U.S. SECURITIES AND EXCHANGE COMMISSION
                      Washington, DC 20549
                                
                           Form 10-KSB
                                

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE
    SECURITIES EXCHANGE ACT OF 1934

    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
                                
            For the fiscal year ended April 30, 1998
                 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     (IRS 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 under Section 12(b) of the Exchange Act:
None
Securities registered pursuant to 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 Exchange Act during the  past
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 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]
 
Issuer's revenues for its most recent fiscal year:  $11,508,000

The  aggregate  market value of the voting  stock  held  by  non-
affiliates as of July 2, 1998, is approximately $6,400,000.

State  the  number of shares outstanding of each class of  common
equity  as  of the latest practicable date: As of June 30,  1998:
6,054,108

Documents incorporated by reference: None


                                
                             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, and burglar alarm components and
systems.

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 division of GRI.

Products, Market, and Distribution

The  company designs, manufactures, and sells computer keyboards,
push-button  switches, and burglar alarm components and  systems.
The  security  burglar alarm products comprise  approximately  89
percent  of  net  revenues and are sold through distributors  and
private board customers.

The  security segment has approximately 650 customers. One of the
distributors  accounts  for approximately  34  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 300 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.

Raw Materials

Sources for the company's raw materials have been limited in  the
past.  The  company has been developing other sources  of  supply
including offshore vendors.

Research and Development

The  company performs research and development for its  customers
from  time  to  time.  Costs  in  connection  with  such  product
development have been borne by the customers.

Employees

GRI has approximately 250 employees.


Item 2 Properties
       
The company's plant and offices are located in Kimball, Nebraska.
The  facilities are owned by the company except for approximately
15,000  square feet rented on a month-to-month basis. The company
leases  the building for $1,335 per month with Delores  Spradlin,
sister  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 and the company  leases
approximately   3,640  square  feet  from  Agroma  International.
Currently there are 30 employees at the Gering site.


Item 3 Legal Proceedings
       
Not applicable.


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>

1998 Fiscal Year           High                   Low

<S>                        <C>                    <C>
May 1-July 31              2.81                   2.19
August 1-October 31        3.00                   2.06
November 1-January 31      2.31                   1.66
February 1-April 30        2.50                   1.88
<CAPTION>
1997 Fiscal Year           High                    Low                  
<S>                        <C>                    <C>
May 1-July 31              1.50                   1.19                
August 1-October 31        1.75                   1.31                
November 1-January 31      1.88                   1.41                
February 1-April 30        2.69                   1.81                
</TABLE>

No  dividends were paid during fiscal years ending April 30, 1997
and 1998.

The  number of holders of record of the company's Class A  Common
Stock as of April 30, 1998, was approximately 1500.


Item 6 Management's Discussion and Analysis of Financial
       Condition and Results of Operations
       
GRI  completed the fiscal year ending April 30, 1998, with a  net
profit  of 16 percent of sales. Net sales were at $11,508,000, up
4 percent over the previous year.

The  company  expects sales to continue to grow for the fiscal year
ending April 30, 1999. The continued growth should be achieved
by  volume  increase with present customers and sales to added 
customers.

The material and labor increased from 45 percent to    percent in
1998.  The  increase  is  due to the increased  labor  costs  and
material costs. The company is expected to retain a gross  profit
margin of 45 to 50 percent for the coming year.

GRI will continue upgrading the equipment and increase automation
for the plant.

The  company  is still developing new switches for  the  security
segment.  The new switches are expected to be improved in  design
and  technology.  The  expansion of  new  products  will  enhance
applications  in  the  areas of hydraulics,  automotive,  machine
tools, material handling and others.

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

Liquidity  has  improved  each  year  and  the  ratio  of   cash,
securities  and  accounts receivables to current obligations  was
11.0 and 9.0 for the fiscal years ending April 30, 1998, and April
30, 1997, respectively. The company has marketable securities  of
$4,463,000 as compared to last year with $3,430,000. There was an
unrealized  loss  of  $120,000 on securities  as  compared  to  an
unrealized  loss of $90,000 on marketable securities  during  the
previous year.

There  are  no known seasonal trends with any of GR'Is  products,
since  they  sell  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, 1998, and the related statements
of 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  generally  accepted
auditing  standards. 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, 1998,  and  the
results  of  their operations and their cash flows  for  the  two
years   then   ended,  in  conformity  with  generally   accepted
accounting principles.


