SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                               ------------------
                                  FORM 10-K/A-1

                     AMENDMENT NO. 1 TO REPORT ON FORM 10-K

                        FOR ANNUAL AND TRANSITION REPORTS
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


(Mark One)
[X]  Annual Report under Section 13 or 15(d) of the Securities Exchange Act of
     1934
For the fiscal year ended: May 31, 2002

[ ]  Transition Report under Section 13 or 15(d) of the Securities Exchange Act
     of 1934
For the transition period from _________ to __________

Commission file number: 0-22889

                              ROYAL PRECISION, INC.
             (Exact Name of Registrant as Specified in Its Charter)

                 Delaware                               06-1453896
     (State or Other Jurisdiction of        (I.R.S. Employer Identification No.)
      Incorporation or Organization)

    535 Migeon Avenue, Torrington, CT                      06790
(Address of Principal Executive Offices)                (Zip Code)

                                 (860) 489-9254
              (Registrant's Telephone Number, Including Area Code)

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

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

                    Common Stock, par value $0.001 per share
                                (Title of Class)

     Indicate by check mark  whether the  registrant:  (1) has filed all reports
required  to be filed by  Section  13 or 15(d) of the  Securities  Exchange  Act
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

     Yes [X] No [ ]

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

     The aggregate market value of shares of Common Stock held by non-affiliates
of the Registrant on August 16, 2002, based on a market price of $.25 per share,
was $611,498.

     The number of shares of Common  Stock  outstanding  on August 16,  2002 was
12,718,877.

     Documents incorporated by reference:
     None
<PAGE>
     This  Amendment No. 1 to Form 10-K  ("Amendment  No. 1") is being filed for
the purpose of  correcting  certain  inadvertent  errors in Part III, and in the
"Signatures" section immediately following Part IV, of the Annual Report on Form
10-K for registrant's  fiscal year ended May 31, 2002, filed with the Securities
and Exchange Commission on August 22, 2002.

ITEM 11. EXECUTIVE COMPENSATION.

     1. The table  under the  heading  "Option  Grants in Last  Fiscal  Year" is
hereby  amended to read in its  entirety  as  follows,  which  adds  information
relating to a 5,000 share grant to Richard P. Johnston dated September 25, 2001:

<TABLE>
<CAPTION>
                            Number of        % of Total
                            Securities        Options
                            Underlying       Granted to
                         Options Granted    Employees in    Exercise Price                        Grant Date
           "Name               (#)          Fiscal Year       ($/Share)      Expiration Date   Present Value(c)
           -----               ---          -----------       ---------      ---------------   ----------------
<S>                         <C>                 <C>              <C>             <C>  <C>           <C>
Richard P. Johnston         20,000(a)           3.3%             $2.25           7/24/11            $2.24
                             5,000(a)           0.8%             $2.40           9/25/11            $2.39

John C. Lauchnor           250,000(b)          40.7%             $1.90           9/24/11            $1.89

Ronald L. Chalmers              -0-              --                 --                --               --

James Davidson              75,000(b)          12.2%             $2.50           9/10/11            $2.49

Frank Mertes                75,000(b)          12.2%             $1.26            1/2/12            $1.26

Thomas A. Schneider         20,000              3.3%             $2.25           7/24/11            $2.24

Anthony J. Montgomery       15,000              2.4%             $2.25           7/24/11            $2.24"
</TABLE>


     2. The paragraph  under the heading  "Compensation  of Directors" is hereby
amended  to read in its  entirety  as  follows,  which  corrects  the  statement
relating to the absence of certain  annual  option  grants to state that no such
grants were made "for fiscal  year 2002"  rather than "in" fiscal year 2002,  as
grants for fiscal year 2001 were made September 25, 2001:

