This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gencor Releases Second Quarter Fiscal 2010 Results

ORLANDO, Fla., May 10, 2010 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today that revenue for the quarter ended March 31, 2010 was $24.0 million compared to revenue of $15.4 million for the quarter ended March 31, 2009, an increase of 56%. Gross margin increased to 25.8% for the quarter ended March 31, 2010 from 13.3% for the quarter ended March 31, 2009. Operating income for the quarter ended March 31, 2010 was $2.7 million compared to a $1.0 million operating loss for the quarter ended March 31, 2009.

The Company had non-operating income of $594,000 for the quarter ended March 31, 2010 compared to non-operating income of $477,000 for the quarter ended March 31, 2009. As a result, the Company had net income of $2.7 million ($.28 per diluted share) for the quarter ended March 31, 2010, compared to a net loss of $338,000 (a negative $.04 per diluted share) for the quarter ended March 31, 2009.

At March 31, 2010 the Company had $70 million of cash and marketable securities, an increase of $8.8 million over September 30, 2009. Net working capital was $90.3 million at March 31, 2010. The Company has no short term or long term debt.

E. J. Elliott, Gencor's Chairman, stated, "We are pleased by the increase in revenue, higher margins and significantly improved financial performance for the quarter that was just completed. This performance was driven significantly by export business. Sales to our domestic market continue to lag and is a clear indication that the federal stimulus program is not working, and our road-building industry continues to suffer under the current conditions."

Mr. Elliott went on to say, "While we saw substantial increases in revenue and improved financial results in the quarter just ended, in the near term we remain uncertain as to the state of the overall economy and in particular, America's infrastructure. It appears that Congress and the present administration have wiped clean off their screens the huge unemployment in the construction industry, and the benefits of, and immediate need for rebuilding the infrastructure of America. So far there has been very little effort toward renewal of the traditional 5 year Highway Bill. Without this multiyear bill, and the visibility into future work it provides, contractors will not invest in new equipment, nor recall any of the millions of their layed-off workers." 

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs