U.S. SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC 20549

                               Form 10-KSB/A


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

         For the fiscal year ended April 30, 2004
                                   --------------

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

         For the transition period from _________ to __________

Commission File Number: 0-5378

                        George Risk Industries, Inc.
                        ----------------------------
               (Name of small business issuer in its charter)

             Colorado                               84-0524756
             --------_                              ----------
  (State or other jurisdiction of       (I.R.S. Employer Identification No.)
   incorporation or organization)

            802 South Elm
             Kimball, NE                              69145
             -----------                              -----
   (Address of principal executive                  (Zip Code)
               offices)

Issuer's telephone number:  (308) 235-4645
                            --------------

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

     Title of Each Class           Name of Exchange on Which Registered

            None                                     None
            ----                                     ----

Securities registered under Section 12(g) of the Act:

                    Class A Common Stock, $.10 par value
                    ------------------------------------
                              (Title of class)

Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act 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 [ ]

Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not 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/A or any amendment to this Form 10-KSB/A.      [X]

State issuer's revenues for the most recent fiscal year:  $ 2,411,000.
                                                          ___________

The aggregate market value of the voting stock held by non-affiliates of the
Registrant as of July 28, 2004 was approximately $14,524,000 based upon the
last reported sale, which occurred on July 27, 2004.  For purposes of this
disclosure, Common Stock held by officers and directors of the Registrant
have been excluded in that such persons may be deemed to be "affiliates"
as that term is defined under the rules and regulations promulgated under
the Securities Act of 1933.  This determination is not necessarily conclusive.

The number of shares of the Registrant's Common Stock outstanding as of
July 29, 2004 was 5,402,528.


                    DOCUMENTS INCORPORATED BY REFERENCE
          None.

Transitional Small Business Disclosure Format:  (Check one)

          Yes [X];  No ___
<PAGE>


                                   Part I


ITEM 1   BUSINESS

(a) BUSINESS DEVELOPMENT

George Risk Industries, Inc. (GRI or the company) was incorporated in 1967
in Colorado.  The company is presently engaged in the design, manufacture,
and sale of computer keyboards, push button switches, burglar alarm com-
ponents and systems, pool alarms, thermostats, EZ Duct wire covers, and hydro
sensors.

GRI Telemark Corporation (Telemark), a majority owned subsidiary, was
incorporated in October 1983 for the purpose of marketing security alarm
products.  As of April 13, 1993, Telemark was merged into GRI and presently
operates as a marketing division of GRI.

PRODUCTS, MARKET, and DISTRIBUTION

The company designs, manufactures, and sells computer keyboards, push-button
switches, burglar alarm components and systems, pool alarms, and hydro
sensors.  The security burglar alarm products comprise approximately 85
percent and pool alarms comprise 9 percent of net revenues which are sold
through distributors and private board customers.

The security segment has approximately 4,000 customers.  One of the
distributors accounts for approximately 42 percent of the company's sales of
these products.  Loss of this distributor would be significant to the
company.  However, this customer has purchased from the company for many
years and is expected to continue.

The keyboard segment has approximately 720 customers.  Keyboard products are
sold to original equipment manufacturers, to their specifications and to
distributors of off-the-shelf keyboards of proprietary design.

COMPETITION

The company has intense competition in the keyboard and burglar alarm lines.

The burglar alarm segment has five or six major competitors.  The company
competes well based on price, product design, quality, and prompt delivery.

The competitors in the keyboard segment are larger companies with automated
production facilities.  GRI has emphasized small custom order sales that many
of its competitors decline or discourage.

RESEARCH and DEVELOPMENT

The company performs research and development for its customers when needed
and requested.  Costs in connection with such product development have been
borne by the customers.  Costs associated with the development of new
products are expensed as incurred.

EMPLOYEES

GRI has approximately 225 employees.


ITEM 2   PROPERTIES

The manufacturing and office facilities are owned by the company.  The manu-
facturing facilities were expanded by 7,200 square feet five years ago.
Total square footage of the plant in Kimball, Nebraska is approximately
42,500.  Additionally, the company leases 15,000 square feet for $1,535 per
month from Eileen Risk, mother of Ken R. Risk, who is an officer and director
of the company.

As of October 1, 1996, the company also began operating a satellite plant in
Gering, NE.  This expansion was done in coordination with Twin Cities
Development.  The company leases approximately 3,600 square feet and
currently employs 34 employees at the Gering site.


ITEM 3   LEGAL PROCEEDINGS

None.


ITEM 4   SUBMISSION of MATTERS to a VOTE of SECURITY HOLDERS

Not applicable.

<PAGE>

                                  Part II


ITEM 5   MARKET for the REGISTRANT'S COMMON EQUITY and RELATED
         STOCKHOLDERS' MATTER

PRINCIPAL MARKET

The company's Class A Common Stock is currently quoted over the counter in
the NQB "Pink Sheets" by five market makers.

<TABLE>

STOCK PRICES and DIVIDENDS INFORMATION

<CAPTION>

2004 Fiscal Year           High                  Low

<S>                        <C>                   <C>
May 1-July 31              3.45                  2.30
August 1-October 31        4.15                  2.90
November 1-January 31      7.20                  3.80
February 1-April 30        6.25                  5.35


<CAPTION>

2003 Fiscal Year           High                   Low

<S>                        <C>                    <C>
May 1-July 31              2.25                   1.96
August 1-October 31        2.25                   2.05
November 1-January 31      2.72                   2.12
February 1-April 30        2.90                   2.21


</TABLE>

No dividends were paid during fiscal years ending April 30, 2003 and 2004.