     "Non-employee  directors receive a quarterly  retainer of $2,500 as well as
reimbursement  for certain travel expenses incurred in connection with attending
meetings.  Pursuant  to the  Royal  Precision,  Inc.  Stock  Option  Plan,  each
non-employee  member of the Board of  Directors  receives  (i) upon his  initial
election,  an option to purchase  20,000  shares and (ii) an annual  grant of an
option to purchase 5,000 shares if he has completed at least one year of service
as a  director  and if he  attends  75% of the  meetings  of the  directors  and
committees  upon which he serves,  at a price equal to the fair market  value of
such shares on the day  preceding the date of grant.  On July 24, 2001,  options
for 20,000 shares were granted to the following directors:  Richard P. Johnston,
David E.  Johnston,  Kenneth J. Warren,  Christopher  A. Johnston and Raymond J.
Minella.  Mr.  Mechem did not  receive  such a grant  because  he was  granted a
similar option upon his first becoming a director. On November 25, 2001, options
for 5,000  shares  for  services  during  fiscal  year 2001 were  granted to the
following directors:  Richard P. Johnston, David E. Johnston, Raymond J. Minella
and  Charles S.  Mechem,  Jr. No annual  grant of  options  to Board  members to
purchase 5,000 shares was made for fiscal year 2002. Mr. Lauchnor's compensation
is  independently  reviewed and he received an option to purchase 250,000 shares
under the Royal  Precision,  Inc. Stock Option Plan on September 24, 2001. For a
description  of future cash  compensation  to be paid to Richard P. Johnston and
Christopher A. Johnston indirectly through Royal Associates,  Inc. commencing in
January 2003, see "Item 13. Certain Relationships and Related Transactions"."
<PAGE>
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
         RELATED STOCKHOLDER MATTERS.

     1. The table under the heading "Equity  Compensation  Plan  Information" is
hereby  amended to read in its  entirety as follows to  reflect,  in addition to
previously  reported  grants,  the annual grants made on November 25, 2001 which
were inadvertently omitted from the 10-K:

<TABLE>
<CAPTION>
                                                                              (c) Number of
                                                                            Securities Remaining
                                                                            Available for Future
                            (a) Number of                                      Issuance Under
                        Securities to be Issued    (b) Weighted Average      Equity compensation
                           Upon exercise of           Exercise Price of       Plans (Excluding     (d) Total of Securities
                          Outstanding Options,       Outstanding Options,    Securities Reflected    Reflected in Columns
"Plan Category            Warrants and Rights        Warrants and Rights        in Column (a)            (a) and (c)
--------------            -------------------        -------------------        -------------            -----------
<S>                      <C>                        <C>                      <C>                      <C>
Equity Compensation
Plans Approved by
Stockholders                  1,850,511                    $2.51                    None                  1,850,511

Equity Compensation
Plans Not Approved by
Stockholders                    None"
</TABLE>

     2. The beneficial  ownership  table and notes thereto are hereby amended to
reflect corrections thereto as follows:

     (a) The number of shares shown for Ronald L.  Chalmers  has been  decreased
100 shares to correct a typographical error.

     (b) (i) The number of shares  and  percent  of class  shown for  Richard P.
Johnston;  (ii) the number of shares and percent of class shown for the Johnston
Family  Living  Trust;  and (iii) their  corresponding  footnotes are amended to
reflect a decrease from  2,400,000  shares to 820,000 shares which may be issued
to the  Trust  pursuant  to the terms of the  Amended  Guaranty  Agreement  upon
enforcement  of guaranties  issued by the Trust and conversion of the underlying
guaranteed  debt which was  reduced as part of the  registrant's  August 9, 2002
bank loan agreement amendments from $605,000 of $205,000.

     (c) (i) The number of shares  and  percent  of class  shown for  Kenneth J.
Warren has been  increased;  and (ii) footnote (i) commencing with clause (b) to
the end of such footnote has been revised to include the inadvertent omission of
shares owned by others  subject to rights of first  refusal by Kenneth J. Warren
and Christopher A. Johnston and to disclaim beneficial ownership thereof.

     (d) Footnote (j) for David Johnston is amended by changing 11,106 shares to
36,106 shares.

