George Risk Industries Files 2024 10-K

TL;DR

GEORGE RISK INDUSTRIES (RSKIA) FILED ITS 2024 10-K. FULL FINANCIAL DETAILS AVAILABLE.

AI Summary

George Risk Industries, Inc. filed its 10-K for the fiscal year ending April 30, 2024, detailing its financial performance and business operations. The company, based in Kimball, Nebraska, operates in the communications equipment sector. The filing provides a comprehensive overview of its financial position, including details on its common and preferred stock, as well as accumulated other comprehensive income and retained earnings for the fiscal years ending April 30, 2022, 2023, and 2024.

Why It Matters

This filing provides investors and stakeholders with a detailed look into the financial health and operational status of George Risk Industries, Inc. for the fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 0430 — Fiscal Year End (The report covers the fiscal year ending on this date.)
• 20240430 — Period of Report (The filing pertains to the financial period ending on this date.)
• 20240731 — Filing Date (The 10-K report was officially filed on this date.)

Key Players & Entities

• GEORGE RISK INDUSTRIES, INC. (company) — Filer of the 10-K report.
• Kimball, Nebraska (location) — Company's business address.
• April 30, 2024 (date) — Fiscal year end for the reported 10-K.
• 0000084112 (company_id) — Central Index Key for George Risk Industries, Inc.

FAQ

Key Financial Figures

• $0.10 — hich registered Class A Common Stock, $0.10 par value RSKIA OTC Markets Conve
• $20 — Markets Convertible Preferred Stock, $20 stated value RSKIA OTC Markets In
• $0.65 — On September 30, 2023, a dividend of $0.65 per common share was declared for the f
• $0.60 — or the prior fiscal year, a dividend of $0.60 per common share was declared on Septem
• $2,169,000 — ces Operating Net cash increased by $2,169,000 during the year ended April 30, 2024, c
• $1,135,000 — ril 30, 2024, compared to a decrease of $1,135,000 during the year ended April 30, 2023. A
• $417,000 — 2023. Accounts receivable increased by $417,000 during the current fiscal year compared
• $627,000 — g the current fiscal year compared to a $627,000 decrease in the prior fiscal year. The
• $93,000 — 0, 2023. 6 Inventories increased by $93,000 for the year ended April 30, 2024, comp
• $3,604,000 — il 30, 2024, compared to an increase of $3,604,000 for the year ended April 30, 2023. The
• $418,000 — expenses and other assets decreased by $418,000 and $761,000 in the current and prior f
• $761,000 — other assets decreased by $418,000 and $761,000 in the current and prior fiscal years,
• $254,000 — 30, 2024, accounts payable decreased by $254,000 compared to an increase of $226,000 for
• $226,000 — by $254,000 compared to an increase of $226,000 for the year ended April 30, 2023. The
• $41,000 — production. Accrued expenses increased $41,000 for the year ended April 30, 2024, due

Filing Documents

• form10-k.htm (10-K) — 1143KB
• ex31-1.htm (EX-31.1) — 9KB
• ex32-1.htm (EX-32.1) — 4KB
• form10-k_001.jpg (GRAPHIC) — 34KB
• form10-k_002.jpg (GRAPHIC) — 10KB
• 0001493152-24-029743.txt ( ) — 5424KB
• rskia-20240430.xsd (EX-101.SCH) — 33KB
• rskia-20240430_cal.xml (EX-101.CAL) — 72KB
• rskia-20240430_def.xml (EX-101.DEF) — 119KB
• rskia-20240430_lab.xml (EX-101.LAB) — 313KB
• rskia-20240430_pre.xml (EX-101.PRE) — 231KB
• form10-k_htm.xml (XML) — 824KB

Business

Business Development George Risk Industries, Inc. ("GRI" or the "Company") was incorporated in 1967 in Colorado. The Company is presently engaged in the design, manufacture, and sale of custom computer keyboards, proximity switches, security alarm components and systems, pool access alarms, EZ Duct wire covers, water sensors, electronic switching devices, high security switches and wire and cable installation tools. Products, Market, and Distribution The Company designs, manufactures, and sells computer keyboards, proximity switches, security alarm components and systems, pool access alarms, water sensors, electronic switching devices, high security switches, and wire and cable installation tools. The Security sales division, which concentrates on selling products for security purposes, comprises approximately 96.0% of net revenues and these goods are sold to distributors and alarm dealers/installers. The security segment has approximately 1,000 current customers. One of the distributors, Ademco, Inc. (previously known as ADI), accounts for approximately 37.7% of the Company's sales of these products. Anixter, Inc. accounts for another 23.5% of the security segment of the Company sales. The loss of these distributors would be significant to the Company. However, both companies have purchased products from the Company for many years and are expected to continue. The Company also has a written agreement with Ademco. This agreement was signed in February 2011 and was initiated by the customer. The contents of the agreement include product terms, purchasing, payment terms, term and termination, product marketing, representations and warranties, product support, mutual confidentiality, indemnification and insurance, and general provisions. 1 The keyboard and proximity switch segment has approximately 300 customers. These products are primarily sold to original equipment manufacturers to their specifications and to distributors of off-the-shelf keyboards of pr

