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, 1999
                 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:  $13,078,000

The  aggregate  market value of the voting  stock  held  by  non-
affiliates as of July 2, 1999, is approximately $6,155,000.

State  the  number of shares outstanding of each class of  common
equity  as  of the latest practicable date: As of June 30,  1999:
6,034,158

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, 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  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  36  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. Costs  associated
with the development of new products are expensed as incurred.

Employees

GRI has approximately 290 employees.


Item 2 Properties

The manufacturing and office facilities are owned by the company.
The manufacturing facilities are being expanded by 10,000  square
feet.  Construction on this expansion is expected to be  complete
by September 1999. Additionally, the company leases 15,000 square
feet 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 33 employees at the Gering site.


Item 3 Legal Proceedings

The company is a  defendant in a  patent infringement action. The
likelihood of an unfavorable outcome  or an estimate of potential
loss is  not  determinable.  The  company  believes  the  suit is
without merit and intends to vigorously defend its' position.


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>

1999 Fiscal Year           High                   Low

<S>                        <C>                    <C>
May 1-July 31              2.56                   2.06
August 1-October 31        2.31                   1.72
November 1-January 31      2.12                   1.72
February 1-April 30        2.13                   1.69
<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
</TABLE>

No  dividends were paid during fiscal years ending April 30, 1998
and 1999.

The  number of holders of record of the company's Class A  Common
Stock as of April 30, 1999, 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, 1999, with a  net
profit  of 16.6 percent of sales.  Net sales were at $13,078,000,
up 13.6 percent over the previous year.

The company expects sales to continue to grow for the fiscal year
ending  April 30, 2000.  The  continued growth should be achieved
by  volume  increase  with  present  customers and sales to added
customers.

The  material and  labor stayed very consistent between this year
and last year.  At fiscal year  end 1998  the material and  labor
percentage was at 45.2% of gross sales while the same  percentage
for fiscal year end 1999 was  at  44.9%  The company continues to
buy smart  and  is  always  looking  for quality materials at the
best  possible price. And as far as labor goes, the company tries
to hire only the  amount  of production workers that they need to
finish products and they also  work very hard at keeping 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.

Liquidity has improved each year and the ratio of cash, securities
and  accounts receivables to current obligations was 19.1 and 11.5
for the  fiscal years  ending  April 30, 1999, and April 30, 1998,
respectively.  The company has marketable securities of $4,464,000
as compared to last year with $4,463,000.  There was an unrealized
gain  of  $118,000 on securities as compared to an unrealized loss
of $120,000 on marketable securities during the previous year.

New product development at GRI has become very aggressive in order
to  stay  competitive  in  the industry and has continued business
growth.  Several  new  products  that are currently in development
include a door channel magnet,  a hold-up switch,  a relay module,
a  high security  switch,  and  multi-functional  thermostat.  The
company  plans  to  introduce  these products at the International
Security Conference in New York in September, 1999.

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.

The  company  is  building  a  10,000 square foot extension to its'
manufacturing facility. It is expected to be completed in September,
1999.  This  new  building  will house the tool and die and molding
departments  and  will also allow for additional stockroom storage.
This additional stockroom  storage will enable the company to stock
more  finished  goods  for  the  increasing demands for the company
products.

The company has addressed and evaluated the year 2000 issue. It has
identified  and  replaced  hardware and software systems that could
generate incorrect data or cause a system to fail.  During the year
ended April 30, 1999, $57,000 was spent on these replaced systems.

The year 2000 issue may affect the systems of suppliers and vendors
of the company. While the company is addressing the issue, there is
no  assurance that any potential year 2000 noncompliance within the
systems of  these  other companies will not have a material adverse
effect on the company.