     (e) (i) The number of shares and percent of class shown for  Christopher A.
Johnston has been  increased;  and (ii)  footnote (m)  commencing  at the end of
clause  (b)(ii) to the end of such  footnote  has been  revised  to include  the
inadvertent  omission  of  shares  owned by  others  subject  to rights of first
refusal  by Kenneth  J.  Warren and  Christopher  A.  Johnston  and to  disclaim
beneficial ownership thereof.

     (f) The total for Raymond  Minella has been  increased by 19,381 shares and
footnote (n) has been amended to reflect  vested options to acquire 9,600 shares
held by Mr. Minella and the indirect ownership of 9,781 shares.

     (g) The total shares held by officers and directors as a group and footnote
(r) thereto have been amended to reflect the foregoing adjustments.
<PAGE>
                                                   NUMBER OF           PERCENT
           "BENEFICIAL OWNER                       SHARES (A)          OF CLASS
           -----------------                       ----------          --------

Ronald L. Chalmers (c)                                170,714             1.3%

Anthony J. Montgomery (d)                             236,265             1.9%

Frank Mertes (e)                                          -0-              --

James Davidson (f)                                     18,750              (b)

Thomas A. Schneider (g)                               310,228(g)          2.4%

John C. Lauchnor (h)                                  363,281(h)          2.8%

Kenneth J. Warren (i)                               1,430,617(i)         11.2%

David E. Johnston (j)                                 234,875(j)          1.8%

Richard P. Johnston (k)                             9,236,656(k)         66.0%

Charles S. Mechem, Jr. (l)                            288,262(l)          2.3%

Christopher A. Johnston (m)                         2,356,235(m)         18.4%

Raymond J. Minella (n)                                526,828             4.1%

Johnston Family Charitable Remainder
Unitrust #3 (o)                                     1,384,135(o)         10.9%

Johnston Family Living Trust (p)                    1,786,916(p)         13.0%

Johnston Family Charitable Foundation (q)           5,413,972(q)         42.1%

All directors and officers as a group
  (9 persons) (r)                                  12,108,375            87.0%

----------

(a)  Unless  otherwise  indicated,  the  beneficial  owner has sole  voting  and
     dispositive  power over these shares subject to the spousal rights, if any,
     of the spouses of those beneficial owners who have spouses.

(b)  Less than 1%.

(c)  Mr. Chalmers' address is 535 Migeon Avenue,  Torrington, CT 06790. Pursuant
     to Rule  13d-3(d)(1)(i),  this amount  includes 45,453 shares issuable upon
     the exercise of options which are exercisable within 60 days. Mr. Chalmers'
     shares are  subject  to an  agreement  with the  Company  which  grants the
     Company a right of first refusal and a call right upon  termination  of his
     employment  with the Company.  These rights are not  currently  exercisable
     within 60 days.
<PAGE>
(d)  Mr.  Montgomery's  address is 9762 East Palm Ridge  Drive,  Scottsdale,  AZ
     85260. Pursuant to Rule 13d-3(d)(1)(i), this amount includes 200,000 shares
     issuable upon the exercise of options which are exercisable within 60 days.

(e)  Mr. Mertes' address is 535 Migeon Avenue, Torrington, CT 06790.

(f)  Mr. Davidson's address is 535 Migeon Avenue, Torrington, CT 06790. Pursuant
     to Rule  13d-3(d)(1)(i),  this amount  includes 18,750 shares issuable upon
     the exercise of options which are exercisable within 60 days.

(g)  Mr.  Schneider's  address  is 4111 East  Becker  Lane,  Phoenix,  AZ 85028.
     Pursuant  to Rule  13d-3(d)(1)(i),  this  amount  includes  310,228  shares
     issuable upon the exercise of options which are exercisable within 60 days.