The number of holders of record of the company's Class A Common Stock as of
April 30, 2004, was approximately 1,528.

ITEM 6   MANAGEMENT'S DISCUSSION and ANALYSIS of FINANCIAL CONDITION
         and RESULTS of OPERATIONS

GRI completed the fiscal year ending April 30, 2004, with a net profit of
18.9% net of sales.  Net sales were at $12,783,000, down 0.9% over the pre-
vious year.

We expect sales to stay steady and hopefully increase for the fiscal year
ending April 30, 2005.  Any extra growth would be achieved by volume in-
creases with our present customers and with the addition of new customers.
We have an excellent marketing department that is always on the lookout for
new clients.  Also, although our warehouse in England has not performed quite
as well for fiscal year end 2004 as it did in fiscal year end 2003, we have
supplemented the European market by doing more drop shipments directly from
the factory here in the US.  Sales in the European market were down 1.5% for
the fiscal year ending April 30, 2004.  We are planning to put more focus
into the overseas market for fiscal year end 2005.

The material and labor costs stayed very consistent between this year and
last year.  At fiscal year end 2004 the material and labor percentage was at
37.1% of gross sales while the same percentage for fiscal year 2003 was at
38.5%.  We continue to buy smart and we are always looking for quality mat-
erial at the best possible price.  As far as labor goes, we only hire the
number of production workers that is needed to finish products in a timely
matter and we work very hard at keeping overtime expense down. With these
good practices embedded throughout, we expect to continue to achieve a gross
profit margin of 45 to 50 percent for the coming year.

At April 30, 2004, working capital increased by 18.2% in comparison to the
previous fiscal year.  Liquidity has risen this year as the ratio of cash,
securities and accounts receivables to current obligations was 41.029 and
24.106 for the fiscal years ending April 30, 2004 and April 30, 2003, re-
spectively.  Current assets have increased while current liabilities have
decreased.  At April 30, 2004, the only long-term liability that we have on
the books is deferred income tax of $27,000.

New products in Research and Development at this time include the ADA series
of touch sensors, which are the GRI T8800 wall temperature sensor and the
H8800 humidity sensor.  The T8800 is expected to be ready for sale by
August 1, 2004.  The molded box for ADA units is complete with the exception
of a few modifications to the mold.

Other new product developments are 110 and 220 volt versions of our Current
Controller product line, a door strike control, a twelve-key keypad using the
touch sensor technology, and the High Security switch.  Testing continues on
the High Security switch and the Smart Start prototypes.

Our tool and die department's priorities are the new rollerball/dome switch
molds, the 4460 spacer and the smoke box addition to the EZ Duct Raceway.

Both the GB-551 glass break switch and the Fail Safe Water Sensor (GRI pt
#2826FS) have been introduced to the marketplace with good response.

Furthermore, we have begun packaging Magnasphere Corporation products in
cases for their customers.  This is a type of magnetic product recently
introduced to the security market.

Management is always open to the possibility of acquiring a business that
would complement our existing operations.  This would probably not require
any outside financing.  The intent would be to utilize the equipment, mar-
keting techniques and established customers to increase sales and profits.

There are no known seasonal trends with any of GRI's products, since we
mostly sell to distributors and OEM manufacturers.  The products are tied to
the housing industry and will fluctuate with building trends.

<PAGE>



ITEM 7   FINANCIAL STATEMENTS


                        Independent Auditor's Report


Board of Directors
George Risk Industries, Inc.
Kimball, Nebraska


We have audited the accompanying balance sheet of George Risk Industries,
Inc. as of April 30, 2004, and the related statements of income, compre-
hensive income, stockholders' equity, and cash flows for the two years then
ended.  These financial statements are the responsibility of the company's
management.  Our responsibility is to express an opinion on these financial
statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of George Risk Industries, Inc.
as of April 30, 2004, and the results of their operations and their cash
flows for the two years then ended, in conformity with accounting principles
generally accepted in the United States of America.


MASON RUSSELL WEST, LLC

Littleton, Colorado
July 12, 2004

<PAGE>



<TABLE>


                        George Risk Industries, Inc.
                               Balance Sheet
                               April 30, 2004


<CAPTION>

                                   Assets

<S>                                                         <C>
Current Assets:
 Cash and cash equivalents                                 $ 4,280,000
 Marketable securities                                      10,766,000
 Accounts receivable:
  Trade, net of allowance for doubtful
   accounts of $50,000                                       1,735,000
  Income tax overpayment                                       129,000
  Other                                                          5,000
 Inventories                                                 2,379,000
 Prepaid expenses                                               65,000
 Deferred income taxes                                          94,000
                                                           ___________
   Total Current Assets                                     19,453,000
                                                           ___________
Property and Equipment, net, at cost                           835,000
                                                           ___________
Other Assets
 Investment in Land Limited Partnership, at cost               200,000
 Projects in process                                            46,000
                                                           ___________
   Total Other Assets                                          246,000
                                                           ___________

Total Assets                                               $20,534,000
                                                           ___________
                                                           ___________


