This Day On The Street
Continue to site
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

Gencor Releases First Quarter Fiscal 2011 Results

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."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,100.43 +62.46 0.35%
S&P 500 2,112.82 +3.90 0.18%
NASDAQ 5,069.6710 +9.4250 0.19%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs