Gencor Industries, Inc. Form 8-K Report (April 3, 2025) [Report Overview](index=1&type=section&id=Report%20Overview) This section provides Gencor Industries, Inc.'s basic registrant information, stock exchange listing, and SEC filing details - Gencor Industries, Inc. is a Delaware corporation with principal executive offices in Orlando, Florida[1](index=1&type=chunk)[2](index=2&type=chunk) - The company's common stock trades on the **NYSE American LLC** under ticker symbol **'GENC'**[2](index=2&type=chunk) [Item 2.02: Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) Gencor Industries, Inc. released preliminary Q1 2025 financial results and condition as of March 31, 2025, furnished for SEC purposes - The company issued a press release on April 3, 2025, announcing select preliminary results of operations and financial condition[4](index=4&type=chunk) - Results cover the **fiscal 2025 first quarter** ended **December 31, 2024**, and financial condition at **March 31, 2025**[4](index=4&type=chunk) - Information in this Form 8-K and its exhibit is **furnished**, not 'filed', under Section 18 of the Securities Exchange Act of 1934 and not incorporated by reference unless explicitly stated[5](index=5&type=chunk) [Item 9.01: Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits.) This section lists the Form 8-K exhibits, primarily the press release (99.1) and the Cover Page Interactive Data File (104) - The filing includes **Exhibit 99.1**, a press release dated April 3, 2025[6](index=6&type=chunk) - **Exhibit 104**, the Cover Page Interactive Data File (embedded within the Inline XBRL document), is also included[6](index=6&type=chunk) [Signatures](index=3&type=section&id=SIGNATURES) The report is duly signed and authorized by President Marc G. Elliott and CFO Eric E. Mellen on April 3, 2025 - The report was signed on **April 3, 2025**, by **Marc G. Elliott** (President) and **Eric E. Mellen** (Chief Financial Officer)[10](index=10&type=chunk)

Core Insights - Gencor Industries, Inc. reported net revenue of $20.9 million for Q4 2024, unchanged from Q4 2023, with a gross profit margin of 25.6%, down from 31.7% in the previous year [1][2] - For the fiscal year 2024, net revenue increased by 7.7% to $113.2 million from $105.1 million in fiscal 2023, with a gross profit margin of 27.7%, slightly up from 27.6% [3][7] - The company experienced a decrease in operating income to $1.2 million in Q4 2024 from $2.7 million in Q4 2023, primarily due to reduced gross profit margins [2][5] Financial Performance - The operating income for fiscal 2024 was $13.7 million, compared to $13.4 million in fiscal 2023, indicating a slight increase despite higher selling, general, and administrative (SG&A) expenses [5][4] - SG&A expenses rose to $14.3 million in fiscal 2024 from $12.2 million in fiscal 2023, attributed to increased trade show expenses, professional fees, and sales commissions [4] - Net income for the year ended September 30, 2024, was $14.6 million, or $0.99 per share, compared to $14.7 million, or $1.00 per share, in the previous year [7][13] Cash and Assets - As of September 30, 2024, the company had $115.4 million in cash and marketable securities, an increase of $14.1 million from $101.3 million in the previous year [8] - Working capital improved to $182.2 million at September 30, 2024, compared to $164.8 million at the same date in 2023 [8] - The company's total assets increased to $208.1 million in 2024 from $195.9 million in 2023, with no short-term or long-term debt [8][14] Market Outlook - The company expressed optimism for fiscal 2025, citing a strong backlog of $56.2 million as of December 1, 2024, which is expected to support demand for its products [10][11] - The revenue growth of 7.7% year-over-year is attributed to benefits from the Infrastructure Investment and Jobs Act (IIJA) funding [10][9]

Core Viewpoint - Gencor Industries, Inc. has received an extension from NYSE American to regain compliance with listing standards, allowing until August 19, 2025, to submit delinquent reports [1][2]. Group 1: Compliance and Reporting - The extension was requested to provide additional time for the completion of the Quarterly Reports on Form 10-Q for the periods ended December 31, 2024, and March 31, 2025 [2]. - The company is currently not in compliance due to the failure to timely file its Annual Report on Form 10-K for the year ended September 30, 2024, along with the Quarterly Reports [2]. - Gencor expects to file the Annual Report within the initial six-month period and the Quarterly Reports by the New Cure Deadline, although there is no assurance of timely filing [3]. Group 2: Company Overview - Gencor Industries, Inc. is a diversified manufacturer of heavy machinery for highway construction materials and environmental control machinery used in various applications [4].

