UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
[ X ] Quarterly report under Section 13 or 15(d) of the Securities Ex-
change Act of 1934
For the quarter ended January 31, 2004
[ ] Transition report under Section 13 or 15(d) of the Securities Ex-
change Act of 1934
For the transition period from ___________ to ____________
Commission File Number: 0-5378
GEORGE RISK INDUSTRIES, INC.
(Exact name of small business issuer as specified in its charter)
Colorado 84-0524756
(State of incorporation) (IRS Employers Identification No.)
802 South Elm St.
Kimball, NE 69145
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (308) 235-4645
APPLICABLE ONLY TO CORPORATE ISSUERS
The number of shares of the Registrant's Common Stock outstanding, as of
March 16, 2004, was 5,402,528.
Transitional Small Business Disclosure Format: Yes [ X ] No [ ]
GEORGE RISK INDUSTRIES, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
The unaudited financial statements for the three month period ended
January 31, 2004, and the nine month period ended January 31, 2004, are
attached hereto.
GEORGE RISK INDUSTRIES, INC.
BALANCE SHEET
JANUARY 31, 2004
ASSETS
Current Assets
Cash and cash equivalents $ 4,126,000
Marketable securities (Note 2) 10,800,000
Accounts receivable:
Trade, net of $50,000 doubtful account allowance 1,724,000
Other 1,000
Inventories (Note 3) 2,323,000
Prepaid expenses 90,000
Deferred income taxes 113,000
------------
Total Current Assets $19,177,000
Property and Equipment, net at cost $ 881,000
Other Assets
Investment in Limited Land Partnership, at cost 200,000
Projects in process 22,000
Other 2,000
------------
Total Other Assets $ 224,000
TOTAL ASSETS $20,282,000
============
GEORGE RISK INDUSTRIES, INC.
BALANCE SHEET
JANUARY 31, 2004
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, trade $ 159,000
Accrued expenses
Payroll and related expenses 225,000
Property taxes 2,000
Income taxes payable 62,000
Notes payable, current 195,000
------------
Total Current Liabilities $ 643,000
Long-Term Liabilities
Notes payable 0
------------
Total Long-Term Liabilities $ 0
Stockholders' Equity
Convertible preferred stock, 1,000,000 shares
authorized, Series 1-noncumulative, $20 stated
value, 25,000 shares authorized, 5,350 issued and
outstanding 107,000
Common stock, Class A, $.10 par value, 10,000,000
shares authorized, 8,502,832 shares issued and
outstanding 850,000
Additional paid-in capital 1,736,000
Accumulated other comprehensive income (680,000)
Retained earnings 19,389,000
Less: cost of treasury stock, 3,100,304 shares,
at cost (1,763,000)
------------
Total Stockholders' Equity $19,639,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $20,282,000
============
GEORGE RISK INDUSTRIES, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
Three months Nine months Three months Nine months
ended ended ended ended
January 31, January 31, January 31, January 31,
2004 2004 2003 2003
----------------------------------------------------
Net Sales $ 3,214,000 $ 9,641,000 $ 3,393,000 $ 9,978,000
Less: cost of goods sold (1,515,000 (4,675,000) (1,709,000) (4,875,000)
------------ ------------ ------------ ------------
Gross Profit $ 1,699,000 $ 4,966,000 $ 1,684,000 $ 5,103,000
Operating Expenses:
General and admini-
strative 164,000 507,000 167,000 504,000
Selling 582,000 1,707,000 585,000 1,798,000
Engineering 20,000 56,000 17,000 51,000
Rent Paid to Related
Parties 11,000 37,000 11,000 38,000
------------ ------------ ------------ ------------
Total Operating Expenses $ 777,000 $ 2,307,000 $ 780,000 $ 2,391,000
Income From Operations 922,000 2,659,000 904,000 2,712,000
Other Income (Expense)
Interest Income (5,000) (9,000) 7,000 (3,000)
Interest Expense 0 0 0 0
Investment Income (Loss) 111,000 271,000 78,000 236,000
Gain/(loss) on sale of
investments 3,000 31,000 115,000 (56,000)
Gain/(loss) on sale of
assets 0 4,000 0 0
------------ ------------ ------------ ------------
$ 109,000 $ 297,000 $ 200,000 $ 177,000
Income Before Provisions
for Income Tax 1,031,000 2,956,000 1,104,000 2,889,000
Provisions for Income Tax (432,000) (1,235,000) (461,000) (1,206,000)
------------ ------------ ------------ ------------
Net Income $ 599,000 $ 1,721,000 $ 643,000 $ 1,683,000
Retained Earnings,
beginning of period $18,790,000 $17,668,000 $16,423,000 $15,383,000
Retained Earnings,
end of period $19,389,000 $19,389,000 $17,066,000 $17,066,000
Income Per Share
(Note 6)
Basic $ .11 $ .32 $ .12 $ .31
Assuming Dilution $ .11 $ .32 $ .12 $ .31
GEORGE RISK INDUSTRIES, INC.
