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 October 31, 2006
[ ] 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
December 15, 2006 was 5,339,838.
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 and six month period
ended October 31, 2006, are attached hereto.
GEORGE RISK INDUSTRIES, INC.
BALANCE SHEET
OCTOBER 31, 2006
ASSETS
Current Assets
Cash and cash equivalents $ 4,542,000
Marketable securities (Note 2) 15,687,000
Accounts receivable:
Trade, net of $50,000 doubtful account allowance 2,050,000
Other 1,000
Inventories (Note 3) 2,665,000
Prepaid expenses 95,000
Property tax overpayment 5,000
Deferred income taxes 286,000
------------
Total Current Assets $25,331,000
Property and Equipment, net of accumulated depreciation $ 890,000
Other Assets
Investment in Land Limited Partnership, at cost 200,000
Projects in process 25,000
Other 1,000
------------
Total Other Assets $ 226,000
TOTAL ASSETS $26,447,000
============
GEORGE RISK INDUSTRIES, INC.
BALANCE SHEET
OCTOBER 31, 2006
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, trade $ 166,000
Dividends payable 161,000
Accrued expenses
Payroll and related expenses 378,000
Income tax payable 160,000
------------
Total Current Liabilities $ 865,000
Long-Term Liabilities
Notes payable 25,000
Deferred income taxes 59,000
------------
Total Long-Term Liabilities $ 84,000
Stockholders' Equity
Convertible preferred stock, 1,000,000 shares
authorized, Series 1-noncumulative, $20 stated
value, 25,000 shares authorized, 4,100 issued
and outstanding 99,000
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 55,000
Retained earnings 24,829,000
Treasury stock, 3,160,719 shares, at cost (2,071,000)
------------
Total Stockholders' Equity $25,498,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $26,447,000
============
GEORGE RISK INDUSTRIES, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
Three months Six months Three months Six months
ended ended ended ended
October 31, October 31, October 31, October 31,
2006 2006 2005 2005
---------------------------------------------------
Net Sales $ 3,631,000 $ 7,043,000 $ 3,636,000 $ 7,047,000
Less: cost of goods sold (1,716,000) (3,409,000) (1,734,000) (3,393,000)
------------ ------------ ------------ ------------
Gross Profit $ 1,915,000 $ 3,634,000 $ 1,902,000 $ 3,654,000
Operating Expenses:
General and
administrative 176,000 337,000 180,000 345,000
Selling 623,000 1,252,000 604,000 1,220,000
Engineering 19,000 34,000 18,000 37,000
Rent paid to related
parties 12,000 28,000 12,000 28,000
------------ ------------ ------------ ------------
Total Operating Expenses $ 830,000 $ 1,651,000 $ 814,000 $ 1,630,000
Income From Operations 1,085,000 1,983,000 1,088,000 2,024,000
Other Income (Expense)
Other 1,000 5,000 46,000 47,000
Dividend and interest
income 149,000 276,000 86,000 192,000
Gain (loss) on
investments 147,000 60,000 (22,000) 2,000
------------ ------------ ------------ ------------
$ 297,000 $ 341,000 $ 110,000 $ 241,000
Income Before Provisions
for Income Tax 1,382,000 2,324,000 1,198,000 2,265,000
Provisions for Income Tax
Current expense (578,000) (970,000) (501,000) (962,000)
Deferred tax benefit
(expense) 32,000 26,000 14,000 14,000
------------ ------------ ------------ ------------
Total Income Tax Expense $ (546,000) $ (944,000) $ (487,000) $ (948,000)
Net Income $ 836,000 $ 1,380,000 $ 711,000 $ 1,317,000
Retained Earnings,
beginning of period $24,794,000 $24,250,000 $22,660,000 $22,054,000
Less: Cash Dividends
Common Stock
($0.15 per share) (801,000) (801,000)
($0.10 per share) (536,000) (536,000)
Retained Earnings,
end of period $24,829,000 $24,829,000 $22,835,000 $22,835,000
Income Per Share of Common
Stock: (Note 6)
Basic $0.16 $0.26 $0.13 $0.25
Assuming Dilution $0.16 $0.25 $0.13 $0.24
GEORGE RISK INDUSTRIES, INC.
