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

                                  FORM 10-K/A-1

(Mark One)

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

For the fiscal year ended September 30, 2000

                                       OR

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

For the transition period from ---- to ----

                         Commission File Number: 0-27552

                                  REALCO, INC.
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             (Exact name of registrant as specified in its charter)

                 New Mexico                         85-0316176
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       State or other jurisdiction of            (I.R.S. Employer
    incorporation or other organization         Identification No.)

     1650 University Boulevard, NE, Suite 5-100
                Albuquerque, New Mexico                      87102
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       (Address of principal executive offices)            (Zip Code)


Registrant's telephone number, including area code: (505)242-4561

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

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

                            No Par Value Common Stock
                            -------------------------
                                (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes _X_ No __.

<PAGE>


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

The number of shares of the Registrant's common stock outstanding as of December
10, 2000 was approximately 2,959,000. The aggregate market value of the
Registrant's common stock held by non-affiliates as of December 11, 2000 was
approximately $6,773,000.


                       DOCUMENTS INCORPORATED BY REFERENCE

None.


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<PAGE>


                                     PART IV

ITEM 14: EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

This amendment number 1 to the Registrant's Form 10-K for fiscal year ended
September 30, 2000 is being filed to include the unaudited financial statements
of PHS Mortgage Company, an equity method investee of the Registrant.

(a)  Documents filed as amendment number 1 to this report:


     (3) The following exhibits are filed as part of this amendment number 1 to
this report:

         EXHIBIT
         NUMBER                    DESCRIPTION OF EXHIBIT
         -------   ------------------------------------------------------------

         99.1      Unaudited Financial Statements of PHS Mortgage Company
                   (filed herewith).



SIGNATURES:

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this amendment number 1 to this
report to be signed on its behalf by the undersigned, thereunto duly authorized.

                                    REALCO, INC.

     Date: October 22, 2001         By: /s/ JAMES A. ARIAS
                                        ------------------------------------
                                        James A. Arias, President,
                                          Chief Executive Officer, and
                                          Chairman of the Board of Directors


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