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

                           Form 10-KSB


[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
         For the fiscal year ended  April 30, 2003
                                    ______________

[ ] 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
   incorporation or organization)               No.)

         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 or any  amendment  to this Form 10-KSB. [X]

  State issuer's  revenues  for  the  most recent fiscal year. $12,895,000.
                                                                __________

  The  aggregate  market  value of  the  voting stock held by non-affiliates
of the Registrant as of July 28, 2003 was approximately $7,261,000 based upon
the  last  reported  sale,  which occurred on July 28, 2003. 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 28, 2003 was 5,402,528.


                   DOCUMENTS INCORPORATED BY REFERENCE
  None.

Transitional Small Business Disclosure Format (Check one)
  Yes X;  No ___



                             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  components and
systems, pool alarms, 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  92 percent  of net  revenues and are sold
through distributors  and private board customers.

The security segment has approximately 1,600 customers. One of the
distributors  accounts   for   approximately  43  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 400 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 240 employees.


ITEM 2 PROPERTIES

The  manufacturing  and office facilities are owned by the company.
The  manufacturing  facilities were  expanded by 7,200 square feet
three 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 36 employees
at the Gering site.


ITEM 3 LEGAL PROCEEDINGS

None.


ITEM 4 SUBMISSION of MATTERS to a VOTE of SECURITY HOLDERS

Not applicable.

                             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>

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


<CAPTION>

2002 Fiscal Year           High                   Low

<S>                        <C>                    <C>
May 1-July 31              2.60                   2.00
August 1-October 31        2.32                   1.56
November 1-January 31      2.44                   1.90
February 1-April 30        2.27                   2.12




</TABLE>

No dividends  were paid  during  fiscal  years  ending  April 30,
2002 and 2003.

The  number of holders of record of the company's Class A  Common
Stock as of April 30, 2003, was approximately 1,567.

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

GRI  completed the fiscal year ending April 30, 2003, with a  net
profit of 17.7 % net of sales.  Net sales were at $ 12,895,000,
up 0.5 % over the previous  year.

The  company expects sales to  grow for  the fiscal year  ending
April 30, 2004.  The extra  growth should be achieved  by volume
increases with  present  customers and sales to added customers.
Also, the  warehouse in England is  doing better than  expected,
and the company has an increased sales in the European market.


The material and  labor  costs stayed very consistent between this
year and last year.  At fiscal  year end  2003 the  material  and
labor percentage  was  at  38.5% of  gross sales  while the same
percentage for fiscal year 2002 was at 39.8%. The company continues
to buy smart and is always looking for  quality materials at the
best possible price.  As  far  as  labor goes, the  company  hires
the number of production workers that is needed to finish products
and  also  works very hard to keep  overtime  expense  down.  With
these good practices embedded throughout, the  company is expected
to continue to  achieve a  gross profit margin of 45 to 50 percent
for the coming year.

At April 30, 2003, working capital decreased by 13.4% in comparison
to the previous fiscal year. Liquidity has dropped slightly this
year as the ratio of cash, securities and  accounts  receivables to
current obligations was 24.106 and 26.958 for the fiscal years ending
April 30, 2003, and  April 30, 2002, respectively. Both current
assets and current liabilities have increased, but the current assets
have increased at an accelerated rate. The biggest increase in current
assets is cash and cash equivalents, which is greater by 246.7%.
Cash per share at April 30, 2003 was  at $2.29, while it was  $1.75
at April 30, 2002.  Equity per  share for the same dates  was $3.18
and $2.66, respectively.

Research and development has released the new, larger van switch,
GRI #4482A. This heavy duty contact is to be used on latch type
overhead doors and joins the smaller #4110A, which has been on the
market for approximately one year. The company hopes to attract
business from the mini storage industry with these products.

Sales of GRI's resistor pack on E.O.L. resistors built into GRI
contacts continue to increase. The company is also experiencing a
noticeable increase of requests for private labeled switches and
non-standard products due to the policy changes instituted by one
of its major competitors.

