----

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**FORM            10-Q/A**

**Amendment            No. 2**

**For            the Quarter Ended September 30,            2005**

**MAXCO,            INC.**

*(Exact            Name of Registrant as Specified in its Charter)*

| Michigan                                                        |   | 38-1792842                                    |
|-----------------------------------------------------------------|--------|-----------------------------------------------|
| *(State                      or other Jurisdiction of*          |   | *(I.R.S.                      Employer*       |
| *Incorporation                      or Organization)*           |   | *Identification                      Number)* |
|                                                            |   |                                          |
| 1118                      Centennial Way                        |   | 48917                                         |
| Lansing,                      Michigan                          |   | *(Zip                      Code)*             |
| *(Address                      of principal executive offices)* |   |                                          |

| Class                             | Outstanding                      at October 31, 2005 |
|-----------------------------------|------------------------------------------------------|
| Common                      Stock | 3,446,995                      shares                |

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**MAXCO,        INC.**

**EXPLANATORY        NOTE**

**INDEX        TO QUARTERLY REPORT ON FORM 10-Q**

|                                                                                                                                                                                              | **PAGE** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| Part                    I — Financial Information                                                                                                                                           | 3        |
|                                                                                                                                                                                              |     |
|     Item                    1.                    Financial Statements                                                                                                        | 3        |
|                                                                                                                                                                                              |     |
|         Condensed                    Consolidated Balance Sheets                                                                                          | 3        |
|                                                                                                                                                                                              |     |
|         Condensed                    Consolidated Statements Of Operations                                                                                | 5        |
|                                                                                                                                                                                              |     |
|         Consolidated                    Statements Of Stockholders’ Equity                                                                          | 7        |
|                                                                                                                                                                                              |     |
|         Condensed                    Consolidated Statements Of Cash Flows                                                                                | 8        |
|                                                                                                                                                                                              |     |
|         Notes                    To Consolidated Financial Statements                                                                                     | 9        |
|                                                                                                                                                                                              |     |
|     Item                    2.                    Management's Discussion And Analysis Of Financial Condition And                    Results Of                    Operations | 16       |
|                                                                                                                                                                                              |     |
|     Item                    3.                    Quantitative And Qualitative Disclosures About Market Risk                                                                  | 22       |
|                                                                                                                                                                                              |     |
|     Item                    4.                    Controls And Procedures                                                                                                     | 22       |
|                                                                                                                                                                                              |     |
| Part                    II — Other Information                                                                                                                                              | 23       |
|                                                                                                                                                                                              |     |
|     Item                    1.                    Legal Proceedings                                                                                                           | 23       |
|                                                                                                                                                                                              |     |
|     Item                    2.                    Unregistered Sales Of Equity Securities And Use Of                    Proceeds                                              | 23       |
|                                                                                                                                                                                              |     |
|     Item                    3.                    Defaults Upon Senior Securities                                                                                             | 23       |
|                                                                                                                                                                                              |     |
|     Item                    4.                    Submission Of Matters To A Vote Of Security Holders                                                                         | 23       |
|                                                                                                                                                                                              |     |
|     Item                    5.                    Other Information                                                                                                           | 23       |
|                                                                                                                                                                                              |     |
| Item                    6. Exhibits                                                                                                                                                               | 23       |
|                                                                                                                                                                                              |     |
| Signatures                                                                                                                                                                                        | 25       |
|                                                                                                                                                                                              |     |
| Certification                                                                                                                                                                                     | 26       |

----

**PART        I — FINANCIAL INFORMATION**

**ITEM        1. FINANCIAL STATEMENTS**

**CONDENSED        CONSOLIDATED BALANCE SHEETS**

**Maxco,        Inc. and Subsidiaries**

|                                                                 |   |  **September                  30,**    | **March                  31,** |   |
|----------------------------------------------------------------------|--------|---------------------------------------------|--------------------------------|--------|
|                                                                 |   |  **2005**                              | **2005**                       |   |
|                                                                 |   |  **(Unaudited)**                       |                           |   |
|                                                                 |   |  ***(in                  thousands)*** |                           |
|                                                                 |   |                                   |                           |
| **ASSETS**                                                           |   |                                        |                           |   |   |   |   |   |
| **Current                  Assets**                                  |   |                                        |                           |   |   |   |   |   |
|  Cash                  and cash                  equivalents    |   | $                                           | 928                            |   |   | $ | 1,781 |   |
|  Restricted                  cash—Note                  3 |   |                                        | 750                            |   |   |   | - |   |
| Accounts                  and notes receivable, less allowance of    |   |                                        |                           |   |   |   |   |   |
| $180,000                  ($128,000 at March 31, 2005)               |   |                                        | 7,154                          |   |   |   | 6,605 |   |
| Inventories—Note                  9                            |   |                                        | 854                            |   |   |   | 534 |   |
| Prepaid                  expenses and other                          |   |                                        | 414                            |   |   |   | 223 |   |
| **Total                  Current Assets**                            |   |                                        | 10,100                         |   |   |   | 9,143 |   |
|                                                                 |   |                                        |                           |   |   |   |   |   |
| **Property                  and Equipment—Note 1**             |   |                                        |                           |   |   |   |   |   |
| Land                                                                 |   |                                        | 564                            |   |   |   | 437 |   |
| Buildings                                                            |   |                                        | 8,220                          |   |   |   | 5,997 |   |
| Machinery,                  equipment, and fixtures                  |   |                                        | 30,954                         |   |   |   | 30,052 |   |
|                                                                 |   |                                        | 39,738                         |   |   |   | 36,486 |   |
| Allowances                  for depreciation                         |   |                                        | (20,600                        | )      |   |   | (18,018 | ) |
|                                                                 |   |                                        | 19,138                         |   |   |   | 18,468 |   |
|                                                                 |   |                                        |                           |   |   |   |   |   |
| **Other                  Assets**                                    |   |                                        |                           |   |   |   |   |   |
| Investments                                                          |   |                                        | 1,014                          |   |   |   | 878 |   |
| Notes                  and contracts receivable and other            |   |                                        | 719                            |   |   |   | 996 |   |
| Real                  estate investments held for sale               |   |                                        | 1,427                          |   |   |   | 1,850 |   |
| Real                  estate held for sale                           |   |                                        | 2,997                          |   |   |   | - |   |
| Accounts                  receivable, related parties—Note 11  |   |                                        | 407                            |   |   |   | 407 |   |
| Intangibles                                                          |   |                                        | 1,424                          |   |   |   | 1,424 |   |
|                                                                 |   |                                        | 7,988                          |   |   |   | 5,555 |   |
|                                                                 |   |                                        |                           |   |   |   |   |   |
|                                                                 |   | $                                           | 37,226                         |   |   | $ | 33,166 |   |