<FN>
See accompanying notes to financial statements
</TABLE>





<TABLE>
<CAPTION>


                    Liabilities and Stockholders' Equity

<S>                                                         <C>
Current Liabilities:
 Accounts payable-trade                                    $    92,000
 Accrued expenses:
  Payroll and related expenses                                 317,000
                                                           ___________
   Total Current Liabilities                                   409,000
                                                           ___________
Deferred Income Taxes                                           27,000
Commitments and Contingencies                                        -
                                                           ___________
   Total Long-Term Liabilities                                  27,000

                                                           ___________
Stockholders' Equity
 Convertible preferred stock, 1,000,000 shares
  authorized, Series 1-noncumulative, $20
  stated value, 25,000 shares authorized, 5,350
  issued and outstanding                                       107,000
 Common stock, Class A, $.10 par value, 10,000,000
  shares authorized, 8,502,832 shares issued                   850,000
 Additional paid-in capital                                  1,736,000
 Accumulated other comprehensive income                       (911,000)
 Retained earnings                                          20,079,000
 Less cost of treasury stock,
     3,100,304 shares, at cost                              (1,763,000)
                                                           ___________
   Total Stockholders' Equity                               20,098,000

                                                           ___________
Total Liabilities and Stockholders' Equity                 $20,534,000
                                                           ___________
                                                           ___________
</TABLE>



<TABLE>

<CAPTION>


                        George Risk Industries, Inc.
                            Statements of Income
                 For the Years Ended April 30, 2004 and 2003


                                           2004           2003

<S>                                    <C>             <C>
Net Sales                              $12,783,000     $12,895,000
 Less cost of goods sold                 6,190,000       6,327,000

                                       ___________     ___________
Gross Profit                             6,593,000       6,568,000

Operating Expenses:
 Selling and shipping                    2,351,000       2,409,000
 General and administrative                693,000         689,000
 Engineering and research                   71,000          62,000
 Rent expense paid to
    related parties                         49,000          49,000
                                       ___________     ___________
       Total Operating Expenses          3,164,000       3,209,000
                                       ___________     ___________
Income From Operations                   3,429,000       3,359,000

Other Income (Expense):
 Other income                               79,000          11,000
 Dividend and interest income              348,000         302,000
 Gain/(loss) on sale of assets              40,000         (59,000)
                                       ___________     ___________
       Total Other Income                  467,000         254,000

Income Before Provision for Income
Taxes                                    3,896,000       3,613,000

Provision for Income Taxes:
 Current expense                         1,439,000       1,389,000
 Deferred tax (benefit) expense             46,000         (61,000)
                                       ___________     ___________
 Total Income Taxes Expense              1,485,000       1,328,000
                                       ___________     ___________
Net Income                             $ 2,411,000     $ 2,285,000
                                       ___________     ___________
                                       ___________     ___________

Income per Share of Common Stock       $      0.44     $      0.42
                                       ___________     ___________
                                       ___________     ___________
Weighted Average Number of Common
 Shares Outstanding                      5,402,528       5,402,528
                                       ___________     ___________
                                       ___________     ___________
<FN>
See accompanying notes to financial statements
</TABLE>


<TABLE>

<CAPTION>


                        George Risk Industries, Inc.
                     Statements of Comprehensive Income
                               April 30, 2004

                                       For the Years Ended April 30,
                                             2004          2003

<S>                                      <C>             <C>
Net Income                               $2,411,000     $ 2,285,000
                                         __________      __________

Other Comprehensive Income, Net of Tax
 Unrealized loss on securities:
  Unrealized holding gains (losses)
   arising during period                    484,000        (235,000)
   Reclassification adjustment for
   (gains) losses included in net income    (37,000)        185,000
   Income tax related to other
    comprehensive income                   (187,000)         17,000
                                         __________      __________

Other Comprehensive Income (Loss)           260,000         (33,000)
                                         __________      __________

Comprehensive Income (Loss)              $2,671,000      $2,252,000
                                         __________      __________
                                         __________      __________
<FN>
See accompanying notes to financial statements

</TABLE>


<TABLE>

<CAPTION>

                        George Risk Industries, Inc.
                Statement of Changes in Stockholders' Equity
                 For the Years Ended April 30, 2004 and 2003


                                                  Common Stock
                         Preferred Stock            Class A

                         Shares     Amount      Shares      Amount
<S>                    <C>          <C>         <C>          <C>

Balances, April 30,
 2002                     5,350     $107,000    8,502,832    $850,000
                       ________     ________    _________    ________

Unrealized gain (loss)        -            -            -           -

Net Income                    -            -            -           -
                       ________     ________    _________    ________

Balances, April 30,
 2003                     5,350      107,000    8,502,832     850,000


Unrealized gain (loss)        -            -            -           -

Net Income                    -            -            -           -
                       ________     ________    _________    ________

Balances, April 30,
 2004                     5,350     $107,000    8,502,832    $850,000
                       ________     ________    _________    ________
                       ________     ________    _________    ________

<FN>
See accompanying notes to financial statements
</TABLE>


<TABLE>

<CAPTION>
                                  Accumulated
          Treasury Stock            Other
Paid-In  (Common Class A)        Comprehensive  Retained
Capital     Shares      Amount      Income       Earnings     Total
<C>         <C>         <C>          <C>         <C>          <C>



$1,736,000  3,100,304  $(1,763,000) $(1,428,000)  $15,383,000  $14,885,000
__________ _________  ___________  ___________   ___________  ___________

