Gencor Industries(GENC)

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Gencor Industries(GENC) - 2021 Q4 - Annual Report
2021-12-17 22:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) FORM 10-K 5201 North Orange Blossom Trail Orlando, Florida 32810 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices, including zip code) For the Fiscal Year Ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...
Gencor Industries(GENC) - 2021 Q3 - Quarterly Report
2021-08-11 13:30
Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD: From to Commission File Number: 001-11703 GENCOR INDUSTRIES, INC. Delaware 59-0933147 (State or other jurisdiction of incorporation or org ...
Gencor Industries(GENC) - 2021 Q2 - Quarterly Report
2021-05-14 13:12
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD: From to Commission File Number: 001-11703 GENCOR INDUSTRIES, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021 OR Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 ...
Gencor Industries(GENC) - 2021 Q1 - Quarterly Report
2021-02-12 14:38
Part I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 FY2021 net income decreased to **$1.55 million** due to an operating loss from Blaw-Knox acquisition costs [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2020, total assets slightly increased to **$173.3 million**, driven by higher inventories, while total liabilities rose to **$10.5 million** and shareholders' equity reached **$162.8 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2020 | Sep 30, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $23,957 | $35,584 | | Marketable securities | $92,049 | $89,498 | | Inventories, net | $35,473 | $27,090 | | Total current assets | $160,066 | $161,758 | | **Total Assets** | **$173,312** | **$171,094** | | Total current liabilities | $8,727 | $8,514 | | **Total Liabilities** | **$10,541** | **$9,874** | | **Total Shareholders' Equity** | **$162,771** | **$161,220** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net revenue increased slightly to **$19.0 million** in Q1 FY2021, but an operating loss of **$1.1 million** led to a net income decrease to **$1.55 million** Quarterly Income Statement Comparison (in thousands) | Metric | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | Change | | :--- | :--- | :--- | :--- | | Net revenue | $18,964 | $18,030 | +5.2% | | Gross profit | $2,981 | $4,320 | -31.0% | | Operating income (loss) | $(1,058) | $1,172 | -190.3% | | Net income | $1,551 | $2,489 | -37.7% | | Diluted EPS | $0.11 | $0.17 | -35.3% | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity increased to **$162.8 million** as of December 31, 2020, solely due to the quarter's net income - Total shareholders' equity grew by **$1.55 million** during the quarter, entirely due to net income, reaching **$162.8 million** as of December 31, 2020[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was **$3.7 million**, but investing activities used **$15.3 million**, primarily for the Blaw-Knox acquisition, resulting in a net cash decrease of **$11.6 million** Quarterly Cash Flow Summary (in thousands) | Cash Flow Category | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | | :--- | :--- | :--- | | Cash flows provided by operating activities | $3,705 | $4,047 | | Cash flows used in investing activities | $(15,332) | $(6) | | Net increase (decrease) in cash | $(11,627) | $4,041 | | **Cash and cash equivalents at end of period** | **$23,957** | **$14,343** | - The company used **$14.4 million** in cash for the acquisition of Blaw-Knox during the quarter[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the **$14.4 million** Blaw-Knox acquisition, a shift in revenue recognition, and significant customer concentration - On October 1, 2020, the Company acquired the Blaw-Knox paver product line and associated assets for an initial purchase price of approximately **$14.4 million**, funded by cash on hand, including **$11.0 million** in inventory and **$3.4 million** in fixed assets[23](index=23&type=chunk) Disaggregated Net Revenue by Source (in thousands) | Revenue Source | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | | :--- | :--- | :--- | | Equipment sales recognized over time | $4,132 | $12,090 | | Equipment sales recognized at a point in time | $10,136 | $1,907 | | Parts and component sales | $3,931 | $3,146 | | **Total Net Revenue** | **$18,964** | **$18,030** | - During the quarter ended December 31, 2020, three customers accounted for **15.5%**, **12.0%**, and **10.5%** of net revenues, respectively, indicating significant customer concentration[45](index=45&type=chunk) - The company entered into new operating leases related to the Blaw-Knox acquisition, resulting in a Right-of-Use (ROU) asset of **$1.1 million** and total lease liabilities of **$1.1 million** as of December 31, 2020[61](index=61&type=chunk)[63](index=63&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 FY2021 revenue increased by **5.2%**, but gross margin declined to **15.7%** due to **$1.5 million** in unabsorbed overhead from the Blaw-Knox acquisition, while liquidity remains strong with **$24.0 million** in cash and **$92.0 million** in marketable securities Q1 2021 vs Q1 2020 Performance | Metric | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | | :--- | :--- | :--- | | Net Revenues | $18,964,000 | $18,030,000 | | Gross Profit Margin | 15.7% | 24.0% | | Operating Income (Loss) | $(1,058,000) | $1,172,000 | | Net Income | $1,551,000 | $2,489,000 | - Gross profit margin was negatively impacted by approximately **$1.5 million** of unabsorbed manufacturing labor and overhead expenses related to the Blaw-Knox paver product line, which has not yet started production[77](index=77&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **$0.81 million**, primarily due to approximately **$0.5 million** in professional fees, salaries, and other expenses related to the Blaw-Knox acquisition[78](index=78&type=chunk) - The company's backlog was **$32.1 million** at December 31, 2020, compared to **$30.9 million** at December 31, 2019[85](index=85&type=chunk) - As of December 31, 2020, the company had **$24.0 million** in cash and cash equivalents and **$92.0 million** in marketable securities[84](index=84&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable for the reporting period - The company has indicated that this item is not applicable[105](index=105&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of December 31, 2020, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation, the Chief Executive Officer and Principal Financial and Accounting Officer concluded that the Company's disclosure controls and procedures are effective as of the end of the quarter[106](index=106&type=chunk) - No changes in the Company's internal control over financial reporting occurred during the quarter ended December 31, 2020, that materially affected, or are reasonably likely to materially affect, these controls[108](index=108&type=chunk) Part II. Other Information [Legal Proceedings](index=22&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, none of which are deemed material to the business - The company states that it does not believe any current legal proceedings are material to its business[110](index=110&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended September 30, 2020 - During the quarter ended December 31, 2020, there were no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2020[111](index=111&type=chunk) [Exhibits](index=22&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Interactive Data Files - Exhibits filed include CEO and CFO certifications pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as XBRL Interactive Data Files[112](index=112&type=chunk)
Gencor Industries(GENC) - 2020 Q4 - Annual Report
2020-12-18 15:48
Washington, D.C. 20549 FORM 10 – K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-11703 GENCOR INDUSTRIES, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact name of registrant as specified in its charter) Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) (I.R.S. Emplo ...
Gencor Industries(GENC) - 2020 Q2 - Quarterly Report
2020-05-04 13:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD: From to Commission File Number: 001-11703 GENCOR INDUSTRIES, INC. Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) (IRS Employer Identifica ...
Gencor Industries(GENC) - 2020 Q1 - Quarterly Report
2020-01-31 14:15
[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for Gencor Industries, Inc [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Gencor Industries' unaudited condensed consolidated financial statements, including balance sheets, income statements, equity, and cash flows, with detailed accounting policy notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$171.8 million** driven by cash and marketable securities, with liabilities and shareholders' equity also rising Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2019 (Unaudited) | Sep 30, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $14,343 | $10,302 | | Marketable securities | $107,232 | $105,322 | | Total Current Assets | $163,765 | $156,930 | | Total Assets | $171,795 | $165,372 | | **Liabilities & Equity** | | | | Total Current Liabilities | $12,058 | $6,485 | | Total Liabilities | $13,773 | $9,857 | | Total Shareholders' Equity | $158,022 | $155,515 | | Total Liabilities and Shareholders' Equity | $171,795 | $165,372 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net revenue decreased to **$18.0 million**, but net income surged to **$2.5 million** due to a **$1.3 million** gain on marketable securities Quarterly Income Statement Comparison (in thousands, except per share data) | Metric | Q1 2020 (ended Dec 31, 2019) | Q1 2019 (ended Dec 31, 2018) | Change | | :--- | :--- | :--- | :--- | | Net Revenue | $18,030 | $21,327 | -15.5% | | Operating Income | $1,172 | $2,004 | -41.5% | | Net Income | $2,489 | $313 | +695.2% | | Diluted EPS | $0.17 | $0.02 | +750.0% | - The significant increase in net income was driven by a positive swing in marketable securities, recording a gain of **$1.3 million** in Q1 2020 versus a loss of **$2.1 million** in Q1 2019[13](index=13&type=chunk) [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased to **$158.0 million**, primarily driven by **$2.5 million** in net income for the quarter - Total Shareholders' Equity grew by **$2.5 million** during the quarter ended December 31, 2019, driven by net income of **$2,489,000** and stock-based compensation of **$18,000**[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated **$4.0 million** in cash, a significant improvement, leading to a **$4.0 million** increase in cash and equivalents to **$14.3 million** Quarterly Cash Flow Comparison (in thousands) | Cash Flow Activity | Q1 2020 (ended Dec 31, 2019) | Q1 2019 (ended Dec 31, 2018) | | :--- | :--- | :--- | | Cash from Operating Activities | $4,047 | $(3,082) | | Cash from Investing Activities | $(6) | $(661) | | Net Increase/(Decrease) in Cash | $4,041 | $(3,743) | | **Cash at End of Period** | **$14,343** | **$4,269** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail financial statement presentation, significant accounting policies, including adoption of new standards, inventory method change from LIFO to FIFO, and revenue breakdowns - The company adopted new accounting standards ASU 2014-09 (Revenue) and ASU 2016-02 (Leases), with neither having a significant impact on the consolidated financial statements[24](index=24&type=chunk)[25](index=25&type=chunk) - During the fourth quarter of fiscal 2019, the Company changed its inventory accounting method from LIFO to FIFO, applied retrospectively, to better reflect current inventory value and improve revenue and expense matching[35](index=35&type=chunk) - For the quarter ended December 31, 2019, two customers accounted for **13.4%** and **13.2%** of net revenues, indicating significant customer