----

**CONDENSED      CONSOLIDATED BALANCE SHEETS — CONTINUED**

**Maxco,      Inc. and Subsidiaries**

|                                                                                                     |   |   | **September                  30,**     |   |   | **March                  31,**  |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------|--------|
|                                                                                                     |   |   | **2005**                               |   |   | **2005**                        |   |
|                                                                                                     |   |   | **(Unaudited)**                        |   |   |                                 |   |
|                                                                                                     |   |   | ***(in                  thousands)***  |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                |   |   |                                        |   |   |                                 |   |
| **Current                  liabilities**                                                                 |   |   |                                        |   |   |                                 |   |
| Notes                  payable—Note 6                                                              |   | $      | 3,719                                       |   | $      | 2,091                                |   |
| Accounts                  payable                                                                        |   |   | 3,663                                       |   |   | 3,870                                |   |
| Employee                  compensation                                                                   |   |   | 1,856                                       |   |   | 1,711                                |   |
| Incentive                  compensation                                                                  |   |   | 1,000                                       |   |   | 650                                  |   |
| Taxes,                  interest, and other liabilities                                                  |   |   | 3,987                                       |   |   | 3,850                                |   |
| Current                  maturities of long-term obligations                                             |   |   | 5,303                                       |   |   | 4,959                                |   |
| **Total                  Current Liabilities**                                                           |   |   | 19,528                                      |   |   | 17,131                               |   |
|                                                                                                     |   |   |                                        |   |   |                                 |   |
| **Long-Term                  Obligations, Less Current Maturities—Notes 1 and                  6** |   |   | 7,265                                       |   |   | 7,070                                |   |
| **Total                  Liabilities**                                                                   |   |   | 26,793                                      |   |   | 24,201                               |   |
|                                                                                                     |   |   |                                        |   |   |                                 |   |
| **Stockholders'                  Equity**                                                                |   |   |                                        |   |   |                                 |   |
| Preferred                  stock:                                                                        |   |   |                                        |   |   |                                 |   |
| Series                  Three: 10% cumulative redeemable, $60 face                                       |   |   |                                        |   |   |                                 |   |
| value;                  14,784 shares issued                                                             |   |   | 678                                         |   |   | 678                                  |   |
| Series                  Four: 10% cumulative redeemable, $51.50 face                                     |   |   |                                        |   |   |                                 |   |
| value;                  46,414 shares issued                                                             |   |   | 2,390                                       |   |   | 2,390                                |   |
| Series                  Five: 10% cumulative redeemable, $120 face                                       |   |   |                                        |   |   |                                 |   |
| value;                  6,648 shares issued                                                              |   |   | 798                                         |   |   | 798                                  |   |
| Series                  Six: 10% cumulative callable, $160 face                                          |   |   |                                        |   |   |                                 |   |
| value;                  7,812.5 shares issued                                                            |   |   | 1,250                                       |   |   | -                                    |   |
|                                                                                                     |   |   | 5,116                                       |   |   | 3,866                                |   |
| Common                  stock, $1 par value; 10,000,000 shares                                           |   |   |                                        |   |   |                                 |   |
| authorized,                  3,446,995 shares issued and outstanding                                     |   |   | 3,447                                       |   |   | 3,447                                |   |
| Accumulated                  other comprehensive loss                                                    |   |   | (9                                          | )      |   | (38                                  | )      |
| Retained                  earnings                                                                       |   |   | 1,879                                       |   |   | 1,690                                |   |
| **Total                  Stockholders' Equity**                                                          |   |   | 10,433                                      |   |   | 8,965                                |   |
|                                                                                                     |   |   |                                        |   |   |                                 |   |
|                                                                                                     |   | $      | 37,226                                      |   | $      | 33,166                               |   |
|                                                                                                     |   |   |                                        |   |   |                                 |   |