         -          -            -       33,000             -       33,000

         -          -            -            -     2,285,000    2,285,000
__________  _________  ___________  ___________   ___________  ___________


 1,736,000  3,100,304   (1,763,000)  (1,395,000)   17,668,000   17,203,000


         -          -            -      484,000             -      484,000

         -          -            -            -     2,411,000    2,411,000
__________  _________  ___________  ___________   ___________  ___________


$1,736,000  3,100,304  $(1,763,000) $  (911,000)  $20,079,000  $20,098,000
__________  _________  ___________  ___________   ___________  ___________
__________  _________  ___________  ___________   ___________  ___________


</TABLE>

<TABLE>

<CAPTION>
                        George Risk Industries, Inc.
                          Statements of Cash Flows


                                              For the Years
                                              Ended April 30,
                                           2004          2003
                                        ------------------------
<S>                                     <C>           <C>
Cash Flows from Operating Activities:
Net income                              $2,411,000    $2,285,000
Adjustments to reconcile net income
 to net cash provided by
    operating activities:
   Depreciation                            235,000       263,000
   (Gain) loss on sale of investments      (37,000)       58,000
   Economic development debt relieved      (75,000)            -
   Gain on sale of assets                   (3,000)            -
   Changes in assets and liabilities:
    (Increase) decrease in:
     Accounts receivable                  (181,000)      336,000
     Inventories                            50,000        (2,000)
     Prepaid expenses                       75,000       (54,000)
     Other receivables                      (3,000)        2,000
     Income tax overpayment                (59,000)       65,000
     Deferred income taxes                  46,000       (61,000)
    Increase (decrease) in:
     Accounts payable                      (37,000)       25,000
     Accrued expenses                       28,000        43,000
                                        __________    __________
    Net cash provided(used)by
     operating activities                2,450,000     2,960,000
                                        __________    __________

Cash Flows From Investing Activities:
 Proceeds from sale of assets               12,000             -
 Projects in progress                       34,000       (50,000)
 Purchase of property and equipment       (191,000)      (84,000)
 Proceeds from sale of marketable
  securities                             1,003,000     2,027,000
 Purchase of marketable securities      (1,567,000)   (3,044,000)
 Purchase of Land Limited Partnership
  at cost                                        -      (200,000)
                                        __________    __________
    Net cash provided(used) by
     investing activities                 (709,000)   (1,351,000)
                                        __________    __________
Cash Flows From Financing Activities:
 Principal payments on long-term debt     (160,000)       (4,000)
                                        __________    __________
   Net cash provided (used) by
    financing activities                  (160,000)       (4,000)
                                        __________    __________
Net Increase (Decrease) in Cash and
  Cash Equivalents                       1,581,000     1,605,000

Cash and Cash Equivalents, beginning
 of year                                 2,699,000     1,094,000
                                        __________    __________

Cash and Cash Equivalents, end of year  $4,280,000    $2,699,000
                                        __________    __________
                                        __________    __________


Supplemental Disclosure of Cash
      Flow Information:
 Cash payments for:
  Income taxes                          $1,568,000    $1,459,000
                                        __________    __________
                                        __________    __________


<FN>
See accompanying notes to financial statements
</TABLE>



                        George Risk Industries, Inc.
                       Notes to Financial Statements


1.  NATURE  of  BUSINESS and SUMMARY of SIGNIFICANT  ACCOUNTING POLICIES

Nature of Business -- The Company is engaged in the design, manufacture, and
marketing of computer keyboards, push-button switches, security alarm com-
ponents, pool alarms, thermostats, E-Z Duct wire covers and hydro sensors.

At April 30, 1993, the financial statements of the Company, George  Risk
Industries, Inc. (GRI), and its majority-owned subsidiaries, GRI Telemark
Corp. (Telemark), and R&D Labs were consolidated.  Effective April 30, 1993,
the Company acquired the entire minority interest in Telemark by issuing
22,160 shares of its Class A common stock and merged Telemark into GRI.
Telemark continues to operate as a marketing division of GRI.

Cash and Cash Equivalents -- The Company considers all investments purchased
with a maturity of three months or less to be cash equivalents.

Inventories -- Inventories are stated at the lower of cost or market.  Cost
is determined using the average cost-pricing method.  The company uses
standard costs to price its manufactured inventories approximating average
costs.

Property and Equipment -- Property and equipment are recorded at cost.
Depreciation is calculated based on the following estimated useful lives
using the straight-line method:

<TABLE>
<CAPTION>


                                      Useful
        Classification                 Life         Cost
                                     in Years

        <S>                            <C>        <C>
        Dies, jigs, and molds          3-7        $  715,000
        Machinery and equipment        5-10          946,000
        Furniture and fixtures         5-10          129,000
        Leasehold improvements         5-32          171,000
        Buildings                       20           492,000
        Automotive and aircraft        3-5           315,000
        Software                       2-5           123,000
        Land                           N/A            13,000
                                                  __________
        Total                                      2,904,000
        Accumulated depreciation                  (2,069,000)

        Net                                       $  835,000
                                                  __________
                                                  __________
</TABLE>


Depreciation expense of $234,000 and $263,000 were charged to operations for
the years ended April 30, 2004 and 2003, respectively.

Maintenance and repairs are charged to expense as incurred, and expenditures
for major improvements are capitalized.  When assets are retired or otherwise
disposed of, the property accounts are relieved of costs and accumulated de-
preciation and any resulting gain or loss is credited or charged to oper-
ations.