STATEMENT OF COMPREHENSIVE INCOME
Three months Six months Three months Six months
ended ended ended ended
October 31, October 31, October 31, October 31,
2006 2006 2005 2005
----------------------------------------------------
Net Income $ 836,000 $ 1,380,000 $ 711,000 $ 1,317,000
------------ ------------ ------------ ------------
Other Comprehensive Income, net of tax
Unrealized gain (loss) on securities:
Unrealized holding
gains (losses) arising
during period 213,000 93,000 (94,000) 191,000
Reclassification adjustment
for (gains) losses included
in net income (147,000) 60,000 22,000 (2,000)
Income tax expense related
to other comprehensive
income 28,000 64,000 (30,000) 79,000
------------ ------------ ------------ ------------
Other Comprehensive
Income $ 94,000 $ 217,000 $ (102,000) $ 268,000
Comprehensive Income $ 930,000 $ 1,597,000 $ 609,000 $ 1,585,000
============ ============ ============ ============
GEORGE RISK INDUSTRIES, INC.
STATEMENT OF CASH FLOWS
Three months Six months Three months Six months
ended ended ended ended
October 31, October 31, October 31, October 31,
2006 2006 2005 2005
----------------------------------------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income $ 836,000 $ 1,380,000 $ 711,000 $ 1,317,000
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation 46,000 89,000 47,000 93,000
(Gain) loss on sale of
investments (147,000) (60,000) 22,000 (2,000)
Changes in assets and
liabilities:
(Increase) decrease in:
Accounts receivable (192,000) 88,000 56,000 94,000
Inventories (267,000) (395,000) (29,000) (4,000)
Prepaid expenses (1,000) 17,000 8,000 (74,000)
Employee receivables (1,000) (1,000) 1,000 0
Deferred income taxes 6,000 12,000 (14,000) (14,000)
Increase (decrease) in:
Accounts payable 34,000 25,000 (73,000) (39,000)
Accrued expenses 102,000 11,000 143,000 32,000
Income tax payable 38,000 430,000 (484,000) (24,000)
------------ ------------ ------------ ------------
Net cash provided by (used in)
operating activities $ 454,000 $ 1,596,000 $ 388,000 $ 1,379,000
CASH FLOWS FROM INVESTING
ACTIVITIES:
Other assets
manufactured 19,000 5,000 (25,000) (2,000)
(Purchase) of property
and equipment (42,000) (52,000) (27,000) (227,000)
Proceeds from sale of
marketable securities 1,488,000 3,279,000 630,000 923,000
(Purchase) of marketable
securities (2,743,000) (5,002,000) (996,000) (1,595,000)
Purchase of treasury
stock (1,000) (40,000) 0 (128,000)
------------ ------------ ------------ ------------
Net cash provided by (used in)
investing activities $(1,279,000) $(1,810,000) $ (418,000) $(1,029,000)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Increase in long-term
debt 0 0 0 100,000
Principal payments on
long-term debt 0 (8,000) (25,000) (42,000)
Dividends issued (731,000) (731,000) (488,000) (492,000)
------------ ------------ ------------ ------------
Net cash provided by (used in)
financing activities $ (731,000) $ (739,000) $ (513,000) $ (434,000)
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS $(1,556,000) $ (953,000) $ (543,000) $ (84,000)
============ ============ ============ ============
Cash and cash equivalents,
beginning of period $ 6,098,000 $ 5,495,000 $ 5,910,000 $ 5,451,000
Cash and cash equivalents,
end of period $ 4,542,000 $ 4,542,000 $ 5,367,000 $ 5,367,000
GEORGE RISK INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2006
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. These financial statements should be read in
conjunction with the financial statements and notes contained in the com-
pany's annual report on Form 10KSB for the year ended April 30, 2006 with the
SEC. In the opinion of management, all adjustments, consisting only of nor-
mal recurring adjustments considered necessary for a fair presentation, have
been included. Operating results for any quarter are not necessarily in-
dicative of the results for any other quarter or for the full year.
