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Gencor Releases First Quarter Fiscal 2011 Results

Stocks in this article: GENC

ORLANDO, Fla., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced net revenue for the quarter ended December 31, 2010 was $7.8 million compared to $11.1 million for the quarter ended December 31, 2009. Operating loss for the quarter ended December 31, 2010 was $1.7 million compared to $1.4 million of operating loss for the first quarter of the prior fiscal year.

The Company had non-operating, net investment income of $3.2 million for the quarter ended December 31, 2010 compared to a non-operating income of $1.0 million (including net investment income of $0.8 million) in the first three months of the prior fiscal year. As a result, the Company had net income of $1.1 million ($.12 per diluted share) for the quarter ended December 31, 2010, compared to a net loss of $0.2 million (a negative $.02 per diluted share) for the quarter ended December 31, 2009.

At December 31, 2010 the Company had $78.3 million of cash and marketable securities, an increase of $2.0 million over the September 30, 2010 balance of $76.3 million. Net working capital was $94.1 million at December 31, 2010. The Company has no short or long term debt.

E. J. Elliott, Gencor's Chairman, stated, "Our sales in the first quarter of fiscal 2011 were level with the sales in the last quarter of fiscal 2010. This seasonal slow-down in the third and fourth quarters of the calendar year is typical of the asphalt-related business in which the Company's sales are concentrated. Compared to the first fiscal quarter of 2010, our sales were down 30% as the Company experienced some slippage in the normal timing of orders for asphalt plants as our customers awaited the outcome of the mid-term elections. While we expect to see an increase in revenue and improved financial results in our fiscal second quarter, longer term we remain uncertain as to the state of the overall economy and what impact the infrastructure funding decisions of the new Republican led congress will have on our financial performance."

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