Advertising -- Advertising costs are expensed as incurred and included in
selling expenses.  Advertising expense amounted to $378,000 and $411,000 for
the years ended April 30, 2004 and 2003.

Income Taxes -- The Company has adopted the provisions of the SFAS  No. 109,
"Accounting for Income Taxes."  SFAS No. 109 requires use of the liability
method, whereby current and deferred tax assets and liabilities are deter-
mined based on tax rates and laws enacted as of the balance sheet date.  De-
ferred tax expense represents the change in the deferred tax asset/liability
balances.

The flow-through method of accounting for tax credits has been adopted by the
company.  Such credits are reflected as a reduction of the provision for
income taxes in the year in which they become available.

Net Income Per Common Share -- Net income per common share is based on the
weighted average number of common shares outstanding during each fiscal year.
Shares issuable upon the conversion of preferred stock are excluded from the
calculations since their effect is insignificant.

Accounting Estimates -- The preparation of these financial statements re-
quires the use of estimates and assumptions including the carrying value of
assets.  The estimates and assumptions result in approximate rather than
exact amounts.

Revenue Recognition -- Revenue is recognized when risks and benefits in
ownership are transferred, which normally occurs at the time of shipment of
products.

Comprehensive Income --  In the first quarter of fiscal 1999, the Company
adopted Statement of Financial Accounting Standards (SFAS) No. 130,
"Reporting Comprehensive Income".  SFAS 130 requires disclosure of total
non-stockholder changes in equity in interim periods and additional dis-
closures of the components of non-stockholder changes in equity on an annual
basis.  Total non-stockholder changes in equity includes all changes in
equity during a period except those resulting from fiscal investments by and
distributions to stockholders.


2.  INVENTORIES

<TABLE>
<CAPTION>

   Inventories at April 30, 2004, consisted of the following:
    <S>                                         <C>

    Raw materials                               $1,693,000
    Work in process                                360,000
    Finished goods                                 396,000
                                                __________
                                                 2,449,000
                                                __________

    Less allowance for obsolete inventory          (70,000)
                                                __________
    Totals                                      $2,379,000
                                                __________
                                                __________
</TABLE>



3.  MARKETABLE SECURITIES

The company's marketable debt and equity securities and government and muni-
cipal bonds are stated at fair market value, are recorded at average cost,
and are classified as available-for-sale securities.  The cost of marketable
securities sold is determined on the average cost method with realized  gains
or losses being reflected in the statement of operations and any unrealized
gains and losses being reported as a separate component of stockholders'
equity until realized.  Dividend and interest income are accrued as earned.

Marketable securities and unrealized gains and losses consist of the follow-
ing as of April 30, 2004:

<TABLE>

    <S>                                         <C>
    Cost basis                                  $11,677,000
    Market value                                 10,766,000
                                                ___________
    Net unrealized gains (losses)               $  (911,000)
                                                ___________
                                                ___________

    Gross unrealized gain                       $    46,000
                                                ___________
                                                ___________

    Gross unrealized loss                       $  (957,000)
                                                ___________
                                                ___________
</TABLE>

Additionally, in accordance with SFAS 115, if the company determines that a
marketable security has an other than temporary decline in fari value,
generally defined as when the cost basis exceeds the fair value for approx-
imately one year.  When this happens the company will decrease the cost of
the marketable security to the new fair value and recognize the loss as real.
The company periodically evaluates the investments to determine if impariment
changes are required.

4.  NOTES PAYABLE

There are no notes payable at April 30, 2004.


5.  STOCKHOLDERS' EQUITY

Preferred Stock -- Each share of the Series #1 preferred stock is convertible
at the option of the holder into five shares of Class A common stock and is
also redeemable at the option of the board of directors at $20 per share.
The holders of the convertible preferred stock shall be entitled to a
dividend at a rate up to $1 per share annually, payable quarterly as declared
by the board of directors.  No dividends were declared or paid during the two
years ended April 30, 2004.

During the year ended April 30, 2000, the Company purchased and retired 7,500
preferred shares for $167,000.

Convertible preferred stock without par value may be issued from time to time
as determined by the board of directors.  Shares of different series shall be
of equal rank but may vary as to terms and conditions.

Class A Common Stock -- The holders of the Class A common stock shall be
entitled to receive dividends as declared by the board of directors.  No
dividends may be paid on the Class A common stock until the holders of the
Series #1 preferred stock have been paid a dividend for the four prior
quarters and provision has been made for the full dividend in the current
fiscal year.

In April 2001, the Company received 190,000 shares of GRI common stock that
had been held by a bank as collateral for a loan that had been paid several
years prior.  The loan was made by GRI/FKI Trust (Trust) and the shares were
owned by the Trust.  In April 2002, the Trust and the Company agreed that the
Company would pay a total of $160,000 in six month installments of $40,000 on
June 1 and December 1 in 2002 and 2003.  At April 30, 2004, the liability was
paid.

Stock  Transfer  Agent -- The Company does not have an independent stock
transfer agent.  All stock records are maintained by the company.


