KIMBALL, Neb., Aug. 13, 2009 (GLOBE NEWSWIRE) -- George Risk Industries, Inc. (OTCBB:RSKIA), a leading manufacturer of products in the security industry, concluded its fiscal year ending April 30, 2009, with a net profit of 5.85% of net sales. Net sales were $8,822,000, down 22.91% from last year. Net income for the fiscal year ended April 30, 2009 was $516,000, down 77.22% from the prior year. Earnings per share at April 30, 2009 were $0.10 as compared to $0.43 for the same date the previous year.
Ken Risk, President and CEO states, "Sales were down from the previous year. Our main products are directly tied to the housing industry, which did not perform well this past year. But because of our low overhead, great work ethic, and our company not being leveraged in any way, we are still making a profit on the manufacturing side. Our income statement has been hit the hardest by having to write down our investments to their true value, which is why our income has fallen greatly. Our last U.S. competitor recently moved to Mexico, so GRI is now the only American manufacturer of security switches. I expect a pick up in manufacturing this next fiscal year."
Our new Water Value Shutoff switch (pt #WVS) is now in production with sales going as anticipated. Upon customer requests, we are making an Omni directional tilt sensor for use on moveable objects such as artwork, computers, and electronic equipment that will actuate in any direction. The Omni directional sensor compliments our standard tilt sensor, which only actuates on a 10-degree angle, and has been a strong seller for many years. And since one of our competitors has eliminated selling to lower volume customers we have developed a quick-disconnect door cord. This cord can be used on gates, overhead doors and other openings that are difficult to secure.
Engineering continues work on the wireless pool alarm line, a low cost hold-up switch and a Pump Guard watering station.
George Risk Industries, Inc. is engaged in the design, manufacture, and sales of custom computer key boards, push button switches, burglar alarm components, pool alarms, thermostats, E-Z wire cover and hydro sensors. The company has representation in the United States, Canada, Europe and Africa.