Note 2 Marketable Securities
The Company has investments in publicly traded equity securities as well
as certain state and municipal debt securities. These securities are class-
ified as available-for-sale securities, and are reported at fair value.
Realized gains and losses are determined on the average cost basis, and are
included in the Company's statement of income. Unrealized gains and losses
are excluded from earnings and reported separately as a component of stock-
holder's equity. Dividend and interest income are accrued as earned.
Marketable equity securities and unrealized gains and losses consist of
the following as of October 31, 2006 and October 31, 2005:
Cost Basis $ 15,595,000 $ 13,305,000
Market Value 15,687,000 12,615,000
------------- -------------
Net Unrealized Gain (Loss) $ 92,000 $ (690,000)
============= =============
Gross unrealized gain $ 576,000 $ 445,000
============= =============
Gross unrealized loss $ (484,000) $ (1,135,000)
============= =============
In accordance with SFAS 115, if the Company determines that a marketable
security has an other-than temporary decline in fair value, generally defined
as when the cost basis exceeds the fair value for approximately one year, the
Company will decrease the cost of the marketable security to the new fair
value and recognize a realized loss. The investments are periodically
evaluated to determine if impairment changes are required. As a result of
this standard, management did not have to record any impairment losses for
the quarter ended October 31, 2006
Note 3 Inventories
At October 31, 2006 and October 31, 2005, respectively, inventories con-
sisted of the following:
Raw Materials $ 1,770,000 $ 1,410,000
Work in Process 536,000 456,000
Finished Goods 361,000 218,000
Warehouse in England 68,000 45,000
------------- -------------
$ 2,735,000 $ 2,129,000
Less: allowance for obsolete
inventory (70,000) (70,000)
------------- -------------
Net Inventories $ 2,665,000 $ 2,059,000
============= =============
Note 4 Business Segments
The following is financial information relating to industry segments:
For the quarter ended
October 31,
2006 2005
----------------------------
Net revenue:
Pool alarm products $ 376,000 $ 292,000
Keyboard products 137,000 312,000
Security alarm and other products 3,118,000 3,032,000
------------- -------------
Total net revenue $ 3,631,000 $ 3,636,000
Income from operations:
Pool alarm products $ 113,000 $ 87,000
Keyboard products 40,000 94,000
Security alarm and other products 932,000 907,000
------------- -------------
Total income from operations $ 1,085,000 $ 1,088,000
Identifiable assets:
Pool alarm products $ 315,000 $ 292,000
Keyboard products 235,000 355,000
Security alarm and other products 4,889,000 4,229,000
Corporate general 21,008,000 18,783,000
------------- -------------
Total assets $ 26,447,000 $ 23,659,000
Depreciation and amortization:
Pool alarm products $ 3,000 $ 3,000
Keyboard products 0 0
Security alarm and other products 33,000 31,000
Corporate general 10,000 13,000
------------- -------------
Total depreciation and amortization $ 46,000 $ 47,000
Capital expenditures:
Pool alarm products $ 0 $ 0
Keyboard products 0 0
Security alarm and other products 42,000 27,000
Corporate general 0 0
------------- -------------
Total capital expenditures $ 42,000 $ 27,000
Note 5 Revenue Recognition
Revenue is recognized when risks and benefits in ownership are trans-
ferred, which normally occurs at the time of the shipment of products.