Mason Russell West, LLC


Littleton, Colorado
June 5, 1998

<TABLE>


                 George Risk Industries, Inc.
                        Balance Sheet
                        April 30, 1998
                                                              

<CAPTION>
                                                              
                            Assets
                                                              
<S>                                                   <C>                    
Current Assets:
 Cash and cash equivalents                            $  903,000
 Marketable securities                                 4,463,000
 Accounts receivable:                                 
  Trade, net of allowance for doubtful                 
         accounts of $50,000                           1,770,000
  Income tax overpayment                                 
  Officer and employees                                   16,000
 Inventories                                           1,656,000
 Prepaid expenses                                         44,000
 Deferred income taxes                                    31,000
                                                      __________
   Total Current Assets                                8,883,000
                                                      __________
Property and Equipment, net, at cost                     665,000
                                                      __________
Other Assets                                          
 Deposit                                                  52,000 
 Projects in process                                     104,000
 Officer advance                                          35,000  
 Deferred tax asset                                       56,000
                                                      __________
   Total Other Assets                                    247,000
                                                      __________
                                                      
                                                      
                                                      
Total Assets                                          $9,795,000
<FN>
See accompanying notes to financial statements
</TABLE>

                                                                 
                                                              
<TABLE>
<CAPTION>
                                                              
                                                              
             Liabilities and Stockholders' Equity
                                                              
<S>                                                   <C>                                                          
Current Liabilities:
 Accounts payable-trade                               $ 196,000
 Accrued expenses:                                    
  Payroll and payroll taxes                             281,000
  Income taxes                                           79,000
  Deferred retirement benefit payable                    12,000
 Notes payable-current portion                           51,000
                                                     __________
   Total Current Liabilities                            619,000
                                                     __________
Deferred Income Taxes                                    33,000
Long-term debt                                          157,000
Commitments and Contingencies                                 0
                                                     __________
   Total Long-Term Liabilities                          190,000

                                                     __________
Stockholders' Equity                                  
 Convertible preferred stock, 1,000,000 shares        
  authorized, Series 1-noncumulative, $20             
  stated value, 25,000 shares authorized, 12,850      
  issued and outstanding                                257,000
 Common stock, Class A, $.10 par value, 10,000,000    
  shares authorized, 8,502,832 shares issued            850,000
 Additional paid-in capital                           1,674,000
 Net unrealized loss on marketable securities          (120,000)
 Retained earnings                                    6,941,000
 Less cost of treasury stock,                         
     2,448,724 shares, at cost                         (616,000)
                                                     __________
   Total Stockholders' Equity                         8,986,000
                                                     __________
Total Liabilities and Stockholders' Equity           $9,795,000
                                                     __________
</TABLE>
<TABLE>



 
                 George Risk Industries, Inc.
                     Statements of Income

<CAPTION>
                                                         
                                          For the Years Ended
                                               April 30,
                                            1998         1997

<S>                                    <C>             <C>
Net Sales                              $11,508,000    $11,059,000
 Less cost of goods sold                 6,089,000      5,798,000

                                        __________     __________                                                       
Gross Profit                             5,419,000      5,261,000
                                                       
Operating Expenses:                                    
 Selling and shipping                    2,071,000      2,120,000
 General and administrative                584,000        578,000
 Engineering and research                   82,000         18,000
 Rent expense paid to                                     
    related parties                         51,000         35,000
                                       ___________     __________
                                         2,788,000      2,751,000
                                       ___________     __________
Income From Operations                   2,631,000      2,510,000
                                      
Other Income (Expense):                                
 Other                                      30,000        (25,000)
 Dividend and interest income              261,000        191,000
 Interest expense                          (26,000)       (35,000)
 (Loss)/gain on sale of investments        (20,000)         9,000
                                       ___________     __________
Income  Before  Provision  for  Income  
Taxes                                    2,876,000      2,650,000
                                                       
Provision for Income Taxes:                            
 Current expense                         1,006,000      1,036,000
 Deferred tax (benefit) expense              6,000        (35,000)
                                       ___________     __________
                                         1,012,000      1,001,000
                                       ___________     __________
Net Income                             $ 1,864,000     $1,649,000
                                       ___________     __________
Income per Share of Common Stock       $       .30     $      .27
                                       ___________     __________                                                       
Weighted Average Number of Common                      
 Shares Outstanding                      6,053,483      6,068,109
                                       ___________     __________
<FN>
See accompanying notes to financial statements
</TABLE>


