----

----

**FORM      10-K/A**

**(Amendment      No. 1)**

| x | ANNUAL                REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|-----------------------------------------------------------------------------------------------------------------------------------|
|   | **For the fiscal year ended              March 31,              2006** |
|--------|------------------------------------------------------------------------|

| o | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------|
|   | For the transition period from                          to    |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|

**MAXCO,      INC.**

*(Exact      Name of Registrant as Specified in its Charter)*

| Michigan                                                                      | 38-1792842                                             |
|-------------------------------------------------------------------------------|--------------------------------------------------------|
| (State                or other Jurisdiction of Incorporation or Organization) | (I.R.S.                Employer Identification Number) |
|                                                                          |                                                   |
| 1118                Centennial Way, Lansing, Michigan                         | 48917                                                  |
| (Address                of principal executive offices)                       | (Zip                Code)                              |

|  Registrant's Telephone Number,              including area code: | (517)                321-3130 |
|------------------------------------------------------------------------|-------------------------------|

| Title                of each class | Name                of each exchange on which registered |
|------------------------------------|----------------------------------------------------------|
| NONE                               | NONE                                                     |

| Common                Stock     | Series                Three Preferred Stock |
|---------------------------------|---------------------------------------------|
| (Title                of Class) | (Title                of Class)             |

| Large                accelerated filer  ̈ |   | Accelerated                filer  ̈ |   | Non-accelerated                filer þ |
|-----------------------------------------------|--------|-----------------------------------------|--------|---------------------------------------------|

----

**MAXCO,      INC.**

**ANNUAL      REPORT ON FORM 10-K**

**TABLE      OF CONTENTS**

| **ITEM** |   |                                                                          |   | **PAGE** |
|----------|--------|-------------------------------------------------------------------------------|--------|----------|
|     |   |                                                                          |   |     |
| 10       |   | Directors                and Executive Officers of the Registrant             |   | 3        |
|     |   |                                                                          |   |     |
| 11       |   | Executive                Compensation                                         |   | 4        |
|     |   |                                                                          |   |     |
| 12       |   | Security                Ownership of Certain Beneficial Owners and Management |   | 8        |
|     |   |                                                                          |   |     |
| 13       |   | Certain                Relationships and Related Transactions                 |   | 9        |
|     |   |                                                                          |   |     |
| 14       |   | Principal                Accountant Fees and Services                         |   | 10       |
|     |   |                                                                          |   |     |
|          |   | Signatures                                                                    |   | 13       |

----

**EXPLANATORY      NOTE **

**PART      III**

**ITEM      10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE      REGISTRANT**

|  Name                        | Present                Position with the Company and Principal                Occupation                                                                                                                                                      |  Age | Served                as Director of                Maxco Since |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------|
| Max                A. Coon        | Director,                President and Chairman of the Board of MAXCO, INC.                                                                                                                                                                   | 71        | 1969                                                            |
|                              |                                                                                                                                                                                                                                          |      |                                                            |
| Eric                L. Cross      | Executive                Vice President and Secretary of MAXCO, INC.                                                                                                                                                                          | 63        |                                                            |
|                              |                                                                                                                                                                                                                                          |      |                                                            |
| Sanjeev                Deshpande  | Director                of MAXCO, INC., President of Atmosphere Annealing, Inc., a Lansing,                Michigan based provider of heat treating services which was acquired                by                Maxco, Inc. in January 1997. | 48        | 2003                                                            |
|                              |                                                                                                                                                                                                                                          |      |                                                            |
| Joel                I. Ferguson   | Director                of MAXCO, INC., President of F&S Development Company, a Lansing,                Michigan based company which develops, contracts and/or owns and                manages                real estate properties.    | 67        | 1985                                                            |
|                              |                                                                                                                                                                                                                                          |      |                                                            |
| David                R. Layton    | Director                of MAXCO, INC. and President of Layton & Richardson, P.C., a Lansing,                Michigan based accounting firm.                                                                                              | 66        | 2001                                                            |
|                              |                                                                                                                                                                                                                                          |      |                                                            |
| Samuel                O. Mallory  | Director                of MAXCO, INC.; Retired in 1998 as a dentist who managed his own                practice                                                                                                                              | 73        | 2002                                                            |
|                              |                                                                                                                                                                                                                                          |      |                                                            |
| Lawrence                O. Fields | Chief                Financial Officer and Treasurer of MAXCO, INC.                                                                                                                                                                           | 52        |                                                            |

**Section      16(a) Beneficial Ownership Reporting Compliance**

----

**Code      of Ethics**

**Audit      Committee and Audit Committee Financial Expert**

**ITEM      11 - EXECUTIVE COMPENSATION**
** **

**EXECUTIVE      COMPENSATION**

**Compensation      Committee Report on Executive Compensation**

**Compensation      Committee Interlocks and Insider Participation**

**Overview      and Philosophy**

|   | ࿄ | Support                the achievement of desired Company                performance. |
|--------|---------|---------------------------------------------------------------------------------------|

|   | ࿄ | Provide                compensation that will attract and retain superior talent and reward                performance. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | ࿄ | Align                the executive officers' interests with the success of the Company                by                placing a portion of pay at risk, with payout dependent upon corporate                performance. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Executive      Officer Compensation Program**

**Base      Salary**

**Annual      Incentive Compensation**

----

**Stock      Option Program**

**Deferred      Compensation**

**Benefits**

**Chief      Executive Officer**

----

**Summary      Compensation Table**

|                                                                                          | Annual                Compensation | Long                Term Compensation   |
|-----------------------------------------------------------------------------------------------|------------------------------------|-----------------------------------------|
| Name                andPrincipal                Position                                      | Year                               | Salary                                  | Bonus | Other                Annual Compensation                1 | Options | All                Other Comp                2 |
| Max                A. CoonChief                ExecutiveOfficer                               | 200620052004                       | 250,0003250,000 200,000       | 000 | 400300200 | 000 | 001,000 |
| Eric                L. CrossExecutive                Vice                President            | 200620052004                       | 150,000 150,000 150,000  | 0                0                0 | 0200200 | 000 | 3,7503,7501,947 |
| Sanjeev                DeshpandePresident                of Atmosphere Annealing              | 200620052004                       | 171,751 165,998 156,398  | 82,38145,00045,000 | 400400200 | 000 | 6,3195,0345,000 |
| Lawrence                O. FieldsTreasurer                and CFO effective November 29, 2005 | 200620052004                       | 106,667 95,000 90,000    | 30,00020,00020,000 | 000 | 000 | 3,1672,8752,603 |

**Options**

**Year      End Option Values**

|  **Name                and****Principal                Position** | **Number                of Unexercised Options at****March                31, 2006** | **Value                of Unexercised****Options                at****March                31, 2006** |
|------------------------------------------------------------------------|--------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|
| Max                A. CoonChief                Executive Officer       |  0                                                                              |  0                                                                                               |
| Eric                L. CrossExecutive                Vice President    |  0                                                                              |  0                                                                                               |
| Sanjeev                DeshpandeDirector                               |  40,000                                                                         |  0                                                                                               |
| Lawrence                O. FieldsController                            |  0                                                                              |  0                                                                                               |

**Equity      Compensation Plan Information**

** **

|   **Plan                Category**                                | **Number                of Securities to be Issued Upon Exercise****of                OutstandingOptions** |  **Weighted-Average                Exercise Price of****Outstanding                Options** | **Number                of Securities Remaining Available for Future Issuance Under the Stock                Option Plan (Excluding Securities****Reflected                in Column a)** |
|-----------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Equity                Compensation Plans Approved by Security Holders |  40,0001                                                                                              |  $7.13                                                                                       |  470,000                                                                                                                                                                             |

----

**COMPARATIVE      STOCK PERFORMANCE**

|                                        |   | 3/01   | 3/02   | 3/03  | 3/04   | 3/05   | 3/06   |
|---------------------------------------------|--------|--------|--------|-------|--------|--------|--------|
| MAXCO,                  INC.                |   | 100.00 | 87.87  | 60.00 | 39.33  | 50.67  | 78.92  |
| NASDAQ                  STOCK MARKET (U.S.) |   | 100.00 | 103.60 | 77.19 | 113.63 | 114.19 | 135.14 |
| PEER                  GROUP                 |   | 100.00 | 93.05  | 36.87 | 59.72  | 47.33  | 46.82  |