There   are  no  known seasonal trends with any of GRI's  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, 1999, 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, 1999,  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 23, 1999

<TABLE>


                 George Risk Industries, Inc.
                        Balance Sheet
                        April 30, 1999


<CAPTION>

                            Assets

<S>                                                   <C>
Current Assets:
 Cash and cash equivalents                           $ 1,160,000
 Marketable securities                                 5,464,000
 Accounts receivable:
  Trade, net of allowance for doubtful
         accounts of $50,000                           2,075,000
  Income tax overpayment                                 111,000
  Officer and employees                                   13,000
 Inventories                                           2,194,000
 Prepaid expenses                                         63,000
 Deferred income taxes                                    31,000
                                                     ___________
   Total Current Assets                               11,111,000
                                                     ___________
Property and Equipment, net, at cost                     816,000
                                                     ___________
Other Assets
 Deposit                                                  12,000
 Projects in process                                      53,000
 Officer advance                                          20,000
 Deferred tax asset                                       38,000
                                                     ___________
   Total Other Assets                                    123,000
                                                     ___________



Total Assets                                         $12,050,000
                                                     ___________

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


<TABLE>
<CAPTION>


             Liabilities and Stockholders' Equity

<S>                                                   <C>
Current Liabilities:
 Accounts payable-trade                               $    46,000
 Accrued expenses:
  Payroll and related expenses                            302,000
  Income and other taxes                                  146,000
  Deferred retirement benefit payable                      14,000
 Notes payable-current portion                             57,000
                                                      ___________
   Total Current Liabilities                              565,000
                                                      ___________
Deferred Income Taxes                                      28,000
Long-term debt                                             99,000
Commitments and Contingencies                                   0
                                                      ___________
   Total Long-Term Liabilities                            127,000

                                                      ___________
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                             1,692,000
 Accumulated other comprehensive income                   118,000
 Retained earnings                                      9,114,000
 Less cost of treasury stock,
     2,468,674 shares, at cost                           (673,000)
                                                      ___________
   Total Stockholders' Equity                          11,358,000
                                                      ___________
Total Liabilities and Stockholders' Equity            $12,050,000
                                                      ___________
</TABLE>

<TABLE>


                 George Risk Industries, Inc.
                     Statements of Income
       For the Years Ended April 30, 1998 and 1999

<CAPTION>

                                           1999           1998

<S>                                    <C>             <C>
Net Sales                              $13,078,000     $11,508,000
 Less cost of goods sold                 6,870,000       6,089,000

                                       ___________     ___________
Gross Profit                             6,208,000       5,419,000

Operating Expenses:
 Selling and shipping                    2,457,000       2,071,000
 General and administrative                676,000         584,000
 Engineering and research                   81,000          82,000
 Rent expense paid to
    related parties                         50,000          51,000
                                       ___________     ___________
       Total Operating Expenses          3,264,000       2,788,000
                                       ___________     ___________
Income From Operations                   2,944,000       2,631,000

Other Income (Expense):
 Other                                     (17,000)         30,000
 Dividend and interest income              271,000         261,000
 Interest expense                          (21,000)        (26,000)
 Gain/(loss) on sale of investments        126,000         (20,000)
                                       ___________     ___________
       Total Other Income                  359,000         245,000

Income  Before  Provision  for  Income
Taxes                                    3,303,000       2,876,000

Provision for Income Taxes:
 Current expense                         1,117,000       1,006,000
 Deferred tax (benefit) expense             13,000           6,000
                                       ___________     ___________
 Total Provision for Income Taxes        1,130,000       1,012,000
                                       ___________     ___________
Net Income                             $ 2,173,000     $ 1,864,000
                                       ___________     ___________
Income per Share of Common Stock       $      0.36     $       .30
                                       ___________     ___________
Weighted Average Number of Common
 Shares Outstanding                      6,018,151       6,053,483

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

<TABLE>



                         George Risk Industries, Inc.
                      Statement of Comprehensive Income
                               April 30, 1999

<CAPTION>
                                       For the Years Ended April 30,
                                             1999          1998

<S>                                      <C>             <C>
Net Income                               $2,173,000      $1,864,000
                                         __________      __________

Other Comprehensive Income, Net of Tax
 Unrealized loss on securities:
  Unrealized holding gains (losses)
   arising during period                     80,000         (56,000)
 Less: reclassification adjustment for
   losses (gains) included in net income    158,000          26,000
                                         __________      __________