<TABLE>

                  George Risk Industries, Inc.
          Statement of Changes in Stockholders' Equity
             From May 1, 1996 Through April 30, 1998


<CAPTION>
                                                Common Stock
                       Preferred Stock            Class A
                                                            
                       Shares     Amount      Shares      Amount
<S>                    <C>       <C>         <C>          <C>
Balances, May 1, 1996  12,850    $257,000    8,502,832    $850,000
                                                         
Treasury stock issued                                    
 to officers at 1.25                                    
 cents in lieu of cash                                    
 compensation               0           0            0           0
                                                         
Increase in unrealized                                    
 loss on marketable                                  
 securities                 0           0            0           0
                                                         
Net income                  0           0            0           0
                       ______    ________    _________    ________
Balances, April 30,
1997                   12,850     257,000    8,502,832     850,000
                                                         
Purchase of common
 stock for treasury         0           0            0           0
                                                         
Increase in                                              
unrealized loss on                                       
marketable securities       0           0            0           0
                                                         
Net income                  0           0            0           0
                       ______    ________    _________    ________
Balances, April 30,
1998                   12,850    $257,000    8,502,832    $850,000
                       ______    ________    _________    ________
                                 

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


<TABLE>

<CAPTION>
                                     Unrealized                
            Treasury Stock            loss on                 
Paid-In    (Common Class A)          marketable   Retained     
Capital       Shares       Amount    securities   Earnings     Total
<C>          <C>         <C>         <C>         <C>         <C>

$1,644,000   2,457,439   $(566,000)  $ (35,000)   $3,428,000  $5,578,000
                                                       


                                                       
    30,000     (42,000)     10,000           0             0      40,000
                                                       
                                                                                                            
         0           0           0     (55,000)            0     (55,000)
                                                       
         0           0           0           0     1,649,000   1,649,000
__________   _________    ________   _________    __________  __________                                            
 1,674,000   2,415,439    (556,000)    (90,000)    5,077,000   7,712,000
                                                       

         0      33,285     (60,000)          0             0     (60,000)
    

                                                       
         0           0           0     (30,000)            0     (30,000)
                                                       
         0           0           0           0     1,864,000   1,864,000
__________   _________   _________   _________    __________  __________
$1,674,000   2,448,724   $(616,000)  $(120,000)   $6,941,000  $8,986,000
__________   _________   _________   _________    __________  __________

</TABLE>


<TABLE>
                 George Risk Industries, Inc.
                   Statements of Cash Flows
                                                       
<CAPTION>
                                              For the Years
                                              Ended April 30,
                                           1998          1997

<S>                                     <C>           <C>                                                                 
Cash Flows from Operating Activities:                  
Net income                              $1,864,000     $1,649,000
Adjustments to reconcile net income   
 to net cash provided by
    operating activities
   Depreciation                            124,000        109,000
   Change in unrealized loss              
          on investments                   (30,000)       (55,000)
   Net book value of assets retired              0          9,000
   Changes in assets and liabilities:                  
    (Increase) decrease in:                            
     Marketable securities              (1,033,000)    (1,275,000)
     Accounts receivable                  (495,000)      (306,000)
     Inventories                            22,000       (207,000)           
     Prepaid expenses                       23,000        (10,000)
     Other assets                         (113,000)        60,000
     Receivable - officers and                         
      employees                             15,000        (64,000)     
     Income tax overpayment                      0         (9,000)
     Deferred tax asset                      7,000        (43,000)
                                                       
    Increase (decrease) in:                            
     Accounts payable                       (1,000)       138,000
     Accrued expenses                      (27,000)       (35,000)
     Accrued income taxes                  108,000         37,000
     Deferred tax liability                      0          7,000
                                        __________     __________
    Net cash provided by operating                     
     activities                            464,000          5,000
                                        __________     __________
                                                       
