Gencor Releases Third Quarter Fiscal 2010 Results
ORLANDO, Fla., Aug. 13, 2010 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today that revenue for the quarter ended June 30, 2010 was $12.7 million compared to revenue of $11.7 million for the quarter ended June 30, 2009, an increase of 8.7%. Gross margins decreased to 11.9% for the quarter ended June 30, 2010 from 16.7% for the quarter ended June 30, 2009. Operating losses for the quarter ended June 30, 2010 were $1.5 million compared to $1.2 million of operating losses for the quarter ended June 30, 2009.
The Company had a non-operating loss of $609,000 for the quarter ended June 30, 2010 compared to non-operating income of $271,000 for the quarter ended June 30, 2009. As a result, the Company had a net loss of $1.6 million (a negative $.16 per diluted share) for the quarter ended June 30, 2010, compared to a net loss of $728,000 (a negative $.08 per diluted share) for the quarter ended June 30, 2009.
At June 30, 2010 the Company had $71.4 million of cash and marketable securities, an increase of $10.2 million over September 30, 2009. Net working capital was $88.5 million at June 30, 2010. The Company has no short term or long term debt.E.J. Elliott, Gencor's Chairman, stated, "That although revenues for the quarter just completed were up by 8.7%, the road and infrastructure industries continue to underperform due to lack of funding from both the federal as well as state governments. As a consequence, the few capital goods sales opportunities which arise are subjected to severe competition and lower margins. The modest increase in revenues for the quarter ended June 30, 2010 compared to the prior year is an indication that the U.S. road building industry continues to languish under the current economic conditions and the failure to reauthorize a much needed multi-year Highway Bill. Until such time when President Obama and Congress get serious about job creation and infrastructure funding, road building will continue to suffer. Therefore, the near-term outlook for our industry will continue to remain uncertain for the remainder of 2010."
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