----

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

**Maxco,      Inc. and Subsidiaries**

**(Unaudited)**

|                                                                   |   |   | **Three                  Months Ended September 30,**         |   |
|------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|
|                                                                   |   |   | **2005**                                                      |   |   | **2004**  |   |
|                                                                   |   |   | ***(in                  thousands, except per share data)***  |   |
| **Net                  Sales**                                         |   | $      | 11,396                                                             |   | $ | 11,156 |   |
| **Costs                  and Expenses:**                               |   |   |                                                               |   |   |   |   |
| Cost                  of sales and operating expenses                  |   |   | 7,312                                                              |   |   | 7,345 |   |
| Selling,                  general and administrative                   |   |   | 2,893                                                              |   |   | 2,732 |   |
| Depreciation                  and amortization                         |   |   | 780                                                                |   |   | 743 |   |
|                                                                   |   |   | 10,985                                                             |   |   | 10,820 |   |
| **Operating                  Income**                                  |   |   | 411                                                                |   |   | 336 |   |
| **Other                  Income (Expense)**                            |   |   |                                                               |   |   |   |   |
| Investment,                  interest, and other income (loss), net    |   |   | 37                                                                 |   |   | 16 |   |
| Gain                  on sale of assets                                |   |   | -                                                                  |   |   | 56 |   |
| Interest                  expense                                      |   |   | (384                                                               | )      |   | (358 | ) |
| **Income                  Before Equity in Loss of Affiliates**        |   |   | 64                                                                 |   |   | 50 |   |
| Equity                  in loss of affiliates                          |   |   | -                                                                  |   |   | - |   |
| **Net                  Income**                                        |   |   | 64                                                                 |   |   | 50 |   |
| Less                  preferred stock dividends                        |   |   | (102                                                               | )      |   | (102 | ) |
| **Net                  Loss Applicable to Common Stock**               |   | $      | (38                                                                | )      | $ | (52 | ) |
|                                                                   |   |   |                                                               |   |   |   |   |
| **Net                  Loss Per Common Share—Basic and Diluted** |   | $      | (0.01                                                              | )      | $ | (0.02 | ) |
|                                                                   |   |   |                                                               |   |   |   |   |

----

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

**Maxco,      Inc. and Subsidiaries**

**(Unaudited)**

|                                                                     |   |   | **Six                  Months Ended September 30,**           |   |
|--------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|
|                                                                     |   |   | **2005**                                                      |   |   | **2004**  |   |
|                                                                     |   |   | ***(in                  thousands, except per share data)***  |   |
| **Net                  Sales**                                           |   | $      | 22,844                                                             |   | $ | 22,523 |   |
| **Costs                  and Expenses:**                                 |   |   |                                                               |   |   |   |   |
| Cost                  of sales and operating expenses                    |   |   | 14,426                                                             |   |   | 14,715 |   |
| Selling,                  general and administrative                     |   |   | 5,793                                                              |   |   | 5,510 |   |
| Depreciation                  and amortization                           |   |   | 1,532                                                              |   |   | 1,487 |   |
|                                                                     |   |   | 21,751                                                             |   |   | 21,712 |   |
| **Operating                  Income**                                    |   |   | 1,093                                                              |   |   | 811 |   |
| **Other                  Income (Expense)**                              |   |   |                                                               |   |   |   |   |
| Investment,                  interest, and other income (loss), net      |   |   | 35                                                                 |   |   | 151 |   |
| Gain                  on sale of assets                                  |   |   | 2                                                                  |   |   | 57 |   |
| Interest                  expense                                        |   |   | (737                                                               | )      |   | (765 | ) |
| **Income                  Before Equity in Loss of Affiliates**          |   |   | 393                                                                |   |   | 254 |   |
| Equity                  in loss of affiliates, net of tax                |   |   | -                                                                  |   |   | - |   |
| **Net                  Income**                                          |   |   | 393                                                                |   |   | 254 |   |
| Less                  preferred stock dividends                          |   |   | (204                                                               | )      |   | (204 | ) |
| **Net                  Income Applicable to Common Stock**               |   | $      | 189                                                                |   | $ | 50 |   |
|                                                                     |   |   |                                                               |   |   |   |   |
| **Net                  Income Per Common Share—Basic and Diluted** |   | $      | 0.05                                                               |   | $ | 0.02 |   |
|                                                                     |   |   |                                                               |   |   |   |   |