|  | (1) | The                CRSP Total Return Index for the NASDAQ Stock Market (US Companies)                is                composed of all domestic common shares traded on the NASDAQ National                Market and the NASDAQ Small-Cap                Market. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                peer group consists of ten companies whose stock is publicly traded                and                whose market capitalizations are slightly above and below the Company’s                capitalization in a range from $20.4 million to $120.3 million. Because                of                the diversified nature of the business represented by its subsidiary                companies, the Company is unable to identify a published industry                or line                of business index or a group of peer issuers in comparable businesses                which are sufficiently similar to allow meaningful comparison. Therefore,                the Company has elected to compare its performance with a group of                issuers                having similar market capitalizations as allowed by SEC                rules. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**ITEM      12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCKHOLDER MATTERS**

|                                                                                   |                                          |                                                         |
|----------------------------------------------------------------------------------------|-----------------------------------------------|--------------------------------------------------------------|
|                                                                                   |                                          | **Amount                and Nature of Beneficial Ownership** |
|   **Name                of Beneficial Owner**                                |   **Title                of Class** | **Sole                Investment****Power**                  | **Shared                Investment****Power****1** |  **%                of****Class****2** | **Shared                Voting****Power** | **%                of****Total****Votes** |
| Max                A. Coon 3                                                           | Common                Stock                   | 878,456                                            | 988,1724   | 28.6% | 999,2045 | 25.6% |
| Eric                L. Cross                                                           | Common                Stock                   | 154,525                                            | 238,2106   | 6.9% | 280,2867 | 7.2% |
| Sanjeev                Deshpande                                                       | Common                Stock                   | 45,0898                                                 | 45,0898   | 1.3% | 5,0898 | * |
| Joel                I. Ferguson                                                        | Common                Stock                   | 0                                                  | 0    | * | 0  | * |
| Lawrence                O. Fields                                                      | Common                Stock                   | 14,333                                             | 14,333    | * | 14,333  | * |
| David                R. Layton                                                         | Common                Stock                   | 0                                                  | 1,0009   | * | 1,000  | * |
| Samuel                O. Mallory                                                       | Common                Stock                   | 22,200                                             | 22,200    | * | 22,200  | * |
| All                Directors and Officers as a group, including the above seven people |  Common                Stock             |  1,114,603                                    |  1,309,004    |  37.5% |  1,322,112  |  33.8% |
|                                                                                   |                                          |                                                         |   |   |   |   |
| ROI                Capital Management, Inc.10                                          | Common                Stock                   | 878,492                                       | 945,95711  | 27.4% | 945,957  | 24.2% |
| Daryle                L. Doden12                                                       | Common                Stock                   | 250,00013                                                    | 369,22714 | 10.7% | 345,800  | 8.9% |
|                                                                                   |                                          |                                                         |   |   |   |   |
|                                                                                   |                                          | 2,243,095                                          | 2,624,188   | 75.1% | 2,613,869  | 66.9% |

| Max                A. Coon 3     | Series                Three Preferred Stock | 0    | 2,95616 | 20.0% | 75,65017                  | 1.9% |
|----------------------------------|---------------------------------------------|---------------------|---------|-------|---------------------------|------|
| Eric                L. Cross     | Series                Three Preferred Stock | 0    | 63218   | 4.3%  | 75,65019                  | 1.9% |
| Daryle                L. Doden12 | Series                Three Preferred Stock | 0    | 1,75420 | 11.9% | 0     | 0%   |

| Max                A. Coon 3     | Series                Four Preferred Stock 15 | 0    | 13,62916 | 29.4% | 0 | 0% |
|----------------------------------|-----------------------------------------------|---------------------|----------|-------|---|----|
| Eric                L. Cross     | Series                Four Preferred Stock 15 | 0    | 2,91218  | 6.3%  | 0 | 0% |
| Daryle                L. Doden12 | Series                Four Preferred Stock 15 | 0    | 8,08820  | 17.4% | 0 | 0% |

| Max                A. Coon 3     | Series                Five Preferred Stock 15 | 0    | 2,04316 | 30.7% | 0 | 0% |
|----------------------------------|-----------------------------------------------|---------------------|---------|-------|---|----|
| Eric                L. Cross     | Series                Five Preferred Stock 15 | 0    | 43718   | 6.6%  | 0 | 0% |
| Daryle                L. Doden12 | Series                Five Preferred Stock 15 | 0    | 1,21320 | 18.2% | 0 | 0% |