Other Comprehensive Income (Loss)           238,000         (30,000)

Comprehensive Income                     $2,411,000      $1,834,000
                                         __________      __________

<FN>
See accompanying notes to financial statements

</TABLE>

<TABLE>

                  George Risk Industries, Inc.
          Statement of Changes in Stockholders' Equity
             From May 1, 1997 Through April 30, 1999


<CAPTION>
                                                  Common Stock
                         Preferred Stock            Class A

                         Shares     Amount      Shares      Amount
<S>                      <C>       <C>         <C>          <C>
Balances, May 1,
 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


Shares issued to
 Employees in lieu
  of cash
   compensation               0           0            0           0

Purchase of common
 stock for treasury           0           0            0           0

Unrealized gains on
 marketable securities        0           0            0           0

Net income                    0           0            0           0
                        _______     ________   __________    ________
Balances, April 30,
 1999                    12,850     $257,000    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>

$1,674,000   2,415,439   $(556,000)   $(90,000)   $5,077,000   $7,212,000


         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





    18,000     (11,550)      3,000           0             0       21,000


         0      31,500     (60,000)          0             0      (60,000)


         0           0           0     238,000             0      238,000

         0           0           0           0     2,173,000    2,173,000
__________   _________   _________   _________    __________  ___________

$1,692,000   2,468,674   $(673,000)  $ 118,000    $9,114,000  $11,358,000
__________   _________   _________   _________    __________  ___________

</TABLE>

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

<CAPTION>
                                              For the Years
                                              Ended April 30,
                                           1999          1998
<S>                                     <C>           <C>
Cash Flows from Operating Activities:
Net income                              $2,173,000    $1,864,000
Adjustments to reconcile net income
 to net cash provided by
    operating activities
   Depreciation                            166,000       124,000
   Change in unrealized gains (loss)
          on investments                   238,000       (30,000)
   Net book value of assets retired         18,000             0
   Changes in assets and liabilities:
    (Increase) decrease in:
     Marketable securities              (1,001,000)   (1,033,000)
     Accounts receivable                  (305,000)     (495,000)
     Inventories                          (538,000)       22,000
     Prepaid expenses                      (19,000)       23,000
     Other assets                           91,000      (113,000)
     Receivable - officers and
      employees                             18,000        15,000
     Income tax overpayment               (111,000)            0
     Deferred tax assets                    18,000         7,000
    Increase (decrease) in:
     Accounts payable                     (150,000)       (1,000)
     Accrued expenses                       23,000       (27,000)
     Accrued income and other taxes         67,000       108,000
     Deferred tax liability                 (5,000)            0
                                        __________    __________
    Net cash provided by operating
     activities                            683,000       464,000
                                        __________    __________

Cash Flows From Investing Activities:
 Purchase of property and equipment       (335,000)     (108,000)
 Purchases of treasury stock               (60,000)      (60,000)
                                        __________    __________
    Net cash used in investing
     activities                           (395,000)     (168,000)
                                        __________    __________
Cash Flows From Financing Activities:
 Principal payments on long-term debt      (52,000)      (46,000)
 Treasury stock issued                      21,000             0
                                        __________    __________
   Net cash used in financing activities   (31,000)      (46,000)
                                        __________    __________
Net Increase (Decrease) in Cash and
  Cash Equivalents                         257,000       250,000

Cash and Cash Equivalents, beginning of
  year                                     903,000       653,000
                                        __________    __________
Cash and Cash Equivalents, end of year  $1,160,000     $ 903,000
                                        __________    __________

Supplemental Disclosure of Cash
      Flow Information:
 Cash payments for:
  Income taxes                          $1,132,000     $1,012,000
                                        __________     __________
  Interest expense                      $   21,000     $   26,000
                                        __________     __________
Supplemental disclosure of noncash
  investing and financing
 activities-issuance of treasury stock
  in lieu of compensation               $   21,000     $        0
                                        __________     __________