6.  EARNINGS PER SHARE

Basic and diluted earnings per share, assuming convertible preferred stock
was converted for each period presented are:

<TABLE>

<CAPTION>

                                      April 30, 2004
                           ___________________________________
                             Income       Shares     Per-Share
                           (Numerator) (Denominator)   Amount
 
                      <c>          <C>           <c>


   Net Income              $2,411,000
                           __________
                           __________

   Basic EPS               $2,411,000    5,402,528     $.446
   Effect of dilutive
    Convertible Preferred
     Stock                          -       26,750      .002
                           __________    _________     _____
     Diluted EPS           $2,411,000    5,429,278     $.444
                           __________    _________     _____
                           __________    _________     _____


</TABLE>

<TABLE>

<CAPTION>
                                      April 30, 2003
                           ___________________________________
                             Income       Shares     Per-Share
                           (Numerator) (Denominator)   Amount
 
                      <c>          <C>           <c>


   Net Income              $2,285,000
                           __________
                           __________

   Basic EPS               $2,285,000    5,402,528     $.423
   Effect of dilutive
    Convertible Preferred
     Stock                          -       26,750     (.002)
                           __________    _________     _____
     Diluted EPS           $2,285,000    5,429,278     $.421
                           __________    _________     _____
                           __________    _________     _____


</TABLE>



7.  COMMITMENTS, CONTINGENCIES, and RELATED PARTY TRANSACTIONS

Leases -- The Company leases facilities from certain officers/directors/
stockholders of the Company.  One lease requires an annual payment of $3,400
due each July 1, while the other leases are on a month-to-month basis re-
quiring payments of $1,535 and $300.

Total lease expense under these arrangements for the fiscal years ended April
30, 2004 and 2003, was $25,000 for each year.

The Company leases an airplane from an officer/director/stockholder of the
company on a month-to-month basis requiring payments of $2,250.  Airplane
lease expenses charged to operations for the fiscal years ended April 30,
2004 and 2003, were $27,000 for each year.  During the year ended April 30,
2000, the Company paid $210,000 and the officer contributed the airplane in
trade for another airplane.  The Company and the officer jointly own the
newly purchased airplane and will continue the lease on the officer's owner-
ship of the plane.

8.  INCOME TAXES

Reconciliation of income before income taxes with Federal and State taxable
income:

<TABLE>
<CAPTION>
                                              2004
                                    Federal           State
                                 ____________      ____________

 <S>                               <C>               <C>
 Income before taxes               $3,896,000        $3,896,000
 State income tax deduction          (268,000)         (268,000)
 Capital loss carryforward applied    (37,000)          (37,000)
 Nontaxable income                    (78,000)          (78,000)
 Nondeductible expenses
  and timing differences              (69,000)          (69,000)
                                   __________        __________

    Taxable income                 $3,444,000        $3,444,000
                                   __________        __________
                                   __________        __________

    Income tax - net of credits    $1,171,000        $  268,000
                                   __________        __________
                                   __________        __________

    Tax rate to taxable income           34.0%             7.8%
                                  ___________       ___________
                                  ___________       ___________


</TABLE>

<TABLE>
<CAPTION>


                                              2003

                                    Federal           State
                                 ____________      ____________

 <S>                               <C>               <C>
 Income before taxes               $3,613,000        $3,613,000
 State income tax deduction          (258,000)         (258,000)
 Capital loss carryforward             58,000            58,000
 Nontaxable income                    (79,000)          (79,000)
 Nondeductible expenses
  and timing differences              (12,000)          (12,000)
                                   __________        __________

    Taxable income                 $3,322,000        $3,322,000
                                   __________        __________
                                   __________        __________

    Income tax - net of credits    $1,131,000        $1,131,000
                                   __________        __________
                                   __________        __________

    Tax rate to taxable income           34.0%              7.8%
                                  ___________       ___________
                                  ___________       ___________

</TABLE>





<TABLE>
<CAPTION>

Deferred tax asset (liability) consist of the following components at
April 30, 2004 and 2003:

                                       2004          2003
                                     _________     ________

  <S>                                <C>            <C>
  Deferred tax current assets:
   Accrued expenses and allowances
     Capital Loss carry forward      $ 94,000       $113,000
     Deferred tax liability:
      Timing differences              (27,000)             -
                                     ________       ________
     Net deferred tax asset
              (liability)            $ 67,000       $113,000
                                     ________       ________
                                     ________       ________
</TABLE>


9.  BUSINESS SEGMENTS
<TABLE>
<CAPTION>

The following is financial information relating to industry segments:

                                                 April 30,
                                            2004            2003

    <S>                                 <C>              <C>
    Net revenue:
     Pool alarm products                $ 1,132,000      $ 1,095,000
     Keyboard and other products            616,000        1,054,000
     Security alarm products             11,035,000       10,746,000
                                        ___________      ___________

    Total net revenue                   $12,783,000      $12,895,000
                                        ___________      ___________
                                        ___________      ___________

    Income from operations:
     Pool alarm products                $   304,000      $   282,000
     Keyboard and other products            165,000          272,000
     Security alarm products              2,960,000        2,805,000
                                        ___________       __________
    Total income from operations        $ 3,429,000      $ 3,359,000
                                        ___________      ___________
                                        ___________      ___________

    Identifiable assets:
     Pool alarm products                $   275,000      $   233,000
     Keyboard and other products            285,000          271,000
     Security alarm products              4,025,000        3,975,000
     Corporate general                   15,949,000       13,377,000
                                        ___________      ___________