| Max                A. Coon 3     | Series                Six Preferred Stock | 0    | 3,05316 | 39.1% | 78,12517                  | 2.0% |
|----------------------------------|-------------------------------------------|---------------------|---------|-------|---------------------------|------|
| Eric                L. Cross     | Series                Six Preferred Stock | 0    | 65218   | 8.4%  | 78,12519                  | 2.0% |
| Daryle                L. Doden12 | Series                Six Preferred Stock | 0    | 1,81220 | 23.2% | 0     | 0%   |

| * | Beneficial                ownership does not exceed one percent                (1%). |
|---|--------------------------------------------------------------------------------------|

| (1) | Includes                Sole Investment Power as well as shares beneficially                owned. |
|-----|----------------------------------------------------------------------------------------------------|

| (2) | Calculated                based on Shared Investment Power. |
|-----|-------------------------------------------------------------|

| (3) | Mr.                Coon’s address is 1118 Centennial Way, Lansing, Michigan                49817. |
|-----|---------------------------------------------------------------------------------------------------------|

| (4) | Includes                18,487 shares owned by Mr. Coon's immediate family; a proportionate                share                of 155,250 shares held by a general partnership in which Mr. Coon                is a 1/3                partner; and a proportionate share of 101,022 shares held by EM Investors,                LLC in which Mr. Coon has a 39.1% ownership                interest. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes                18,487 shares owned by Mr. Coon's immediate family; a proportionate                share                of 155,250 shares held by a general partnership in which Mr. Coon                is a 1/3                partner; and a 50% share of 101,022 shares held by EM Investors,                LLC                representing Mr. Coon’s voting power of those                shares. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (6) | Includes                23,500 shares owned by Mr. Cross’ wife; a proportionate share of 155,250                shares held by a general partnership in which Mr. Cross is a 1/3                partner;                and a proportionate share of 101,022 shares held by EM Investors,                LLC in                which Mr. Cross has an 8.4% ownership                interest. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Includes                23,500 shares owned by Mr. Cross’ wife; a proportionate share of 155,250                shares held by a general partnership in which Mr. Cross is a 1/3                partner;                and a 50% share of 101,022 shares held by EM Investors, LLC representing                Mr. Cross’ voting power of those                shares. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Includes                options to purchase 40,000 shares. Such options were not exercised                as of                March 31, 2006 and thus were not included in voting                power. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Represents                shares held in a pension fund of which Mr. Layton is one of the                trustees. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (10) | Information                obtained from Schedule 13D/A dated April 4, 2006 filed with the Securities                and Exchange Commission. The address of ROI Capital Management, Inc.                is                300 Drakes Landing Rd., Suite 175, Greenbrae, CA                94904. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Information                obtained from Schedule 13D/A dated April 4, 2006 filed with the Securities                and Exchange Commission. Includes 57,465 shares in a personal IRA                of Mark                T. Boyer and 10,000 shares in a personal IRA of Mitchell J. Soboleski.                Messrs. Boyer and Soboleski are the owners of ROI Capital Management,                Inc.                and have dispositive authority of the reported securities held in                advisory                accounts of ROI Capital Management,                Inc. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Mr.                Doden’s address is 1610 S. Grandstaff Dr., Auburn, IN 46706 or P.O. Box                51, Auburn, IN 46706. |
|------|---------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Represents                shares in the name of Contractor Supply, Incorporated of which Mr.                Doden                owns 100%. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (14) | Includes                    95,800 shares in the name of Master Works Foundation, Inc., an                    Indiana                    non-profit corporation in which Mr. Doden is one-third member                    and a                    proportionate share of 101,022 shares held by EM Investors, LLC                    in which                    Mr. Doden has an 23.2% ownership interest. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Series                Four and Series Five Preferred Stock are both                nonvoting. |
|------|-----------------------------------------------------------------------------------------------|

| (16) | Represents                a proportionate share of shares held by EM Investors, LLC in which                Mr.                Coon has a 39.1% ownership                interest. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (17) | Represents                a 50% share of shares held by EM Investors, LLC representing Mr.                Coon’s                voting power of those shares. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (18) | Represents                a proportionate share of shares held by EM Investors, LLC in which                Mr.                Cross has an 8.4% ownership                interest. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Represents                a 50% share of shares held by EM Investors, LLC representing Mr.                Cross’                voting power of those shares. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (20) | Represents                a proportionate share of shares held by EM Investors, LLC in which                Mr.                Doden has an 23.2% ownership                interest |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM      13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**
** **