Cash Flows From Investing Activities:                  
 Purchase of property and equipment       (108,000)      (232,000)
 Purchases of treasury stock                60,000              0
                                        __________     __________
    Net cash used in investing     
     activities                           (168,000)      (232,000)    
                                        __________     __________
Cash Flows From Financing Activities:                  
 Principal payments on long-term debt      (46,000)       (67,000)
 Treasury stock issued                           0         40,000
                                        ___________    __________
   Net cash used in financing activities   (46,000)        27,000
                                        ___________    __________
Net Increase (Decrease) in Cash and 
  Cash Equivalents                         250,000       (254,000)
                                                       
Cash and Cash Equivalents, beginning of 
  year                                     653,000        907,000
                                        __________     __________
Cash and Cash Equivalents, end of year  $  903,000     $  653,000
                                        __________     __________
                                       
Supplemental Disclosure of Cash                        
      Flow Information:
 Cash payments for:                                    
  Income taxes                          $1,012,000     $1,006,000
                                        __________     __________
  Interest expense                      $   26,000     $   35,000
                                        __________     __________
Supplemental disclosure of noncash                     
  investing and financing
 activities-issuance of treasury stock    
  in lieu of compensation               $        0     $   40,000
                                        __________     __________

<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, and security alarm components.

   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.
   
   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        $ 283,000
        Machinery and equipment        5-10         526,000
        Furniture and fixtures         5-10         132,000
        Leasehold improvements         2-3 1/2      140,000
        Buildings                       20          326,000
        Automotive                     3-5           54,000
        Software                       2-5           65,000
        Land                           N/A           13,000          
                                                 __________
        Total                                     1,539,000
        Accumulated depreciation                   (875,000)
                                                 __________
        Net                                      $  664,000
                                                 __________
</TABLE>


Depreciation expense of $124,000 and $109,000 has been provided as
of April 30, 1998 and 1997, 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.
   
   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.
   
2. Inventories
<TABLE>
<CAPTION>
   
   Inventories at April 30, 1998, consisted of the following:
    <S>                                         <C>

    Raw materials                               $1,073,000
    Work in process                                353,000
    Finished goods                                 276,000
                                                __________
                                                 1,702,000
                                                __________
    Less allowance for obsolete 
    inventory                                      (46,000)
                                                __________
    Totals                                      $1,656,000
                                                __________
</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, 1998:
   
<TABLE>

    <S>                                         <C>
    Cost basis                                  $4,583,000
    Market value                                 4,463,000
                                                __________
    Net unrealized gain (loss)                  $ (120,000)
                                                __________
    Gross unrealized gain                       $   12,000 
                                                __________
    Gross unrealized loss                       $  132,000
                                                __________
</TABLE>
   
   
4. Notes Payable
<TABLE>
<CAPTION>
   
   Notes payable consists of the following at April 30, 1998:
 <S>                                                   <C>  
 Note  payable, 11 percent imputed interest, secured   
    by  725,000  shares  of treasury  stock  monthly   
    principal  and interest payments of $6,000,  due  $ 208,000
    November 1, 2001
    Less current portion                                 51,000
                                                      _________
       Net long-term debt                             $ 157,000
                                                      _________
                                                       
</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.
   
   
   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.
   
   Stock   Transfer  Agent - The  company  does  not   have   an
   independent  stock  transfer agent. All stock  records  are
   maintained by the company.
   
   
6. 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 $1,335 and $300.
   
   Total lease expense under these arrangements for the fiscal
   years  ended  April  30,  1998 and 1997, was  $23,000  and
   $23,000, respectively.
   
   The     company    leases    an    airplane     from     an
   officer/director/stockholder of the company on a  month-to-
   month  basis  requiring payments of $2,250 ($1,000 in 1997).
   Airplane lease  expenses  charged to operations for the fiscal 
   years ended April 30, 1998 and 1997, were $27,000 and $12,000.
   