    Total assets                        $20,534,000      $17,856,000
                                        ___________      ___________
                                        ___________      ___________
    Depreciation and
      amortization:
     Pool alarm products                $     6,000      $     3,000
     Keyboard and other products              4,000            8,000
     Security alarm products                143,000          158,000
     Corporate general                       81,000           94,000
                                        ___________      ___________

    Total depreciation and
      amortization                      $   234,000      $   263,000
                                        ___________      ___________
                                        ___________      ___________


    Capital expenditures:
     Pool alarm products                $     1,000      $    30,000
     Keyboard and other products                  -            5,000
     Security alarm and other products      123,000           45,000
     Corporate general                       58,000            5,000
                                        ____________     ___________
      Total capital expenditures        $   182,000     $     85,000
                                        ____________     ___________
                                        ____________     ___________


</TABLE>



10. CONCENTRATIONS of CREDIT RISK ARISING from CASH DEPOSITS in EXCESS of
    INSURED LIMITS

The company maintains its cash balance in a financial institution in Kimball,
Nebraska.  The balance is insured by the Federal Deposit Insurance Corpora-
tion up to $100,000.  At April 30, 2004, the company's uninsured cash balance
totaled $2,359,000.

The company has sales to a group of security alarm distributors representing
42% of total sales for the year ended April 30, 2004 and 26% of accounts
receivable at April 30, 2004.

<PAGE>


ITEM 8   DISAGREEMENTS on ACCOUNTING and FINANCIAL DISCLOSURES

There were no disagreements with accountants on accounting and financial
disclosure.

ITEM 8A   CONTROLS and PROCEDURES

     (a) Information required by Item 307

Our Chief Executive Officer and our Chief Financial Officer, after evaluating
the effectiveness of the Company's "disclosure controls and procedures" (as
defined in the Securities Exchange Act of 1934 (Exchange Act) Rules 13a-15(e)
or 15d-15(e)) as of the end of the period covered by this annual report, have
concluded that our disclosure controls and procedures are effective based on
their evaluation of these controls and procedures required by paragraph (b)
of Exchange Act Rules 13a-15 or 15d-15.

     (b)  Information required by Item 308

This disclosure is not yet required.

<PAGE>


                                  Part III


ITEM 9   DIRECTORS and EXECUTIVE OFFICERS of the REGISTRANT

(a) Identification of Directors and Executive Officers

All of the executive officers of the corporation serve at the pleasure of the
board of directors and do not have fixed terms.

The following information as of April 30, 2004, is furnished with respect to
each director and executive officer:

<TABLE>
<CAPTION>

                                                              Director or
Name               Principal Occupation or Employment   Age   Officer Since
____               __________________________________   ___   _____________
<S>                <C>                                  <C>   <C>
Ken R. Risk        Chairman of the Board and President  56    1976

Eileen M. Risk     Secretary/Treasurer                  86    1976

Mary Ann Brothers  Executive Vice President             64    1984

Stephanie Risk     Chief Financial Officer/Controller   32    1999

Jerry Andersen     Director, retired                    73    1978

Michael J. Nelson  Chairman, FirsTier Banks             63    1992

</TABLE>


(b) Business Experience of Directors and Executive Officers

Ken R. Risk and Eileen M. Risk, executive officers listed above, have served
in various executive capacities with the company over the past fourteen years.

Ken R. Risk, chairman of the board, president and director, worked with the
company after he returned from naval service for several years.  He left GRI
in 1977 to start his own company, Platte Valley Sales, in Hastings, Nebraska.
He returned to the company to assume the position of president and CEO in
late 1989 after the death of his father, George Risk.  He moved to Kimball,
Nebraska in 1997.

Mary Ann Brothers was controller of the company for five years and also
served as executive vice president and general manager prior to becoming
president of GRI Telemark Corporation.  She became executive vice president
when Telemark was merged with GRI in 1993.

Jerry Andersen, director, worked in the banking industry from 1967 until his
retirement in August 2000.

Michael J. Nelson, director, has worked in the banking business since 1963
and was the president of the First State Bank in Kimball, Nebraska until 2001.
He is currently chairman of the FirsTier Banks in Kimball, Nebraska.

Stephanie Risk, chief financial officer and controller, has nine years'
experience in the accounting field.  Stephanie also worked for the family
business (Platte Valley Sales) during and after college as a staff account-
ant.  In 1997, she pursued her career with an accounting manager position at
Kershner's Auto Korner.  She joined the accounting staff at GRI in 1999 and
then was promoted to CFO upon retirement of the prior CFO.

(c) Identification of Certain Significant Employees

Ken R. Risk, Mary Ann Brothers and Stephanie Risk are officers and employees
of the company. (See Item 9 [b].)

(d) Involvement in Certain Legal Proceedings

None.