----

**ITEM**

**      14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

| *Audit                  Fees*         | *2006* | *$80,000                  for aggregate fees billed for professional services rendered by                  Rehmann                  Robson for the audit of the Company’s annual financial statements for the                  year ended March 31, 2006 and the reviews of the financial statements                  included in the Company’s quarterly reports filed with the Securities and                  Exchange Commission during the year.*                                                                                                                                                                                                                                                                                    |
|---------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *Audit                  Fees*         | *2005* | *$80,000                  for aggregate fees billed for professional services rendered by                  Rehmann                  Robson for the audit of the Company’s annual financial statements for the                  year ended March 31, 2005 and the reviews of the financial statements                  included in the Company’s quarterly reports filed with the Securities and                  Exchange Commission during the year.*                                                                                                                                                                                                                                                                                    |
| *Audit-Related                  Fees* | *2006* | *$5,900                  for aggregate fees billed for professional services rendered by                  Rehmann                  Robson for the review of documents necessary in order for the Company                  to                  complete a 1-for-1000 reverse stock split to be followed immediately                  by a                  1000-for-1 forward stock split. The Board of Directors eventually                  abandoned its decision to propose this transaction to the Company’s common                  and voting preferred shareholders. The proposed transaction, if                  implemented, was expected to enable the Company to terminate the                  registration of its common stock.*  |
| *Tax                  Fees*           |        | *There                  were no such fees.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| *All                  Other Fees*     |        | *There                  were no such fees.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

----

**PART      IV**

**ITEM      15 - EXHIBITS AND FINANCIAL STATEMENT SCHEDULES **

|  | 3 | Restated                Articles of Incorporation are hereby incorporated by reference from                Form                10-Q dated February 13, 1998. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1 | By-laws                are hereby incorporated by reference from Form S-4 dated November                4, 1991                (File No. 33-43855). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.2 | Resolution                establishing Series Three Preferred Shares is hereby incorporated                by                reference from Form S-4 dated November 4, 1991 (File No.                33-43855). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.3 | Resolution                authorizing the redemption of Series Two Preferred Stock, establishing                Series Four Preferred Stock and the terms of the subordinated notes                is                hereby incorporated by reference from Form 10-Q dated February 14,                1997. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.4 | Resolution                establishing Series Five Preferred Shares is hereby incorporated                by                reference from Form 10-K dated June 5,                1997. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5 | Resolution                establishing Series Six Preferred Shares is hereby incorporated by                reference from Form 10-K dated June 23,                1999. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.1 | Incentive                stock option plan adopted August 15, 1983, including the amendment                (approved by shareholders August 25, 1987) to increase the authorized                shares on which options may be granted by two hundred fifty thousand                (250,000), up to five hundred thousand (500,000) shares of the common                stock of the company is hereby incorporated by reference from the                annual                report on Form 10-K for the fiscal year ended March 31,                1988. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.11 | Asset                purchase agreement for the purchase of Atmosphere Annealing, Inc.                is                hereby incorporated by reference from registrants Form 8-K dated                January                17, 1997. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.12 | Asset                Purchase Agreement - Axson North America Inc. is hereby incorporated                by                reference from registrants Form 10-Q dated February 14,                1997. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.18 | Maxco,                    Inc. 1998 Employee Stock Option Plan is hereby incorporated by                    reference                    from Form 10-Q dated November 12,                    1998. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.29 | Obligor                    assignment agreement among Contractor Supply Incorporated, Maxco,                    Inc.,                    and Ersco Corporation dated November 14, 2002 is hereby incorporated                    by                    reference from Form 10-Q dated November 25,                    2002. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.30 | Stock                purchase agreement between Ersco Corporation, Maxco, Inc., and Contractor                Supply Incorporated dated November 14, 2002 is hereby incorporated                by                reference from Form 10-Q dated November 25,                2002. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.31 | Asset                Purchase Agreement between Pak Sak Industries, Inc., Maxco, Inc.,                P-S                Business Acquisition, Inc., and P&D Real Estate, LLC and Packaging                Personified, Inc. dated September 27, 2002 is hereby incorporated                by                reference from Form 10-Q dated February 14,                2003. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.32 | First                Amendment to Asset Purchase Agreement between Pak Sak Industries,                Inc.,                Maxco, Inc., P-S Business Acquisition, Inc., and P&D Real Estate, LLC                and Packaging Personified, Inc. dated October 30, 2002 is hereby                incorporated by reference from Form 10-Q dated February 14,                2003. |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.33 | Second                Amendment to Asset Purchase Agreement between Pak Sak Industries,                Inc.,                Maxco, Inc., P-S Business Acquisition, Inc., and P&D Real Estate, LLC                and Packaging Personified, Inc. dated November 25, 2002 is hereby                incorporated by reference from Form 10-Q dated February 14,                2003. |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.34 | Credit                Agreement between Atmosphere Annealing, Inc. and Huntington National                Bank                dated November 18, 2003 is hereby incorporated by reference from                Form 10-Q                dated November 19, 2003. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.35 | Subordination                Agreement between Maxco, Inc., Atmosphere Annealing, Inc. and Comerica                Bank and Huntington National Bank dated November 18, 2003 is hereby                incorporated by reference from Form 10-Q dated November 19,                2003. |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.36 | Incentive                agreement between Sanjeev Deshpande and Maxco, Inc. dated April 20,                2004                is hereby incorporated by reference from Form 10-K dated July 13,                2004. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.37 | Business                Loan Agreement between Capitol National Bank and Maxco, Inc. dated                May 28,                2004 is hereby incorporated by reference from Form 10-K dated July                13,                2004. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21 | Subsidiaries                of the Registrant |
|--|----|-----------------------------------------------|