Note 6 Earnings per Share
Basic and diluted earning per share, assuming convertible preferred
stock was converted for each period presented, are:
For the three months ended October 31, 2006
-------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net Income $ 836,000
===========
Basic EPS $ 836,000 5,342,179 $ 0.16
Effect of dilutive securities:
Convertible preferred stock 0 20,500
----------- ------------- -----------
Diluted EPS $ 836,000 5,362,679 $ 0.16
For the six months ended October 31, 2006
-------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net Income $1,380,000
===========
Basic EPS $1,380,000 5,342,887 $ 0.26
Effect of dilutive securities:
Convertible preferred stock 0 20,500
----------- ------------- -----------
Diluted EPS $1,317,000 5,363,387 $ 0.25
For the three months ended October 31, 2005
-------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net Income $ 711,000
===========
Basic EPS $ 711,000 5,362,153 $ 0.13
Effect of dilutive securities:
Convertible preferred stock 0 20,500
----------- ------------- -----------
Diluted EPS $ 711,000 5,382,653 $ 0.13
For the six months ended October 31, 2005
-------------------------------------------
Income Shares Per-share
(Numerator) (Denominator) Amount
----------- ------------- -----------
Net Income $1,317,000
===========
Basic EPS $1,317,000 5,367,795 $ 0.25
Effect of dilutive securities:
Convertible preferred stock 0 20,500
----------- ------------- -----------
Diluted EPS $1,317,000 5,388,295 $ 0.24
Note 7 Retirement Benefit Plan
On January 1, 1998, the Company adopted the George Risk Industries, Inc.
Retirement Savings Plan (the "Plan"). The Plan is a defined contribution
savings plan designed to provide retirement income to eligible employees of
the corporation. The Plan is intended to be qualified under Section 401(k)
of the Internal Revenue Code of 1986, as amended. Matching contributions by
the Company of approximately $4,000 were paid during each quarter ending
October 31, 2006 and 2005. Likewise, the Company paid matching contributions
of approximately $8,000 during each six-month period ending October 31, 2006
and 2005. There were no discretionary contributions paid during either the
quarters or six-month periods ending October 31, 2006 and 2005, respectively.
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 financial statements, and with the George Risk Industries' audited
financial statements and discussion for the fiscal year ended April 30, 2006.
Net cash decreased $1,556,000 during the quarter ended October 31, 2006 as
compared to a decrease of $543,000 during the corresponding quarter last
year. As for the year-to-date numbers, net cash decreased $953,000 for the
six months ended October 31, 2006, while, for the same period last year, net
cash decreased $84,000. Accounts receivable increased $192,000 during the
current quarter as compared to a $56,000 decrease for the corresponding
quarter last year. The year-to-date figures show a decrease of $88,000 for
the current six months and a $94,000 increase for the same period last year.
At October 31, 2006, 77.6% of the receivables were considered current (less
than 45 days) and 9.6% of the total were over 90 days past due. Inventories
increased $267,000 during the current quarter as compared to a $29,000 in-
crease last year. The year-to-date numbers show the inventory increased
$395,000 for the current year, while it increased $4,000 for the same period
last year. There are a couple of reasons for the increase in cash expend-
itures towards inventory. First of all, the Company's finished goods stock
is finally getting to a comfortable level to be able to ship out product
immediately, without having the customer wait a couple of days for the
production floor to make the product. Secondly, we have received a
$700,000+-keyboard order from Lockheed Martin for the keyboards that the FAA
uses. The Company is only able to make approximately (25) keyboards a week,
but we have purchased most of all the raw materials to fill the order. At
the quarter ended October 31, 2006, there was a $1,000 increase in prepaid
expenses while there was a decrease of $8,000 for the corresponding quarter
the year before. Changes in prepaid expenses in regards to cash flow de-
creased by $17,000 and increased by $74,000 for the six-month periods ending
October 31, 2006 and 2005, respectively.