A new product that is gathering interest is GRI's "armored disconnect
cables". Applications are requirements of longer cable runs, such as
protecting bicycles, golf carts, tires, etc. The GRI #8230-25 allows
the user to disconnect the armored cable close to the unit that needs
to be removed, remove the article, and reconnect the cable ends,
rather than having to pull cable through every item and then restring
them all again.

GRI recently introduced a double gang box for multimedia faceplates.
The GRI #E-Z 75 DG is for use with the 5/8" by 1 1/4" raceway, which
is GRI #E-Z 75. GRI now offers two different sizes of raceway, the
first being the GRI #E-Z 58, which is 5/8" x 1/2". Both models have a
full compliment of connectors and boxes for the installer.

Due to customer requests, GRI has redesigned its window barrier bar,
making it easier to install. The new design will fit windows from 26"
to 46" wide and up to 14" high with no cutting required.

New research and  development projects in process include a smoke
alarm box for the E-Z Duct line, temperature sensors, a current
controller for high voltage, a wireless module for pool alarms, and
a glass break sensor.

The  Company  is  continuing to  search  for  a  business that would
complement the existing operations. The plan is to find  a  business
that would require no outside financing. The intent is to utilize the
equipment, marketing techniques and established customers to increase
sales and profits.

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


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, 2003, and the  related statements
of  income,  comprehensive income, stockholders' equity,  and cash
flows for the two years then ended. These financial statements are
the responsibility  of the  company's  management.  Our  responsi-
bility  is  to  express  an opinion on these  financial statements
based on our audit.

We conducted  our  audit in  accordance  with  auditing  standards
generally accepted in the United States of America. 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, 2003,  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 3, 2003



<TABLE>


                 George Risk Industries, Inc.
                        Balance Sheet
                        April 30, 2003


<CAPTION>

                            Assets

<S>                                                   <C>
Current Assets:
 Cash and cash equivalents                           $ 2,699,000
 Marketable securities                                 9,681,000
 Accounts receivable:
  Trade, net of allowance for doubtful
   accounts of $50,000                                 1,553,000
  Income tax overpayment                                  70,000
  Other                                                    3,000
 Inventories                                           2,430,000
 Prepaid expenses                                        140,000
 Deferred income taxes                                   113,000
                                                     ___________
   Total Current Assets                               16,689,000
                                                     ___________
Property and Equipment, net, at cost                     887,000
                                                     ___________
Other Assets
 Investment in Land Limited Partnership, at cost         200,000
 Projects in process                                      80,000
                                                     ___________
   Total Other Assets                                    280,000
                                                     ___________



Total Assets                                         $17,856,000
                                                     ___________
                                                     ___________


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





<TABLE>
<CAPTION>











             Liabilities and Stockholders' Equity

<S>                                                   <C>
Current Liabilities:
 Accounts payable-trade                               $   129,000
 Accrued expenses:
  Payroll and related expenses                            289,000
  Property taxes                                                -
  State Income Taxes payable                                    -
 Notes payable-current portion                            160,000
                                                      ___________
   Total Current Liabilities                              578,000
                                                      ___________
Deferred Income Taxes                                           -
Long-term debt                                             75,000
Commitments and Contingencies                                   -
                                                      ___________
   Total Long-Term Liabilities                             75,000

                                                      ___________
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                (1,395,000)
 Retained earnings                                     17,668,000
 Less cost of treasury stock,
     3,100,304 shares, at cost                         (1,763,000)
                                                      ___________
   Total Stockholders' Equity                          17,203,000
                                                      ___________
Total Liabilities and Stockholders' Equity            $17,856,000
                                                      ___________
                                                      ___________
</TABLE>















<TABLE>

<CAPTION>


                 George Risk Industries, Inc.
                     Statements of Income
       For the Years Ended April 30, 2003 and 2002


                                           2003           2002

<S>                                    <C>             <C>
Net Sales                              $12,895,000     $12,831,000
 Less cost of goods sold                 6,327,000       6,626,000

                                       ___________     ___________
Gross Profit                             6,568,000       6,205,000

Operating Expenses:
 Selling and shipping                    2,409,000       2,556,000
 General and administrative                689,000         749,000
 Engineering and research                   62,000          73,000
 Rent expense paid to
    related parties                         49,000          58,000
                                       ___________     ___________
       Total Operating Expenses          3,209,000       3,436,000
                                       ___________     ___________
Income From Operations                   3,359,000       2,769,000