STATEMENT OF COMPREHENSIVE INCOME
Three months Nine months Three months Nine months
ended ended ended ended
January 31, January 31, January 31, January 31,
2004 2004 2003 2003
----------------------------------------------------
Net Income $ 599,000 $ 1,721,000 $ 643,000 $ 1,683,000
------------ ------------ ------------ ------------
Other Comprehensive Income, net of tax
Unrealized gain (loss) on securities:
Unrealized holding
gains (losses) arising
during period 277,000 747,000 (17,000) (141,000)
Reclassification adjustment
for gains (losses) included
in net income (3,000) (31,000) 115,000 (56,000)
------------ ------------ ------------ ------------
Other Comprehensive
Income $ 274,000 $ 716,000 $ 98,000 $ (197,000)
Comprehensive Income $ 873,000 $ 2,437,000 $ 741,000 $ 1,486,000
============ ============ ============ ============
GEORGE RISK INDUSTRIES, INC.
STATEMENT OF CASH FLOWS
Three months Nine months Three months Nine months
ended ended ended ended
January 31, January 31, January 31, January 31,
2004 2004 2003 2003
----------------------------------------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income $ 599,000 $ 1,721,000 $ 643,000 $ 1,683,000
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation 59,000 172,000 68,000 197,000
(Gain)/loss on sale of
property and equipment 0 (4,000) 0 0
Change in unrealized gain/
(loss) on investments 274,000 716,000 98,000 (197,000)
Changes in assets and
liabilities:
(Increase) decrease in:
Marketable securities (413,000) (1,119,000) (289,000) (451,000)
Accounts receivable 274,000 (170,000) 205,000 141,000
Inventories (66,000) 107,000 (80,000) (80,000)
Prepaid expenses 12,000 45,000 (13,000) (8,000)
Other assets (8,000) 56,000 (21,000) (221,000)
Receivables-officers
and employees 1,000 2,000 3,000 2,000
Increase (decrease) in:
Accounts payable 66,000 30,000 (19,000) 63,000
Accrued expenses (113,000) (58,000) (60,000) (38,000)
Income tax payable 63,000 132,000 0 282,000
------------ ------------ ------------ ------------
Net cash provided by (used in)
operating activities $ 748,000 $ 1,630,000 $ 535,000 $ 1,373,000
CASH FLOWS FROM INVESTING
ACTIVITIES:
(Purchase) Sale of property
and equipment (33,000) (167,000) (47,000) (84,000)
(Purchase) of treasury stock 0 0 0 0
------------ ------------ ------------ ------------
Net cash provided by (used in)
investing activities $ (33,000) $ (167,000) $ (47,000) $ (84,000)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Principal payments on
long-term debt 0 (40,000) 0 (4,000)
Proceeds from sale of
property and equipment 0 4,000 0 0
Treasury stock issued 0 0 0 0
------------ ------------- ------------ ------------
Net cash provided by (used in)
financing activities $ 0 $ (36,000) $ 0 $ (4,000)
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS $ 715,000 $ 1,427,000 $ 488,000 $ 1,285,000
============ ============ ============ ============
Cash and cash equivalents,
beginning of period $ 3,411,000 $ 2,699,000 $ 1,891,000 $ 1,094,000
Cash and cash equivalents,
end of period $ 4,126,000 $ 4,126,000 $ 2,379,000 $ 2,379,000
GEORGE RISK INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2004
Note 1 Unaudited Interim Financial Statements
- ------------------------------------------------
The accompanying financial statements have been prepared in accordance
with the instructions for Form 10QSB and do not include all of the inform-
ation and footnotes required by generally accepted accounting principals for
complete financial statements. In the opinion of management, all adjustments,
consisting only of normal recurring adjustments considered necessary for a
fair presentation, have been included. Operating results for any quarter are
not necessarily indicative of the results for any other quarter or for the
full year.
Note 2 Marketable Securities
- -------------------------------
Marketable equity securities are recorded at the lower of cost or market
and are classified as available-for-sale securities. The cost of marketable
securities sold is determined on the average cost method with realized gains
or losses being reflected in the income statement. The securities are
accounted for using fair value as required by FAS 115. Any unrealized gains
or losses are reported as a separate component of stockholder's equity until
realized. Dividend and interest income are accrued as earned.