----

**CONSOLIDATED      STATEMENTS OF STOCKHOLDERS’ EQUITY**

**Maxco,      Inc. and Subsidiaries**

**(Unaudited)**

|                                              |   |   | **Number                of Common Shares Outstanding**                                          |   |   | **Preferred****Stock**  |   |   | **Common****Stock**  |   |   | **Accumulated                Comprehensive Loss**  |   |   | **Retained****Earnings**  |   |   | **Totals**  |   |
|---------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|---------------------------|--------|--------|---------------------------------------------------------|--------|--------|--------------------------------|--------|--------|------------------|--------|
|                                              |   |   | ***(in                thousands, except number of common shares                outstanding)***  |   |
| **Balances                at April 1, 2005**      |   |   | 3,446,995                                                                                            |   | $      | 3,866                        |   | $      | 3,447                     |   | $      | (38                                                     | )      | $      | 1,690                          |   | $      | 8,965            |   |
| Net                income for the period          |   |   |                                                                                                 |   |   |                         |   |   |                      |   |   |                                                    |   |   | 393                            |   |   | 393              |   |
| Unrealized                gain on swap agreement  |   |   |                                                                                                 |   |   |                         |   |   |                      |   |   | 29                                                      |   |   |                           |   |   | 29               |   |
| Total                Comprehensive income         |   |   |                                                                                                 |   |   |                         |   |   |                      |   |   |                                                    |   |   |                           |   |   | 422              |   |
| Issuance                of preferred stock        |   |   |                                                                                                 |   |   | 1,250                        |   |   |                      |   |   |                                                    |   |   |                           |   |   | 1,250            |   |
| Preferred                stock dividends          |   |   |                                                                                                 |   |   |                              |   |   |                           |   |   |                                                         |   |   | (204                           | )      |   | (204             | )      |
| **Balances                at September 30, 2005** |   |   | 3,446,995                                                                                            |   | $      | 5,116                        |   | $      | 3,447                     |   | $      | (9                                                      | )      | $      | 1,879                          |   | $      | 10,433           |   |

----

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS**

**Maxco,      Inc. and Subsidiaries**

**(Unaudited)**

|                                                                     |   |   | **Six                  Months Ended September 30,**  |   |
|--------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------|--------|
|                                                                     |   |   | **2005**                                             |   |   | **2004**  |   |
|                                                                     |   |   | ***(in                  thousands)***                     |   |
| **Operating                  Activites**                                 |   |   |                                                      |   |   |   |   |
| Net                  income                                              |   | $      | 393                                                       |   | $ | 254 |   |
| Adjustments                  to reconcile net income to net cash         |   |   |                                                      |   |   |   |   |
| provided                  by operating activites:                        |   |   |                                                      |   |   |   |   |
| Loss                  on investment                                      |   |   | 30                                                        |   |   | - |   |
| Net                  gains                                               |   |   | (2                                                        | )      |   | (57 | ) |
| Depreciation                  and other non-cash items                   |   |   | 1,532                                                     |   |   | 1,487 |   |
| Changes                  in operating assets and liabilities             |   |   | (1,260                                                    | )      |   | 616 |   |
| **Net                  Cash Provided By Operating Activities**           |   |   | 693                                                       |   |   | 2,300 |   |
|                                                                     |   |   |                                                      |   |   |   |   |
| **Investing                  Activities**                                |   |   |                                                      |   |   |   |   |
| Collections                  on notes receivable                         |   |   | 125                                                       |   |   | 1,003 |   |
| Sale                  of buildings                                       |   |   | 278                                                       |   |   | - |   |
| Purchase                  of subsidiaries                                |   |   | (342                                                      | )      |   | - |   |
| Purchases                  of property and equipment                     |   |   | (988                                                      | )      |   | (537 | ) |
| Other                                                                    |   |   | 74                                                        |   |   | 65 |   |
| **Net                  Cash (Used In) Provided By Investing Activities** |   |   | (853                                                      | )      |   | 531 |   |
|                                                                     |   |   |                                                      |   |   |   |   |
| **Financing                  Activities**                                |   |   |                                                      |   |   |   |   |
| Net                  proceeds from (repayments on) line of credit        |   |   | 1,574                                                     |   |   | (752 | ) |
| Net                  repayments on other debt obligations                |   |   | (1,517                                                    | )      |   | (1,834 | ) |
| **Net                  Cash Provided By (Used In) Financing Activities** |   |   | 57                                                        |   |   | (2,586 | ) |
|                                                                     |   |   |                                                      |   |   |   |   |
| **(Decrease)                  Increase in Cash and Cash Equivalents**    |   |   | (103                                                      | )      |   | 245 |   |
| **Cash                  and Cash Equivalents at Beginning of Period**    |   |   | 1,781                                                     |   |   | 78 |   |
| **Cash                  and Cash Equivalents at End of Period**          |   | $      | 1,678                                                     |   | $ | 323 |   |
|                                                                     |   |   |                                                      |   |   |   |   |
| **Supplemental                  cash flow disclosure:**                  |   |   |                                                      |   |   |   |   |
| Interest                  paid                                           |   | $      | 789                                                       |   | $ | 724 |   |

----

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**Maxco,      Inc. and Subsidiaries**

**September      30, 2005**

**NOTE      1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING      POLICIES**

----

**NOTE      2 - EARNINGS PER SHARE**

|                                                                           |   |   | **Three                  Months Ended**                       |   |   | **Six                  Months Ended**  |   |
|--------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                                           |   |   | **September                  30,**                            |   |   | **September                  30,**     |   |
|                                                                           |   |   | **2005**                                                      |   |   | **2004**                               |   |   | **2005**  |   |   | **2004**  |   |
| **NUMERATOR:**                                                            |   |   | ***(in                  thousands, except per share data)***  |   |
| Net                  income                                                    |   | $      | 64                                                                 |   | $      | 50                                          |   | $ | 393 |   | $ | 254 |   |
| Preferred                  stock dividends                                     |   |   | (102                                                               | )      |   | (102                                        | )      |   | (204 | ) |   | (204 | ) |
| **Numerator                  for basic and diluted earnings per share—** |   |   |                                                               |   |   |                                        |   |   |   |   |   |   |   |
| **income                  (loss) available to common stockholders**            |   | $      | (38                                                                | )      | $      | (52                                         | )      | $ | 189 |   | $ | 50 |   |
| **DENOMINATOR:**                                                               |   |   |                                                               |   |   |                                        |   |   |   |   |   |   |   |
| **Denominator                  for basic and diluted earnings per**            |   |   |                                                               |   |   |                                        |   |   |   |   |   |   |   |
| **share—weighted                  average shares**                       |   |   | 3,447                                                              |   |   | 3,101                                       |   |   | 3,447 |   |   | 3,101 |   |
| **BASIC                  AND DILUTED EARNINGS (LOSS) PER SHARE**               |   | $      | (0.01                                                              | )      | $      | (0.02                                       | )      | $ | 0.05 |   | $ | 0.02 |   |

