TABLE II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instruction 3)
Option to Purchase shares under the 1996 Stock Option
Plan
2. Conversion or Exercise Price of Derivative Security
$6.93 per share
3. Transaction Date (Month/Day/Year)
June 25, 1997
4. Transaction Code (Instruction 8)
Code A - Grant or award transaction pursuant to Rule
16b-3(c)
5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instructions 3, 4 and 5):
A. Acquired (A): 15,000
B. Disposed of (D): None
6. Date Exercisable and Expiration Date (Month/Day/Year)
A. Date Exercisable 5,000 shares (1/3) exercisable
annually at December 26, 1997, 1998,
and 1999.
B. Expiration Date June 24, 2007
7. Title and Amount of Underlying Securities (Instructions 3
and 4)
A. Title Common Stock, $1.00 par value
B. Amount or Number of Shares
8. Price of Derivative Security (Instruction 5)
These derivative securities were issued pursuant to the
1996 Stock Option Plan at no
cost to the recipient.
9. Number of Derivative Securities Beneficially Owned at End of
Year (Instruction 4)
50,000 shares
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instruction 4):
Direct
11. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
Explanation of Responses:
/s/
Charles L. Mathews
Date: February 13, 1998