Marketable equity securities and unrealized gains and losses consist of
the following as of January 31, 2004 and January 31, 2003:
Cost Basis $11,480,000 $10,765,000
Fair Value 10,800,000 9,140,000
------------ ------------
Net Unrealized Gain (Loss) $ 680,000 $(1,625,000)
Note 3 Inventories
- ---------------------
At January 31, 2004 and January 31, 2003, respectively, inventories con-
sisted of the following:
Raw Materials $ 1,630,000 $ 1,635,000
Work in Process 400,000 480,000
Finished Goods 296,000 398,000
Warehouse in England 67,000 65,000
------------ ------------
$ 2,393,000 $ 2,578,000
Less: allowance for obsolete
inventory (70,000) (70,000)
------------ ------------
Net Inventories $ 2,323,000 $ 2,508,000
============ ============
Note 4 Business Segments
- ---------------------------
The following is financial information relating to industry segments:
For the quarter ended
January 31,
2004 2003
----------------------------
Net revenue:
Pool alarm products $ 237,000 $ 228,000
Keyboard products 133,000 448,000
Security alarm and other products 2,844,000 2,717,000
------------ ------------
Total net revenue $ 3,214,000 $ 3,393,000
Income from operations:
Pool alarm products $ 68,000 $ 61,000
Keyboard products 38,000 119,000
Security alarm and other products 816,000 724,000
------------ ------------
Total income from operations $ 922,000 $ 904,000
Identifiable assets:
Pool alarm products $ 221,000 $ 226,000
Keyboard products 278,000 345,000
Security alarm and other products 4,042,000 4,214,000
Corporate general 15,741,000 12,337,000
------------ ------------
Total assets $20,282,000 $17,122,000
Depreciation and amortization:
Pool alarm products $ 1,000 $ 1,000
Keyboard products 1,000 2,000
Security alarm and other products 31,000 34,000
Corporate general 26,000 29,000
------------ ------------
Total depreciation and amortization $ 59,000 $ 66,000
Capital expenditures:
Pool alarm products $ 0 $ 30,000
Keyboard products 0 0
Security alarm and other products 0 15,000
Corporate general 33,000 0
------------ ------------
Total capital expenditures $ 33,000 $ 45,000
Note 5 Revenue Recognition
- -----------------------------
George Risk Industries recognizes its revenues when goods are shipped
and billed to its customers. There is a $50,000 allowance that was
established to account for any uncollectable accounts.
Note 6 Earnings per Share
- ----------------------------
Basic and diluted earnings per share, assuming convertible preferred
stock was converted for each period presented, are:
For the three months ended January 31, 2004
-------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net income $ 599,000
===========
Basic EPS $ 599,000 5,402,528 $ 0.11
Effect of Dilutive Securities:
Convertible preferred stock 0 26,750
----------- ------------- -----------
Diluted EPS $ 599,000 5,429,278 $ 0.11
For the nine months ended January 31, 2004
-------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net Income $1,721,000
===========
Basic EPS $1,721,000 5,402,528 $ 0.32
Effect of Dilutive Securities:
Convertible preferred stock 0 26,750
----------- ------------- -----------
Diluted EPS $1,721,000 5,429,278 $ 0.32
For the three months ended January 31, 2003
-------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net Income $ 643,000
===========
Basic EPS $ 643,000 5,402,528 $ 0.12
Effect of Dilutive Securities:
Convertible preferred stock 0 26,750
----------- ------------- -----------
Diluted EPS $ 643,000 5,429,278 $ 0.12
For the nine months ended January 31, 2003
--------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net Income $1,683,000
===========
Basic EPS $1,683,000 5,402,528 $ 0.31
Effect of Dilutive Securities:
Convertible preferred stock 0 26,750
----------- ------------- -----------
Diluted EPS $1,683,000 5,429,278 $ 0.31
GEORGE RISK INDUSTRIES, INC.
PART I. FINANCIAL INFORMATION
Item 2. Management Discussion and Analysis of Financial Condition and
Results of Operations
MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the attached con-
densed consolidated financial statements, and with the George Risk Indus-
tries' audited financial statements and discussion for the fiscal year ended
April 30, 2003
Net cash increased $715,000 during the quarter ended January 31, 2004 as com-
pared to an increase of $488,000 during the corresponding quarter last year.
As for the year-to-date numbers, net cash increased $1,427,000 for the nine
months ended January 31, 2004, while, for the same period last year, net cash
increased $1,285,000. Investments and marketable securities increased
$413,000 for the quarter and increased $1,119,000 for the year-to-date data.
