Gencor Releases Fiscal Year And Fourth Quarter 2010 Results
ORLANDO, Fla., Dec. 22, 2010 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today results of operations for fiscal year ended September 30, 2010, reporting net income of $3.0 million ($.31 per diluted share), compared to a net loss of $2.6 million (a negative $.27 per diluted share) for the year ended September 30, 2009. Net revenue for the year ended September 30, 2010 was $55.6 million compared to $56.8 million for the prior year. The loss from operations for the year ended September 30, 2010 was $3.0 million, compared to an operating loss of $4.8 million for the prior year.
Net income for the three months ended September 30, 2010 was $2.1 million ($.22 per diluted share) compared to a net loss of $1.2 million (a negative $.12 per diluted share) for the three months ended September 30, 2009. Net revenue for the three months ended September 30, 2010 was $7.8 million, compared to $10.4 million from the three months ended September 30, 2009. The loss from operations for the three months ended September 30, 2010 was $2.9 million, compared to an operating loss of $4.1 million for the three months ended September 30, 2009. The fourth quarter of 2009 includes a $1.7 million negative adjustment to the carrying value of inventory and additions to reserves of $.9 million.
E.J. Elliott, Gencor's Chairman, stated, "The road building industry in the United States continued to languish in 2010 under the current economic conditions and lack of funding both at the federal and state government levels. There has been no concerted effort by Congress and the current administration towards renewal of the traditional 6 year Highway Bill. This lack of a multi-year bill combined with the downturn in the economy, have resulted in decreased revenues for the quarter and year ended September 30, 2010, and under these conditions, sales opportunities that do arise are subject to severe competition and lower margins."
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