**NOTE      3 - RESTRICTED CASH**

**NOTE      4 - COMPREHENSIVE INCOME**

|                                               |   |   | **Three                  Months Ended**  |   |   | **Six                  Months Ended**  |   |
|----------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                               |   |   | **September                  30,**       |   |   | **September                  30,**     |   |
|                                               |   |   | **2005**                                 |   |   | **2004**                               |   |   | **2005**  |   |   | **2004**  |   |
|                                               |   |   | ***(in                  thousands)***    |   |
| Net                  income                        |   | $      | 64                                            |   | $      | 50                                          |   | $ | 393 |   | $ | 254 |   |
| Unrealized                  gain on swap agreement |   |   | 14                                            |   |   | 14                                          |   |   | 29 |   |   | 78 |   |
| Comprehensive                  income              |   | $      | 78                                            |   | $      | 64                                          |   | $ | 422 |   | $ | 332 |   |

**NOTE      5 - INDUSTRY SEGMENT INFORMATION**

|                                           |   |   | **September                  30,**     |   |   | **March                  31,**  |   |
|------------------------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------|--------|
|                                           |   |   | **2005**                               |   |   | **2005**                        |   |
|                                           |   |   | ***(in                  thousands)***  |   |
| **Identifiable                  Assets:**      |   |   |                                        |   |   |                                 |   |
| Heat                  treating                 |   | $      | 28,673                                      |   | $      | 27,081                               |   |
| Corporate                  and other           |   |   | 6,112                                       |   |   | 3,357                                |   |
| Investments                  and advances      |   |   | 2,441                                       |   |   | 2,728                                |   |
| **Total                  Identifiable Assets** |   | $      | 37,226                                      |   | $      | 33,166                               |   |

----

|                                                             |   |   | **Three                  Months Ended**  |   |   | **Six                  Months Ended**  |   |
|------------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                             |   |   | **September                  30,**       |   |   | **September                  30,**     |   |
|                                                             |   |   | **2005**                                 |   |   | **2004**                               |   |   | **2005**  |   |   | **2004**  |   |
|                                                             |   |   | ***(in                  thousands)***    |   |
| **Net                  Sales:**                                  |   |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| Heat                  treating                                   |   | $      | 11,396                                        |   | $      | 11,156                                      |   | $ | 22,844 |   | $ | 22,523 |   |
| Corporate                  and other                             |   |   | -                                             |   |   | -                                           |   |   | - |   |   | - |   |
| **Total                  Net Sales**                             |   | $      | 11,396                                        |   | $      | 11,156                                      |   | $ | 22,844 |   | $ | 22,523 |   |
|                                                             |   |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| **Operating                  Earnings (Loss):**                  |   |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| Heat                  treating                                   |   | $      | 1,061                                         |   | $      | 705                                         |   | $ | 2,367 |   | $ | 1,668 |   |
| Corporate                  and other                             |   |   | (650                                          | )      |   | (369                                        | )      |   | (1,274 | ) |   | (857 | ) |
| **Total                  Operating Earnings**                    |   | $      | 411                                           |   | $      | 336                                         |   | $ | 1,093 |   | $ | 811 |   |
|                                                             |   |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| **Depreciation                  and Amortization Expense:**      |   |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| Heat                  treating                                   |   | $      | 773                                           |   | $      | 735                                         |   | $ | 1,518 |   | $ | 1,471 |   |
| Corporate                  and other                             |   |   | 7                                             |   |   | 8                                           |   |   | 14 |   |   | 16 |   |
| **Total                  Depreciation and Amortization Expense** |   | $      | 780                                           |   | $      | 743                                         |   | $ | 1,532 |   | $ | 1,487 |   |
|                                                             |   |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| **Capital                  Expenditures:**                       |   |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| Heat                  treating                                   |   | $      | 400                                           |   | $      | 406                                         |   | $ | 975 |   | $ | 537 |   |
| Corporate                  and other                             |   |   | 6                                             |   |   | -                                           |   |   | 13 |   |   | - |   |
| **Total                  Capital Expenditures**                  |   | $      | 406                                           |   | $      | 406                                         |   | $ | 988 |   | $ | 537 |   |

