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Gencor Releases Third Quarter Fiscal 2012 Results

Stocks in this article: GENC

ORLANDO, Fla., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (Nasdaq:GENC) announced today that revenue for the third quarter ended June 30, 2012 was $23.0 million. Gross margin as a percentage of revenues increased to 25.0% for the quarter ended June 30, 2012 from 18.5% for the quarter ended June 30, 2011. Operating income for the quarter ended June 30, 2012 was $2.4 million compared to operating income of $1.5 million for the quarter ended June 30, 2011.

The Company had a non-operating, net investment loss of $0.7 million for the quarter ended June 30, 2012 compared to non-operating, net investment income of $0.1 million for the quarter ended June 30, 2011. The Company's net after tax income was $1.2 million ($.13 per basic and diluted share) for the quarter ended June 30, 2012, compared to net after tax income of $1.1 million ($.11 per basic and diluted share) for the quarter ended June 30, 2011.

For the nine months ended June 30, 2012, the Company had revenue of $49.2 million and net after tax income of $4.8 million ($.51 per basic and diluted share) versus revenues of $47.5 million and net after tax income of $4.6 million ($.49 per basic and diluted share) for the nine months ended June 30, 2011.

At June 30, 2012 the Company had $87.0 million in cash and marketable securities, an increase of $12.8 million over the September 30, 2011 balance of $74.2 million. Net working capital was $95.5 million at June 30, 2012. The Company has no short or long term debt.

E. J. Elliott, Gencor's Chairman, stated, "Although revenue in the third quarter of fiscal 2012 was flat compared to revenue in the third quarter of last fiscal year we are pleased with the Company's performance. Revenue in the third quarter of fiscal 2011, benefited from orders that typically are received and completed earlier in the fiscal year. Fiscal year to date revenue of $49.2 million is the Company's highest nine month total since 2008. This is reflective of Gencor winning large contracts, even though the market remains very competitive. Gross profit margin of 25.0% in the third quarter of fiscal 2012 was the highest gross profit margin in nine quarters. The Company has begun to see the results of its cost-focused initiatives."

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