Properties

Properties The Company owns the manufacturing and the office facilities that it operates in. Total square footage of the plant in Kimball, Nebraska is approximately 50,000 sq. ft. A 7,500 sq. ft. warehouse for raw material storage was purchased in June 2017 when the Company acquired its cable and wiring segment, and another 9,600 sq. ft. building was purchased in April 2020 to provide for additional expansion. Additionally, the Company purchased the 15,000 sq. ft. building that it previously leased from Bonita Risk, which is used mainly for offices, in November 2019. Bonita Risk is a director of the Company. The Company also owns a building in Gering, NE that is 7,200 sq. ft. in size. This is used for manufacturing. Currently, there are approximately 37 employees at the Gering site. Item 3

Legal Proceedings

Legal Proceedings None. Item 4 Mine Safety Disclosures Not applicable. 3 Part II Item 5 Market for the Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities Principal Market The Company's Class A Common Stock, which is traded under the ticker symbol RSKIA, is currently quoted on the OTC Bulletin Board by one market maker. Stock Prices and Dividends Information 2024 Fiscal Year High Low May 1—July 31 $ 11.10 $ 9.81 August 1—October 31 12.25 10.99 November 1—January 31 12.80 11.24 February 1—April 30 14.10 11.06 2023 Fiscal Year High Low May 1—July 31 $ 12.24 $ 11.02 August 1—October 31 12.00 9.52 November 1—January 31 11.60 10.35 February 1—April 30 11.69 10.62 On September 30, 2023, a dividend of $0.65 per common share was declared for the fiscal year ending April 30, 2024. For the prior fiscal year, a dividend of $0.60 per common share was declared on September 30, 2022. The number of holders of record of the Company's Class A Common Stock as of April 30, 2024, was approximately 1,084. Repurchases of Equity Securities On September 18, 2008, the Board of Directors approved an authorization for the repurchase of up to 500,000 shares of the Company's common stock. Purchases can be made in the open market or in privately negotiated transactions. The Board did not specify an expiration date for the authorization. 4 The following tables show repurchases of GRI's common stock made on a quarterly basis: 2024 Fiscal Year Number of shares repurchased May 1—July 31 2,035 August 1—October 31 1,715 November 1—January 31 27,963 February 1—April 30 2,100 2023 Fiscal Year Number of shares repurchased May 1—July 31 200 August 1—October 31 70 November 1—January 31 175 February 1—April 30 200 There are still approximately 192,000 shares available to be repurchased under the current resolution. Item 6 [Reserved] Not Applicable

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview George Risk Industries, Inc. ("GRI" or the "Company") is a diversified manufacturer of electronic components, encompassing the security industry's widest variety of door and window contact switches, environmental products, wire and cable installation tools, proximity switches and custom keyboards. The security products division comprises the largest portion of GRI sales and products are sold worldwide through distributors, who in turn sell these products to security installation companies. These products are used for residential, commercial, industrial and government installations. International sales accounted for approximately 10.3% of revenues for fiscal year 2024 and 11.1% for 2023. GRI is known for its quality American made products, top-notch customer service and the willingness to work with customers on their special applications. GRI owns and operates its main manufacturing plant and offices in Kimball, Nebraska with a satellite plant 40 miles away in Gering, Nebraska. The Company has substantial marketable securities holdings, and these holdings have a material impact on the financial results. For the year ending April 30, 2024, net other income accounted for 39.08% of income before income taxes. In comparison, for the year ending April 30, 2023, net other income accounted for 12.98% of the income before income taxes. Management's philosophy behind having holdings in marketable securities is to keep the money working and to gain interest on the cash that is not needed to be put back into the business. Over the years, the investments have kept the earnings per share up when the results from operations have not fared as well. Management is always open to the possibility of acquiring a business that would complement our existing operations, such as the October 2017 purchase of substantially all of the assets from Labor Saving Devices, Inc. ("LSD

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View this 10-K filing on SEC EDGAR