**NOTE      6 - DEBT**

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|   |   |   |   |
|--------|--------|--------|--------|
|   |   |   |   |
|   |   |   |   |
|   |   |   |   |

|                                                                                                                      |   |   | **September                  30,**     |   |   | **March                  31,**  |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------|--------|
|                                                                                                                      |   |   | **2005**                               |   |   | **2005**                   |   |
|                                                                                                                      |   |   | ***(in                  thousands)***  |   |
| **Short                term obligations:**                                                                                |   |   |                                        |   |   |                                 |   |
| Notes                  payable (various interest rates)                                                                   |   | $      | 289                                         |   | $      | 1,554                                |   |
| Mortgage                  notes payable (prime +3%)                                                                       |   |   | 1,319                                       |   |   | -                                    |   |
| Revolving                  line of credit (LIBOR + 1.6%)                                                                  |   |   | 2,111                                       |   |   | 537                                  |   |
|                                                                                                                      |   | $      | 3,719                                       |   | $      | 2,091                                |   |
|                                                                                                                      |   |   |                                        |   |   |                                 |   |
| **Long                  term obligations:**                                                                               |   |   |                                        |   |   |                                 |   |
| Term                  notes (various variable interest rates)                                                             |   | $      | 3,594                                       |   | $      | 4,930                                |   |
| Mortgage                  notes payable (various variable interest rates)                                                 |   |   | 5,829                                       |   |   | 4,962                                |   |
| Equipment                  purchase contracts and capitalized lease                  obligations (various interest rates) |   |   | 1,759                                       |   |   | 1,791                                |   |
| Subordinated                  debt (fixed rate of 10.00%)                                                                 |   |   | 346                                         |   |   | 346                                  |   |
| Other                  amounts due on real estate held for sale                                                           |   |   | 1,040                                       |   |   | -                                    |   |
|                                                                                                                      |   |   | 12,568                                      |   |   | 12,029                               |   |
| Less                  current maturities                                                                                  |   |   | 5,303                                       |   |   | 4,959                                |   |
|                                                                                                                      |   | $      | 7,265                                       |   | $      | 7,070                                |   |

**NOTE      7 - FEDERAL INCOME TAXES**

**NOTE      8 - PREFERRED STOCK DIVIDENDS**

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**NOTE      9 - INVENTORIES**

|                              |   |   | **September                  30,**     |   |   | **March                  31,**  |   |
|-----------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------|--------|
|                              |   |   | **2005**                               |   |   | **2005**                        |   |
|                              |   |   | ***(in                  thousands)***  |   |
| Raw                  materials    |   | $      | 650                                         |   | $      | 329                                  |   |
| Work                  in progress |   |   | 204                                         |   |   | 157                                  |   |
| Finished                  goods   |   |   | -                                           |   |   | 48                                   |   |
|                              |   | $      | 854                                         |   | $      | 534                                  |   |

**NOTE      10 - REAL ESTATE INVESTMENT (DISCONTINUED AND HELD FOR      SALE)**

**NOTE      11 - ACCOUNTS RECEIVABLE AND PAYABLE—RELATED PARTIES**

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**NOTE      12 - RECENT ACCOUNTING PRONOUNCEMENTS**

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**NOTE      13 - SUBSEQUENT EVENTS**

**Settlement      Agreement and Indemnification**

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** **

**Board      Resolution**

**ITEM      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS      OF      OPERATIONS**

**CRITICAL      ACCOUNTING POLICIES**

***Material      Trends and Uncertainties***

**Caution      Concerning Forward Looking Statements and Certain Risks Related to Our Business      and Our Company — Safe Harbor Statements**

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|   | · | ***Dependence                on Automotive Industry and Industry Cyclicality***—                The industries in which we operate depend upon general economic conditions                and are highly cyclical. Our performance is affected particularly                by new                vehicle sales, which can be highly sensitive to changes in interest                rates,                consumer confidence and fuel costs. We experience sales declines                during                the third and fourth calendar quarter as a result of scheduled OEM                shutdowns. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Customer                Concentration***—                Our base of customers is concentrated among original equipment                manufacturers as well as Tier I and Tier II suppliers in North America.                The loss of business from a major customer, the discontinuance of                particular vehicle models or a change in regulations or auto consumer                preferences could materially adversely affect us. In addition, certain                of                our customers have suffered financial distress, which may materially                adversely impact us as well in terms of the potential for lost revenue                and/or uncollectible accounts                receivable. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Ability                to Finance Capital Requirements***—                Our business is capital intensive. We have made substantial capital                investments to improve capacity and productivity and to meet customer                requirements. More investment is required to maintain and expand                our                future business awards. If we are unable to meet future capital                requirements, our business may be materially adversely                affected. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Increases                in Energy Costs***—                Increases in energy costs could negatively affect our financial health                and                results. To the extent feasible, in light of competitive factors,                we have                offset these fluctuations through selective price adjustments. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Increases                in Healthcare Costs***—                Increases in our healthcare costs could negatively affect our financial                health and results. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Our                Industries are Highly Competitive***—                Continuing trends among our customers will increase competitive pressures                in our businesses. The continuing trend towards limiting outside                suppliers                involves significant risks, as well as opportunities, and has increased                competition. We have experienced and may continue to experience adverse                pricing pressures as a result. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Changing                Technology***—                Our processes are subject to changing technology, which could place                us at                a competitive disadvantage relative to alternative processes introduced                by                competitors. We may require significant ongoing and recurring additional                capital expenditures to remain competitive. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Changing                Processes***—A                change in a foundry’s                mold line may eliminate the need for heat treating by controlled                cooling                in mold which would have a materially adverse affect on our                business. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Dependence                on Key Personnel and Relationships***—                We depend on the services of key individuals, particularly our executive                officers and senior managers. The loss of any key individual could                materially and adversely harm us. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Labor                Stoppages***—                Our customers or suppliers may be subject to work stoppages at their                facilities, which could materially and adversely harm                us. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Outsourcing                Trend***—                Our strategies may not succeed if anticipated outsourcing fails to                materialize to the extent we have assumed. Principal risks to continued                outsourcing are union/labor considerations and                objections. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Offshoring                Trend***—                Our customers could relocate their manufacturing facilities out of                the                United States which could materially and adversely harm                us. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Environmental                Matters***—                Our business may be materially and adversely affected by compliance                obligations and liabilities under environmental laws and                regulations. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Market      Opportunities and Growth Strategies**