Other Income (Expense):
 Other income                               11,000          37,000
 Dividend and interest income              302,000         392,000
 Interest expense                                -          (1,000)
 Gain/(loss) on sale of assets             (59,000)       (209,000)
                                       ___________     ___________
       Total Other Income                  254,000         219,000

Income  Before  Provision  for  Income
Taxes                                    3,613,000       2,988,000

Provision for Income Taxes:
 Current expense                         1,389,000       1,132,000
 Deferred tax (benefit) expense            (61,000)              -
                                       ___________     ___________
 Total Income Taxes Expense              1,328,000       1,132,000
                                       ___________     ___________
Net Income                             $ 2,285,000     $ 1,856,000
                                       ___________     ___________
                                       ___________     ___________

Income per Share of Common Stock       $      0.42     $      0.33
                                       ___________     ___________
                                       ___________     ___________
Weighted Average Number of Common
 Shares Outstanding                      5,402,528       5,588,686
                                       ___________     ___________
                                       ___________     ___________
<FN>
See accompanying notes to financial statements
</TABLE>








<TABLE>

<CAPTION>


                         George Risk Industries, Inc.
                      Statements of Comprehensive Income
                               April 30, 2003

                                       For the Years Ended April 30,
                                             2003          2002

<S>                                      <C>             <C>
Net Income                               $2,285,000     $,1,856,000
                                         __________      __________

Other Comprehensive Income, Net of Tax
 Unrealized loss on securities:
  Unrealized holding gains (losses)
   arising during period                   (166,000)       (725,000)
   Reclassification adjustment for
   gains (losses) included in net income    199,000         147,000
                                         __________      __________

Other Comprehensive Income (Loss)            33,000        (578,000)
                                         __________      __________

Comprehensive Income                     $2,318,000      $1,278,000
                                         __________      __________
                                         __________      __________
<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, 2003 and 2002


                                                  Common Stock
                         Preferred Stock            Class A

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

Balances, April 30,
 2001                     5,350     $107,000    8,502,832    $850,000

10/10/01 shares to
 Mary Ann Brothers
  in lieu of cash at
   2.14 X 10,000              -            -            -           -

12/31/01 Purchase
 321,000 shares from
  Chelverton for
  $560,000                    -            -            -           -

1/28/02 canceled
 Telemark offering
  Shares                      -            -            -           -

4/15/02 purchase
 1,000 shares - Kaup          -            -            -           -

4/30/02 agreement to
 pay FKI employees
  for 190,000 shares
   received 4/17/01           -            -            -           -

Unrealized gain (loss)        -            -            -           -

Net income                    -            -            -           -
                       ________     ________     ________    ________
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
                       ________     ________    _________    ________
                       ________     ________    _________    ________

<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>



$1,718,000  2,788,304  $(1,045,000)   $(850,000)  $13,527,000  $14,307,000




    18,000    (10,000)       4,000            -             -       22,000




         -    321,000     (560,000)           -             -     (560,000)



         -      2,875            -            -             -            -


         -      1,000       (2,000)           -             -       (2,000)




         -          -     (160,000)           -             -     (160,000)

         -          -            -     (578,000)            -     (578,000)

         -          -            -            -     1,856,000    1,856,000
__________  _________  ___________  ___________   ___________  ___________

 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
__________  _________  ___________  ___________   ___________  ___________
__________  _________  ___________  ___________   ___________  ___________


</TABLE>








<TABLE>

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


                                              For the Years
                                              Ended April 30,
                                           2003          2002
<S>                                     <C>           <C>
Cash Flows from Operating Activities:
Net income                              $2,285,000    $1,856,000
Adjustments to reconcile net income
 to net cash provided by
    operating activities:
   Depreciation                            263,000       261,000
   Change in unrealized gains
          on investments                    33,000      (578,000)
   Net book value of assets retired              -         1,000
   Changes in assets and liabilities:
    (Increase) decrease in:
     Marketable securities                (992,000)   (2,472,000)
     Accounts receivable                   336,000       177,000
     Inventories                            (2,000       331,000
     Prepaid expenses                      (54,000)      (33,000)
     Other receivables                       2,000         4,000
     Income tax overpayment                 65,000      (139,000)
     Deferred income taxes                 (61,000)            -
    Increase (decrease) in:
     Accounts payable                       25,000       (77,000)
     Accrued expenses                       43,000       (12,000)
                                        __________    __________
    Net cash provided(used)by
     operating activities                1,943,000      (681,000)
                                        __________    __________

