UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-KSB/A

[X]  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(D) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 [FEE REQUIRED]

                   For the fiscal year ended December 31, 2000

                                       OR

[ ]  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: 0-16310
                                                 -------

                       AMERICAN EDUCATIONAL PRODUCTS, INC.
                       -----------------------------------
             (Exact Name of Registrant as Specified in its Charter)

           Colorado                                             84-1012129
-------------------------------                          -----------------------
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                            Identification number)

             6550 Gunpark Drive, Suite 200, Boulder, Colorado 80301
             ------------------------------------------------ -----
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (303) 527-3230
                                 --------------

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

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

                          Common Stock, $.05 par value
                          ----------------------------
                                (Title of Class)

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-B (ss.229.405 of this chapter) 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-KSB
or any amendment to this Form 10-KSB. [ ]

The   Registrant's   revenues  for  the  year  ended  December  31,  2000,  were
$16,192,000.

As of March 27,  2001,  the  aggregate  market  value of the Common Stock of the
Registrant based upon the closing prices of the Common Stock as quoted by NASDAQ
(symbol  "AMEP") held by  non-affiliates  of the  Registrant  was  approximately
$4,999,000.  As of March 27,  2001,  there were  1,212,740  shares of the Common
Stock of the Registrant outstanding.

<PAGE>

Amendment to Form 10-KSB for the Year Ended December 31, 2000
-------------------------------------------------------------

This  amendment  contains  Part  III  of  the  Form  10-KSB  filed  by  American
Educational Products, Inc. (the "Company") for the year ended December 31, 2000.

The  signature  page  included  herein was  inadvertently  omitted from the Form
10-KSB filed by the Company for the year ended December 31, 2000.


                                    PART III

Item 9. Directors, Executive Officers, Promoters, and Control Persons

The names, ages, offices held, principle occupations during the last five years,
directorships,  certain  other  affiliations,  and  other  information  for  the
Registrant's Directors and Executive Officers are set forth below:

         Name                 Age                  Position
----------------------      -------   ------------------------------------
Clifford C. Thygesen          65      President and Director
Richard J. Ciurczak           45      Director
John J. Crawford              55      Director
Frank L. Jennings             50      Vice President and Chief Financial Officer

Clifford C.  Thygesen,  President  of the Company  since  January 22, 1996 and a
Director since 1986, also served as its Executive Vice-President from 1986 until
January 1992. Mr.  Thygesen is also currently a director of Rockies Fund, Inc. a
Colorado Springs,  Colorado based Business  Development Company registered under
the  Investment  Company Act of 1940 and a director of Global  Casinos,  Inc., a
publicly-traded  company  engaged in the ownership and operation of domestic and
international casinos and limited stakes gaming properties. He received his B.S.
degree in Industrial Administration from the University of Illinois in 1961.

Richard J.  Ciurczak has served as a director of the Company since January 1998,
and as President and Chief Operating Officer of Nasco International,  Inc., Fort
Atkinson,  Wisconsin, since October 1996. Through its four mail order operations
and twenty  catalogs  circulated  throughout  the United  States and 100 foreign
countries,  Nasco serves the  education  and  agriculture  industries.  Prior to
October 1996, Mr. Ciurczak served in various capacities within Nasco dating back
to 1974,  including  Executive Vice President and Chief Financial  Officer.  Mr.
Ciurczak  received his Bachelor of Science degree in Business  Administration in
1976 from Seton Hall  University,  New Jersey,  and  attended the MBA program at
Seton Hall University from 1977 through 1983.

John J. Crawford has served as a director of the Company since July 1999. He has
also  served  as  President  and  Chief  Executive   Officer  of  the  Aristotle
Corporation  ("Aristotle")  since April 2, 1990 and  Chairman of its Board since
April 1993.  Aristotle  is a holding  company  primarily  engaged in the design,
manufacture, and marketing of health care training products. From August 1994 to
December 2000,  Mr.  Crawford was President and Chief  Executive  Officer of the
Regional  Water  Authority,  a utility  located in New Haven,  Connecticut.  Mr.
Crawford  is also a  member  of the  Board of  Directors  of  Webster  Financial
Corporation.

                                        2
<PAGE>

Frank L. Jennings has served as Vice  President and Chief  Financial  Officer of
the  Company  since  1994.  He is also  President  and a director  of The Family
Extension, Inc., a Colorado non-profit corporation.  He received his B.A. degree
in Economics from Austin College and his MBA in Finance from Indiana University.