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) This Form 8-K reports preliminary financial results for Gencor Industries, Inc. and lists associated exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) Gencor Industries, Inc. announced preliminary financial results for fiscal year 2024 and Q4 2024 via a press release, noting its non-filed status - Gencor Industries, Inc. issued a press release on March 3, 2025, announcing select preliminary results of operations and financial condition[4](index=4&type=chunk) - The results cover the fiscal year 2024 and the quarter ended December 31, 2024[4](index=4&type=chunk) - The information provided in this report and the attached exhibit is not deemed 'filed' under Section 18 of the Securities Exchange Act of 1934, nor is it incorporated by reference into other filings unless explicitly stated[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits.) This section details the exhibits accompanying the Form 8-K, primarily the press release containing preliminary financial results Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated March 3, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Group 1 - Gencor Industries, Inc. has reported a delay in completing its audit for the Annual Report on Form 10-K for the year ending September 30, 2024, and has filed a Form 12b-25 with the SEC regarding this delay [1] - The company anticipates reporting revenue of approximately $113 million for the year ended September 30, 2024, which represents an increase from $105.1 million for the year ended September 30, 2023 [2] - As of December 31, 2024, Gencor had approximately $130 million in cash and marketable securities, up from approximately $115 million at September 30, 2024, with no short-term or long-term debt [3] Group 2 - The preliminary results for the year ended September 30, 2024, are unaudited and based on management estimates, which may change after the completion of the year-end audit [4] - The company's backlog as of December 31, 2024, was approximately $51 million [3]

Core Viewpoint - Gencor Industries, Inc. has received a Delinquency Notification from NYSE Regulation due to the delay in filing its Annual Report on Form 10-K for the year ended September 30, 2024, which was due by December 31, 2024 [1][2]. Group 1: Compliance and Filing Status - The Company is currently not in compliance with NYSE American's continued listing standards and is subject to the procedures outlined in Section 1007 of the NYSE American Company Guide [1][3]. - Gencor has a six-month period from the due date of the Form 10-K to regain compliance by filing the report with the SEC [3]. - If the Company fails to file within this period, the NYSE may grant an additional six-month extension at its discretion, but delisting proceedings may commence at any time if deemed necessary [3]. Group 2: Company Expectations and Operations - The Company expects to file the Form 10-K within the six-month period granted by the Delinquency Notification, although there is no assurance that this will occur [4]. - Gencor Industries is a diversified heavy machinery manufacturer focused on producing highway construction materials and environmental control machinery for various applications [4].

Group 1 - The investor has a deep value investment approach, focusing on a 50%-50% allocation between shares and call options [1] - The investment strategy is contrarian and involves high risk, often dealing with illiquid options [1] - The investor prefers stocks that have recently experienced sell-offs due to non-recurrent events, especially when insiders are buying shares at lower prices [1] Group 2 - Fundamental analysis is employed to assess the health of companies, their leverage, and to compare financial ratios with sector and industry averages [1] - Professional background checks are conducted on insiders who purchase shares after sell-offs [1] - Technical analysis is used to optimize entry and exit points, utilizing multicolor lines for support and resistance levels on weekly charts [1]