(h)  Mr. Lauchnor's address is 535 Migeon Avenue, Torrington, CT 06790. Pursuant
     to Rule  13d-3(d)(1)(i),  this amount  includes (i) 6,000 shares  currently
     exercisable  pursuant to a warrant dated  February 28, 2002 and (ii) 62,500
     shares  issuable upon the exercise of an option (the "JCL Option") which is
     exercisable  within  60 days and  (iii)  pursuant  to the  proviso  to Rule
     13d-3(d)(1)(i),  187,500  shares  subject to the JCL  Option  which are not
     exercisable within the next 60 days .

(i)  Mr. Warren's address is 5134 Blazer Parkway, Dublin, OH 43017. (a) Pursuant
     to Rule  13d-3(d)(1)(i),  this amount includes (i) 12,000 shares  currently
     exercisable  pursuant  to a  warrant  dated  February  28,  2002  (the "KJW
     Warrant") held by DWR,  Custodian for Kenneth Warren,  Attorney at Law, fbo
     Kenneth J.  Warren,  VIP Plus  Profit  Sharing  Plan (the  "Profit  Sharing
     Plan");  (ii) 207,862 shares held by the Profit Sharing Plan;  (iii) 20,323
     shares issuable upon the exercise of options which are  exercisable  within
     60 days (the "KJW Options"); (iv) 622,687 shares held by RIFL Holdings, LLC
     ("RIFL  LLC") in which KJW is a 50.1%  member,  (v) 6,000  shares  owned by
     CRT#3 (see note (o))  subject to the  currently  exercisable  portion of an
     option  dated July 24, 2001  granted by CRT#3 to purchase  such shares from
     CRT#3 (the "KJW-CRT#3  Option");  (vi) 121,750 shares subject to a one-year
     option  (renewable  for four  successive  years)  granted to Christopher A.
     Johnston on February  28,  2002 to  purchase  such shares from Mr.  Warren,
     which option is currently  exercisable  and (vii) 343,812 shares which have
     been pledged to RPJ/JAJ  Partners,  Ltd., of which Richard P. Johnston is a
     partner, and 9,781 shares are pledged to the Trust, to secure certain notes
     issued by Mr. Warren pursuant to which the pledgee will only acquire voting
     power or  dispositive  power over the shares upon the occurrence of certain
     contingencies which have not yet occurred;  and (b) pursuant to the proviso
     to Rule  13d-3(d)(1)(i),  includes the following  which are not exercisable
     within the next 60 days: (i) 24,000 shares subject to the KJW-CRT#3 Option;
     (ii)  20,000  shares  subject  to the  non-exercisable  portion  of the KJW
     Options  and (iii)  41,753  shares  owned by Sherry  Rothfield  and 131,513
     shares owned by David Lyon which are subject to a right of first refusal in
     favor of Mr. Warren and Christopher A. Johnston  pursuant to the terms of a
     Stockholders  Agreement  dated  as of May 29,  1996  among  Christopher  A.
     Johnston,  Mr.  Warren,  Mrs.  Rothfield  and Mr. Lyon (the "Right of First
     Refusal").  Does not include any shares held by the Foundation of which Mr.
     Warren  is a trustee  but as to which he  shares  no voting or  dispositive
     power. Mr. Warren disclaims beneficial ownership of any shares owned by the
     Foundation,  any shares  owned by RIFL LLC in excess of his 50.1%  interest
     therein and any shares owned by Mrs. Rothfield or Mr. Lyon.

(j)  David Johnston's  address is 1935 West Muirhead Loop, Oro Valley, AZ 85737.
     Pursuant  to  Rule  13d-3(d)(1)(i),  this  amount  includes  11,106  shares
     issuable upon the exercise of options which are exercisable  within 60 days
     and, pursuant to the proviso to Rule 13d-3(d)(1)(i), 25,000 shares issuable
     upon the exercise of options which are not currently exercisable.  Does not
     include  any  shares  held by the  Foundation  of  which  Mr.  Johnston  is
     President  but as to which he shares no voting or  dispositive  power.  Mr.
     Johnston  disclaims  beneficial  ownership  of  any  shares  owned  by  the
     Foundation.

(k)  Richard  Johnston's  address is 4350 Greens Place,  Wilson,  WY 83014.  (a)
     Pursuant to Rule 13d-3(d)(1)(i),  this amount includes (i) 1,384,135 shares
     owned by Richard P.  Johnston  and Jayne A.  Johnston,  as  Trustees of the
     Johnston  Family  Charitable  Remainder  Unitrust #3 ("CRT#3"),  over which
     shares Mr. Johnston and his wife share voting and dispositive  power;  (ii)
     775,935 shares owned by the Trust,  over which shares Mr.  Johnston and his
     wife share voting and dispositive power; (iii) 5,261,780 shares held by the
<PAGE>
     Foundation,  of which Mr. Johnston serves as a Trustee;  (iv) 26,302 shares
     issuable upon the exercise of employee  stock  options (the "RPJ  Options")
     which are  exercisable  within 60 days;  (v) 152,192  shares  issuable upon
     exercise of a warrant  dated October 26, 2001 held by the  Foundation  (the
     "JF Warrant"); (vi) 36,000 shares issuable upon exercise of a warrant dated
     April 10, 2002 (the "Trust Warrant 1"); and (vii) 145,200 shares covered by
     a warrant  dated  April 10,  2002 held by the Trust (see "Item 13.  Certain
     Relationships and Related Transactions"; and (b) pursuant to the proviso to
     Rule  13d-3(d)(1)(i),  includes  the  following  which are not  exercisable
     within the next 60 days: (i) 200,000 shares held by Christopher A. Johnston
     ("CAJ")  which CRT#3 may be required to purchase from CAJ pursuant to a Put
     Agreement dated August 31, 2001 (the "Put  Agreement"),  (ii) 28,750 shares
     subject to the RPJ Options,  (iii) up to 820,000 shares which may be issued
     to the Trust pursuant to the terms of the Amended  Guaranty  Agreement upon
     enforcement  of  guaranties  issued  by the  Trust  and  conversion  of the
     underlying  guaranteed  debt of  $205,000,  (iv)  343,812  shares  owned by
     Kenneth J. Warren of which 334,031 shares are pledged to RPJ/JAJ  Partners,
     Ltd., of which Mr.  Johnston is a partner,  and 9,781 shares are pledged to
     the Trust,  to secure  certain notes issued by Mr.  Warren,  and (v) 62,550
     shares subject to employee  stock options held by Danny Edwards  which,  if
     exercised by Mr. Edwards,  could be acquired by Mr. Johnston or his nominee
     pursuant to the terms of a Stock Option  Purchase  Agreement dated February
     28, 2001. Mr. Johnston disclaims  beneficial ownership of all shares of the
     Company except (A) the RPJ Options;  (B) any shares held by the Trust;  and
     (C) any  shares  held by CRT#3 in excess of 13.6% of the  aggregate  shares
     owned by CRT#3.

(l)  Mr.  Mechem's  address is 2803 Teton Pines  Drive,  Wilson,  WY 83014.  (a)
     Pursuant to Rule  13d-3(d)(1)(i),  this amount  includes (i) 10,000  shares
     issuable upon the exercise of employee stock options currently  exercisable
     (the "CSM Options"); (ii) 12,000 shares issuable upon exercise of a warrant
     dated  February  28,  2002 (the "CSM  Warrant");  and  (iii)  6,000  shares
     issuable  upon the  exercisable  portion of an option from CRT#3 dated July
     24, 2001 (the  "CSM-CRT#3  Options")  (see note (o)) which are  exercisable
     within 60 days;  and (b)  pursuant to the proviso to Rule 13d-3  (d)(1)(i),
     includes the following which are not  exercisable  within the next 60 days:
     (i) 15,000 shares subject to the CSM Options and (ii) 24,000 shares subject
     to the  CSM-CRT#3  Option.  See also "Item 13.  Certain  Relationships  and
     Related Transactions."