In an initial decision of an  administrative  law judge dated March 9, 2001, Mr.
Thygesen  was  found  to have  violated  Section  10(b)  and  Rule  10b-5 of the
Securities Exchange Act of 1934, by making material misrepresentations as to the
value of securities held as an asset of an investment company of which he was an
independent   director.   The   decision   concluded   that   because   of   the
misrepresentations,  the  investment  company had violated  Section 13(a) of the
Exchange  Act and related  rules and that Mr.  Thygesen had aided and abetted or
caused the violations. The judge ordered that Mr. Thygesen cease and desist from
aiding and abetting  violations of Section 10(b) and Rule 10b-5, and ordered him
to pay a civil  penalty of $160,000.  Mr.  Thygesen  has appealed the  decision.
Other than this decision,  Mr. Thygesen has not during the last five years,  (i)
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors)  or (ii)  been a party  to a civil  proceeding  of a  judicial  or
administrative body of competent jurisdiction.

The Company has adopted a Formula  Compensation Plan for outside Directors.  For
their services, all outside Directors are paid an annual fee of $10,000 each.

Any  transactions  between the Company and its  officers,  directors,  principal
shareholders,  or  other  affiliates  have  been  and  will be on  terms no less
favorable to the Company than could be obtained from unaffiliated  third parties
on an arms-length basis.

Compliance with Section 16(c) of the Exchange Act
-------------------------------------------------

Under the Securities  Laws of the United States,  the Company's  Directors,  its
Executive (and certain other)  Officers,  and any persons  holding more than ten
percent  (10%) of the  Company's  common  stock are  required  to  report  their
ownership of the Company's common stock and any changes in that ownership to the
Securities  and Exchange  Commission  and the NASDAQ stock market.  Specific due
dates for these  reports  have been  established  and the Company is required to
report any failure to file by these dates.

Based  solely on a review of the  copies of such  reports  required  by  Section
16(a),  the Company  believes that its  officers,  Directors,  and  stockholders
owning  greater  than 10% of the Common Stock of the Company  complied  with all
applicable Section 16(a) filing requirements.


Item 10.   Executive Compensation

The following  tables and discussion set forth  information  with respect to all
plan and  non-plan  compensation  awarded  to,  earned  by or paid to the  Chief
Executive  Officer ("CEO"),  and the Company's four (4) most highly  compensated
executive  officers  other  than  the  CEO,  for all  services  rendered  in all
capacities to the Company and its  subsidiaries  for each of the Company's  last
three (3) completed fiscal years; provided, however, that no disclosure has been
made for any executive  officer,  other than the CEO,  whose total annual salary
and bonus does not exceed $100,000.

                                        3
<PAGE>




                                     TABLE 1
                           SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>


                                                                                    Long Term Compensation
                                                                             -------------------------------------
                                                 Annual Compensation                  Awards           Payouts
                                          ---------------------------------- ------------------------- -----------
Name and                                                           Other                                                All
                                                                   Annual       Restricted                            Other
Principal                                                          Comp-          Stock       Options/     LTIP        Compen-
Position                          Year      Salary       Bonus    ensation       Awards        SARs      Payouts      sation
-------------------------------- -------- ------------ --------- ----------- ------------- ----------- ----------- ------------
<S>                               <C>       <C>          <C>      <C>           <C>         <C>         <C>          <C>
Clifford C. Thygesen, Chief       2000      $ 123,168    $    0   $      0        0               0     $     0      $    0
Executive Officer and             1999        111,705         0      6,600        0             500           0           0
President of the Company and      1998         98,077         0      4,880        0          10,000           0           0
its subsidiaries
</TABLE>


All executive officers of the Company  participate in the Company's group health
insurance  plan and 401(k)  Plan.  Except as  indicated,  no  executive  officer
received  perquisites  and  other  personal  benefits  that,  in the  aggregate,
exceeded the lesser of either  $50,000 or 10% of the total of annual  salary and
bonus paid during the respective fiscal years.

The Company has a written  employment  agreement with Mr. Thygesen that provides
for an annual  base  salary of $112,000  and the use of a Company  vehicle.  The
agreement  provides for payments  equivalent  to one year's  salary and benefits
upon Mr. Thygesen's separation from the Company.

The Company has written change in control agreements with Michael Anderson, Vice
President of  Marketing,  and Frank  Jennings,  Vice  President of Finance.  The
agreements  provide for payments  equivalent  to six months  salary and benefits
upon Mr. Anderson's or Mr. Jenning's separation from the Company.