concentration[44](index=44&type=chunk) Disaggregated Net Revenue by Source (in thousands) | Revenue Source | Dec 31, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Equipment sales recognized over time | $12,090 | $16,353 | | Equipment sales recognized at a point in time | $1,907 | $1,514 | | Parts and component sales | $3,146 | $3,051 | | Freight revenue | $903 | $402 | | **Total Net Revenue** | **$18,030** | **$21,327** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2020 performance, highlighting decreased revenue but increased net income due to marketable securities gains, and details the company's strong liquidity and key business drivers [Overview](index=14&type=section&id=Overview) Gencor manufactures heavy machinery for highway construction, with seasonal business driven by economic conditions, government infrastructure funding, and crude oil prices - The company's business is seasonal, with the majority of orders received between October and February to align with the highway construction season[59](index=59&type=chunk) - Key demand drivers include government funding like the five-year, **$305 billion** FAST Act, state-level initiatives like California's SB1, and fluctuations in crude oil and carbon steel prices[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Net revenues decreased by **15.5%** to **$18.0 million**, but net income surged to **$2.5 million** due to a positive swing in marketable securities gains Q1 2020 vs Q1 2019 Performance | Metric | Q1 2020 | Q1 2019 | Reason for Change | | :--- | :--- | :--- | :--- | | Net Revenues | $18.0M | $21.3M | Slowdown in equipment orders after recent growth | | Gross Profit Margin | 24.0% | 23.1% | Increased percentage of higher-margin parts sales | | Operating Income | $1.2M | $2.0M | Lower revenues and increased SG&A expenses | | Net Income | $2.5M | $0.3M | $1.3M gain on securities in Q1 2020 vs. a $2.1M loss in Q1 2019 | [Liquidity and Capital Resources](index=15&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with no long-term debt, holding **$14.3 million** in cash and **$107.2 million** in marketable securities - The company has no long-term debt and does not currently require a credit facility[72](index=72&type=chunk) Liquidity Position as of Dec 31, 2019 | Metric | Value (in millions) | | :--- | :--- | | Cash and cash equivalents | $14.3 | | Marketable securities | $107.2 | | Working capital | $151.7 | | Backlog | $30.9 | - Cash provided by operations was **$4.0 million** for the quarter, primarily driven by a **$3.0 million** increase in customer deposits[74](index=74&type=chunk)[75](index=75&type=chunk) [Critical Accounting Policies, Estimates and Assumptions](index=16&type=section&id=Critical%20Accounting%20Policies,%20Estimates%20and%20Assumptions) This section outlines critical accounting policies, including revenue recognition over time, inventory valuation using FIFO, and marketable securities classified as trading and marked to market - Revenue from custom equipment contracts is recognized over time, proportional to actual labor costs incurred versus total estimated labor costs[83](index=83&type=chunk) - The company changed its inventory costing method from LIFO to FIFO in fiscal 2019 to better reflect current inventory value and improve matching of revenues and expenses[92](index=92&type=chunk) - Marketable securities are categorized as trading securities and are stated at fair value, with unrealized gains and losses reported in the income statement[95](index=95&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=19&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable for the current filing period - Not Applicable[98](index=98&type=chunk) [Controls and Procedures](index=19&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are effective as of the end of the reporting period[98](index=98&type=chunk) - No changes were made during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[100](index=100&type=chunk) [Part II. Other Information](index=20&type=section&id=Part%20II.%20Other%20Information) This section provides information on legal proceedings, risk factors, and exhibits filed with the report [Legal Proceedings](index=20&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company does not believe any current legal proceedings are material to its business operations - The company does not believe any current legal proceedings are material to its business[102](index=102&type=chunk) [Risk Factors](index=20&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors have occurred since the Annual Report on Form 10-K filing for fiscal year ended September 30, 2019 - No material changes to risk factors have occurred since the filing of the Annual Report on Form 10-K for the period ended September 30, 2019[103](index=103&type=chunk) [Exhibits](index=20&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Filed exhibits include CEO and CFO certifications pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as XBRL instance and taxonomy documents[104](index=104&type=chunk)[105](index=105&type=chunk)
Gencor Industries(GENC) - 2019 Q3 - Quarterly Report
2019-08-02 12:42
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019 Table of Contents OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD: From to Commission File Number: 001-11703 GENCOR INDUSTRIES, INC. Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) (IRS Em ...
Gencor Industries(GENC) - 2019 Q2 - Quarterly Report
2019-05-03 13:39
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD: From to Commission File Number: 001-11703 GENCOR INDUSTRIES, INC. Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) 5201 N ...
Gencor Industries(GENC) - 2019 Q1 - Quarterly Report
2019-02-01 11:02
Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 OR FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD: From to Commission File Number: 001-11703 GENCOR INDUSTRIES, INC. (State or other jurisdiction of incorporated or organization) 5201 North Orange Blosso ...