Cash Flows From Investing Activities:
 Collection of officer receivable                -         5,000
 Projects in progress                      (50,000)        5,000
 Purchase of property and equipment        (84,000)     (184,000)
 Purchases of treasury stock                     -      (700,000)
 Purchase of Land Limited Partnership
  at cost                                 (200,000)            -
                                        __________    __________
    Net cash provided(used) by
     investing activities                 (334,000)     (874,000)
                                        __________    __________
Cash Flows From Financing Activities:
 Increase in long-term debt                      -       160,000
 Principal payments on long-term debt       (4,000)      (13,000)
                                        __________    __________
   Net cash provided (used) by
    financing activities                    (4,000)      147,000
                                        __________    __________
Net Increase (Decrease) in Cash and
  Cash Equivalents                       1,605,000    (1,408,000)

Cash and Cash Equivalents, beginning
 of year                                 1,094,000     2,502,000
                                        __________    __________

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






Supplemental Disclosure of Cash
      Flow Information:
 Cash payments for:
  Income taxes                          $1,459,000    $1,313,000
                                        __________    __________
                                        __________    __________

  Interest paid                         $        -    $    1,000
                                        __________    __________
                                        __________    __________
Supplemental disclosure of noncash
  investing and financing
 activities-issuance of treasury stock
  in lieu of compensation               $        -    $   22,000
                                        __________    __________
                                        __________    __________

<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  components,  pool  alarms
   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        $  644,000
        Machinery and equipment        5-10          956,000
        Furniture and fixtures         5-10          134,000
        Leasehold improvements         5-32          171,000
        Buildings                       20           508,000
        Automotive and aircraft        3-5           284,000
        Software                       2-5           123,000
        Land                           N/A            13,000
                                                  __________
        Total                                      2,833,000
        Accumulated depreciation                  (1,946,000)

        Net                                       $  887,000
                                                  __________
                                                  __________
</TABLE>


   Depreciation expense of $263,000 and $261,000 were charged
   to operations for the years ended April 30, 2003 and 2002,
   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
   depreciation and any resulting gain or loss is credited  or
   charged to operations.

   Advertising - Advertising costs are expensed as incurred and
   included in selling expenses. Advertising expense amounted
   to $411,000 and $619,000 for the years ended April 30, 2003
   and 2002.

   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 determined based on
   tax  rates  and laws enacted as of the balance sheet  date.
   Deferred  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  requires 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  disclosures  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, 2003, consisted of the following:
    <S>                                         <C>

    Raw materials                               $1,637,000
    Work in process                                454,000
    Finished goods                                 409,000
                                                __________
                                                 2,500,000
                                                __________

    Less allowance for obsolete inventory          (70,000)
                                                __________
    Totals                                      $2,430,000
                                                __________
                                                __________
</TABLE>



3. MARKETABLE SECURITIES

   Marketable equity securities are recorded at the  lower  of
   cost  or  market  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  equity  securities  and  unrealized  gains  and
   losses consist of the following as of April 30, 2003:

<TABLE>

    <S>                                         <C>
    Cost basis                                  $11,076,000
    Market value                                  9,681,000
                                                ___________
    Net unrealized gains (losses)               $(1,395,000)
                                                ___________
                                                ___________

    Gross unrealized gain                       $    54,000
                                                ___________
                                                ___________

    Gross unrealized loss                       $(1,449,000)
                                                ___________
                                                ___________
</TABLE>