At the quarter ended October 31, 2006, accounts payable increased $34,000 as
compared to a $73,000 increase for the same quarter the year before. As for
year-to-date numbers, there was a $25,000 increase for the six months ended
October 31, 2006, and a $39,000 decrease for the same period ended October
31, 2005. Accrued payroll and related expenses increased by $102,000 for the
quarter ended October 31, 2006, and these expenses increased $143,000 for the
corresponding quarter the year before. As for the six-month period ending
October 31, 2006, accrued expenses increased $11,000 and also increased by
$32,000 for the same period last year. Income tax payable increased $38,000
for the quarter ended October 31, 2006, as it decreased $484,000 for the
quarter ended October 31, 2005. For the six months ended October 31, 2006,
income tax payable increased $430,000, as it decreased $24,000 for the
corresponding period a year ago.
As for the Company's investing activities, there have not been any purchases
or sales out of the ordinary during the current quarter. The Company has
purchased a couple of fixed assets and continues to put money into buying
more marketable securities. As for the year-to-date figures, fiscal year end
2007 shows nothing out of the ordinary, but for fiscal year end 2006 it is
again notable to mention the fact that the Company purchased a building for
the workers at our Gering, NE facility. This building is bigger than the one
we were in before and it was bought in conjunction with a loan/grant that we
applied for and received from the City of Gering. This "loan" will be con-
verted into grant money if the Company meets all the requirements for adding
new employees to the community. Please see the Company's 10QSB for the
quarter ended July 31, 2005 for more detailed information. Another large
transaction that took place over the six-month period ending October 31, 2005
was that the Company bought back $128,000 worth of common stock. The Company
has been actively searching for stockholders that have been "lost" over the
years. Many of the original stockholders are deceased and their descendants
are choosing to sell the stock in order to clear up the estates, etc. As for
the corresponding numbers in this category, $1,000 and $40,000 was spent to
purchase back treasury stock for the three and six months ending October 31,
2006, respectively.
The following is a list of ratios to help analyze George Risk Industries'
performance:
For the quarter ended October 31,
2006 2006
---------------------------------
Working capital $ 24,466,000 $ 21,825,000
Current ratio 29.284 33.623
Quick ratio 35.756 30.088
Net sales were $3,631,000 for the quarter ended October 31, 2006, which is a
0.14% decrease from the corresponding quarter last year. Year-to-date net
sales were $7,043,000 at October 31, 2006, which is a 0.057% decrease from
the same period last year. Cost of goods sold was 47.3% of net sales for the
quarter ended October 31, 2006 and 47.7% for the same quarter last year.
Year-to-date cost of goods sold percentages were 48.4% for the current six
months and 48.1% for the corresponding six 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 goal, as always, is to have a cost of
goods sold percentage somewhere between 45% and 50%. As a whole, our cost of
materials and direct labor fluctuate in proportion to how our sales vary.
Operating expenses were 22.9% of net sales for the quarter ended October 31,
2006 as compared to 22.4% for the corresponding quarter last year. Year-to-
date operating expenses were 23.4% of net sales for the six months ended
October 31, 2006, while they were 23.1% for the same period last year.
Income from operations for the quarter ended October 31, 2006 was at
$1,085,000, which is only a 0.28% decrease from the corresponding quarter
last year, which had income from operations of $1,088,000. Income from oper-
ations for the six months ended October 31, 2006 was at $1,983,000, which is
a 2.1% decrease from the corresponding six months last year, which had income
from operations of $2,024,000.
