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Gencor Releases First Quarter Fiscal 2013 Results

Stocks in this article: GENC

ORLANDO, Fla., Feb. 11, 2013 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (Nasdaq:GENC) announced today net revenues for the quarter ended December 31, 2012 of $4.9 million, compared to $6.9 million for the quarter ended December 31, 2011, a decrease of 28%. Operating loss for the quarter ended December 31, 2012 was $(2.0) million, compared to an operating loss of $(1.6) million for the quarter ended December 31, 2011.

For the quarter ended December 31, 2012, the Company had non-operating income of $0.2 million resulting from interest and dividend income. Net loss for the quarter ended December 31, 2012 was $(1.0) million, or $(0.10) per diluted share, compared to net income of $0.9 million, or $.09 per diluted share for the quarter ended December 31, 2011.

At December 31, 2012, the Company had $83.8 million of cash and marketable securities compared to $84.7 million at September 30, 2012. Net working capital was $94.7 million at December 31, 2012. The Company has no short or long term debt.

E.J. Elliott, Gencor's Chairman, commented, "Bookings in the first quarter of fiscal 2013 were certainly negatively impacted by the uncertainties of the Presidential election, and the turmoil over the ensuing fiscal and tax policies in the United States. As a result, contracts were signed too late in the quarter to positively impact our first quarter's revenues. This, coupled with the year-end drop in equities markets compounded the less than satisfactory first quarter results. Currently, our factories are operating at full capacity with a healthy backlog, and the financial markets have already shown recovery."

Mr. Elliott continued, "We fully expect the highway construction industry will improve over time, but over the near-term we do not foresee an increase above that of recent years. I am optimistic that as the industry recovers, Gencor will be a major beneficiary by providing the best technology, value and service to our markets. The Company's financial position remains very strong and we will continue to evaluate opportunities for growth while investing further in R&D, product engineering and manufacturing efficiencies and improvements."

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