<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        $ 416,000
        Machinery and equipment        5-10         671,000
        Furniture and fixtures         5-10         131,000
        Leasehold improvements         2-3 1/2      141,000
        Buildings                       20          326,000
        Automotive                     3-5           54,000
        Software                       2-5           87,000
        Land                           N/A           13,000
                                                 __________
        Total                                     1,839,000
        Accumulated depreciation                 (1,023,000)
                                                 __________
        Net                                      $  816,000
                                                 __________
</TABLE>


   Depreciation expense of $166,000  and  $124,000  has  been
   provided as of April 30, 1999 and 1998, 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, 1999, consisted of the following:
    <S>                                         <C>

    Raw materials                               $1,632,000
    Work in process                                328,000
    Finished goods                                 304,000
                                                __________
                                                 2,264,000
                                                __________
    Less allowance for obsolete
    inventory                                      (70,000)
                                                __________
    Totals                                      $2,194,000
                                                __________
</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, 1999:

<TABLE>

    <S>                                         <C>
    Cost basis                                  $5,346,000
    Market value                                 5,464,000
                                                __________
    Net unrealized gain                         $  118,000
                                                __________
    Gross unrealized gain                       $  426,000
                                                __________
    Gross unrealized loss                       $  308,000
                                                __________
</TABLE>


4. Notes Payable
<TABLE>
<CAPTION>

   Notes payable consists of the following at April 30, 1999:
 <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
    November 1, 2001                                  $ 156,000
    Less current portion                                 57,000
                                                      _________
       Net long-term debt                             $  99,000
                                                      _________

</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,  1999 and 1998, was $23,000 in 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, 1999 and
   1998, were $27,000 in each year.


7. Income Taxes
<TABLE>
<CAPTION>

                                               1999
                                    Federal           State
                                 ____________      ____________

 <S>                               <C>               <C>
 Income before taxes               $3,288,000        $3,288,000
 State income tax                    (160,000)         (160,000)
 Capital loss carryforwards used      (60,000)         (103,000)
 Nontaxable income                   (138,000)         (125,000)
 Nondeductible expenses
  and timing differences              (22,000)          (22,000)
                                  ___________       ___________

    Taxable income                 $2,908,000        $2,878,000
                                  ___________       ___________

    Income tax                     $  957,000        $  160,000
                                  ___________       ___________

    Tax rate to taxable income          32.9%              5.6%
                                  ___________       ___________



</TABLE>


<TABLE>
<CAPTION>

                                                1998
                                      Federal          State
                                   ____________     ____________

   <S>                              <C>              <C>
   Income before taxes              $2,876,000       $2,876,000
   State income tax                   (202,000)        (202,000)
   Capital loss carryforwards used           0                0
   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>

   Deferred  tax  asset (liability) consist of  the  following
   components at April 30, 1999 and 1998:

<CAPTION>
                                        1999          1998
                                     __________     _________

  <S>                                 <C>            <C>
  Deferred tax current assets:
   Accrued expenses                   $31,000        $31,000
   Capital losses carried forward           0         11,000

  Deferred tax noncurrent asset
    - accrued expenses                 38,000         45,000

  Deferred tax noncurrent
    liability:
   Depreciation                       (28,000)       (33,000)
                                     ________       ________
     Net deferred tax asset
              (liability)             $41,000        $54,000
                                     ________       ________
</TABLE>


8. Business Segments
<TABLE>

   The following is financial information relating to industry
   segments:
<CAPTION>

                                                 April 30,
                                            1999            1998

    <S>                                 <C>              <C>
    Net revenue:
     Keyboard products                  $ 1,263,000      $   977,000
     Security alarm products             11,816,000       10,531,000
                                        ___________      ___________

    Total net revenue                   $13,079,000      $11,508,000
                                        ___________      ___________

    Income from operations:
     Keyboard products                  $   329,000      $   236,000
     Security alarm products              3,081,000        2,395,000
                                        ___________       __________
    Total income from operations        $ 3,410,000      $ 2,631,000
                                        ___________      ___________