4. NOTES PAYABLE
<TABLE>
<CAPTION>

   Notes payable consists of the following at April 30, 2003:
 <S>                                                   <C>
 Notes payable, City of Kimball and State of Nebraska,
    10 percent interest, secured by certain machinery,
    equipment, and  buildings, 5  year term, principal
    and  interest  payments  due  May  26,  2004, loan
    agreement stipulates all  principal  and  interest
    to be waived if  the  Company  maintains its plant
    in Kimball and maintains defined minimum employ-
    ment level for the term of the loan.               $  75,000

Agreement payable,  GRI/FKI Trust,  unsecured and  no
   interest, payable $40,000 on June 1 and December 1
   each year 2002 and 2003.                              160,000
                                                       _________
Total                                                    235,000
    Less current portion                                 160,000
                                                       _________
       Net long-term debt                              $  75,000
                                                       _________
                                                       _________
</TABLE>

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, 2003.

  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.

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


   Net Income              $2,285,000
                           __________
                           __________

   Basic EPS               $2,285,000    5,402,528     $.422
   Effect of dilutive
    Convertible Preferred
     Stock                          -       26,750     (.001)
                           __________    _________     _____
     Diluted EPS           $2,285,000    5,429,278     $.421
                           __________    _________     _____
                           __________    _________     _____


</TABLE>

<TABLE>

<CAPTION>

                                      April 30, 2002
                           ___________________________________
                             Income       Shares     Per-Share
                           (Numerator) (Denominator)   Amount
 <S>                      <c>           <C>           <c>


   Net Income              $1,856,000
                           __________
                           __________

   Basic EPS               $1,856,000    5,588,686     $ .332
   Effect of dilutive
    Convertible Preferred
     Stock                          -       26,750      (.001)
                           __________    _________     ______
     Diluted EPS           $1,856,000    5,615,436     $ .331
                           __________    _________     ______
                           __________    _________     ______

</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  requiring
   payments of $1,535 and $300.

   Total lease expense under these  arrangements for the fiscal
   years ended April 30, 2003 and 2002, 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, 2003 and
   2002, were $27,000 for each year. During the year ended April
   30, 2000, the  Company  paid $210,000 and the officer contri-
   buted 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 ownership of the
   plane.


8. INCOME TAXES
   Reconciliation of income before income taxes with Federal and
   State taxable income:

<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        $  258,000
                                   __________        __________
                                   __________        __________

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


</TABLE>

<TABLE>
<CAPTION>

                                              2002
                                      Federal          State
                                   ____________     ____________

   <S>                              <C>              <C>
   Income before income taxes       $2,988,000       $2,988,000
   State income tax deduction         (223,000)        (223,000)
   Capital loss carryforward           209,000          209,000
   Nontaxable income                  (159,000)        (159,000)
   Nondeductible expenses
    and timing differences              57,000           57,000
                                    __________       __________

   Taxable income                   $2,872,000       $2,872,000
                                    __________       __________
                                    __________       __________

   Income tax - net of credits      $  977,000       $  155,000
                                    __________       __________
                                    __________       __________

   Tax rate to taxable income            34.0%             5.4%
                                    __________       __________
                                    __________       __________



</TABLE>





<TABLE>
<CAPTION>
   Deferred  tax  asset (liability) consist of  the  following
   components at April 30, 2003 and 2002:

                                        2003         2002
                                     _________     ________

  <S>                                <C>            <C>
  Deferred tax current assets:
   Accrued expenses and allowances
     Capital Loss carry forward      $113,000        $52,000
                                     ________       ________
     Net deferred tax asset
              (liability)            $113,000        $52,000
                                     ________       ________
                                     ________       ________
</TABLE>


9. BUSINESS SEGMENTS
<TABLE>
<CAPTION>

   The following is financial information relating to industry
   segments:

                                                 April 30,
                                            2003            2002

    <S>                                 <C>              <C>
    Net revenue:
     Keyboard and other products        $ 1,054,000      $   880,000
     Security alarm products             11,841,000       11,951,000
                                        ___________      ___________

    Total net revenue                   $12,895,000      $12,831,000
                                        ___________      ___________
                                        ___________      ___________

    Income from operations:
     Keyboard and other products        $   269,000      $   190,000
     Security alarm products              3,090,000        2,579,000
                                        ___________       __________
    Total income from operations        $ 3,359,000      $ 2,769,000
                                        ___________      ___________
                                        ___________      ___________