The reason for the bigger increases in marketable securities when comparing
the number from last year is that we have started putting some excess cash
back into the market. Inventories increased $66,000 for the current quarter
as compared to an $80,000 increase for the same quarter last year. The year-
to-date numbers show a $107,000 decrease in inventory for the current year,
while there was an $8,000 decrease for the same period last year. Our sales
are down slightly this year, which accounts for the decrease in inventory.
Accounts receivable decreased $274,000 during the current quarter as compared
to a $205,000 decrease for the corresponding quarter last year. The year-to-
date figures show an increase of $170,000 for the current nine months and a
$141,000 decrease for the same period last year. The main reason for the in-
crease for the year-to-date number in accounts receivable is that we have had
to extend out payment terms to some of our customers. At January 31, 2004,
76% of the receivables were considered current (less than 45 days) and 1.64%
of the total were over 90 days past due. For the quarter ended January 31,
2004 there was an $8,000 increase in other assets while for the quarter ended
January 31, 2003, there was a $21,000 increase. The nine months ended Jan-
uary 31, 2004, shows a $56,000 decrease in other assets while the same period
last year shows a $221,000 increase. The reason for the big increase in
other assets for last year's year-to-date figures is that we purchased two
units of a limited land partnership in the Winter Park, CO area as a long-
term investment.
At the quarter ended January 31, 2004, accounts payable increased $66,000 as
compared to a $19,000 decrease for the same quarter the year before. As for
year-to-date numbers, there was a $30,000 increase for the nine months
ended January 31, 2004, and a $63,000 increase for the same period ended
January 31, 2003. Income tax payable increased $63,000 for the current
quarter while it showed a zero dollar change for the quarter ended January
31, 2003. For the nine months ended January 31, 2004, income tax payable in-
creased $132,000, while it increased $282,000 for the corresponding period a
year ago. The differences from year to year reflect the differences in net
income.
The following is a list of ratios to help analyze George Risk Industries'
performance:
For the quarter ended January 31,
2004 2003
--------------------------------
Working capital $18,534,000 $15,316,000
Current ratio 29.824 26.698
Quick ratio 25.894 22.262
Cash per share (including marketable
securities) $2.76 $2.13
Equity per share $3.64 $3.03
Net sales were $3,214,000 for the quarter ended January 31, 2004, which is a
5.3% decrease from the corresponding quarter last year. Year-to-date net
sales were $9,641,000 at January 31, 2004, which is a 3.4% decrease from the
same period last year. Cost of goods sold was 47.1% of net sales for the
quarter ended January 31, 2004 and 50.4% for the same quarter last year.
Year-to-date cost of goods sold percentages were 48.5% for the current nine
months and 48.9% for the corresponding nine months last year. Having rel-
atively the same percentage of cost of goods sold from period to period shows
that we keep our costs in line. Our cost of materials and direct labor fluc-
tuate in proportion to how our sales vary.
Operating expenses were 24.2% of net sales for the quarter ended January 31,
2004 as compared to 23% for the corresponding quarter last year. Year-to-
date operating expenses were 23.9% of net sales for the nine months ended
January 31, 2004, while they were 24% for the same period last year. Having
relatively the same percentages for operating expenses shows that management
has a good grip on spending habits. Income from operations for the quarter
ended January 31, 2004 was at $922,000, which is a 2% increase from the cor-
responding quarter last year, which had income from operations of $904,000.
Income from operations for the nine months ended January 31, 2004 was at
$2,659,000, which is a 2% decrease from the corresponding nine months last
year, which had income from operations of $2,712,000.
Other income and expenses showed gains of $109,000 and $297,000 for the
quarter and nine months ended January 31, 2004, respectively. The numbers
for the corresponding periods last year were gains of $200,000 and $177,000.
Net income for the quarter ended January 31, 2004 was at $599,000, a 6.8% de-
crease from the corresponding quarter last year, which showed a net income of
$643,000. Net income for the nine months ended January 31, 2004 was
$1,721,000, a 2.3% increase from the same period last year. Net income for
the nine months ended January 31, 2003 was $1,683,000. Earnings per common
share for the quarter ended January 31, 2004 was $0.11 per share and $0.32
per share for the year-to-date numbers. EPS for the quarter and nine moths
ended January 31, 2003 was $0.12 per share and $0.31 per share, respectively.
George Risk Industries does have three distinct business segments, security
alarm products, pool alarm products and keyboard products that are subject
to disclosure under SFAS No. 131. See the notes to the financial statements
in order to examine these segments.