Core Viewpoint - Gencor Industries, Inc. reported disappointing financial results for the third quarter of fiscal 2024, with significant declines in both revenue and net income compared to the previous year [9]. Revenue Details - Gencor's revenues for the fiscal third quarter were $25.6 million, reflecting an 8.3% decrease year over year [2]. - The decline in revenues was attributed to lower equipment sales recognized at a point in time and reduced parts and component sales, primarily due to the timing of orders and shipments [2]. - The company's backlog increased to $46.6 million at the end of June 30, 2024, compared to $27.9 million at the end of June 30, 2023 [2]. Segment Performance - Revenue from Equipment sales recognized over time was $11.6 million, up 2.8% from the year-ago quarter [3]. - Equipment sales recognized at a point in time totaled $6.9 million, down 22.8% year over year [4]. - Parts and component sales generated revenues of $5.2 million, down 17.6% from the year-ago quarter [4]. - Freight revenues were $1.6 million, up 39.9% year over year, while Other revenues were $0.2 million, up 67.3% from the year-ago quarter [4]. Profitability Metrics - Gencor's gross profit margin decreased to 23.9% from 26.9% in the year-ago quarter due to lower absorption from reduced production and lower parts sales [5]. - Operating profit for the quarter was $1.9 million, a decrease of 42.3% from the prior-year quarter [7]. - Net income was $2.6 million, down 20.4% from the year-ago quarter [7]. Operating Expenses - Selling, general and administrative expenses increased by 2.4% year over year to $3.3 million [6]. - Product engineering and development expenses declined by 2.5% year over year to $0.8 million [6]. Liquidity and Cash Flow - Gencor ended the third quarter with cash and cash equivalents of $28.8 million, down from $30.2 million at the end of the fiscal second quarter [8]. - Cumulative net cash provided by operating activities was $12.5 million, compared to cumulative net cash used in operating activities of $1.6 million a year ago [8]. Outlook - Despite the dismal top-line and bottom-line results, management expressed optimism about the company's elevated backlog, which is at a historic high for this time of year [10].

Core Viewpoint - Gencor Industries, Inc. reported a decrease in net revenues for the quarter ended June 30, 2024, primarily due to lower equipment sales and reduced parts sales, reflecting delayed shipment timing of orders [1][9]. Financial Performance - Net revenues for the quarter ended June 30, 2024, were $25,551,000, down from $27,877,000 in the same quarter of 2023, a decrease of $2,326,000 [1]. - Gross profit margins decreased to 23.9% in the quarter ended June 30, 2024, compared to 26.9% in the same quarter of 2023, attributed to lower production absorption and parts sales [2]. - Operating income fell from $3,453,000 in the quarter ended June 30, 2023, to $1,993,000 in the quarter ended June 30, 2024, due to lower revenues and reduced gross profit margins [4]. - Net income for the quarter ended June 30, 2024, was $2,558,000, or $0.17 per share, compared to $3,212,000, or $0.22 per share, for the same quarter in 2023 [6]. Expenses - Product engineering and development expenses decreased by $21,000 to $824,000 for the quarter ended June 30, 2024, while selling, general and administrative (SG&A) expenses increased by $76,000 to $3,290,000 [3]. Other Income - The company reported net other income of $1,329,000 for the quarter ended June 30, 2024, compared to $719,000 in the same quarter of 2023, with interest and dividend income increasing due to higher interest rates on cash balances and fixed income investments [5]. Year-to-Date Performance - For the nine months ended June 30, 2024, net revenues were $92,245,000, up from $84,204,000 in the same period of 2023, and net income rose to $13,106,000 from $11,561,000 [7]. Balance Sheet and Cash Position - As of June 30, 2024, the company had $116,585,000 in cash and marketable securities, an increase from $101,283,000 at September 30, 2023, with no short-term or long-term debt outstanding [8]. - The company's backlog reached $46.6 million at June 30, 2024, representing a 67% increase compared to $27.9 million at June 30, 2023, indicating strong future demand [9]. Management Commentary - The President of Gencor noted that the revenue dip was primarily due to timing in revenue recognition, but expressed optimism about future growth driven by strong demand for equipment and robust highway funding [10].

Zacks Investment Research has recently initiated coverage of Gencor Industries, Inc. (GENC) , assigning an "Outperform" recommendation to the company's shares. This bullish stance reflects the company's robust growth, improved operational efficiency and market positioning within the infrastructure and manufacturing sectors. Gencor Industries, headquartered in Orlando, FL, has carved a niche in the infrastructure and manufacturing space. GENC specializes in manufacturing heavy machinery for highway construct ...