(m)  Christopher  Johnston's address is 3490 Clubhouse Drive, Suite 102, Jackson
     Hole, WY 83001. (a) Pursuant to Rule  13d-3(d)(1)(i),  this amount includes
     (i) 36,000 shares  issuable upon exercise of a warrant dated March 8, 2002;
     (ii) 121,750  shares held by Mr. Warren subject to an option dated February
     28, 2002 granted by Mr. Warren to Mr. Johnston to purchase such shares from
     Mr. Warren which is currently exercisable; and (iii) 622,687 shares held by
     RIFL LLC in which Mr.  Johnston is a 49.9% member,  and (b) pursuant to the
     proviso to Rule  13d-3  (d)(1)(i),  includes  the  following  which are not
     exercisable  within the next 60 days: (i) 20,000 shares subject to employee
     stock options held by Mr.  Johnston,  (ii) 121,510  shares sold on February
     25, 2002 by him for a promissory note secured by a pledge agreement on such
     shares and (iii) 41,753 shares owned by Mrs. Rothfield, 10,003 shares owned
     by Mr. Lyon and 344,479 shares owned by Mr. Warren which are subject to the
     Right of First Refusal  (which  includes the 121,750  shares subject to the
     CAJ-KJW Option in clause (a)(ii)). See also "Item 13. Certain Relationships
     and Related  Transactions." Mr. Johnston disclaims  beneficial ownership of
     any shares  owned by RIFL LLC in excess of his 49.9%  interest  therein and
     any shares owned by Mrs. Rothfield, Mr. Lyon or Mr. Warren.

(n)  Mr.  Minella's  address is c/o Jefferies,  Inc., 520 Madison  Avenue,  12th
     floor,  New York,  NY 10022.  Pursant to Rule  13d-3(d)(1)(i),  this amount
     includes (i) 9,600 shares subject to options which are  exercisable  within
     60 days and (ii) 9,781 shares owned by Berenson  Minella & Company,  LLC of
     which Mr. Minella was a member.

(o)  The address of the Johnston Family Charitable Remainder Unitrust #3 is 4350
     Greens  Place,  Wilson,  WY 83014.  Pursuant to Rule  13d-3(d)(1)(i),  this
     amount  includes (i) 60,000  shares  subject to options  granted to Messrs.
     Warren and Mechem,  12,000 shares of which are  exercisable  within 60 days
     (see  notes  (i)  and  (l);  and  (ii)  pursuant  to the  proviso  to  Rule
     13d-3(d)(1)(i), 200,000 shares which CRT#3 may be required to purchase from
     CAJ pursuant to the Put Agreement (see note (k).

(p)  The address of the  Johnston  Family  Living  Trust is 4350  Greens  Place,
     Wilson, WY 83014. (a) Pursuant to Rule 13d-3(d)(1)(i), this amount includes
     (i) 145,200  shares  issuable upon exercise of Amended Trust Warrant 2, and
     (ii) 36,000  shares  issuable upon Trust Warrant 1, and (b) pursuant to the
     proviso to Rule 13d-3  (d)(1)(i),  includes (i) up to 820,000  shares which
     may be issued to the Trust  pursuant to the terms of the  Amended  Guaranty
<PAGE>
     Agreement  and (ii) 9,781  shares owned by Kenneth J. Warren and pledged to
     the Trust (see note (k)).

(q)  The  address of the  Johnston  Family  Charitable  Foundation  is 1935 West
     Muirhead  Loop,  Oro Valley,  Arizona 85737 Pursuant to the proviso to Rule
     13d-3 (d)(1)(i), this amount includes 152,192 shares issuable upon exercise
     of the JF Warrant (see note (k)).

(r)  This  amount  includes  1,255,252  shares  issuable  upon the  exercise  of
     options, warrants and other conversion rights."