ITEM 10   EXECUTIVE COMPENSATION

The following table sets forth certain information regarding the compensation
paid or accrued by the company to or for the account of the chief executive
officer and each of the four other most highly compensated executive officers
of the company for services rendered in all capacities during each of the
company's fiscal years ended April 30, 2002, 2003, and 2004:

<TABLE>

                                Annual Compensation
<CAPTION>

    (a)              (b)        (c)       (d)          (e)
                                                    Other Annual
Position             Year      Salary    Bonuses    Compensation

<S>                  <C>       <C>         <C>        <C>
Ken R. Risk          2004      183,000     -          -
Chief Executive      2003      180,000     -          -
Officer              2002      181,000     -          -

Mary Ann Brothers    2004      120,000      -         -
Executive Vice       2003      120,000      -         -
President            2002      119,000      -         10,000 stock shares

Donna Debowey        2004       14,000      -         -
Senior Vice          2003       37,000      -         -
President            2002       36,000      -         -

David Luppen         2004       51,000      -         -
Director of          2003       50,000      -         -
Engineering          2002       43,000      -         -

Dan Douglas          2004       46,000      -         -
Vice President of    2003       45,000      -         -
Materials            2002       44,000      -         -

Stephanie Risk       2004       36,000      -         -
Chief Financial      2003       35,000      -         -
Officer              2002       33,000      -         -

</TABLE>


<TABLE>
<CAPTION>

                             Long-Term Compensation

    (a)       (b)        (f)         (g)          (h)          (i)
                      Restricted   Options       LTIP          All
Position     Year       Stock       /SARS       Payouts       Other
                        Awards

<S>          <C>         <C>         <C>          <C>          <C>
Ken R. Risk  2004         -           -            -            -
             2003         -           -            -            -
             2002         -           -            -            -


Mary Ann     2004         -           -            -            -
Brothers     2003         -           -            -            -
             2002         -           -            -            -


Donna        2004         -           -            -            -
Debowey      2003         -           -            -            -
             2002         -           -            -            -


David Luppen 2004         -           -            -            -
             2003         -           -            -            -
             2002         -           -            -            -


Dan Douglas  2004         -           -            -            -
             2003         -           -            -            -
             2002         -           -            -            -


Stephanie    2004         -           -            -            -
Risk         2003         -           -            -            -
             2002         -           -            -            -


</TABLE>

Members of the board of directors were each compensated $150 for their ser-
vices during the fiscal year.

Ken R. Risk and Mary Ann Brothers do not have employment contracts with the
company.  Both officers have a base salary and also receive compensation
based on a percentage of net sales for the year.


ITEM 11  SECURITY OWNERSHIP of CERTAIN BENEFICIAL OWNERS and MANAGEMENT

Below is certain information concerning persons who are known by the company
to own beneficially more than 5 percent of any class of the company's voting
shares outstanding on April 30, 2004.

<TABLE>
<CAPTION>
Title     Name and Address        Amount of        Percent
  of        of Beneficial        Beneficial          of
Class         Ownership           Ownership         Class

<S>       <C>                      <C>             <C>
Class     Ken R. Risk              2,952,905       55%
A         Kimball, NE
          69145

</TABLE>

None of the directors or officers has the right to acquire any additional
shares either directly or indirectly through any contracts or arrangements
with other shareholders.


ITEM 12   CERTAIN RELATIONSHIPS and RELATED PARTY TRANSACTIONS

During each of the three years ended April 30, 2004, 2003, and 2002, the
company executed transactions with related entities and individuals.  Each of
the transactions was in terms at least as favorable as could be obtained
from unrelated third parties.

<TABLE>
<CAPTION>
Related Party                    2004         2003         2002

<S>                            <C>           <C>          <C>
Airplane Lease
  Ken R. Risk                  $27,000       $27,000      $27,000
  President

Building and Warehouse
Leases/Rentals
  Eileen M. Risk               $ 3,400       $ 3,400      $ 3,400
  Secretary/Treasurer

  Eileen M. Risk               $ 3,600       $ 3,600      $ 3,600
  Secretary/Treasurer

  Eileen M. Risk               $18,420       $18,420      $18,420
  Secretary/Treasurer

Stock Transfer Agent
  Eileen M. Risk               $20,000       $20,000      $20,000
  Secretary/Treasurer

</TABLE>


ITEM 13   EXHIBITS and REPORTS on FORM 8-K


3.(1).a   Articles of Incorporation - Filed as Exhibit 5 to the Registrant's
          Form 10-K for the fiscal year ended April 10, 1970, and incorpor-
          ated by reference herein

3.(i).b   Certificate of Amendment to the Articles of Incorporation of the
          Registrant - Filed as Exhibit 1.2 to the Registrant's Form 10-K for
          the fiscal year ended April 30, 1971, and incorporated by reference
          herein

3.(ii).c  By-laws - Filed as Exhibit 1.3 to the Registrant's Form 10-K for
          the fiscal year ended April 10, 1971, and incorporated by reference
          herein

31.1      Certification pursuant to Rule 13a-14(a) of the Chief Executive
          Officer

31.2      Certification pursuant to Rule 13a-14(a) of the Chief Financial
          Officer

32.1      Certification pursuant to 18 U.S.C. 1350 of the Chief Executive
          Officer

32.2      Certification pursuant to 18 U.S.C. 1350 of the Chief Financial
          Officer

<PAGE>


                                 SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Ex-
change Act of 1934, as amended, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto  duly  authorized.

                              George Risk Industries, Inc.

                              By:  /s/  Ken R. Risk
                              Ken R. Risk, President and
                              Chairman of the Board

                              July 29, 2004


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/ Ken R. Risk          President and              July 29, 2004
Ken R. Risk              Chairman of the Board


/s/ Stephanie Risk       Chief Financial Officer    July 29, 2004
Stephanie Risk           and Controller


/s/ Jerry Andersen       Director                   July 29, 2004
Jerry Andersen


/s/ Michael J. Nelson    Director                   July 29, 2004
Michael J. Nelson