Other income and expenses showed gains of $297,000 and $341,000 for the quar-
ter and six months ended October 31, 2006, respectively. The other income
and expense numbers for last year also showed gains of $110,000 for the quar-
ter and $241,000 for the six months ending October 31, 2005. Dividend and
interest income is up 73.3.6% for the current quarter and is up 43.75% for
the current six-month period when comparing to the same time periods last
year. We have reorganized the way we are investing by using "money man-
ager" accounts. These investment accounts are overseen by money managers
affiliated with our brokerage firms. This has seemed to make a positive
difference in not accumulating big losses like we have let happen in the
past. Also, we have moved over $1,000,000 that we just had sitting in our
non-interest-bearing checking account into certificates of deposits and other
interest bearing investments. Net income for the quarter ended October 31,
2006 was at $836,000, a 17.6% increase from the corresponding quarter last
year, which showed net income of $711,000. Net income for the six months
ended October 31, 2006 was $1,380,000, a 4.8% increase from the same period
last year. Net income for the six months ended October 31, 2005 was
$1,317,000. Earnings per common share for the quarter ended October 31, 2006
was $0.16 per share and $0.26 per share for the year-to-date numbers. EPS
for the quarter and six months ended October 31, 2005 was $0.13 per share and
$0.25 per share, respectively.
A dividend of $0.15 per common share was declared during the current quarter
ended October 31, 2006. The dividend was paid to common stockholders of
record as of September 30, 2006 and the payment date was October 31, 2006.
This is the third year in a row that the Company has paid a dividend to the
stockholders and we hope to continue this trend in the future. The reason
that there is still a dividend payable on the books as of October 31, 2006 is
that we did not have all the information that was needed in order to process
checks to some stockholders. Once this information is obtained, a dividend
check is sent out if they were a stockholder as of the date of record.
George Risk Industries does have three distinct business segments, security
alarm products (and other items), keyboard products, and pool alarm products
that are subject to disclosure under SFAS No. 131. See the notes to the
financial statements in order to examine the segments.
Now, here is an update on the progress of some of the Company's new products.
The new pool alarm board has been submitted and approved for ETL certifi-
cation. The new board will use fewer parts allowing for a more dependable
product and an easier piece to produce. This board should be available for
delivery to our customers by the first part of 2007. Many states continue to
enact legislation mandating door pool alarms for buildings with swimming pool
access. This should keep pool alarm sales on a strong growth curve.
End of Line (EOL) resistors are getting much more interest in the security
industry. Resistors add another line of security when put into a contact
switch or as a resistor pack at the end of an alarm zone. Resistors are
being mandated in Europe. GRI is one of a few companies that can put EOL
resistors in magnetic contacts.
Engineering is currently working on a wireless contact switch. Interest in
wireless products continues to grow as security dealers look for easier and
more aesthetic ways to add security systems to existing buildings.
The Company has been adding more distributors (i.e. customers) from the
electrical supply area. This will allow the Company to reach a new and much
larger group of prospective buyers as compared with others in the security
industry.
Management is always open to the possibility to acquire a business that would
complement our existing operations. This would require no outside 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 our products, since we sell to
distributors and OEM manufacturers. The products are tied to the housing
industry and will fluctuate with building trends.
Item 3 Controls and Procedures
(a) Information required by Item 307
Our Chief Executive Officer and our Chief Financial Officer, after evaluating
the effectiveness of the Company's "disclosure controls and procedures" (as
defined in the Securities Exchange Act of 1934 (Exchange Act) Rules 13a-15(e)
or 15d-15(e)) as of the end of the period covered by this quarterly report,
have concluded that our disclosure controls and procedures are effective
based on their evaluation of these controls and procedures required by para-
graph (b) of Exchange Act Rules 13a-15 or 15d-15.
(b) Information required by Item 308
This disclosure is not yet required.
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. Exhibits
31. Certifications pursuant to Rule 13a-14(a)
31.1 Certification of the Chief Executive Officer
31.2 Certification of the Chief Financial Officer
32. Certifications pursuant to 18 U.S.C. 1350
32.1 Certification of the Chief Executive Officer
32.2 Certification of the Chief Financial Officer
B. Reports on Form 8-K
No 8-K reports were filed during the quarter ended October 31, 2006.
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 12-15-2006 By: /s/ Kenneth R. Risk
Kenneth R. Risk
President and Chairman of the Board
Date 12-15-2006 By: /s/ Stephanie M. Risk
Stephanie M. Risk
Chief Financial Officer and Controller