    Identifiable assets:
     Keyboard products                  $   568,000      $   555,000
     Security alarm products              4,644,000        4,500,000
     Corporate general                    6,838,000        4,740,000
                                        ___________      ___________

    Total assets                        $12,050,000      $ 9,795,000
                                        ___________      ___________
    Depreciation and
      amortization:
     Keyboard products                  $         0      $         0
     Security alarm products                134,000           92,000
     Corporate general                       32,000           32,000
                                        ___________      ___________

    Total depreciation and
      amortization                      $   166,000      $   124,000
                                        ___________      ___________

    Capital expenditures:
     Keyboard products                  $    13,000      $         0
     Security alarm products                265,000           91,000
     Corporate general                       57,000           18,000
                                        ___________      ___________
      Totals                            $   335,000      $   109,000
                                        ___________      ___________

</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, 1999
   and 1998 as follows:
<TABLE>

<CAPTION>

Customers                         1999      1998

      <S>                         <C>       <C>
      A                           37%       34%
</TABLE>

   Accounts  receivable from this customer at April 30, 1999
   and 1998, were  approximately  $913,000  and  $626,000,
   respectively.

   For  the years ended April 30, 1999 and 1998, approximately
   89 percent and 97 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,  1999, the company's uninsured cash  balance
   totaled $627,000.


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, 1999, 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               51          1976          Stockholders'
Chairman of the Board                               option
 and President
Eileen M. Risk            81          1976          Stockholders'
Secretary/Treasurer                                 option
Mary Ann Brothers         59          1984          Stockholders'
Executive Vice                                      option
President
Jerry Andersen            68          1978          Stockholders'
Director                                            option
Roy Bowling               62          1986          Stockholders'
Director                                            option
Michael J. Nelson         58          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 ten 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,  13
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 16 years.

(c) Identification of Certain Significant Employees

Ken R. Risk and Mary Ann Brothers are officers and  employees  of
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 Item 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, 1997, 1998, and 1999:


</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          1999      176,000      0         35,000 stock shares
Chief Executive      1998      163,000      0              0
Officer              1997      156,000      0         20,000 stock shares

Mary Ann Brothers    1999      118,000      0              0
Executive Vice       1998      110,000      0              0
President            1997      105,000      0          6,000 stock shares

Peggy Dilley         1999        9,000      0              0
Chief Financial      1998       49,000      0              0
Officer              1997       47,000      0          6,000 stock shares

Director             1999       41,000      0              0
of                   1998       22,000      0              0
Engineering          1997       39,000      0              0

Dan Douglas          1999       40,000      0              0
Vice President of    1998       39,000      0              0
Materials            1997       38,000      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  1999         0           0            0            0
             1998         0           0            0            0
             1997         0           0            0            0

Mary Ann     1999         0           0            0            0
Brothers     1998         0           0            0            0
             1997         0           0            0            0

Peggy        1999         0           0            0            0
Dilley       1998         0           0            0            0
             1997         0           0            0            0

Director     1999         0           0            0            0
of           1998         0           0            0            0
Engineering  1997         0           0            0            0

Dan Douglas  1999         0           0            0            0
             1998         0           0            0            0
             1997         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, 1999.

<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              2,930,355       48.6%
A         Hastings, NE
          68901

</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, 1999, 1998, and  1997,
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                     1999         1998        1997

<S>                            <C>           <C>          <C>
Airplane Lease
  Ken R. Risk                  $27,000       $27,000      $12,000
  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

  Delores Spradlin             $16,020       $16,020      $16,020
  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

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 10, 1999

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 10, 1999
Ken R. Risk              Chairman of the Board


/s/ Peggy Dilley         Chief Financial Officer    August 10, 1999
Peggy Dilley             and Controller


/s/ Jerry Andersen       Director                   August 10, 1999
Jerry Andersen


/s/ Michael J. Nelson    Director                   August 10, 1999
Michael J. Nelson