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Gencor Releases Second Quarter Fiscal 2013 Results

Stocks in this article: GENC

ORLANDO, Fla., May 14, 2013 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today that revenue for the second quarter ended March 31, 2013 decreased 8.3% to $17.7 million from $19.3 million for the quarter ended March 31, 2012. Gross margin increased to 24.4% for the quarter ended March 31, 2013 from 21.0% for the quarter ended March 31, 2012. Operating income for the quarter ended March 31, 2013 increased to $1.9 million compared to $1.0 million for the quarter ended March 31, 2012.

The Company had non-operating income of $1.8 million for the quarter ended March 31, 2013 compared to non-operating income of $3.2 million for the quarter ended March 31, 2012. The decrease in non-operating income was due to lower returns on marketable securities.

In April 2013, the Company received a favorable IRS ruling on its research and development tax credits on amended returns filed for tax years 2006 through 2008. Although the final audit results are not complete, the Company has recorded a tax receivable, and reduced its tax provision for the quarter and six months ended March 31, 2013, in the amount of $750,000.

Net income was $3.0 million ($.31 per diluted share) for the quarter ended March 31, 2013, compared to $2.8 million ($.29 per diluted share) for the quarter ended March 31, 2012.

For the six months ended March 31, 2013, the Company had revenue of $22.7 million and net income of $2.0 million ($.21 per diluted share) versus revenue of $26.2 million and net income of $3.6 million ($.38 per diluted share) for the six months ended March 31, 2012.

At March 31, 2013 the Company had $87.8 million in cash and marketable securities compared to $84.7 million at September 30, 2012. Net working capital was $98.9 million at March 31, 2013. The Company has no short or long term interest-bearing debt.

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