----

|  | 23 | Consent                of Independent Registered Public Accounting Firm (Form S-8 filed                June 2,                1992 - File No. 33-48351 and Form S-8 filed November 19, 1998 - File                No.                333-67539). |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 31.1 | Certification                of Chief Executive Officer of periodic report pursuant to Rule 13a-15(e)                or Rule 15d-15(e). |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | 31.2 | Certification                    of Chief Financial Officer of periodic report pursuant to Rule                    13a-15(e)                    or Rule 15d-15(e). |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 32.1 | Certification                of Chief Executive Officer of periodic report pursuant to 18 U.S.C.                §1350. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------|

|  | 32.2 | Certification                of Chief Financial Officer of periodic report pursuant to 18 U.S.C.                §1350. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES**

| Date July              26,              2006                      | MAXCO, INC.                                                                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|
|                                                                                                                                                                       |                                                                                |
|                                                                                                                                                                       | By              /S/ LAWRENCE O. FIELDS                                         |
|                                                                                                                                                                       | Lawrence O. Fields, Chief Financial              Officer              and Treasurer |
|                                                                                                                                                                       | (Principal Financial and Accounting              Officer)                           |

----

**MAXCO,      INC.**

**ANNUAL      REPORT ON FORM 10-K/A**

**EXHIBIT      INDEX**

| Exhibit              No. | Description                                                                                                                                                                                                                                       |
|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                              |
| 21                       | *                Subsidiaries of the Registrant                                                                                                                                                                                                   |
|                     |                                                                                                                                                                                                                                              |
| 23                       | *                Consent of Independent Registered Public Accounting Firm (Form S-8                filed                June 2, 1992 - File No. 33-48351 and Form S-8 filed November 19,                1998 -                File No. 333-67539) |
|                     |                                                                                                                                                                                                                                              |
| 31.1                     | Certification                of Chief Executive Officer of periodic report pursuant to Rule 13a-15(e)                or Rule 15d-15(e).                                                                                                           |
|                     |                                                                                                                                                                                                                                              |
| 31.2                     | Certification                of Chief Financial Officer of periodic report pursuant to Rule 13a-15(e)                or Rule 15d-15(e).                                                                                                           |
|                     |                                                                                                                                                                                                                                              |
| 32.1                     | Certification                of Chief Executive Officer of periodic report pursuant to 18 U.S.C.                §1350.                                                                                                                       |
|                     |                                                                                                                                                                                                                                              |
| 32.2                     | Certification                of Chief Financial Officer of periodic report pursuant to 18 U.S.C.                §1350.                                                                                                                       |

----