|   | · | Companies                are focusing on core competencies and outsourcing non-core processes                such                as heat treating and coating. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In                some cases, our customers are consolidating their supply                base. |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | Foreign                automakers are locating manufacturing facilities in the United                States. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

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|   | · | ***Expand                Capabilities***.    By                adding new capabilities in our existing plants we believe that we                could                secure new business from our existing customer base. By offering                a                “one-stop" shop we could significantly reduce logistical costs for                our                customers. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Provide                Technical Expertise To Support Our Customers*****.**    We                believe that our technical expertise is one of our competitive advantages.                We partner with our customers to find ways to improve quality and                reduce                cost. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Cost                Savings Opportunities And Efficiency                Improvements***.    We                have pursued, and will continue to pursue, cost savings that enhance                our                competitive position in serving our customers. We have made significant                investments in material handling equipment in order to improve efficiency                and to provide a safer environment for our                employees. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Pursue                Strategic Acquisitions***.    We                plan to pursue acquisitions that strategically expand our process                capabilities and contribute to our geographic diversity and market                share.                Our ability to execute this element of our strategy may be limited                by our                capital resources. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Principles      of Consolidation and Transactions With Affiliates***

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***Revenue      Recognition***

***Goodwill,      Intangible and Other Long-Lived Assets***

***Derivative      Financial Instruments***

**MATERIAL      CHANGES IN FINANCIAL CONDITION**

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**RESULTS      OF OPERATIONS**

**Three      Months Ended September 30, 2005 Compared to 2004**

|                                 |   |   | **Three                  Months Ended**  |   |   | **Three                  Months Ended**  |   |
|--------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------------------|--------|
|                                 |   |   | **September                  30, 2005**  |   |   | **September                  30, 2004**  |   |
|                                 |   |   |                                          |   |   | **Operating**                            |   |   |   |   |   | **Operating**  |   |
|                                 |   |   | **Net                  Sales**           |   |   | **Earnings                  (Loss)**     |   |   | **Net                  Sales**  |   |   | **Earnings                  (Loss)**  |   |
|                                 |   |   | ***(in                  thousands)***    |   |
| Heat                  treating       |   | $      | 11,396                                        |   | $      | 1,061                                         |   | $ | 11,156 |   | $ | 705 |   |
| Corporate                  and other |   |   | -                                             |   |   | (650                                          | )      |   | - |   |   | (369 | ) |
|                                 |   | $      | 11,396                                        |   | $      | 411                                           |   | $ | 11,156 |   | $ | 336 |   |

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**Six      Months Ended September 30, 2005 Compared to 2004**

|                                 |   |   | **Six                  Months Ended**    |   |   | **Six                  Months Ended**    |   |
|--------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------------------|--------|
|                                 |   |   | **September                  30, 2005**  |   |   | **September                  30, 2004**  |   |
|                                 |   |   |                                          |   |   | **Operating**                            |   |   |   |   |   | **Operating**  |   |
|                                 |   |   | **Net                  Sales**           |   |   | **Earnings                  (Loss)**     |   |   | **Net                  Sales**  |   |   | **Earnings                  (Loss)**  |   |
|                                 |   |   | ***(in                  thousands)***    |   |
| Heat                  treating       |   | $      | 22,844                                        |   | $      | 2,367                                         |   | $ | 22,523 |   | $ | 1,668 |   |
| Corporate                  and other |   |   | -                                             |   |   | (1,274                                        | )      |   | - |   |   | (857 | ) |
|                                 |   | $      | 22,844                                        |   | $      | 1,093                                         |   | $ | 22,523 |   | $ | 811 |   |
|                                 |   |   |                                          |   |   |                                          |   |   |   |   |   |   |   |

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**ITEM      3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK**