Our security sales department has received notice from engineering that the
fail safe 2826 moisture sensor (GRI pt. #2826FS) has been released to pro-
duction as an addition to our line of water detection sensors. This product
line, along with our line of temperature sensors, has greatly increased in
both models and sales over the past few years.
Engineering has progressed on the T8800, a low cost wall temperature sensor
with one probe. We have been asked to provide this type of sensor to replace
a competitor's model that has been withdrawn from independent distribution.
This product will require both U.L. and C.E. approval for the medical market
we wish to target.
Prototypes of our 110-volt current controller are being prepared in engineer-
ing to submit for U.L. and U.L.C. approval. The 220V model will be marketed
in Europe and will require C.E. approval.
Also, engineering has designed exit and entry controls for the Americans With
Disabilities Act (ADA) market. These products will incorporate our touch
sensor technology presently used in our CT300 series.
Tool and die is presently at work on completing the glassbreak, surface mount
pre-wire, and magnet spacers molds. Their work continues on the new 16
cavity 20RS series switches.
Our marketing and sales group is preparing to exhibit at the 2004 Inter-
national Security Conference (ISC) in Las Vegas, NV form March 31st through
April 2nd, 2004. This is where most of the products mentioned above will be
introduced and demonstrated.
Management is always open to the possibility to acquire a business that would
complement our existing operations. This would probably not require any out-
side financing. The intent is to utilize the equipment, marketing techniques
and established customers to increase sales and profits.
There are no known seasonal trends with any of GRI's products, since we sell
to distributors and OEM manufacturers. The products are tied to the housing
industry and will fluctuate with building trends.
GEORGE RISK INDUSTRIES, INC.
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
Not applicable
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Securities
Not applicable
Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K
A. Reports on Form 8-K
No 8-K reports were filed during the quarter ended January 31, 2004.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
George Risk Industries, Inc.
(Registrant)
Date 03-16-2004 By: /s/ Kenneth R. Risk
Kenneth R. Risk
President and Chairman of the Board
Date 03-16-2004 By: /s/ Stephanie M. Risk
Stephanie M. Risk
Chief Financial Officer
CERTIFICATION OF KENNETH R. RISK, PRESIDENT AND CHAIRMAN OF THE BOARD,
PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934
I, Kenneth R. Risk, certify that:
1. I have reviewed this quarterly report on Form 10QSB of George Risk
Industries, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statements of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for the periods presented in
this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
and have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant is made known to
us by others, particularly during the period in which the
quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure con-
trols and procedures as of a date within 45 days prior to the
filing date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the registrant's board of directors:
a) all significant deficiencies in the design or operation of in-
ternal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data
and have identified for the registrant's auditors any material
weakness in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and
6. The registrant's other certifying officers and I have indicated in
the quarterly report whether there were significant changes in in-
ternal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evalu-
ation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
By: /s/ Kenneth R. Risk
Kenneth R. Risk
President and Chairman of the Board
CERTIFICATION OF STEPHANIE M. RISK, CHIEF FINANCIAL OFFICER,
PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934
I, Stephanie M. Risk, certify that:
1. I have reviewed this quarterly report on Form 10QSB of George Risk
Industries, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statements of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for the periods presented in
this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
and have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant is made known to
us by others, particularly during the period in which the
quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure con-
trols and procedures as of a date within 45 days prior to the
filing date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the registrant's board of directors:
a) all significant deficiencies in the design or operation of in-
ternal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data
and have identified for the registrant's auditors any material
weakness in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and
6. The registrant's other certifying officers and I have indicated in
the quarterly report whether there were significant changes in in-
ternal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evalu-
ation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
By: /s/ Stephanie M. Risk
Stephanie M. Risk
Chief Financial Officer and Controller
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL
OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Kenneth R. Risk, certify, pursuant to 18 U.S.C. 18 Section 1350, as adopt-
ed pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quart-
erly report of George Risk Industries, Inc. on Form 10QSB dated January 31,
2004 fully complies with the requirements of Section 13(a) or Section 15(d)
of the Securities Exchange Act of 1934 and that information contained in such
Form 10QSB fairly presents in all material respects the financial condition
and results of operations of George Risk Industries, Inc.
By: /s/ Kenneth R. Risk
Kenneth R. Risk
President and Chief Executive Officer
I, Stephanie M. Risk, certify, pursuant to 18 U.S.C. 18 Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the
quarterly report of George Risk Industries, Inc. on Form 10QSB dated January
31, 2003 fully complies with the requirements of Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 and that information contained
in such Form 10QSB fairly presents in all material respects the financial
condition and results of operations of George Risk Industries, Inc.
By: /s/ Stephanie M. Risk
Stephanie M. Risk
Chief Financial Officer