   
7. Income Taxes
<TABLE>

<CAPTION>
   
                                                1998   
                                      Federal          State
                                   ____________     ____________

   <S>                             <C>              <C>  
   Income before taxes             $2,876,000       $2,876,000
   State income tax                  (202,000)        (202,000)
   Nontaxable income                  (68,000)         (82,000)
   Nondeductible expenses                           
    and timing differences             15,000           15,000
                                   __________       __________
                                                    
   Taxable income                  $2,621,000       $2,607,000
                                   __________       __________
                                                    
   Income tax                      $  804,000       $  202,000
                                   __________       __________
                                                    
   Tax rate to taxable income           30.7%             7.7%
                                   __________       __________
</TABLE>
<TABLE>

                                                    
<CAPTION>
   
                                                1997  
                                      Federal          State
                                   __________       __________

   <S>                             <C>              <C>
   Income before taxes             $2,650,000       $2,650,000
   State income tax                  (163,000)        (163,000)
   Phase-in cash to accrual                         
   conversion of sub.                  47,000           47,000
   Nontaxable income                  (48,000)         (57,000)      
   Nondeductible expenses                           
    and timing differences            118,000          118,000
                                   __________       __________
                                                    
   Taxable income                  $2,604,000       $2,595,000
                                   __________       __________
                                                    
   Income tax                      $  873,000       $  163,000
                                   __________       __________
                                                    
   Tax rate to taxable income           33.5%             6.3%
                                   __________       __________
</TABLE>
<TABLE>
                                                    
   
   
   Deferred  tax  asset (liability) consist of  the  following
   components at April 30, 1998 and 1997:
   
<CAPTION>
                                        1998          1997
                                     __________     _________
         
  <S>                                <C>            <C>                                                 
  Deferred tax current assets:                      
   Accrued expenses                  $ 76,000       $ 94,000
   Excess capital losses               11,000              0
                                                     
  Deferred tax noncurrent                            
    liability:
   Property and equipment             (33,000)       (34,000)
                                                    
                                     ________       ________                                                    
     Net deferred tax asset                         
              (liability)            $ 54,000       $ 60,000
                                     ________       ________
</TABLE>
                                                    
                                                    
  
   
8. Business Segments
<TABLE>
  
   The following is financial information relating to industry
   segments:
<CAPTION>
   
                                                 April 30,
                                            1998            1997

    <S>                                 <C>              <C>
    Net revenue:                                         
     Keyboard products                  $   977,000     $   975,000
     Security alarm products             10,531,000      10,084,000
                                        ___________     ___________
                                     
    Total net revenue                   $11,508,000     $11,059,000
                                        ___________     ___________
                          
    Income from operations:                              
     Keyboard products                  $   236,000     $   735,000
     Security alarm products              2,395,000       1,775,000
                                        ___________      __________
    Total income from operations        $ 2,631,000     $ 2,510,000
                                        ___________     ___________

    Identifiable assets:                                 
     Keyboard products                  $   555,000     $   552,000
     Security alarm products              4,500,000       4,500,000
     Corporate general                    2,900,000       2,841,000
                                        ___________     ___________
                                  
    Total assets                        $ 7,955,000     $ 7,893,000
                                        ___________     ___________
    Depreciation and                                     
      amortization:
     Keyboard products                  $         0     $         0
     Security alarm products                 92,000          79,000
     Corporate general                       32,000          30,000
                                        ___________     ___________
           
    Total depreciation and
      amortization                      $   124,000     $   109,000
                                        ___________     ___________
      
    Capital expenditures:                                
     Security alarm products            $    91,000     $   170,000
     Corporate general                       18,000          62,000
                                        ___________     ___________
      Totals                            $   109,000     $   232,000
                                        ___________     ___________
                                      
</TABLE>
                                                         
   
   
9. Major Customers and Significant Concentration of Credit
   Risk
   
   The company made sales to unaffiliated customers that
   individually represent more than 10 percent of the
   company's total sales for the years ended April 30, 1998
   and 1997 as follows:
<TABLE>
   
<CAPTION>

Customers                         1998      1997

      <S>                         <C>       <C>
      A                           34%       42%
</TABLE>
   
   Accounts  receivable from this customer at April 30, 1998
   and 1997, were  approximately  $626,000  and  $454,000,
   respectively.
   
   For  the years ended April 30, 1998 and 1997, approximately
   97 percent and 91 percent, respectively, of the  company's
   sales relate to the security alarm components.
   
   
   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,  1998, the company's uninsured cash  balance
   totaled $561,000.


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, 1998, is furnished with
respect to each director and executive officer:
<TABLE>
<CAPTION>

                                   Year First       
                                    Became a         Term
                          Age    Director/Officer   Expiration

<S>                       <C>         <C>           <C>
Ken R. Risk               50          1976          Stockholders'
Chairman of the Board                               option
 and President
Eileen M. Risk            80          1976          Stockholders'
Secretary/Treasurer                                 option
Mary Ann Brothers         58          1984          Stockholders'
Executive Vice                                      option
President
Jerry Andersen            67          1978          Stockholders'
Director                                            option
Roy Bowling               61          1986          Stockholders'
Director                                            option
Michael J. Nelson         57          1992          Stockholders'
Director                                            option

(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 six 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.