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     The  fourth   paragraph  under  this  heading  is  amended  to  reduce  the
indebtedness  guaranteed  under the  April 10,  2002  agreements  ($605,000)  to
$205,000  and to reduce the number of shares  (2,420,000)  to 820,000  shares to
read as follows:

     "In a privately  negotiated  transaction,  on March 19,  2002,  the Company
entered into a Guaranty  Agreement  with the Trust,  whereby the Trust agreed to
provide a guarantee of the repayment of certain  amounts of money the Company is
obligated to pay to the Issuer's  institutional  lender and others. If the Trust
was  required  to  provide  the  maximum  amount  of funds  under  the  Guaranty
Agreement,  $605,000,  and the Trust  elected to convert the amount of such debt
into  shares at the rate of $.25 per share,  the Trust would  receive  2,420,000
shares, excluding any shares that may be obtainable by converting any additional
amounts of interest  that may be either paid by the Trust on behalf of debt owed
by the Issuer,  or owed to the Trust. In exchange for entering into the Guaranty
Agreement,  the Trust was granted  Trust Warrant 2 providing for the purchase of
up to 59,200  shares at a price of $.25 per share,  and the right to purchase an
additional  86,000  shares at the same  price  upon the  occurrence  of  certain
events.  On April 10, 2002,  the  Guaranty  Agreement  and Trust  Warrant 2 were
amended. Under the amended agreements, the guaranteed indebtedness was decreased
from $605,000 to $205,000 and the Trust would receive 820,000 shares,  excluding
any shares  that may be  obtainable  by  converting  any  additional  amounts of
interest  that may be  either  paid by the  Trust on  behalf of debt owed by the
Company,  or owed to the Trust but now would  immediately  receive  the right to
purchase  145,200 shares at a price of $.25 per share. The shares issuable under
the terms of the  Guaranty  Agreement  and Trust  Warrant 2 are  included in the
shares reported as beneficially owned by Richard P. Johnston."

"SIGNATURES" SECTION OF THE REPORT ON FORM 10-K IMMEDIATELY FOLLOWING PART IV.

     The signature on behalf of Raymond J. Minella made by John C. Lauchnor,  as
Attorney In Fact, which was inadvertently included on the Report on Form 10-K is
hereby deleted to correct its inadvertent  inclusion.  Mr. Minella resigned as a
director of the  registrant on July 24, 2002 as previously  reported and did not
execute a power of  attorney  authorizing  Mr.  Lauchnor  to sign the  report as
attorney in fact for Mr. Minella.
<PAGE>
                                   SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934,  the registrant has duly caused this Amendment No. 1 to be
signed on its behalf by the undersigned, thereunto duly authorized.

Dated: September 20, 2002             ROYAL PRECISION, INC.
                                      (the "Registrant")

                                      By /s/ John C. Lauchnor
                                         ---------------------------------------
                                         John C. Lauchnor, President and Chief
                                         Executive Officer

--------------------------------------------------------------------------------

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
amendment  has been  signed  below by the  following  persons  on  behalf of the
registrant and in the capacities indicated on the 20th day of September, 2002.

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               NAME                              TITLE (CAPACITY)
               ----                              ----------------

/s/ John C. Lauchnor                   President and  Chief Executive Officer
--------------------------------       (principal executive officer)
John C. Lauchnor

/s/ Frank W. Mertes *                  Vice President-Finance, Chief Financial
--------------------------------       Officer (principal financial officer)
Frank W. Mertes

/s/ Richard P. Johnston *              Director
--------------------------------
Richard P. Johnston

/s/ David E. Johnston *                Director
--------------------------------
David E. Johnston

/s/ Charles S. Mechem, Jr. *           Director
--------------------------------
Charles S. Mechem, Jr.

/s/ Christopher A. Johnston *          Director
--------------------------------
Christopher A. Johnston

/s/ Kenneth J. Warren *                Director
-----------------------
Kenneth J. Warren

     *    John C. Lauchnor,  by signing his name hereto, does sign this document
          on  behalf  of the  persons  indicated  above  pursuant  to a Power of
          Attorney duly executed by such persons.

     By: /s/ John C. Lauchnor
         -------------------------------------
         John C. Lauchnor, Attorney in Fact