This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

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