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, has worked in  the  banking  industry
since  1967.  Currently,  he is the vice  president  of  American
National Bank in Kimball, Nebraska.

Roy Bowling, Director, has been in the alarm industry for over 20
years. He founded Labor Saving Devices of Lakewood, Colorado,  12
years ago and is actively involved with that company.

Michael  J. Nelson, director, has worked in the banking  business
since 1963 and has been the president of the First State Bank  in
Kimball, Nebraska for the past 15 years.

(c) Identification of Certain Significant Employees

Ken R. Risk is also an employee of the company. (See Item 9 [b].)

(d) Involvement in Certain Legal Proceedings

George Risk Industries, Inc. has been named in certain legal
proceedings discussed in Items 1 and 3.

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, 1996, 1997, and 1998:


</TABLE>
<TABLE>


                                Annual Compensation
<CAPTION>

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

<S>                  <C>       <C>          <C>     <C>                                            
Ken R. Risk          1998      163,000      0            0
Chief Executive      1997      156,000      0       20,000 stock shares
Officer              1996      140,000      0            0
                                                         
Mary Ann Brothers    1998      110,000      0            0
Executive Vice       1997      105,000      0       6,000 stock shares
President            1996       98,000      0            0
                                                         
Peggy Dilley         1998       49,000      0            0
Chief Financial      1997       47,000      0       6,000 stock shares
Officer              1996       47,000      0            0
                                                         
John Kloempken       1998       22,000      0            0
Director of          1997       39,000      0            0
Engineering          1996       39,000      0            0

Dan Douglas          1998       39,000      0            0
Vice President of    1997       38,000      0            0
Materials            1996        8,000      0            0

</TABLE>
<TABLE>

                             Long-Term Compensation

<CAPTION>
    (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  1998         0           0            0            0
             1997         0           0            0            0
             1996         0           0            0            0 

Mary Ann     1998         0           0            0            0
Brothers     1997         0           0            0            0
             1996         0           0            0            0

Peggy        1998         0           0            0            0
Dilley       1997         0           0            0            0
             1996         0           0            0            0

John         1998         0           0            0            0
Kloempken    1997         0           0            0            0
             1996         0           0            0            0

Dan Douglas  1998         0           0            0            0
             1997         0           0            0            0
             1996         0           0            0            0
</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 on April 30, 1998.

<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              2,892,355       48.0%
A         Hastings, NE
          68901
Class     Eileen M. Risk              26,386         .4%
A         Kimball, NE 69145
Class     Forward Kimball            190,000        4.0%
A         Ind./
          GRI Employee Fund
          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 three years ended April 30, 1998, 1997, and  1996,
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                     1998         1997        1996
                                                             
<S>                            <C>           <C>          <C>
Airplane Lease                                              
  Ken R. Risk                  $27,000       $12,000      $12,000
  President
                                                                   
Building and Warehouse                                      
Leases/Rentals                 $ 3,400       $ 3,400      $ 3,400
  Eileen M. Risk                                          
  Secretary/Treasurer          $ 3,600       $ 3,600      $ 3,600
  Eileen M. Risk                                          
  Secretary/Treasurer          $16,020       $16,020      $16,020
  Delores Spradlin
  Sister, Ken R. Risk
                                                            
Stock Transfer Agent                                        
  Eileen M. Risk                                          
  Secretary/Treasurer          $20,000       $20,770      $20,000
</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
            
16.         8-K letter on change in certifying accountant
            8-K Amendment 1. Letter on change in certifying
            accountant

                          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
August 11, 1998

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              August 11, 1998
Ken R. Risk              Chairman of the Board
                                                
                                                
/s/ Peggy Dilley         Chief Financial Officer    August 11, 1998
Peggy Dilley             and Controller
                                                
                                                
/s/ Jerry Andersen       Director                   August 11, 1998
Jerry Andersen                                                

                                                
/s/ Michael J. Nelson    Director                   August 11, 1998
Michael J. Nelson