Management Bonus Plans

For the fiscal years ended  December 31, 2000,  1999,  and 1998,  no  management
bonuses were earned or paid.

                                        4
<PAGE>


The following  table sets forth certain  information  concerning the granting of
stock  options  during  the  last  completed  fiscal  year to each of the  named
executive officers and the terms of such options:

<TABLE>

                                     TABLE 2
                           Option/SAR Grants for Last
                          Fiscal Year-Individual Grants
<CAPTION>

                    Number of Securities             % of Total
                         Underlying                 Options/SARs
                    Options/SARs Granted        Granted to Employees      Exercise Price        Expiration
     Name                    (#)                   in Fiscal Year             ($/sh)               Date
----------------    ----------------------     -----------------------    ----------------    ---------------

<S>                 <C>                        <C>                        <C>                 <C>
Clifford C.
Thygesen                      0                         N/A                     N/A                N/A
</TABLE>


The following  table sets forth certain  information  concerning the exercise of
incentive  stock options  during the last  completed  fiscal year by each of the
named executive officers and the fiscal year-end value of unexercised options on
an aggregated basis:

<TABLE>

                                     TABLE 3
               Aggregated Option/SAR Exercises in Last Fiscal Year
                          and FY-End Option/SAR Values
<CAPTION>

                                                                                                Value of
                                                                        Number of              Unexercised
                                                                       Unexercised            In-the-Money
                                                                      Options/SARs            Options/SARs
                                                      Value           at FY-End (#)         at FY-End ($)(2)
                                                                      -------------         -------------
                             Shares Acquired       Realized(1)        Unexercisable/          Unexercisable/
         Name                on Exercise (#)           ($)             Exercisable             Exercisable
------------------------    -------------------    ------------    --------------------     ------------------

<S>                         <C>                    <C>              <C>                     <C>
Clifford C. Thygesen                0                   0                  0/                      $0/
                                                                         37,400                 $132,688
</TABLE>

--------------------------
(1)  Value  Realized is determined by  calculating  the  difference  between the
     aggregate exercise price of the options and the aggregate fair market value
     of the Common Stock on the date the options are exercised.

(2)  The  value  of  unexercised   options  is  determined  by  calculating  the
     difference  between the fair market value of the securities  underlying the
     options at fiscal year end and the exercise price of the options.

                                        5
<PAGE>


Item 11. Security Ownership of Management and Principal Stockholders

The  following  table  sets  forth,  as of the date of this  Report,  the  stock
ownership of each person known by the Company to be the beneficial owner of five
(5%) percent or more of the Company's common stock,  all Directors  individually
and all Directors  and Officers of the Company as a group.  Each person has sole
voting and investment  power with respect to the shares shown,  except as noted.
All share ownership is direct, unless otherwise noted:

<TABLE>
<CAPTION>

                                                      Amount of
                                                     Beneficial
    Name and Address of Beneficial Owner              Ownership          Percent of Class (1)
----------------------------------------------    ------------------     --------------------

<S>                                                   <C>                 <C>
Clifford C. Thygesen                                  65,200 (2)               5.22%
4893 Idylwild Trail
Boulder, Colorado 80301

Richard J. Ciurczak                                      -0-                    -0-%
901 Janesville Avenue
Ft. Atkinson, Wisconsin 53538

John J. Crawford                                         -0-                    -0-%
27 Elm Street
New Haven, Connecticut 06511

Nick Fegen                                            75,000                   6.18%
595 Southfork Drive
Waukee, IA 50263

Nasco International, Inc.                            666,961                  55.00%
901 Janesville Avenue
Ft. Atkinson, Wisconsin 53538

All Directors and Officers                           92,259 (2,3)              7.30%
As a Group (4 Persons)
</TABLE>

--------------------------
(1)  Shares  not  outstanding  but  deemed  beneficially  owned by virtue of the
     individual's right to acquire them as of the date of this report, or within
     60 days of such date,  are  treated as  outstanding  when  determining  the
     percent of the class  owned by such  individual  and when  determining  the
     percent owned by the group.

(2)  Includes  non-qualified  options  exercisable  to purchase  1,000 shares of
     Common Stock at an exercise  price of $4.50 per share  granted June 5, 1995
     pursuant  to the  Formula  Plan  for  Directors,  incentive  stock  options
     exercisable  to purchase  5,900 shares of Common Stock at an exercise price
     of $4.50 per share  granted  February 29,  1996,  incentive  stock  options
     exercisable to purchase  10,000 shares of Common Stock at an exercise price
     of  $4.50  per  share  granted  March  29,  1996,   non-qualified   options
     exercisable to purchase  10,000 shares of Common Stock at an exercise price
     of $3.875 per share  granted May 28, 1997  pursuant to the Formula Plan for
     Directors,  non-qualified  options exercisable to purchase 10,000 shares of
     Common  Stock at an exercise  price of $8.00 per share  granted  August 18,
     1998,  and  non-qualified  options  exercisable  to purchase  500 shares of
     Common  Stock at an  exercise  price of $9.125 per share  granted  July 22,
     1999.

(3)  Includes  options owned by Mr. Thygesen (see footnote 2) plus the following
     options  owned by Mr.  Jennings:  incentive  stock options  exercisable  to
     purchase  3,000 shares of Common  Stock at an exercise  price of $3.875 per
     share granted May 28, 1997, non-qualified options  exercisable  to
     purchase  6,000 shares of Common  Stock at an exercise  price of $8.00 per
     share granted August 18, 1998, and non-qualified options  exercisable  to
     purchase  5,000 shares of Common  Stock at an exercise  price of $9.125 per
     share granted July 22, 1999.

                                        6
<PAGE>


Item 12. Transactions with Management and Others

In March  2000,  G.C.  Associates  Holdings  Corp.  ("GC")  acquired  a majority
interest in AMEP's  common  stock.  In April 2000,  the Board of  Directors  was
restructured and  representatives  of GC were appointed to fill two of the three
Board  positions.  In connection with the  restructuring,  the Company  redeemed
stock  options  owned  by  four  departing  directors  for a cost  approximating
$350,000.

In July 2000,  the Board  agreed to merge AMEP with GC and a  Definitive  Merger
Agreement was signed on August 14, 2000.  Consummation  of the merger is subject
to certain conditions including completion of regulatory filings and approval by
minority  shareholders.  If the merger is  approved,  AMEP will  become a wholly
owned subsidiary of Nasco  International,  Inc. ("Nasco").  In March 2001, Nasco
became the successor to GC's interest in the shares of AMEP previously  owned by
GC and it assumed all of GC's rights and obligations under the Merger Agreement.
Nasco is one of AMEP's largest customers.  Sales to Nasco were $889,000 in 2000,
$932,000 in 1999, and $697,000 in 1998.

In March 2001,  AMEP reached an  agreement-in-principle  with Nasco  pursuant to
which it is  anticipated  that Nasco will manage  Summit  Learning and To-Sew on
behalf of AMEP from Nasco's  existing  facilities.  Relocation of certain Summit
and To-Sew  operations from Fort Collins,  Colorado to Fort Atkinson,  Wisconsin
began in March 2001.

Mr. Richard J. Ciurczak has been President and Chief Operating  Officer of Nasco
since October 1996.  Nasco is a wholly owned  subsidiary of Geneve  Corporation.
Mr. John J.  Crawford  has been  President  and Chief  Executive  Officer of the
Aristotle  Corporation since April 2, 1990 and Chairman of its Board since April
1993. Geneve holds a 50.4% ownership interest in The Aristotle Corporation. Both
Messrs.  Ciurczak  and  Crawford are  directors  of AMEP.  Mr.  Ciurczak and Mr.
Crawford,  as a result of their positions with AMEP, owe fiduciary duties to the
shareholders of AMEP.

                                        7
<PAGE>


                                   SIGNATURES

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


                                          AMERICAN EDUCATIONAL PRODUCTS, INC.

Date: March 30, 2001                         /s/ Clifford C. Thygesen
      --------------                        -------------------------------
                                            Clifford C. Thygesen, President

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.

      Signature                      Title                          Date
-------------------------    -----------------------------      --------------

/s/ Clifford C. Thygesen     President and Director             March 30, 2001
-------------------------    (Principal Executive Officer)      --------------
Clifford C. Thygesen


/s/ Frank L. Jennings        Vice President and                 March 30, 2001
-------------------------    Assistant Secretary                --------------
Frank L. Jennings            (Principal Financial and
                             Accounting Officer)

/s/ Richard J. Ciurczak      Director                           March 30, 2001
-------------------------                                       --------------
Richard J. Ciurczak


/s/ John J. Crawford         Director                           March 30, 2001
-------------------------                                       --------------
John J. Crawford