    Identifiable assets:
     Keyboard and other products        $   283,000      $   281,000
     Security alarm products              3,388,000        3,847,000
     Corporate general                   14,185,000       11,345,000
                                        ___________      ___________

    Total assets                        $17,856,000      $15,473,000
                                        ___________      ___________
                                        ___________      ___________
    Depreciation and
      amortization:
     Keyboard and other products        $     8,000      $     7,000
     Security alarm products                161,000          161,000
     Corporate general                       94,000           93,000
                                        ___________      ___________

    Total depreciation and
      amortization                      $   263,000      $   261,000
                                        ___________      ___________
                                        ___________      ___________


    Capital expenditures:
     Keyboard and other products        $         -      $         -
     Security alarm products                 85,000           99,000
     Corporate general                            -           85,000
                                        ___________      ___________
      Totals                            $    85,000      $   184,000
                                        ___________      ___________
                                        ___________      ___________


</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 Corporation up to  $100,000.
   At  April  30,  2003, the company's uninsured cash  balance
   totaled $2,359,000.

   The company has sales to a group of security alarm distributors
   representing 43% of total sales for the year ended April 30,
   2003 and 34% of accounts receivable at April 30, 2003.


Item 8 DISAGREEMENTS on ACCOUNTING and FINANCIAL DISCLOSURES

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



                            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, 2003, 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  55    1976

Eileen M. Risk     Secretary/Treasurer                  85    1976

Mary Ann Brothers  Executive Vice President             63    1984

Stephanie Risk     Chief Financial Officer/Controller   31    1999

Jerry Andersen     Director                             72    1978

Michael J. Nelson  Chairman, Firstier Banks             62    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 accountant.  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, 2001, 2002, and 2003:




<TABLE>


                                Annual Compensation
<CAPTION>

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

<S>                  <C>       <C>         <C>        <C>
Ken R. Risk          2003      180,000	  -              -
Chief Executive      2002      181,000      -              -
Officer              2001      187,000      -              -

Mary Ann Brothers    2003      120,000      -              -
Executive Vice       2002      119,000      -         10,000 stock shares
President            2001      124,000      -              -

Donna Debowey        2003       37,000      -              -
Senior Vice          2002       36,000      -              -
President            2001       34,000      -              -

David Luppen         2003       50,000      -              -
Director of          2002       43,000      -              -
Engineering          2001       38,000      -              -

Dan Douglas          2003       45,000      -              -
Vice President of    2002       44,000      -              -
Materials            2001       43,000      -              -

Stephanie Risk       2003       35,000      -              -
Chief Financial      2002       33,000      -              -
Officer              2001       28,000      -              -

</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  2003         -           -            -            -
             2002         -           -            -            -
             2001         -           -            -            -


Mary Ann     2003         -           -            -            -
Brothers     2002         -           -            -            -
             2001         -           -            -            -


Donna        2003         -           -            -            -
Debowey      2002         -           -            -            -
             2001         -           -            -            -


David Luppen 2003         -           -            -            -
             2002         -           -            -            -
             2001         -           -            -            -


Dan Douglas  2003         -           -            -            -
             2002         -           -            -            -
             2001         -           -            -            -


Stephanie    2003         -           -            -            -
Risk         2002         -           -            -            -
             2001         -           -            -            -


</TABLE>

Members of the board of directors were each compensated $150  for
their services 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, 2003.

<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,  2003,  2002,  and
2001, 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                    2003         2002         2001

<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      $ 3,070
  Secretary/Treasurer

  Delores Spradlin             $     -       $     -      $15,350
  Sister, Ken R. Risk

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 incorporated 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






                          SIGNATURES

Pursuant  to  the  requirements of  Section  13  or  15(d)  of
the  Securities  Exchange  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, 2003

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, 2003
Ken R. Risk              Chairman of the Board


/s/ Stephanie Risk       Chief Financial Officer    July 29, 2003
Stephanie Risk           and Controller


/s/ Jerry Andersen       Director                   July 29, 2003
Jerry Andersen


/s/ Michael J. Nelson    Director                   July 29, 2003
Michael J. Nelson