**ITEM      4. CONTROLS AND PROCEDURES**

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**PART      II — OTHER INFORMATION**

| 3         | Restated                  Articles of Incorporation are hereby incorporated from Form 10-Q                  dated                  February 13, 1998.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 3.1  | By-laws                  are hereby incorporated by reference from Form S-4 dated November                  4, 1991                  (File No. 33-43855).                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 3.2  | First                  Amendment to the By-laws is hereby incorporated by reference from                  Form 8-K                  dated November 14, 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.2       | Resolution                  establishing Series Three Preferred Shares is hereby incorporated                  by                  reference from Form S-4 dated November 4, 1991 (File No.                  33-43855).                                                                                                                                                                                                                                                                                                                                                                                    |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.3       | Resolution                  authorizing the redemption of Series Two Preferred Stock and establishing                  Series Four Preferred Stock and the terms of the subordinated notes                  is                  hereby incorporated by reference from Form 10-Q dated February                  14,                  1997.                                                                                                                                                                                                                                                                 |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.4       | Resolution                  establishing Series Five Preferred Shares is hereby incorporated                  by                  reference from Form 10-K dated June 5, 1997.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.5       | Resolution                  establishing Series Six Preferred Shares is hereby incorporated                  by                  reference from Form 10-K dated June 23, 1999.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.1      | Incentive                  stock option plan adopted August 15, 1983, including the amendment                  (approved by shareholders August 25, 1987) to increase the authorized                  shares on which options may be granted by two hundred fifty thousand                  (250,000), up to five hundred thousand (500,000) shares of the                  common                  stock of the company is hereby incorporated by reference from the                  registrant's annual report on Form 10-K for the fiscal year ended                  March                  31, 1988. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.11     | Asset                  purchase agreement for the purchase of Atmosphere Annealing, Inc.                  is                  hereby incorporated by reference from Form 8-K dated January 17,                  1997.                                                                                                                                                                                                                                                                                                                                                                                      |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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| 10.12  | Asset                  Purchase Agreement - Axson North America Inc. is hereby incorporated                  by                  reference from registrants Form 10-Q dated February 14,                  1997.                                                                                                                                                                                    |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.18  | Maxco,                  Inc. 1998 Employee Stock Option Plan is hereby incorporated by                  reference                  from Form 10-Q dated November 12, 1998.                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.29  | Obligor                  assignment agreement among Contractor Supply Incorporated, Maxco,                  Inc.,                  and Ersco Corporation dated November 14, 2002 is hereby incorporated                  by                  reference from Form 10-Q dated November 25, 2002.                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.30  | Stock                  purchase agreement between Ersco Corporation, Maxco, Inc., and                  Contractor                  Supply Incorporated dated November 14, 2002 is hereby incorporated                  by                  reference from Form 10-Q dated November 25, 2002.                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.31  | Asset                  Purchase Agreement between Pak Sak Industries, Inc., Maxco, Inc.,                  P-S                  Business Acquisition, Inc., and P&D Real Estate, LLC and Packaging                  Personified, Inc. dated September 27, 2002 is hereby incorporated                  by                  reference from Form 10-Q dated February 14, 2003.                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.32  | First                  Amendment to Asset Purchase Agreement between Pak Sak Industries,                  Inc.,                  Maxco, Inc., P-S Business Acquisition, Inc., and P&D Real Estate, LLC                  and Packaging Personified, Inc. dated October 30, 2002 is hereby                  incorporated by reference from Form 10-Q dated February 14,                  2003.   |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.33  | Second                  Amendment to Asset Purchase Agreement between Pak Sak Industries,                  Inc.,                  Maxco, Inc., P-S Business Acquisition, Inc., and P&D Real Estate, LLC                  and Packaging Personified, Inc. dated November 25, 2002 is hereby                  incorporated by reference from Form 10-Q dated February 14,                  2003. |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.34  | Credit                  Agreement between Atmosphere Annealing, Inc. and Huntington National                  Bank                  dated November 18, 2003 is hereby incorporated by reference from                  Form 10-Q                  dated November 19, 2003.                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.35  | Subordination                  Agreement between Maxco, Inc., Atmosphere Annealing, Inc. and Comerica                  Bank and Huntington National Bank dated November 18, 2003 is hereby                  incorporated by reference from Form 10-Q dated November 19,                  2003.                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.36  | Incentive                  agreement between Sanjeev Deshpande and Maxco, Inc. dated April                  20, 2004                  is hereby incorporated by reference from Form 10-K dated July 13,                  2004.                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.37  | Business                  Loan Agreement between Capitol National Bank and Maxco, Inc. dated                  May 28,                  2004 is hereby incorporated by reference from Form 10-K dated July                  13,                  2004.                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.38  | Settlement                  Agreement between and among American Realty Equities, Inc., Capital                  Center                  Associates, L.L.C., L/M Associates, LLC, Max A. Coon, and Maxco,                  Inc.                  dated October 27, 2005 is hereby incorporated by reference from                  Form 8-K                  dated November 2, 2005.                |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 31.1   | Certification                  of Chief Executive Officer of periodic report pursuant to Rule                  13a-15(e)                  or Rule 15d-15(e).                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 31.2   | Certification                  of Chief Financial Officer of periodic report pursuant to Rule                  13a-15(e)                  or Rule 15d-15(e).                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 32.1   | Certification                  of Chief Executive Officer of periodic report pursuant to 18 U.S.C.                  §1350.                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 32.2   | Certification                  of Chief Financial Officer of periodic report pursuant to 18 U.S.C.                  §1350.                                                                                                                                                                                                                                                                    |

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|                                  |                                                                                                                                              |                                     |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|
|                                  | MAXCO,              INC.                                                                                                                          |
|                             |                                                                                                                                         |                                |
| Date: April              3, 2006 | By:                                                                                                                                     | /s/ LAWRENCE              O. FIELDS |
|                                  |                                                                                                                                                   |
|                                  | Lawrence                O. Fields, Chief Financial Officerand                Treasurer (Principal Financial andAccounting                Officer) |

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